<SEC-DOCUMENT>0001104659-22-070735.txt : 20220614
<SEC-HEADER>0001104659-22-070735.hdr.sgml : 20220614
<ACCEPTANCE-DATETIME>20220614061020
ACCESSION NUMBER:		0001104659-22-070735
CONFORMED SUBMISSION TYPE:	F-3/A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20220614
DATE AS OF CHANGE:		20220614

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:		F-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-264878
		FILM NUMBER:		221013376

	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>F-3/A
<SEQUENCE>1
<FILENAME>tm2215186-2_f3a.htm
<DESCRIPTION>FORM F-3/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> As filed with the Securities and Exchange Commission
on June 14, 2022 </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> Registration No. 333-264878 </P>

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

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<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: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT>Washington, D.C. 20549</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>FORM F-3/A</B> </P>

<P STYLE="text-align: center; margin-top: 0pt; font: 14pt Times New Roman, Times, Serif; margin-bottom: 0pt"> <B>(Amendment No. 1)</B> </P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</P>

<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"></P>

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<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"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMBOW EDUCATION HOLDING LTD.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 50%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Cayman Islands<BR>
(State or other jurisdiction of <BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="width: 50%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Not Applicable<BR>
(I.R.S. Employer <BR>
Identification Number)</FONT></TD></TR>
  </TABLE>
<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">12th Floor, Tower 1, Financial Street,<BR>
Chang&rsquo;an Center, Shijingshan District, Beijing<BR>
100043<BR>
People&rsquo;s Republic of China<BR>
Telephone: +86 (10) 6206-8000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and telephone number of registrant&rsquo;s
principal executive offices)</P>

<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: 0pt 0; text-align: center">C T Corporation System</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">111 Eighth Avenue</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 894-8940&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of agent for
service)</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">with a copy to:</P>

<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">Mitchell S. Nussbaum<BR>
Lawrence Venick<BR>
Loeb &amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, NY 10154<BR>
(212) 407-4000</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">Approximate date of commencement of proposed sale to the public: From
time to time after the effective date of this registration statement.</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">If the only securities being registered on this form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></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">If any of the securities being registered on this form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. <FONT STYLE="font-family: Wingdings">&#120;</FONT></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">If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&#168;</FONT></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">If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act registration number of the earlier effective registration
statement for the same offering. <FONT STYLE="font-family: Wingdings">&#168;</FONT></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">If this Form is a registration statement pursuant to General Instruction
I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></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">If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></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">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933.</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: right">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></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">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 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></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">&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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registrant hereby amends this registration statement on such
date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states
that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until
the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section
8(a), may determine.</P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="border: Black 1pt solid; padding: 6pt; width: 100%; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: Red">The information
    in this prospectus is not complete and may be changed. We may not sell these securities until the post-effective amendment to registration
    statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities
    and is not soliciting offers to buy these securities in any state where the offer or sale is not permitted.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"> <B>Subject to completion, dated
June 14, 2022</B> </P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$100,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2215156d1_f3img001.jpg" ALT="">&nbsp;</P>

<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: 0pt 0; text-align: center">ADSs<BR>
Ordinary Shares<BR>
Preferred Shares<BR>
Warrants<BR>
Subscription Rights<BR>
Debt Securities<BR>
Units</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-indent: 0.5in">We may offer Class A ordinary shares of par value
$0.003 per share, including Class A ordinary shares represented by American depositary shares, or ADSs (with each ADS representing two
Class A ordinary shares), preferred shares of par value $0.003 per share, warrants, subscription rights, debt securities and/or units
from time to time. When we decide to sell securities, we will provide specific terms of the offered securities, including the offering
prices of the securities, in a prospectus supplement. The securities offered by us pursuant to this prospectus will have an aggregate
public offering price of up to $100,000,000.</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">The securities covered by this prospectus may be
offered and sold from time to time in one or more offerings, which may be through one or more underwriters, dealers and agents, or directly
to the purchasers. The names of any underwriters, dealers or agents, if any, will be included in a supplement to this prospectus.</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">This prospectus describes some of the general terms
that may apply to these securities and the general manner in which they may be offered. The specific terms of any securities to be offered,
and the specific manner in which they may be offered, will be described in one or more supplements to this prospectus. A prospectus supplement
may also add, update or change information contained in this prospectus.</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"> Our ADSs are traded on the NYSE American under
the symbol &ldquo;AMBO&rdquo;. As of June 7, 2022, the last reported sale price for our ADSs was $0.609 per ADS. As of that date, the
aggregate market value of our outstanding voting and non-voting common equity held by non-affiliates was approximately $6,451,356 based
on 42,273,019 shares of our outstanding Class A ordinary shares, of which approximately 21,186,719 shares were held by non-affiliates.
Pursuant to General Instruction I.B.5. of Form F-3, in no event will we sell the securities covered hereby in a public primary offering
with a value exceeding more than one-third of the aggregate market value of our voting and non-voting common equity held by non-affiliates
in any 12-month period so long as the aggregate market value of our outstanding voting and non-voting common equity held by non-affiliates
remains below $75,000,000. During the 12 calendar months prior to and including the date of this prospectus, we have not offered or sold
any securities pursuant to General Instruction I.B.5 of Form F-3. </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>

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<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">Under our Sixth Amended and Restated
Memorandum and Articles of Association, our authorized share capital is $230,000 divided into 66,666,667 Class A ordinary shares of
a nominal or par value of $0.003 each and 8,333,333 Class C ordinary shares of a nominal or par value of $0.003 each with 1,666,667
preferred shares of a nominal or par value of $0.003 each. Dr. Jin Huang, our Chairman and Chief Executive Officer, is the
beneficial owner of all of the issued and outstanding Class C ordinary shares.</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">Our Class A ordinary shares and Class C ordinary
shares have identical rights, except for the special voting and conversion rights described below:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting
rights</I>&#8201;&mdash;&#8201;Each Class A ordinary share is entitled to one vote and each Class C ordinary share is entitled to ten
votes on all matters upon which the ordinary shares are entitled to vote, including the election of directors.</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conversion
rights attaching to shares</I>&#8201;&mdash;&#8201;Each Class C ordinary share is convertible into one Class A ordinary share at any time
by the holder thereof without payment of additional consideration. Class A ordinary shares are not convertible under any circumstances.
If at any time Dr. Huang and her affiliates collectively own less than 5% of the total number of the issued and outstanding Class C ordinary
shares, each issued and outstanding Class C ordinary share shall be automatically and immediately converted into one share of Class A
ordinary shares without payment of additional consideration and no Class C ordinary shares shall thereafter be issuable by us.</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"> For a complete description of our share capital
see &ldquo;Description of ADSs and Class A Ordinary Shares&rdquo; on page 29. </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-align: left; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in our securities involves a high degree of risk.</B></FONT><B> Please carefully consider the &ldquo;Risk Factors&rdquo; in Item 3(D)
of our most recent Annual Report on Form 20-F incorporated by reference in this prospectus, the &ldquo;Risk Factors&rdquo; beginning
on page 17 of this prospectus, and in any applicable prospectus supplement, for a discussion of the factors you should consider carefully
before deciding to purchase these securities and consider the following:</B> </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-indent: 0.5in"> <B>Ambow Education Holding Ltd. (&ldquo;Ambow&rdquo;)
is not an operating company incorporated in China, but rather a Cayman Islands holding company with no equity ownership in its variable
interest entities. Ambow does not conduct business operations directly, but through our PRC and Hong Kong subsidiaries and the variable
interest entities with which our PRC and Hong Kong subsidiaries have maintained contractual arrangements and their respective subsidiaries.
Beijing Ambow Shengying Education and Technology Co., Ltd. (&ldquo;Ambow Shengying&rdquo;), Beijing BoheLe Science and Technology Co.,
Ltd. (&ldquo;BoheLe&rdquo;) and OOOK (Beijing) Education and Technology Co., Ltd. (&ldquo;OOOK WFOE&rdquo;), each of which is a wholly
owned foreign enterprise (&ldquo;WFOE&rdquo;) and an indirect PRC subsidiary of Ambow, and Ambow Education Management (Hong Kong) Limited
(&ldquo;Ambow Education Management&rdquo;), which is an indirect Hong Kong subsidiary of Ambow, have entered into a series of contractual
agreements (the &ldquo;VIE Agreements&rdquo;) that establish our VIE structure. </B> </P>

