<SEC-DOCUMENT>0001144204-18-001051.txt : 20180628
<SEC-HEADER>0001144204-18-001051.hdr.sgml : 20180628
<ACCEPTANCE-DATETIME>20180105160247
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-18-001051
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ambow Education Holding Ltd.
		CENTRAL INDEX KEY:			0001494558
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		12TH FLOOR, NO. 1 FINANCIAL STREET
		STREET 2:		CHANG AN CENTER, SHIJINGSHAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100043
		BUSINESS PHONE:		86 (10) 6206-8000

	MAIL ADDRESS:	
		STREET 1:		12TH FLOOR, NO. 1 FINANCIAL STREET
		STREET 2:		CHANG AN CENTER, SHIJINGSHAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100043
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[AMBOW EDUCATION HOLDING LTD. LETTERHEAD]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6in">January 5, 2018</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">Larry Spirgel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AD Office 11 &ndash; Telecommunications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&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 STYLE="width: 0.5in; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 0.5in; text-indent: 0in; font-weight: bold">Re:</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">Ambow Education Holding Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">Amendment No. 2 to Registration Statement on Form F-1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">Filed December 19, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">File No. 333-220207</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">Dear Mr. Spirgel:</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">On behalf of Ambow Education Holding Ltd.,
a Cayman Islands company (the &ldquo;Company&rdquo;), we have set forth below responses to the comments of the staff (the &ldquo;Staff&rdquo;)
of the Securities and Exchange Commission contained in its letter of December 28, 2017 with respect to the Registration Statement
on Form F-1/A (the &ldquo;F-1&rdquo;) filed on December 19, 2017 by the Company (File No.: 333-220207). For your convenience, the
text of the Staff&rsquo;s comments is set forth below followed in each case by the Company&rsquo;s responses. Please note that
all references to page numbers in the responses are references to the page numbers in Amendment No. 3 to the Form F-1 (the &ldquo;Amended
F-1&rdquo;) filed concurrently with the submission of this letter in response to the Staff&rsquo;s comments.</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"><U>Regulations, page 88</U></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"><U>The Law for Promoting Private Education and the Implementing
Rules for the Law for Promoting Private Education, page 89</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&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: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD>We have considered your response to prior comment 4. Consistent with your response, please revise and update your disclosure
in this section and in Management&rsquo;s Discussion and Analysis to discuss your evaluation of the known uncertainties arising
from the amendment to the Law for Promoting Private Education.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.05pt"><B>RESPONSE: </B>The Company respectfully advises the Staff that we have revised the disclosure in page 54 in this section
and page 90 under Management's Discussion and Analysis of the Amended F-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.05pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Jin Huang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ambow Education Holding Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000"><U>Corporate
Structure, page 101</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD>We note your revised disclosure on page 1 that you now have three business divisions and that the new division of &ldquo;Other&rdquo;
is provided through IValley Beijing Technology Co. Ltd. (&ldquo;IValley Beijing&rdquo;). On page 49, you disclose that IValley
Beijing was established in September 2017 and is a 100% subsidiary of Intelligent Valley Polytron Technologies Inc. (&ldquo;IValley&rdquo;),
which is a VIE subsidiary of Ambow Education Management (Hong Kong) Ltd. (&ldquo;Ambow Education Management&rdquo;). We are unable
to locate Intelligent Valley Polytron Technologies Inc. (&ldquo;IValley&rdquo;) or IValley Beijing in your organizational chart
on page 101. Please revise and advise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.05pt"><B>RESPONSE: </B>The Company respectfully advises the Staff that we have revised the organizational chart on page 5 and
page 101 to include IValley Co., Ltd. (&quot;IValley&quot;) and IValley Beijing <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology
Co. Ltd. (&quot;IValley Beijing&quot;). We have unified the English translation name of our Taiwanese company to IValley Co., Ltd.
