<SEC-DOCUMENT>0001213900-25-048274.txt : 20250528
<SEC-HEADER>0001213900-25-048274.hdr.sgml : 20250528
<ACCEPTANCE-DATETIME>20250528160115
ACCESSION NUMBER:		0001213900-25-048274
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250528
FILED AS OF DATE:		20250528
DATE AS OF CHANGE:		20250528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bright Scholar Education Holdings Ltd
		CENTRAL INDEX KEY:			0001696355
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38077
		FILM NUMBER:		25995299

	BUSINESS ADDRESS:	
		STREET 1:		NO.1, COUNTRY GARDEN ROAD
		STREET 2:		BEIJIAO TOWN, SHUNDE DISTRICT
		CITY:			FOSHAN, GUANGDONG
		STATE:			F4
		ZIP:			528300
		BUSINESS PHONE:		86 757 6683 2507

	MAIL ADDRESS:	
		STREET 1:		NO.1, COUNTRY GARDEN ROAD
		STREET 2:		BEIJIAO TOWN, SHUNDE DISTRICT
		CITY:			FOSHAN, GUANGDONG
		STATE:			F4
		ZIP:			528300
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0243637-6k_bright.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<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>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</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-align: center"><B>FORM 6-K</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-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</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>For the month of May 2025</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>Commission File Number: 001-38077 </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-align: center"><B>Bright Scholar Education Holdings Limited</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-align: center"><B>No. 1, Country Garden Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beijiao Town, Shunde District, Foshan, Guangdong
528300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)</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">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
20-F &#9746; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F &#9744;</FONT></P>

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

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<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; text-align: center"><B>SIGNATURES</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">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</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">
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Bright Scholar Education Holdings Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: May 28, 2025</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Hui Zhang</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Hui Zhang</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<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>EXHIBIT INDEX</B></P>

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

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid"><B>Exhibit No.</B></P></TD>
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    <TD STYLE="white-space: nowrap; width: 90%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid"><B>Description</B></P></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Exhibit 99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="ea024363701ex99-1_bright.htm">Press Release</A></TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea024363701ex99-1_bright.htm
<DESCRIPTION>PRESS RELEASE
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</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-align: center"><B>Bright Scholar Announces Receipt of Preliminary
Non-Binding &ldquo;Going Private&rdquo; Proposal</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-align: justify"><B>CAMBRIDGE, England and FOSHAN, China, May 28,
2025 /PRNewswire/</B> &mdash; Bright Scholar Education Holdings Limited (&ldquo;Bright Scholar&rdquo; or the &ldquo;Company&rdquo;) (NYSE:
BEDU), a global premier education service company, today announced that its board of directors (the &ldquo;Board&rdquo;) has received
a preliminary non-binding proposal letter (the &ldquo;Proposal&rdquo;) dated May 26, 2025 from Mr. Hongru Zhou, its chairperson of the
Board, Mr. Ruolei Niu, its chief executive officer, and several of its shareholders, including Excellence Education Investment Limited,
Ultimate Wise Group Limited, and Sure Brilliant Global Limited (collectively, the &ldquo;Buyer Group&rdquo;), proposing to acquire all
of the outstanding Class A ordinary shares of the Company (the &ldquo;Class A Shares&rdquo; or &ldquo;Shares&rdquo;), including Class
A Shares represented by American depositary shares (the &ldquo;ADSs,&rdquo; each representing four Class A Shares) that are not already
beneficially owned by the members of the Buyer Group for a purchase price of US$0.50 per Share (or US$2.00 per ADS) in cash in a going
private transaction (the &ldquo;Proposed Transaction&rdquo;), subject to certain customary conditions. The price represents (i) a premium
of approximately 28.21% to the closing price of the ADSs on May 23, 2025, the last trading day prior to the date of the Proposal and (ii)
a premium of approximately 23.58% and 18.08% to the volume-weighted average closing price of the ADSs during the last 30 and 60 trading
days, respectively. A copy of the Proposal is attached hereto as&nbsp;<U>Annex A</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">According to the Proposal, the Proposed Transaction
is intended to be financed with equity and/or debt capital by the Buyer Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 Board intends to form a special committee
consisting of independent and disinterested directors to consider the Proposal. The Board expects that the special committee will retain
independent advisors, including independent financial and legal advisors, to assist it in this process.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 Board cautions the Company&rsquo;s shareholders
and others considering trading the Company&rsquo;s securities that the Board has just received the Proposal and has not had an opportunity
to carefully review and evaluate the Proposal or make any decision with respect to the Company&rsquo;s response to the Proposal. There
can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the Proposed Transaction
or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates
with respect to this or any other transaction, except as required under applicable 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"><B>About Bright Scholar</B>&nbsp;<B>Education
Holdings Limited</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">Bright Scholar is a premier global education service
Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation
and skillsets necessary to succeed in the pursuit of higher education.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information, please visit: https://ir.brightscholar.com/.</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"><B>Safe Harbor Statement</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">This announcement contains forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, without limitation, the Company&rsquo;s business plans and development,
which can be identified by terminology 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;potential,&rdquo; &ldquo;continue,&rdquo;
&ldquo;is/are likely to&rdquo; or other similar expressions. Such statements are based upon management&rsquo;s current expectations and
current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all
of which are difficult to predict and many of which are beyond the Company&rsquo;s control, which may cause the Company&rsquo;s actual
results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding
these and other risks, uncertainties or factors is included in the Company&rsquo;s filings with the U.S. Securities and Exchange Commission.
The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or
otherwise, except as required under 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"><B>IR Contact:</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">Email:&nbsp;BEDU@thepiacentegroup.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phone: +86 (10) 6508-0677/ +1-212-481-2050</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Media Contact:</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">Email: media@brightscholar.com</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annex A</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: 0in">26 May 2025</P>