<P STYLE="font: bold 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"> <B>As a result of the prohibitions on direct
investments by foreign enterprises, we instead conduct our K-12 Schools and CP&amp;CE Programs business in China primarily through a
series of VIE Agreements among Ambow Shengying, BoheLe and OOOK WFOE and one or more of the VIEs and the VIEs respective shareholders.
All of our VIEs&rsquo; operations are conducted in China in the education industry, over which the Chinese government exercises significant
oversight and discretion. Due to PRC legal restrictions on foreign ownership in the education industry, Ambow is unable to own any equity
interest in the VIEs. The VIE structure is used to provide investors with exposure to foreign investment in China-based companies where
PRC laws restrict direct foreign investment in certain aspects of the education industry in which the VIEs operate. The securities offered
in this prospectus are securities of Ambow. As a result, you are not directly investing in and may never hold equity interests in any
VIE in China. The VIE structure involves unique risks to investors. The VIE Agreements have not been tested in a court of law and may
not be effective in providing control over the VIEs. We are subject to risks due to the uncertainty of the interpretation and application
of the laws and regulations of the PRC regarding the VIE and the VIE structure, including, but not limited to, regulatory review of overseas
listing of PRC companies through a special purpose vehicle and the validity and enforcement of the contractual arrangements with the
VIE. We are also subject to the risk that the Chinese regulatory authorities could disallow the VIE structure, which could result in
a material change in our operations and the value of the Ambow&rsquo;s securities could decline or become worthless. For a description
of our corporate structure and VIE Agreements, see pages from 2 to 5 of this prospectus. See also a detailed discussion of the risks
facing Ambow and the offering as a result of our VIE structure beginning on page 17 of this prospectus.</B> </P>

<P STYLE="font: bold 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"> <B>We have evaluated the guidance in FASB ASC
810 and determined that each WFOE and Ambow Education Management is the primary beneficiary of the VIE that is party to the relevant
VIE Agreements for accounting purposes, because, pursuant to the VIE Agreements, shareholders of the VIEs lack the right to receive any
expected residual returns from the VIEs, shareholders of the VIEs lack the ability to make decisions about the activities of the VIEs
that have a significant effect on their operation and substantially all of the VIEs&rsquo; businesses are conducted on behalf of Ambow
or its subsidiaries. Such contractual arrangements are designed so that the operations of a VIE are solely for the benefit of the relevant
WFOE and Ambow Education Management and, ultimately, Ambow. Ambow has direct or indirect ownership in 100% of the equity in each WFOE
and Ambow Education Management. Accordingly, under U.S. GAAP, we treat the VIEs and their subsidiaries as consolidated affiliated entities
and have consolidated their financial results in our financial statements. As used in this prospectus, &ldquo;we,&rdquo; &ldquo;us,&rdquo;
 &ldquo;our company&rdquo; and &ldquo;our&rdquo; refers to Ambow and its subsidiaries, and, in the context of describing our operations
and consolidated financial information, we use &ldquo;the WOFEs, VIEs and their subsidiaries&rdquo;.</B> </P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Recently,
the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations
in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and
expanding efforts in anti-monopoly enforcement. We do not believe that we are adversely affected by these regulatory actions or statements,
but because these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation
making bodies in China will respond to them, or what existing or new laws or regulations will be modified or promulgated, if any, or
the potential impact such modified or new laws and regulations will have on our VIE&rsquo;s daily business operations or </B></FONT><B>Ambow&rsquo;s
ability to accept foreign investments and remain listed on the NYSE American.</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-indent: 0.5in"> <B>Pursuant to the Holding Foreign Companies
Accountable Act (&ldquo;HFCAA&rdquo;), the Public Company Accounting Oversight Board (the &ldquo;PCAOB&rdquo;) issued a Determination
Report on December 16, 2021 which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms
headquartered in: (1) mainland China of the People&rsquo;s Republic of China because of a position taken by one or more authorities in
mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more
authorities in Hong Kong. In addition, the PCAOB&rsquo;s report identified the specific registered public accounting firms which are
subject to these determinations. Ambow&rsquo;s registered public accounting firm, Marcum Bernstein &amp; Pinchuk LLP, who audited our
financial statements included in our most recent Annual Report on Form 20-F incorporated by reference in this prospectus, is&nbsp;<U>not</U>&nbsp;headquartered
in mainland China or Hong Kong and was&nbsp;<U>not</U>&nbsp;identified in the PCAOB&rsquo;s Determination Report. We do not expect any
impact on our business or operations if the Accelerating HFCAA is enacted. Notwithstanding the foregoing, if at some time in the future,
the PCAOB is not able to fully conduct inspections of our auditor&rsquo;s work papers in China, you may be deprived of the benefits of
such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading of our securities
may be prohibited under the HFCAA, which would result in the delisting of our securities from the NYSE American. See &ldquo;Risk Factors&ndash;Our
ADSs or Ordinary Shares may be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to adequately inspect
audit documentation located in China&rdquo; on page 25.</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-indent: 0.5in"> <B>As a holding company, Ambow may receive
dividends and other distributions on equity paid by its PRC subsidiaries for its cash and financing requirements. If any of our PRC subsidiaries
incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us. However,
none of the WFOEs and Ambow Education Management has made any dividends or other distributions to Ambow or any investors as of the date
of this prospectus. In the future, cash proceeds raised from overseas financing activities, including the offering of securities under
this prospectus and any related prospectus supplement, may be transferred by Ambow to our PRC subsidiaries or VIEs via capital contributions
or loans, as the case may be. Amounts owed under the VIE Agreements may be returned by our PRC subsidiaries or VIEs through repayment
of loans or payment of service fees according to exclusive business service agreements, subject to satisfaction of applicable government
registration and approval requirements. We do not have an established cash management policy that dictates how funds are transferred
between us, our subsidiaries, WOFEs, VIEs and their subsidiaries. We do not, at this time, intend to distribute earnings or settle amounts
owed under the VIE Agreements. Beginning on page 5, please see condensed consolidating schedules that disaggregates the operations and
depicts the financial position, cash flows and results of operating for each of Ambow, the VIEs and their subsidiaries, the WFOEs and
an aggregation of other entities that are consolidated.</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"> <B>In addition, the Enterprise
Income Tax Law and its implementation rules provide that a withholding tax at a rate of 10% will be applicable to dividends payable by
Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements between the PRC central government and
the governments of other countries or regions where the non-PRC resident enterprises are tax resident. In addition, at the end of each
fiscal year, each of our affiliated entities that are private schools in China is required to allocate a certain amount to its development
fund for the construction or maintenance of the school or procurement or upgrade of educational equipment. In the case of a for-profit
private school, this amount shall be no less than 10% of the audited annual net income of the school, while in the case of a non-profit
private school, this amount shall be equivalent to no less than 10% of the audited annual increase in the non-restricted net assets of
the school, if any. In addition, the PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and,
in certain cases, the remittance of currency out of China. For a more detailed discussion of the cash transfers as well as limitations on the transfer of cash please see
 &ldquo;<I>Distributions and Other Transfers of Cash through our Organization,&rdquo; </I>on page 9 of this prospectus.</B> </P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B>Neither the Securities and Exchange Commission
nor any state or other securities commission has approved or disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B> </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2022</P>

<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"></P>

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<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">TABLE OF CONTENTS</P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC8">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#ABC8">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC9">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC9">17</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC10">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC10">27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC11">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC11">28</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC12">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC12">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC13">CAPITALIZATION AND INDEBTEDNESS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC13">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC14">DESCRIPTION OF ADSS AND CLASS A ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC14">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC15">DESCRIPTION OF PREFERRED SHARES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC15">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC16">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC16">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC17">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC17">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC18">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC18">32</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC1">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC1">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC3">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC3">46</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC4">INDEMNIFICATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC4">47</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC5">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC5">48</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC6">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC6">49</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#ABC7">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ABC7">50</A></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>

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

<DIV STYLE="padding-right: 10pt; border: Black 1pt solid; top: 5pt; bottom: 5pt; left: 5pt; right: 5pt; padding-left: 10pt">

<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: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC8"></A>PROSPECTUS SUMMARY</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Mission</P>

<P STYLE="font: bold 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">Our mission is to provide Better Schools, Better Jobs and
Better Life to our students.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Business</P>