instead of Intelligent Valley Polytron Technologies Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD>We note from the VIE agreements filed as Exhibits 10.67 through 10.71 that Intelligent Valley Polytron Technologies Inc. (&ldquo;IValley&rdquo;)
is a Taiwanese company. Please disclose this fact. Discuss why you are operating through a VIE in Taiwan to conduct your new business
division in the PRC through IValley Beijing. As appropriate, provide risk factor and other disclosure discussing relevant Taiwanese
government regulation and specific risks of using a VIE structure in Taiwan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in"><B>RESPONSE: </B>The Company
respectfully advises the Staff that we have revised the disclosure in the Amended F-1. The fact that IValley is a Taiwanese company
is disclosed on pages 20 and 49. The VIE in Taiwan was set up for possible future business development in Taiwan since Ambow Education
Management (Hong Kong) Ltd. is a Hong Kong entity with ultimate shareholders from PRC, which may have restrictions when investing
in Taiwan. There is no business conducted through IValley in Taiwan as of the date hereof and it only serves as a holding company.
We have included the risks of using a VIE structure in Taiwan in the section &quot;Risks related to regulation of our business
and our corporate structure&quot; on page 22 of the Amended F-1.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt">For the new business conducted
through IValley Beijing, foreign investment is encouraged to participate in the intellectualized operational service business according
to the Foreign Investment Catalog. We believe there are no extra risks or regulations other than those we already disclosed regarding
the operation of IValley Beijing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD>Please revise your organizational chart to insert the footnote numbers so that it is clear to what entity or entities the footnotes
relate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>RESPONSE: </B>The Company
respectfully advises the Staff that we have revised the organizational chart on page 101 to include the related footnotes.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"></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">&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">Dr. Jin Huang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ambow Education Holding Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&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"><U>Financial Statements</U></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"><U>18. Disposal of Subsidiaries, page F-72</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD>We note from page 66 that you reduced operating expenses for the nine months ended September 30, 2017 through a RMB 33.6 million
reversal of a bad debt provision due to the disposal of Ambow Online. In light of the significance of this reversal to your reported
<I>operating income and income before income tax and non-controlling interests </I>for the nine months ended September 30, 2017,
please tell us the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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><FONT STYLE="font-family: Symbol"></FONT>Give us the journal entries with which you booked the Ambow Online transaction
and explain for us how you accounted for the sale of Ambow Online; Please refer to all pertinent authoritative accounting literature
in your response.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt"><B>RESPONSE: </B>During the
years from 2012 to 2014, in light of the investigations and control by JPL, management was unable to concentrate on business operations.
As a result, Ambow Online had difficulty collecting accounts receivables and other receivables amounting to RMB 33,605 and for
financial reporting purposes, recognized them as bad debt expenses. During the disposal of Ambow Online, the third party buyer
believed that they could collect those receivables, including the unrecognized receivables, through its own methods and benefit
from the recollection. As mutually agreed, the receivables amounting to RMB 33,605 were identified as part of the assets of Ambow
Online transferred to the buyer. The journal entry of reversal of bad debt provision in Ambow Online is as below:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: 0in">DR: Accounts Receivable &ndash; different customers</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">RMB</TD><TD STYLE="width: 10%; text-align: right">22,803</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">DR: Other Receivable &ndash; different parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">10,802</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">CR: General and Administrative Expenses &ndash; Bad Debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">33,605</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-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt">Operating results of Ambow
Online, including the reversal of bad debt provision, for the eight months ended August 31, 2017 were included in the statement
of operation of the Company for the nine months ended September 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt">After the reversal of bad debt
provision, the assets, liabilities and net assets of Ambow Online were as below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>Amount</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: justify">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">382</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Amount due from Ambow Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">573,327</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Other assets</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,537</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">631,246</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&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: justify">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,292</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Accrued and other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Income taxes payable</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123,501</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195,451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&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: justify">Total Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">435,795</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-indent: -0.1pt">&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">Dr. Jin Huang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ambow Education Holding Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt">As of August 31, 2017, Ambow
Online had a receivable balance of RMB 573,327 due from the Company, and also net assets attributable to the Company of RMB 435,795.