<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">The Board of Directors (the &ldquo;<B>Board</B>&rdquo;)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Bright Scholar Education Holdings Limited (the &ldquo;<B>Company</B>&rdquo;)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Suites 6-7, The Turvill Building Old Swiss,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">149 Cherry Hinton Road Cambridge,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">England, CB1 7BX,&nbsp;</P>

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

<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">Dear Members of the Board:</P>

<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-align: justify; text-indent: 0in">Mr. Hongru Zhou, chairperson
of the Board, Mr. Ruolei Niu, Chief Executive Officer of the Company, Excellence Education Investment Limited, Ultimate Wise Group Limited
and Sure Brilliant Global Limited (collectively, the &ldquo;<B>Buyer Group</B>&rdquo;, &ldquo;<B>we</B>&rdquo; or &ldquo;<B>us</B>&rdquo;)
are pleased to submit this preliminary non-binding proposal (this &ldquo;<B>Proposal</B>&rdquo;) to acquire all outstanding Class A ordinary
shares of the Company (the &ldquo;<B>Class A Shares</B>&rdquo; or &ldquo;<B>Shares</B>&rdquo;), including Class A Shares represented by
American depositary shares (&ldquo;<B>ADSs</B>&rdquo;, each representing four Class A Shares), that are not already beneficially owned
by the Buyer Group in a going-private transaction (the &ldquo;<B>Acquisition</B>&rdquo;), which will result in the delisting of the ADS
of the Company from the NYSE.</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">Our proposed purchase price
is US$0.50 per Share (or US$2.00 per ADS) in cash. We believe that this Proposal provides an attractive opportunity to the Company&rsquo;s
shareholders. This price represents a premium of 28.21% to the closing price of the ADS on 23 May, 2025, the last trading day prior to
the date hereof and a premium of 23.58% and 18.08% to the volume-weighted average closing price of the ADSs during the last 30 and 60
trading days, respectively.</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">The Buyer Group currently beneficially
owns approximately 78.4% of all the issued and outstanding Shares of the Company, which represent approximately 98.6% of the aggregate
voting power of the Company, based on the Company&rsquo;s latest outstanding number of shares as publicly disclosed.</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">The terms and conditions upon
which we are prepared to pursue the Acquisition are set forth below. We are confident in our ability to consummate the Acquisition outlined
in this letter.</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: 0"></TD><TD STYLE="width: 22pt">1.</TD><TD STYLE="text-align: justify"><B><U>Purchase Price.</U></B>&nbsp;Our proposed consideration payable for the Shares and ADSs acquired
in the Acquisition is US$0.50 per Share or US$2.00 per ADS in cash (in each case other than those Shares or ADSs beneficially owned by
the Buyer Group).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 22pt">2.</TD><TD STYLE="text-align: justify"><B><U>Closing Certainty; Financing.</U></B>&nbsp;We believe that we offer a high degree of closing certainty
and are well positioned to negotiate and complete the proposed Acquisition on an expedited basis. We intend to finance the Acquisition
with equity and/or debt capital and we expect the commitments for the required equity and debt funding, subject to the terms and conditions
set forth therein, to be in place when the Definitive Agreements (as defined below) are signed. We are confident that we can timely secure
adequate financing to consummate the Acquisition.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 22pt">3.</TD><TD STYLE="text-align: justify"><B><U>Due Diligence.</U></B>&nbsp;The Buyer Group will require a timely opportunity to conduct customary
due diligence on the Company and its subsidiaries. We would like to ask the Board to accommodate such due diligence request and approve
the provision of confidential information relating to the Company and its business to possible sources of equity and debt financing subject
to a customary form of confidentiality agreement. We have engaged King &amp; Wood Mallensons as our legal counsel. We believe that we
will be in a position to complete customary due diligence for the Acquisition in a timely manner and in parallel with discussions on the
Definitive Agreements (defined as below).</TD></TR></TABLE>