<P STYLE="font: bold 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: 0.5in">Our business addresses three critical demands in
the education market of China and the U.S.: the desire for students to be admitted into top post-secondary schools, the desire for graduates
of those schools to obtain more attractive jobs and the need for schools and corporate clients to optimizing their teaching and operating
environment. We offer high quality, individualized services and products through our combined online and offline delivery model powered
by our proprietary technologies and infrastructure.</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">We have two reportable segments, which are K-12
Schools, and CP&amp;CE Programs. Our tutoring centers, training offices, career enhancement centers and college campuses are within the
CP&amp;CE Programs segment.</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">We currently deliver a wide range of educational
and career enhancement services and products through integrated offline and online channels in an interactive learning environment, powered
by our proprietary technology platform, enabling us to provide individualized content and learning solutions that are tailor-made to every
student&rsquo;s needs. We develop standards-based and individualized curricula with consistent high-quality across our schools, tutoring
centers, career enhancement centers, training offices and career enhancement colleges.</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">We offer a variety of educational and career enhancement
services and products to students, recent graduates, corporate employees and management professionals in China. We provide the full-subject
national curricula services for grades from K-10 to K-12 at our two directly-operated K-12 schools, and international education programs,
which are designed to prepare students to study abroad while specifically addressing their study needs in terms of both language and academics.
In addition, we offer tutoring services that help students to perform better in school and prepare for national college entrance examination.
Our career enhancement services designed to assist undergraduates and recent graduates of universities and colleges to enhance their practical
job skills and improve their competitive positioning in finding jobs through our physical career enhancement service networks and training
offices on campus, and through our online programs. Our corporate training services that are designed to improve employees&rsquo; and
management teams&rsquo; soft skills are typically offered in our training offices, the corporate clients&rsquo; offices or hotel conference
centers etc. To support our educational and career enhancement services and products, we provide a cloud-based learning engine to accommodate
our students&rsquo; individual learning habits and enrich their learning experience. We also offer career-oriented post-secondary educational
services to undergraduates through Bay State College and NewSchool of Architecture and Design in the U.S.</P>

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

</DIV>

<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>

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

<DIV STYLE="padding: 5pt 8pt; border: Black 1pt solid">

<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: 0pt 0">Our Corporate Structure</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: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
diagram below illustrates our corporate structure with respect to each of our significant subsidiaries and variable interest entities
</FONT>(&ldquo;VIEs&rdquo;) and the place of incorporation of each named entity as of March 31, 2022.&nbsp; Certain entities, including
OOOK Holding Co., Ltd., its subsidiaries and OOOK WOFE, VIE which OOOK WOFE has maintained contractual arrangements and VIE&rsquo;s subsidiaries,
have been excluded from the diagram due to their insignificant impacts both on business operation and the group&rsquo;s consolidated
financial statements. </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-align: center"><IMG SRC="tm2215156d1_f3img002.jpg" ALT="">&nbsp;</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"> Investors in an offering of our securities
under this prospectus will purchase their equity interests directly in Ambow, the Cayman Islands entity. As a result, you are not directly
investing in and may never hold equity interests in any of our VIEs in China. Ambow is the holding company for the entities in which
our operations are conducted in China, Taiwan and in the U.S. The following entities currently conduct Ambow&rsquo;s operations: </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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Ambow Shengying, BoheLe and OOOK WFOE are PRC entities that are 100%
    indirectly owned by Ambow. These entities are referred to as &ldquo;WFOEs.&rdquo; Ambow Education Management is a Hong Kong company
    that is 100% indirectly owned by Ambow. Each of the foregoing have entered into contractual arrangements (&ldquo;VIE
    Agreements&rdquo;) with one or more of the VIEs identified below. </FONT> </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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each of the following are
    VIEs, which include domestic PRC companies and a Taiwanese company, and subsidiaries and schools they hold:</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> &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: 1.25in"></TD><TD STYLE="width: 0.25in"> 1. </TD><TD> Shanghai Ambow Education Information Consulting Co., Ltd (&ldquo;Shanghai
                                            Ambow&rdquo;); </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 2. </TD><TD> Ambow Rongye Education and Technology Co., Ltd. (&ldquo;Ambow
                                            Rongye&rdquo;); </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 3. </TD><TD> Ambow Sihua Intelligent Technology Co., Ltd. (&ldquo;Ambow Sihua&rdquo;); </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 4. </TD><TD> Beijing Ambow Zhixin Education and Technology Co., Ltd. (&ldquo;Ambow
                                            Zhixin&rdquo;); </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 5. </TD><TD> Beijing OOOK Education and Technology Co., Ltd. (&ldquo;Beijing
                                            OOOK&rdquo;); </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 6. </TD><TD> Beijing Ambow Shida Education Technology Co., Ltd. (&ldquo;Ambow
                                            Shida&rdquo;); </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 7. </TD><TD> Beijing Le&rsquo;an Operational Management Co., Ltd. (&ldquo;Beijing
                                            Le&rsquo;an&rdquo;); </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 8. </TD><TD> Beijing JFR Education &amp; Technology Co., Ltd. (&ldquo;Beijing
                                            JFR&rdquo;); </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 9. </TD><TD> Jinan LYZX Business Management Co., Ltd. (&ldquo;Jinan LYZX&rdquo;);
                                            and </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: 1.25in"></TD><TD STYLE="width: 0.25in"> 10. </TD><TD> IValley Co., Ltd. (&ldquo;IValley&rdquo;), a Taiwanese company. </TD></TR></TABLE>

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

</DIV>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<DIV STYLE="padding: 5pt 8pt; border: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 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> <FONT STYLE="font-family: Times New Roman, Times, Serif">Ambow
                                            Education Inc., our wholly owned U.S. subsidiary, and its subsidiaries, Ambow NSAD Inc.,
                                            Ambow BSC Inc., Bay State College and NewSchool are offshore principal operating entities.
                                            Ambow Education Ltd., OOOK Holding Co., Ltd., and Ambow Education Management Ltd., which
                                            are our wholly owned Cayman subsidiaries, and their respective subsidiaries, and Ambow Education
                                            Group Ltd., a wholly owned Hong Kong subsidiary are referred to as our &ldquo;non-VIE Subsidiaries&rdquo;.</FONT> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <B>VIE Contractual Arrangements.</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-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
Chinese government regulates all aspects of our business and operations, including pricing of tuition and other fees, curriculum content,
standards for the operations of schools, tutoring centers, college and career enhancement centers and foreign investments in the education
industry. Currently, PRC laws and regulations impose restrictions in the tutoring service sector in China. Foreign investment is banned
from compulsory education, which means grades 1-9. Foreign investment is allowed to invest in after-school tutoring services. In some
areas, local government authorities do not allow foreign-invested entities to establish private schools to engage in tutoring services,
other than in the forms of Sino-foreign cooperative schools or international schools. Under current PRC laws, the foreign contributors
of Sino-foreign cooperative schools shall be foreign educational institutions such as universities or colleges instead of foreign companies.
</FONT>Because Ambow is incorporated in the Cayman Islands, it is classified as a foreign enterprise under PRC laws. As a foreign company,
we are not qualified to run Sino-foreign cooperative schools in China. </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; text-indent: 0.5in"> As a result of the prohibitions on direct investments
by foreign enterprises, we instead conduct our K-12 Schools and CP&amp;CE Programs business in China primarily through a series of VIE
Agreements among Ambow Shengying, BoheLe and OOOK WFOE and one or more of the VIEs and the VIEs respective shareholders. We conduct our
intellectualized operational services business in China through IValley Beijing. IValley Beijing is a foreign invested entity controlled
by a Taiwanese entity, IValley. IValley is operated through contractual arrangements between Ambow Education Management and its respective
shareholders. As an investor in Ambow, you will not have, and we do not have any equity ownership in, direct foreign investment in, or
control of, the VIEs through such ownership or investment. </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; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
VIE Agreements that are in place consist of a (i) share pledge agreement, (ii) call option agreement, (iii) powers of attorney, (iv)
loan agreement, (v) exclusive cooperation Agreement, and/or (vi) technology service agreement. Ambow has adopted the guidance of accounting
for VIEs, which requires VIEs to be consolidated by the primary beneficiary of the entity. Ambow and its WFOEs have entered into the
</FONT>VIE Agreements with the VIEs and their shareholders, which enable Ambow to (i) have power to direct activities that most significantly
affect the economic performance of the VIEs, (ii) receive substantially all of the economic benefits of the VIEs that could be significant
to the VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests and assets in the consolidated VIEs when
and to the extent permitted by PRC law. We have evaluated the guidance in FASB ASC 810 and determined that each WFOE is the primary beneficiary
of the VIE that is party to the relevant VIE Agreements, for accounting purposes, because, pursuant to the VIE Agreements, shareholders
of the VIEs lack the right to receive any expected residual returns from the VIEs, shareholders of the VIEs lack the ability to make
decisions about the activities of the VIEs that have a significant effect on their operation and substantially all of the VIEs&rsquo;
businesses are conducted on behalf of Ambow or its subsidiaries. Such VIE Agreements are designed so that the operations of a VIE are
solely for the benefit of the relevant WFOE and, ultimately, Ambow. Ambow has direct or indirect ownership in 100% of the equity in each
WFOE. Accordingly, under U.S. GAAP, we treat the VIEs and their subsidiaries as consolidated affiliated entities and have consolidated
their financial results in our financial statements. </P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Agreements That Provide Effective Control Over Our
VIEs And Their Respective Subsidiaries</I> </P>