As part of the disposal agreement, the Company offset the payables to Ambow Online with Ambow Online&rsquo;s net assets attributable
to the Company as of August 31, 2017. After offsetting, the payable balance due to Ambow Online by the Company was RMB 137,532.
It was according to ASC 323-10-35-7 intra-entity gains and losses and 810-10-40-3A through 40-5 deconsolidation of a subsidiary
or a de-recognition of a group of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt">The journal entry of offset
by the Company is as below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: 0in">DR: Net Assets of Ambow Online attributable to the Company</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">RMB</TD><TD STYLE="width: 10%; text-align: right">435,795</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">CR: Amount due to Ambow Online</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">435,795</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-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt">The Company also derecognized
the recovered receivables, all other assets and all liabilities of Ambow Online as of the disposal date on August 31, 2017 as below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: 0in">DR: Deferred revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">RMB</TD><TD STYLE="width: 10%; text-align: right">7,292</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">DR: Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">9,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">DR: Accrued and other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">55,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">DR: Income tax payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">123,501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">CR: Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">-382</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">CR: Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">-57,537</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in">&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: 0in">CR: Amounts due from Ambow Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">RMB</TD><TD STYLE="text-align: right">-137,532</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-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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Symbol"></FONT>Quantify
and describe for us the assets and liabilities assumed by the third party purchaser; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>RESPONSE: </B>The Company respectfully advises the Staff that the assets and liabilities assumed by the third party
purchaser were the same as those derecognized by the Company as in abovementioned response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Symbol"></FONT>Explain why you &ldquo;did not recognize any gain or loss from the disposal&rdquo;
in light of an apparent full recovery (in-substance) of amounts owed to you by Ambow Online.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>RESPONSE: </B>The Company
respectfully advises the Staff that at the disposal date of August 31, 2017, Ambow Online&rsquo;s all assets and liabilities were
transferred to the buyer at the consideration of zero. Ambow Online&rsquo;s net assets attributable to the Company was offset
with the payables to Ambow Online. As a result, no disposal gain or loss was recognized, and no income tax expense was incurred
for this transaction. A net payable amounting to RMB 137,532 due to Ambow Online was recorded in Ambow Group&rsquo;s consolidated
balance sheet, and all other amounts were derecognized from Ambow Group&rsquo;s consolidated balance sheet as of the disposal
date. The accounting of disposal of Ambow Online was in accordance with ASC 810-10-40-3A through 40-5 deconsolidation of a subsidiary
or a de-recognition of a group of assets.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Jin Huang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ambow Education Holding Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>20. Subsequent Events, page F-73</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.5in"><FONT STYLE="color: #010000">6.</FONT></TD><TD>We note that you plan to acquire Bay State College, Inc., owner of a for-profit college in Massachusetts. Explain for us the
closing and post-closing purchase price consideration to be exchanged in this transaction and how you plan to determine their value.