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt">4.</TD><TD STYLE="text-align: justify"><B><U>Definitive Agreement.</U></B>&nbsp;We are prepared to promptly negotiate and finalize definitive
agreements with respect to the Acquisition (the &ldquo;<B>Definitive Agreements</B>&rdquo;) while conducting our due diligence. This proposal
is subject to execution of the Definitive Agreements. We expect that such Definitive Agreements will include provisions which are typical,
customary and appropriate for transactions of this type.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt">5.</TD><TD STYLE="text-align: justify"><B><U>Process.</U></B>&nbsp;We believe that the Acquisition will provide superior value to the Company&rsquo;s
shareholders. We expect that the Board will establish a special committee comprised of independent and disinterested directors of the
Company, who will be exclusively authorized to consider and negotiate with us the proposed Acquisition, including the Definitive Agreements.
In considering this Proposal, you should be aware that we are interested only in pursuing the Acquisition and we do not intend to sell
our shares in the Company to any third party.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 22pt">6.</TD><TD STYLE="text-align: justify"><B><U>Confidentiality.</U></B>&nbsp;We will, as required by law, promptly file a Schedule 13D with the
U.S. Securities and Exchange Commission to disclose this Proposal. However, we trust you will agree with us that it is in all of our mutual
interests to ensure that our discussions relating to the Acquisition proceed in a strictly confidential manner, unless otherwise required
by law, until we have executed the Definitive Agreements or terminated our discussions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 22pt">7.</TD><TD STYLE="text-align: justify"><B><U>No Binding Commitment.</U></B>&nbsp;This letter is not a binding offer, an agreement or agreement
to make a binding offer or agreement at any point in the future. This letter constitutes only a preliminary indication of our interest,
and does not constitute any binding offer, agreement or commitment with respect to the Acquisition. Such a commitment will result only
from the execution of Definitive Agreements, and then will be on the terms and conditions provided in such documentation.</TD></TR></TABLE>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In closing, we would like to
express our commitment to working together with the Board and its special committee to bring this Acquisition to a successful and timely
conclusion. Should you have any questions regarding this Proposal, please do not hesitate to contact us. We look forward to hearing from
you.</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">Sincerely yours,</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="text-decoration: none; width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-decoration: none; text-align: justify; font-size: 10pt"> <FONT STYLE="font-size: 10pt"><FONT STYLE="text-decoration: none">/s/ Meirong Yang</FONT></FONT></TD></TR>
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    <TD STYLE="text-decoration: none; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
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