<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; text-indent: 0.5in"> Ambow exercises effective control over the
VIEs and their respective subsidiaries by having such VIEs&rsquo; shareholders pledge their respective equity interests in these VIEs
to the respective WFOE and Ambow Education Management and, through powers of attorney, entrust all the rights to exercise their voting
power over these VIEs to the respective WFOE and Ambow Education Management. There is no limitation on BoheLe and Ambow Shengying&rsquo;s
rights to exercise the voting power over the VIEs or to obtain and dispose of the pledged equity interests in the VIEs holding the K-12
schools, tutoring centers and career enhancement centers by exercise of its call option or share pledge. BoheLe and Ambow Shengying&rsquo;s
rights to obtain and dispose of the pledged equity interests in the VIEs holding the K-12 schools, tutoring centers and career enhancement
centers by exercise of their respective call option or share pledge are subject to BoheLe and Ambow Shengying&rsquo;s designating other
PRC persons or entities to acquire the pledged equity interests in order not to violate PRC laws that prohibit or restrict foreign ownership
in K-12 schools and tutoring centers. Each of the WFOEs and Ambow Education Management has an exclusive option to purchase all or part
of the equity interests in our VIEs and all or part of the equity interest in its subsidiaries, as well as all or part of the assets
of our VIEs, in each case when and to the extent permitted by applicable PRC or Taiwan law. </P>

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

</DIV>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<DIV STYLE="padding: 5pt 8pt; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Through the equity pledge arrangements, call
option agreements and powers of attorney with the shareholders of VIEs, Ambow controls decisions in relation to the operations of the
VIEs, VIE&rsquo;s subsidiaries and schools controlled. Specifically, Ambow can make the following decisions which most significantly
affect the economic performance of the VIEs: </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; text-indent: 0.5in"> &#9679;&nbsp;&nbsp;&nbsp;&nbsp;Ambow has the
power to appoint the members of the VIE&rsquo;s board of directors and senior management as a result of the powers of attorney; </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; text-indent: 0.5in"> &#9679;&nbsp;&nbsp;&nbsp;&nbsp;Ambow is closely
involved in the daily operation of the VIE via appointing management personnel such as VP and other staff to oversee the operation of
the VIEs; </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; text-indent: 0.5in"> &#9679;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
the VIE&rsquo;s board of directors and senior management may (1) modify the articles of the schools / centers; (2) approve the department
structure of the schools / centers, and (3) approve the division, combination, termination of the schools / centers; </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; text-indent: 0.5in"> &#9679;&nbsp;&nbsp;&nbsp;&nbsp;The principals
of the schools are involved in curriculum design, course delivery, hiring teachers, student recruitment, and approving school budgets
and monthly spending plan; and </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; text-indent: 0.5in"> &#9679;&nbsp;&nbsp;&nbsp;&nbsp;The principals
sign significant contracts on behalf of the schools / training centers such as service arrangement, leasing contract etc. </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: 0pt 0; text-indent: 0.5in"> <I>Agreements that Transfer Economic Benefits
to Ambow.</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Ambow </FONT>receives
economic benefits from the pre-tax profits of the VIEs and their respective subsidiaries in consideration for technical support,
marketing and management consulting services provided by each WFOE and Ambow Education Management to its respective and the
VIE&rsquo;s respective subsidiaries. Ambow is also able to make the following decisions that enable it to receive substantially all
of the economic returns from the VIEs: </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"> &#9679;&nbsp;&nbsp;&nbsp;&nbsp;Ambow has the
exclusive right to provide management / consulting services to VIEs. Given Ambow controls the VIE&rsquo;s board of directors, Ambow has
the discretion to set the service fees which enable Ambow to extract the majority of the profits from the VIEs; and </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"> &#9679;&nbsp;&nbsp;&nbsp;&nbsp;Ambow has the
right to renew the service contracts indefinitely, which ensures Ambow will be able to extract profits on a perpetual basis.&#9; </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"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Ambow
</FONT>has relied, and expects to continue to rely on the VIE Agreements with the VIEs and their respective shareholders to operate a
substantial portion of our education business. The VIE Agreements may not be as effective in providing operational control as direct
equity ownership, or other direct investment in, the VIEs. If Ambow had direct ownership of the VIEs and their respective subsidiaries,
Ambow would be able to exercise rights as a shareholder to effect changes in the board of directors of the VIEs and their respective
subsidiaries, which could affect changes, subject to any applicable fiduciary duties, at the management level. As a legal matter, if
the VIEs or any of their respective shareholders fails to perform its or his or her respective obligations under the VIE Agreements,
we may have to incur substantial costs and expend significant resources to enforce such arrangements. We may also rely on legal remedies
under PRC or Taiwan law, including seeking specific performance or injunctive relief, and claiming damages, but these remedies may not
be effective. For example, if the shareholders of any of our VIEs were to refuse to transfer their equity interest in such VIEs to us
or our designee when we exercise the call option pursuant to these contractual arrangements, or if they were otherwise to act in bad
faith toward us, then we may have to take legal action to compel them to fulfill their contractual obligations. In addition, we may not
be able to renew these contracts with our VIEs and/or their respective shareholders. If VIEs or their shareholders fail to perform the
obligations secured by the pledges under the equity pledge agreements, one of the remedies for default is to require the pledgors to
sell the equity interests of VIEs in an auction or sale of the shares and remit the proceeds to Ambow Shengying, OOOK WFOE, BoheLe and
Ambow Education Management, net of all related taxes and expenses. Such an auction or sale of the shares may not result in our receipt
of the full value of the equity interests or the business of VIEs. In addition, these contractual arrangements are governed by PRC or
Taiwan law and provide for the resolution of disputes through arbitration in the PRC or Taiwan. Accordingly, these contracts would be
interpreted in accordance with PRC or Taiwan law and any disputes would be resolved in accordance with PRC or Taiwan legal procedures.
The legal environment in the PRC and Taiwan may not be as developed as in some other jurisdictions, such as the United States. As a result,
uncertainties in the PRC and Taiwan legal system could limit our ability to enforce these contractual arrangements. In the event we are
unable to enforce these contractual arrangements, we may not be able to exert effective control over our VIEs, and our ability to conduct
our business would be materially adversely affected. </P>

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

</DIV>

<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>

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

<DIV STYLE="padding: 5pt 8pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> If the PRC government deems that the VIE Agreements
do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations. Although we believe that our corporate structure and VIE Agreements comply with the current applicable PRC laws and regulations,
there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations. There can be no assurance
that the PRC government authorities, or other authorities that regulate private education services providers and other participants in
the industry, would agree that our corporate structure or any of the above VIE Agreements comply with PRC licensing, registration or
other regulatory requirements, with existing policies or with requirements or policies that may be adopted in the future. PRC laws and
regulations governing the validity of these contractual arrangements are uncertain and the relevant government authorities have broad
discretion in interpreting these laws and regulations. As of the date of this prospectus, the VIE Agreements have not been reviewed in
a court of law. </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-align: center; background-color: white"> <B>VIEs Financial
Information</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Set forth below is
selected Consolidated Statements of Operations and Cash Flows for the fiscal years ended December 31, 2019, 2020 and 2021, and selected
balance sheet information as of December 31, 2020 and 2021 showing financial information for Ambow, non-VIE subsidiaries, WFOEs, the
VIEs and their subsidiaries, eliminating entries and consolidated information (RMB in thousands). </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px; padding-right: 0.75pt; padding-left: 0.75pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;parent&rdquo;
    refers to Ambow;</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"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px; padding-right: 0.75pt; padding-left: 0.75pt; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;non-VIE subsidiaries&rdquo;
    refer to the sum of (i) Ambow Education Inc., our wholly owned U.S. subsidiary,&nbsp;and its subsidiaries, (ii) Ambow Education Ltd.,
    OOOK Holding Co., Ltd., and Ambow Education Management Ltd., which are our wholly owned Cayman subsidiaries, and their respective
    subsidiaries, and (iii) Ambow Education Group Ltd. and Ambow Education Management, which are our wholly owned Hong Kong subsidiaries;</FONT> </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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px; padding-right: 0.75pt; padding-left: 0.75pt; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;VIEs and their subsidiaries&rdquo;
    refer to the sum of (i) Shanghai Ambow, (ii) Ambow Sihua; (iii) Ambow&nbsp;Rongye, (iv) Ambow Zhixin, (v) Beijing OOOK, (vi) Ambow
    Shida, (vii) Beijing Le&rsquo;an, (viii) Beijing&nbsp;JFR, (ix) Jinan LYZX and (x) IValley and all their subsidiaries; and</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