Disclose how you plan to account for this acquisition, and explain for us your consideration of and application of the guidance
provided by Rule 3-05 of Regulation S-X.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>RESPONSE: </B>The Company
respectfully advises the Staff:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt">The aggregate purchase price
for the shares of Bay State College, Inc. (the &ldquo;purchase price&rdquo;) shall be the sum of (x) the Estimated Closing Component
of Purchase Price and (y) the Post Closing Component of Purchase Price, calculated as described in (y)(1) and (y) (2) as below.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt">(x) According to the acquisition
fund payment, the Estimated Closing Component of the Purchase Price paid by the Company was US$2,482 when the stock purchase agreement
being signed.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt">(y) The Post Closing Component
of Purchase Price shall be equal to the sum of 1) and 2):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-indent: 0in">1) the sum of (x) the EBITDA of
Bay State College Inc. for its fiscal year ending December 31, 2018 and (y) the EBITDA of Bay State College Inc. for its fiscal
year ending December 31, 2019 is less negative than (-One Million Three Hundred and Fifty Thousand Dollars) (-$1,350,000);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-indent: 0in">2) one of the amounts described
in 2.1, 2.2 and 2.3:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-indent: 0in">2.1 two times the amount by which
the EBITDA of Bay State College Inc. for its fiscal year ending December 31, 2020 exceeds One Million Dollars ($1,000,000);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-indent: 0in">2.2 two times the amount by which
the EBITDA of Bay State College Inc. for its fiscal year ending December 31, 2021 exceeds One Million Dollars ($1,000,000); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-indent: 0in">2.3 the amount by which EBITDA
of Bay State College Inc. for the fiscal year ending December 31, 2020 exceeds $1,000,000 plus the amount by which EBITDA of Bay
State College Inc. for its fiscal year ending December 31, 2021 exceeds One Million Dollars ($1,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-indent: 0in">&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">Dr. Jin Huang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ambow Education Holding Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">The Company would engage an independent
evaluator to evaluate the fair value of the post-closing component of purchase price (contingent consideration) and the fair value
of the identifiable assets acquired and the liabilities assumed in Bay State College Inc. at the acquisition date. The Company
would use the acquisition method to account for the acquisition of Bay State College Inc. Consideration transferred in the acquisition
is measured at the fair value as at the date of acquisition. As of the acquisition date, the Company shall recognize, separately
from goodwill, the identifiable assets acquired and the liabilities assumed in Bay State College Inc. at their acquisition-date
fair values. Goodwill will be recognized and measured as the excess of the total consideration transferred at the acquisition date
over the fair values of the identifiable net assets acquired. The Company shall also recognize the fair value of contingent consideration
as part of the consideration transferred in exchange for the Bay State College Inc. and a liability the Company carried at the
acquisition date. Changes in fair value of contingent consideration would be reflected in earnings. The planned accounting of this
acquisition is disclosed in the Amended F-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">The Company respectfully advises
the Staff that according to Regulation S-X 3-05 (b)(2)(i) and S-X 1-02(w), if none of the significant subsidiary test results exceeds
20 percent, financial statements of the business acquired or to be acquired are not required. And according to Regulation S-X 11-01
(a)(1), (b)(1) and S-X 1-02(w), pro forma financial information shall be furnished when a significant business combination has
occurred. The Company evaluated the conditions of Bay State College Inc. according to S-X 1-02(w), and concluded that none of the
conditions exceeds 20 percent or 10 percent. Financial statements and pro forma financial information of Bay State College Inc.
are not required accordingly.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>9. Loan Receivable, page F-68</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>12. Short-Term Borrowing From Third Party, page F-69</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.5in"><FONT STYLE="color: #010000">7.</FONT></TD><TD>We note from page F-69 that on April 4, 2017, you borrowed $6.0 million in US Dollars (approximately RMB 39.8 million) in order
to provide you &ldquo;with sufficient US dollar denominated currency to meet (your) working capital requirements&rdquo;. We also
note that you loaned a similar amount, approximately RMB 42.7 million, to &ldquo;an unrelated non-affiliate third party to the
Company&rdquo;, on the same date, April 4, 2017, apparently on the same terms: on an interest free basis and due on April 4, 2018.