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  <TR>
    <TD STYLE="width: 48px; padding: 0.75pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 24px"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;WFOEs&rdquo; refers to the sum of (i) Ambow
    Shengying, (ii) BoheLe and (iii) OOOK WFOE.</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <I></I> &nbsp;</P>

</DIV>

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

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

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<DIV STYLE="border: Black 1pt solid; padding: 5pt 8pt">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <I>Statements of Operations
Information</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&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="font-size: 10pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Fiscal&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2021 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIEs&nbsp;and</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-VIE&nbsp;</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>their</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parent</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eliminations</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> (RMB&rsquo;000) </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><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: 34%; font: 10pt Times New Roman, Times, Serif"> Revenue </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> (2,023 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 113,534 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 385,366 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 496,877 </TD><TD STYLE="width: 1%; 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: 10pt Times New Roman, Times, Serif"> Cost of revenue </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (100,574 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (238,984 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (339,558 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Operating expenses </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"> (2,926 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (20,623 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (64,733 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (162,192 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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><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"> (250,474 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> Operating loss </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (2,926 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (22,646 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (51,773 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (15,810 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (93,155 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Income from equity method investments </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"> 5,944 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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><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><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"> (5,944 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"> Net income (loss) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 3,002 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (19,760 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (39,838 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 64,544 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (5,944 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 2,004 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; 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="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"> &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><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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Fiscal&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2020 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIEs&nbsp;and</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-VIE</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>their&nbsp;</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parent</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eliminations</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> (RMB&rsquo;000) </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><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: 34%; font: 10pt Times New Roman, Times, Serif"> Revenue </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 120,175 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 411,805 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 531,980 </TD><TD STYLE="width: 1%; 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: 10pt Times New Roman, Times, Serif"> Cost of revenue </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (104,956 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (282,534 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (387,490 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Operating expenses </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"> (7,841 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (18,217 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (58,550 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (184,432 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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><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"> (269,040 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> Operating loss </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (7,841 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (18,217 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (43,331 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (55,161 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (124,550 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Loss from equity method investments </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"> (55,362 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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><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><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><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"> 55,362 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"> Net (loss) income </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (62,712 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (16,171 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 4,143 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (44,603 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 55,362 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (63,981 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </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 STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Fiscal&nbsp;year&nbsp;ended&nbsp;December&nbsp;30,&nbsp;2019 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIEs&nbsp;and</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-VIE&nbsp;</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>their</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parent</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eliminations</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; padding-left: 0.1in"> (RMB&rsquo;000) </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><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: 34%; font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; padding-left: 0.1in"> Revenue </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 80,729 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 503,180 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 583,909 </TD><TD STYLE="width: 1%; 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: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; padding-left: 0.1in"> Cost of revenue </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (65,060 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (323,834 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (388,894 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Operating
    expenses </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"> (12,380 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (18,692 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (40,912 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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"> (220,701 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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><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"> (292,685 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Operating
    loss </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (12,380 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (18,692 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (25,243 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (41,355 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (97,670 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Loss
    from equity method investment </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"> (159,282 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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><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><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><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"> 159,282 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> Net
    loss </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (99,941 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (20,220 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (91,086 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (48,461 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 159,282 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (100,426 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; 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"> <I>Balance Sheets Information</I> </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="font-size: 10pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2021 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIEs&nbsp;and&nbsp;</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-VIE</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>its</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parent</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>subsidiaries</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eliminations</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> (RMB&rsquo;000) </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><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: 34%; font: 10pt Times New Roman, Times, Serif; text-align: left"> Cash and cash equivalent </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 247 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 1,489 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 26,521 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 129,142 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 157,399 </TD><TD STYLE="width: 1%; 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: 10pt Times New Roman, Times, Serif; text-align: left"> Intergroup balances </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 653,990 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 204,257 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (858,247 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> Other current assets </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 211 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 4,967 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 18,037 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 267,691 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 290,906 </TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; text-align: left"> Non-current assets </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 404 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 120,026 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 173,545 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 227,882 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 521,857 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Total assets </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 654,852 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 126,482 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 422,360 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 624,715 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (858,247 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 970,162 </TD><TD STYLE="padding-bottom: 1pt; font: bold 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: 10pt Times New Roman, Times, Serif; text-align: left"> Intergroup balances </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 7,334 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 850,913 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (858,247 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"> Investment
    deficit in subsidiaries and consolidated VIEs </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 504,760 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (504,760 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; text-align: left"> Other current liabilities </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 3,895 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 3,143 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 75,920 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 520,264 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 603,222 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Non-current liabilities </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><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><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"> 123,805 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 96,453 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 220,258 </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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Total liabilities </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 508,655 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 10,477 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 199,725 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 1,467,630 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (1,363,007 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 823,480 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> Equity </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 146,197 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 116,005 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 222,635 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (842,915 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 504,760 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 146,682 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </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"></P>

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<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="font-size: 10pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2020 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <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; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> Non-VIE </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> VIEs&nbsp;and&nbsp;its </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"> &nbsp; </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Parent </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> WFOE </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Subsidiaries </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> subsidiaries </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Eliminations </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Consolidated </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> (RMB&rsquo;000) </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><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: 34%; font: 10pt Times New Roman, Times, Serif; text-align: left"> Cash and cash equivalent </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 226 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 4,957 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 46,369 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 67,269 </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"> 118,821 </TD><TD STYLE="width: 1%; 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: 10pt Times New Roman, Times, Serif; text-align: left"> Intergroup balances </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 915,469 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 10,296 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (925,765 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> Other current assets </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 211 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 16,460 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 14,197 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 274,440 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 305,308 </TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Non-current assets </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"> 544 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 113,187 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 199,909 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 311,948 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 625,588 </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: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> Total assets </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 916,450 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 144,900 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 260,475 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 653,657 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (925,765 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 1,049,717 </TD><TD STYLE="font: bold 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: 10pt Times New Roman, Times, Serif; text-align: left"> Intergroup balances </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 37,575 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 888,190 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (925,765 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"> Investment
    deficit in subsidiaries and consolidated VIEs </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 760,922 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (760,922 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; text-align: left"> Other current liabilities </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 12,406 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 894 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 74,597 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 555,698 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 643,595 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Non-current liabilities </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><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><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"> 155,293 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 109,675 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 264,968 </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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Total liabilities </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 773,328 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 894 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 267,465 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 1,553,563 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (1,686,687 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 908,563 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> Equity </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 143,122 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 144,006 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (6,990 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (899,906 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 760,922 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 141,154 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; 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 0.5in; text-indent: -0.5in"> <I>Statements of Cash Flows
Information</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Fiscal&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2021 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIEs
                                            and</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-VIE</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>their</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parent</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eliminations</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"> &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><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><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="width: 34%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Total
    cash provided by/(used in) operating activities </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 21 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (5,987 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (22,604 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 12,636 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (15,934 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Purchase of property
    and equipment </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (384 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (8,073 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (8,457 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Payment for leasehold
    improvement </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (11,065 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (11,065 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Proceeds from
    disposal of subsidiaries, net of cash balance of disposed entities </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (6,788 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (6,788 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Loans to third
    parties </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (8,000 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (3,188 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (11,188 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Other
    investing activities </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><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"> 11,500 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 133,194 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 144,694 </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: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Total cash
    provided by/(used in) investing activities </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 3,116 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (3,188 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 107,268 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 107,196 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Proceeds from
    minority shareholder capital injection </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 100 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 100 </TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Proceeds from
    short-term borrowing </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 10,000 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 10,000 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Repayment of
    short-term borrowing </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (10,000 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (10,000 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Proceeds
    from borrowing from third party </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><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><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"> 5,738 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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><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"> 5,738 </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: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Total cash
    provided by financing activities </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 5,738 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 100 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 5,838 </TD><TD STYLE="font: bold 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: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Effect
    of exchange rate changes </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><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><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"> 206 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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><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"> 206 </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: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Net change
    in cash, cash equivalents and restricted cash, including cash classified within assets held for sale </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 21 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (2,871 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (19,848 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 120,004 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 97,306 </TD><TD STYLE="font: bold 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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Less:
    Net change in cash, cash equivalents and restricted cash included in assets held for sale </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 57,729 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 57,729 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> Net
    change in cash, cash equivalents and restricted cash </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 21 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (2,871 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (19,848 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 62,275 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 39,577 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 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: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Cash,
    cash equivalents and restricted cash at beginning of year </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"> 226 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 4,957 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 46,369 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 68,093 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 119,645 </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: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> Cash,
    cash equivalents and restricted cash at end of year </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 247 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 2,086 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 26,521 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 130,368 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 159,222 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </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"></P>

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<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="font-size: 10pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Fiscal&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2020 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIEs
                                            and</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-VIE</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>their</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parent</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>subsidiaries</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eliminations</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated</B></FONT> </TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Total
    cash (used in)/provided by operating activities </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (36,005 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (13,649 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (10,841 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 65,307 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 4,812 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Purchase of property
    and equipment </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (356 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (2,538 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (2,894 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Payment for leasehold
    improvement </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (7,914 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (7,914 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Purchase of subsidiaries,
    net of cash acquired </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 37,622 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 37,622 </TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Loan to third
    party </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (33,600 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (33,600 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Other
    investing activities </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><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><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><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"> (91,727 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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><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"> (91,727 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Total cash
    (used in)/provided by investing activities </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (33,600 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 37,266 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (102,179 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (98,513 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Proceeds from
    issuance of ordinary shares, net of expenses </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 35,578 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 35,578 </TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Proceeds from
    short-term borrowing </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 10,000 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 10,000 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Repayments
    of long-term borrowing </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><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><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"> 9,594 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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><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"> 9,594 </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: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Total cash
    provided by financing activities </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 35,578 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 9,594 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 10,000 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 55,172 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Effect
    of exchange rate changes </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><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><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"> 574 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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><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"> 574 </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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> Net
    change in cash, cash equivalents and restricted cash </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (427 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (47,249 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 36,593 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (26,872 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (37,955 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Cash,
    cash equivalents and restricted cash at beginning of year </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"> 653 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 52,206 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 9,776 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 94,965 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 157,600 </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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> Cash,
    cash equivalents and restricted cash at end of year </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 226 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 4,957 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 46,369 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 68,093 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 119,645 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; 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="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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="22" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Fiscal&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2019 </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIEs&nbsp;and</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-VIE</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>their</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parent</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>subsidiaries</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eliminations</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated</B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Total
    cash provided by/(used in) operating activities </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 36,738 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 82,338 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 2,112 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (131,398 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (10,210 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Purchase of property
    and equipment </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (219 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (190 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (8,295 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (8,704 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Payment for leasehold
    improvement </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (92 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (190 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (7,777 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (8,059 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Payment as result
    of disposal of subsidiaries, net of cash balance of disposal entity </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (25,532 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (25,532 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Purchase of other
    non-current assets </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (40,000 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (14,142 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> (54,142 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Other
    investing activities </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><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"> 33,677 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 29,607 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 63,284 </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: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Total cash
    used in investing activities </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (32,166 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (380 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (607 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (33,153 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Proceeds from
    minority shareholder capital injection </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 559 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 559 </TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Repayment
    of short-term borrowing </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"> (41,179 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </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><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><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><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><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"> (41,179 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Total cash
    (used in)/provided by financing activities </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (41,179 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 559 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (40,620 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Effect
    of exchange rate changes </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><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><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"> 75 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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><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"> 75 </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: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> Net
    change in cash, cash equivalents and restricted cash </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (4,441 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 50,172 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 1,807 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (131,446 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> (83,908 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> ) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Cash,
    cash equivalents and restricted cash at beginning of year </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"> 5,094 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 2,034 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 7,969 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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"> 226,411 </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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><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"> 241,508 </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: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> Cash,
    cash equivalents and restricted cash at end of year </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 653 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 52,206 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 9,776 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 94,965 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"> 157,600 </TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  </TABLE>