In this regard:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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><FONT STYLE="font-family: Symbol"></FONT>Describe
for us any relationships between your borrower and lender in these two transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>RESPONSE: </B>The Company
respectfully advises the Staff that the borrower and lender have business relationships, which make them agree to lend US Dollar
loan to us and accept RMB loan from us with similar amount and terms at the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>&nbsp;</B></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">Dr. Jin Huang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ambow Education Holding Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000"></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; 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><FONT STYLE="font-family: Symbol"></FONT>Explain for us the business purpose for your RMB 42.677 million loan to
Suzhou Zhixinliren and why it was made on similar terms as the amount borrowed from Sino Accord Investment Limited; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt"><B>RESPONSE: </B>The Company respectfully advises the Staff that in order to meet the Company&rsquo;s acquisition fund
and working capital needs in US Dollars, the Company entered into agreements with Suzhou Zhixinliren and Sino Accord Investment
Limited respectively. Through an understanding among the Company, Suzhou Zhixinliren and Sino Accord, the short-term borrowing
due to Sino Accord in the amount of US$ 6,000 is &ldquo;secured&rdquo; by the loan receivable in the amount of RMB 42,677. It is
the understanding among the parties that when the short-term borrowing is repaid, the loan receivable will similarly be collected.
It is reflected and disclosed in the Amended F-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Symbol"></FONT>Tell
us your consideration of whether or not these financial instruments should be accounted for as derivatives and/or whether one
instrument hedges the other and, if so, whether it should be accounted for as a hedge. Please refer to all pertinent authoritative
accounting literature in your response.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>RESPONSE: </B>The Company
respectfully advises the Staff that the short-term borrowing and loan receivable are not derivatives as they don&rsquo;t meet the
definition of derivative and/or hedge instruments. The loan receivable is merely to secure the short-term borrowing. If the short-term
borrowing could not be repaid, the loan receivable would not be collected either. There are neither underlying, notional amount,
payment provision and initial net investment (according to ASC 815-10-15-83 through 15-139) nor hedged item or transaction and
hedging relationships (according to ASC 815-20-25-3) in the contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Exhibit 5.1 &ndash; Legal Opinion</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">8.</FONT></TD><TD>We note your response to prior comment 9 that counsel iterated the meaning of &ldquo;non-assessable&rdquo; in its opinion as
&ldquo;no further obligation on the holder of the Shares to make any further payment to the Company in respect of the Shares.&rdquo;
This meaning appears to address whether the shares have been fully paid rather than whether the shares are non-assessable. Please
have counsel revise its opinion to clarify that a security holder is not liable, solely because of security holder status, for
additional assessments or calls on the security by the company or its creditors. For guidance, please refer to Sections II.B.1.a
and II.B.1.c. of Staff Legal Bulletin No. 19 (CF).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"><B>RESPONSE: </B>The Company respectfully advises
the Staff that our counsel has revised their opinion accordingly. Please refer to Exhibit 5.1 in our Amended F-1.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Jin Huang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ambow Education Holding Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 8</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Exhibit 10.67 &ndash; Call Option Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">9.</FONT></TD><TD>Please explain why Party A is not identified in the call option agreement other than as a limited liability company established
under the laws of Taiwan under Section 5.2(1) of the agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt"><B>RESPONSE: </B>The Company
respectfully advises the Staff that we have revised the English translation in the Exhibit of the Amended F-1. Party A should
be Ambow Education Management (Hong Kong) Ltd. and it is a company established under the laws of Hong Kong.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: 0.05pt"></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"><U>Exhibit 10.71 &ndash; Loan Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">10.</FONT></TD><TD>Please explain why the Lender, Ambow Education Management (Hong Kong) Ltd., represents in Section 4.2(1) of the agreement that
it is established under the laws of Taiwan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.05pt"><B>RESPONSE: </B>The Company respectfully advises the Staff that we have revised the English translation in the Exhibit
of the Amended F-1. Ambow Education Management (Hong Kong) Ltd. is a company established under the laws of Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Should you have any questions relating to
the foregoing or wish to discuss any aspect of the Company&rsquo;s filing, please contact our legal counsel Mitchell S. Nussbaum,
Partner at Loeb &amp; Loeb LLP, at 212-407-4159 or mnussbaum@loeb.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">Sincerely,</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Ambow Education Holding Ltd.</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jin Huang</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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