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</DIV>

<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; background-color: white"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <B><I>Distributions and Other Transfers
of Cash through our Organization. </I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We are a holding company, although other means
are available for us to obtain financing at the holding company level, we may receive dividends paid by our subsidiaries established
in China for our cash needs, including the funds necessary to pay dividends and other cash distributions to our shareholders to the extent
we choose to do so, to service any debt we may incur and to pay our operating expenses. Our WOFEs, VIEs and their subsidiaries in China
are subject to restrictions on making dividends and other payments to us. Our PRC WOFEs&rsquo; income in turn depends on the service
and other fees paid by our VIEs. Current PRC regulations permit our WOFEs in China to pay dividends to us only out of their accumulated
profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, under the applicable requirements
of PRC law, our WOFEs, VIEs and their subsidiaries incorporated as companies may only distribute dividends after they have made allowances
to fund certain statutory reserves. These reserves are not distributable as cash dividends. </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"> In addition, under the EIT Law, which became
effective on January 1, 2008 and its implementation rules, dividends paid to us by our PRC WOFEs are subject to withholding tax. The
withholding tax on dividends may be exempted or reduced by the PRC State Council. Currently, the withholding tax rate is 10% unless reduced
or exempted by treaty between the PRC and the tax residence of the holder of the PRC subsidiary. </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"> Furthermore, if our WOFEs, VIEs and their subsidiaries
in China incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends
or make other payments to us. In addition, the PRC tax authorities may require us to adjust our taxable income under the VIE Agreements
we currently have in place in a manner that would restrict our subsidiaries&rsquo; ability to pay dividends and make other distributions
to us. </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"> In addition, at the end of each fiscal year,
each of our VIEs&rsquo; subsidiaries that are private schools in China is required to allocate a certain amount to its development fund
for the construction or maintenance of the school or procurement or upgrade of educational equipment. In the case of a for-profit private
school, this amount shall be no less than 10% of the audited annual net income of the school, while in the case of a non-profit private
school, this amount shall be equivalent to no less than 10% of the audited annual increase in the non-restricted net assets of the school,
if any. Pursuant to an amendment to the Law for Promoting Private Education on November 7, 2016, which went into effect on September
1, 2017, sponsors of for-profit private schools are entitled to retain the profits from their schools and the operating surplus may be
allocated to the sponsors pursuant to the PRC company law and other relevant laws and regulations. </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"> In addition, the PRC government imposes controls
on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. If the
foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we
may not be able to pay dividends in foreign currencies to our shareholders. </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"> To date, our PRC WOFEs have not paid dividends
to us out of their accumulated profits. In the near future, we do not expect to receive dividends from our PRC WOFEs because the accumulated
profits of these PRC subsidiaries are expected to be used for their own business or expansions. If we are unable to extract the earnings
and profits of some of our schools and learning centers, it could have a material adverse effect on our liquidity and financial condition. </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"> In the future, cash proceeds raised from overseas
financing activities, including the offering of securities by this prospectus and any related prospectus supplement, may be transferred
by Ambow to our PRC subsidiaries or VIEs via capital contribution or loans. Those amounts owed under the VIE agreements may be returned
by our PRC subsidiaries or VIEs through repayment of loans or payment of service fees according to exclusive business service agreements,
subject to satisfaction of applicable government registration and approval requirements. We do not have an established cash management
policy that dictates how funds are transferred between us, our subsidiaries, WOFEs, VIEs and their subsidiaries. We do not, at this time,
intend to distribute earnings or settle amounts owed under the VIE Agreements. For the years ended December 31, 2020 and 2021, there
were no dividends or distributions or other cash flows between Ambow, the WFOE&rsquo;s and the VIEs in the PRC and Taiwan. For the year
ended December 31, 2019, there were no dividends or distributions or other cash flows between Ambow, the WFOEs and the VIEs in the PRC.
For the year ended December 31, 2019, IValley, a Taiwanese VIE, returned an interest-free-loan of RMB 29.2 million (US$ 4.2 million)
to Ambow. </P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>The
</I></B></FONT><B><I>Holding Foreign Companies Accountable Act (&ldquo;HFCAA&rdquo;)</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our ADSs or Ordinary Shares may be delisted
under the Holding Foreign Companies Accountable Act (&ldquo;HFCAA&rdquo;), if the PCAOB is unable to adequately inspect audit documentation
located in China, or investigate our auditor. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign
Companies Accountable Act, which, if enacted, would amend the HFCAA and require the SEC to prohibit an issuer&rsquo;s securities from
trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. Our
auditor, Marcum Bernstein &amp; Pinchuk LLP, is a U.S.-based accounting firm registered with the PCAOB, and is subject to laws in the
United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards.
Our auditor is headquartered in Manhattan, New York and is subject to inspection by the PCAOB on a regular basis with the last inspection
in 2020. Our auditor is not included in the list of PCAOB Identified Firms in the PCAOB Determination Report issued on December 16, 2021.
Recent developments with respect to audits of China-based companies create uncertainty about the ability of our auditor to fully cooperate
with the PCAOB&rsquo;s request for audit workpapers without the approval of the Chinese authorities. Our auditor&rsquo;s working papers
related to us and our VIEs are located in China. If our auditor is not permitted to provide requested audit work papers located in China
to the PCAOB, investors would be deprived of the benefits of PCAOB&rsquo;s oversight of our auditor through such inspections. </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; background-color: white"> <B><I>Certain New PRC Regulations on the
Private Education Industry</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> The private education
industry in the PRC is subject to various laws and regulations. Relevant laws and regulations could be changed to accommodate the development
of the education industry, in particular, the private education markets from time to time. The Implementing Rules for the Law for Promoting
Private Education of the PRC (the &ldquo;2021 Implementing Rules&rdquo;), which took effect on September 1, 2021, further regulates various
aspects of the operation of a private school, including but not limited to, the eligibility for preferential tax treatments, transactions
with interested parties, payment of registered capital and ownership restrictions. To comply with the 2021 Implementing Rules, we planned
to sell our Shuyang Galaxy School (&ldquo;Shuyang K-12&rdquo;) and the business providing compulsory education services at Hunan Changsha
Tongsheng Lake Experimental School (&ldquo;Changsha K-12&rdquo;) and Shenyang Universe High School (&ldquo;Shenyang K-12&rdquo;) (collectively
as &ldquo;K-9 business&rdquo;). We have found a third party buyer and signed a definitive sales agreement, which is currently under registration
process which is expected to be completed within one year from December 31, 2021. </P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">On
July 24, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of State Council issued
the Opinions</FONT> <FONT STYLE="background-color: white">on Further Easing the Burden of Excessive Homework and after-school Tutoring
for Students Undergoing Compulsory Education (the &ldquo;Opinions&rdquo;). The Opinions aims to further regulate after-school tutoring
activities (including both online and offline tutoring) and effectively ease the burden of excessive homework and after-school tutoring
for students at compulsory education stage. The Opinions provides a number of restrictive measures regulating the institutions engaging
in online and offline tutoring business. Among others, the Opinions emphasize that curriculum subject- focused tutoring institutions
shall be subject to strict examinations and shall be prohibited from going public for financing or conducting any capitalized operations.
Listed companies shall not provide finance for or invest in any curriculum subject-focused tutoring institutions through stock market
or purchase any asset from such institutions by issuing shares, paying cashes or other means. Foreign investors shall be prohibited from
holding any shares of or investing in such institutions through merger and acquisition, commissioned operations, franchise, variable interest
entities, or other means. Furthermore, after-school tutoring institutions shall not take up public holidays, weekends and winter and
summer vacation periods to organize curriculum-based tutoring and non-curriculum-based tutoring institutions shall not engage in curriculum-based
tutoring. It is stipulated in the Opinions that the supervision on curriculum-based tutoring institutions catering to general high school
students shall be carried out in accordance with relevant provisions of the Opinions. The Opinions have also required provincial governments
to refine and improve the measures according to local realities, establish specialized institutions, and define the road map, timetable
and responsible persons for the special governance actions in accordance with the &ldquo;Double Reduction&rdquo; work objectives and
tasks.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> On July 28, 2021,
the General Office of the MOE issued the Notice on Further Clarifying the Curriculum-based and Non-curriculum-based Scope of After-school
Tutoring at Compulsory Education Stage, which stipulates that when conducting after-school tutoring, ethics and the rule of law, language,
history, geography, mathematics, foreign languages (English, Japanese, Russian), physics, chemistry, and biology are managed as curriculum-based
tutoring, while physical education (or sports and health), art (or music, fine arts), and comprehensive practical activities (including
information technology education, labor and technical education), etc. are managed as non-curriculum-based tutoring. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Due to limitations
imposed by the Opinions, student numbers and service hours of our tutoring business have been negatively affected. We had to close some
of our tutoring centers and downsized our teaching and support staff numbers to reduce cost and operating expenses in order to accommodate
the changes brought by the Opinions. We aim to maintain a self-sufficient operating cash flow for our remaining tutoring business. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> However, uncertainties
exist with respect to the interpretation and enforcement of new and existing laws and regulations. We cannot assure you that we will
be in compliance with the new laws and regulations, interpretation of which may remain uncertain, or that we will be able to efficiently
change our business practice in line with the new regulatory environment. If the PRC government continues to impose stricter regulations
on areas we are involved in, we could face higher costs and restrictions on revenue growth in order to comply with those regulations,
which could impact our profitability. In addition, any such failure could 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; text-indent: 0.5in; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As the 2021 Implementing Rules and the Opinions
as abovementioned were issued by Chinese local authorities to the private education and after-school tutoring business in China, we believe
they neither had an impact on our ownerships of Bay State College and NewSchool of Architecture and Design in the U.S, nor to the business,
operation, financial position and operating results of both colleges. </P>

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

</DIV>

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

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

<DIV STYLE="padding: 5pt 8pt; border: Black 1pt solid"><P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Principal Executive Office</P>

<P STYLE="font: bold 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: 0.5in">Our principal executive office is located at 12th
Floor, Tower 1, Financial Street, Chang&rsquo;an Center, Shijingshan District, Beijing 100043, People&rsquo;s Republic of China. Our telephone
number at this address is +86 (10) 6206-8000. Our registered office in the Cayman Islands is ICS Corporate Services (Cayman) Limited,
3-212 Governors Square, 23 Lime Tree Bay Avenue, P.O. Box 30746, Seven Mile Beach, Grand Cayman KY1--1203. Our registered office telephone
number is + 86 (21) 6428 9510-815.</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">Investors should submit any inquiries to the address
and telephone number of our principal executive office. Our principal websites are www.ambow.com and ir.ambow.com. Information contained
on our websites is not part of this prospectus.</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-align: center"> <B>Summary of Risks</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-indent: 0.5in"> An investment in our securities involves a
high degree of risk. The occurrence of one or more of the events or circumstances described in the section titled &ldquo;Risk Factors,&rdquo;
alone or in combination with other events or circumstances, may materially adversely affect our business, financial condition and operating
results. In that event, the trading price of our securities could decline, and you could lose all or part of your investment. Such risks
include, but are not limited to: </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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            aspects of our business are subject to extensive regulation in China, we may not be in full
                                            compliance with these regulations and our ability to conduct business is highly dependent
                                            on our compliance with this regulatory framework. If the PRC government finds that the VIE
                                            Agreements that establish the structure for operating our business do not comply with applicable
                                            PRC laws and regulations, we could be subject to severe penalties.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            rely on the VIE Agreements with the VIEs and their respective shareholders for a substantial
                                            portion of our China operations, which may not be as effective in providing operational control
                                            as direct ownership. If our VIEs or any of their respective shareholders fails to perform
                                            its or his or her respective obligations under these contractual arrangements, we may have
                                            to incur substantial costs and expend significant resources to enforce such arrangements.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            the PRC government deems that the contractual arrangements in relation to our consolidated
                                            VIE do not comply with PRC regulatory restrictions on foreign investment in the relevant
                                            industries, or if these regulations or the interpretation of existing regulations change
                                            in the future, we could be subject to severe penalties or be forced to relinquish our interests
                                            in those operations.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            PRC government exerts substantial influence over the manner in which we conduct our business
                                            activities. The PRC government may also intervene or influence our operations at any time,
                                            which could result in a material change in our operations and our ordinary shares could decline
                                            in value or become worthless.</FONT> </TD></TR></TABLE>

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

</DIV>


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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<DIV STYLE="padding-right: 8pt; padding-left: 8pt; border: Black 1pt solid">

<P STYLE="margin-top: 0; margin-bottom: 0"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: Times New Roman, Times, Serif">Recent
                                            greater oversight by the Cyberspace Administration of China, or the &ldquo;CAC,&rdquo; over
                                            data security, particularly for companies seeking to list on a foreign exchange, could adversely
                                            impact our business and investing in our securities.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            CSRC has released for public consultation the draft rules for China-based companies seeking
                                            to conduct initial public offerings in foreign markets. While such rules have not yet gone
                                            into effect, the Chinese government may exert more oversight and control over offerings that
                                            are conducted overseas and foreign investment in China-based issuers, which could significantly
                                            limit or completely hinder our ability to continue to offer our securities to investors and
                                            could cause the value of our securities to significantly decline or become worthless.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">PRC
                                            education industry is currently subject to evolving regulatory and policy changes. Uncertainties
                                            with respect to the PRC legal system, especially the education related laws and regulations,
                                            could have a material adverse effect on us.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            we are not able to continue to attract students to enroll in our programs, our net revenues
                                            may decline and we may not be able to maintain profitability.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            face significant competition in each major program we offer and each geographic market in
                                            which we operate, and if we fail to compete effectively, we may lose our market share and
                                            our profitability may be adversely affected.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">NYSE
                                            may delist our securities from trading on its exchange, which could limit investors&rsquo;
                                            ability to make transactions in our securities and subject us to additional trading restrictions.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            may not be able to successfully integrate businesses that we acquire, which may cause us
                                            to lose anticipated benefits from such acquisitions and to incur significant additional expenses.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            face risks related to natural disasters or other extraordinary events and public health epidemics,
                                            such as the global coronavirus outbreak currently being experienced, in the locations in
                                            which we, our students, faculty, and employees live, work, which could have a material adverse
                                            effect on our business and results of operations.</FONT> </TD></TR></TABLE>

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

</DIV>

<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"></P>

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<DIV STYLE="padding-right: 8pt; padding-left: 8pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            we are not able to continually enhance our online programs, services and products and adapt
                                            them to rapid technological changes and student needs, we may lose market share and our business
                                            could be adversely affected.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">Failure
                                            to respond to changes to the current assessment and testing systems and admission standards
                                            in China could have a material adverse effect on our business and results of operations.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">U.S.
                                            regulatory bodies may be limited in their ability to conduct investigations or inspections
                                            of our operations in China.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">You
                                            may experience difficulties in effecting service of legal process, enforcing foreign judgments
                                            or bringing actions in China against us or our management based on foreign laws. PRC courts
                                            may recognize and enforce foreign judgments in accordance with the requirements of the PRC
                                            Civil Procedures Law based either on treaties between China and the country where the judgment
                                            is made or on principles of reciprocity between jurisdictions. In addition, the PRC courts
                                            will not enforce a foreign judgment against us or our directors and officers if they decide
                                            that the judgment violates the basic principles of PRC laws or national sovereignty, security,
                                            or public interest. As a result, it is uncertain whether and on what basis a PRC court would
                                            enforce a judgment rendered by a court in the United States.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">Our
                                            ADSs or Ordinary Shares may be delisted under the HFCAA if the PCAOB is unable to adequately
                                            inspect audit documentation located in China. The delisting of our ADSs or Ordinary Shares,
                                            or the threat of their being delisted, may materially and adversely affect the value of your
                                            investment. Additionally, the inability of the PCAOB to conduct adequate inspections deprives
                                            our investors with the benefits of such inspections. Furthermore, on June 22, 2021, the U.S.
                                            Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted,
                                            would amend the HFCAA and require the SEC to prohibit an issuer&rsquo;s securities from trading
                                            on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive
                                            years instead of three.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">Regulatory
                                            agencies may commence investigations of the tutoring centers, K-12 schools, career enhancement
                                            centers and training offices controlled and operated by our VIEs. If the results of the investigations
                                            are unfavorable to us, we may be subject to fines, penalties, injunctions or other censure
                                            that could have an adverse impact on our reputation and results of operations.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            tuition, accommodation and other fees charged by our degree programs and our K-12 schools
                                            and student enrollment at these schools are subject to regulation by the Chinese government,
                                            and our revenue is highly dependent on the level of these fees and our student enrolment.</FONT> </TD></TR></TABLE>

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

</DIV>

<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"></P>

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

<DIV STYLE="padding-right: 8pt; padding-left: 8pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            we fail to comply with the extensive U.S. regulatory requirements related to operating a
                                            US higher education institution, we could face significant monetary liabilities, fines and
                                            penalties, including loss of access to federal student loans and grants for our students.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            ongoing regulatory effort aimed at for-profit post-secondary institutions of higher education
                                            could lead to additional legislation or other governmental action that may negatively affect
                                            the industry.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">Insiders
                                            have substantial control over us, which could adversely affect the market price of our ADSs.</FONT> </TD></TR></TABLE>

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

</DIV>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="padding: 5pt 8pt; border: Black 1pt solid">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities We May Offer</P>

<P STYLE="font: bold 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: 0.5in">We may use this prospectus to offer up to $100,000,000
of:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Class A ordinary shares, including Class A ordinary shares represented by American Depositary shares, or ADSs;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>preferred shares;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>warrants;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>subscription rights;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>debt securities; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>units, which may consist of any combination of the above securities.</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">We may also offer securities of the types listed
above that are convertible or exchangeable into one or more of the securities listed above.</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">&nbsp;</P>

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

</DIV>

<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>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC9"></A>RISK FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> An investment in our securities involves risk.
Before you invest in securities issued by us, you should carefully consider the risks involved. The discussion of risks related to our
business contained in or incorporated by reference into this prospectus or into any prospectus supplement comprises material risks of
which we are aware. If any of the events or developments described actually occurs, our business, financial condition or results of operations
would likely suffer. </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">Accordingly, you should carefully consider:</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the information contained in or incorporated by reference into this prospectus;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the information contained in or incorporated by reference into any prospectus supplement relating to specific offerings of securities;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1494558/000141057822001124/ambo-20211231x20f.htm" STYLE="-sec-extract: exhibit">the risks described in our Annual Report on Form 20-F for our fiscal year ended December 31, 2021, on file with Securities and Exchange
Commission, which is incorporated by reference into this prospectus; and</A></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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="padding-bottom: 5pt"> other
                                            risks and other information that may be contained in, or incorporated by reference from,
                                            other filings we make with the SEC, including in any prospectus supplement relating to specific
                                            offerings of securities, as well as the following matters: </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"> <B><I>All aspects of our business are subject
to extensive regulation in China, we may not be in full compliance with these regulations and our ability to conduct business is highly
dependent on our compliance with this regulatory framework. If the PRC government finds that the agreements that establish the structure
for operating our business do not comply with applicable PRC laws and regulations, we could be subject to severe penalties.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Chinese government regulates all aspects
of our business and operations, including licensing of parties to perform various services, pricing of tuition and other fees, curriculum
content, standards for the operations of schools, tutoring centers, college and career enhancement centers and foreign investments in
the education industry. The laws and regulations applicable to the education sector are subject to frequent change, and new laws and
regulations may be adopted, some of which may have a negative effect on our business, either retroactively or prospectively. </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"> Currently, PRC laws and regulations impose restrictions in the
tutoring service sector in China. The establishment of new after-school curriculum-based tutoring institutions for students at the compulsory
and general high school stage is not permitted and existing educational institutions shall register as non-profit organization. Some
local government authorities in the PRC also have adopted approaches in granting licenses and permits (particularly, imposing more stringent
restrictions on foreign-invested entities) for entities providing tutoring services. In some areas, local government authorities do not
allow foreign-invested entities to establish private schools to engage in tutoring services, other than in the forms of Sino-foreign
cooperative schools or international schools. Under current PRC laws, the foreign contributors of Sino-foreign cooperative schools shall
be foreign educational institutions such as universities or colleges instead of foreign companies. As a foreign company, we are not qualified
to run Sino-foreign cooperative schools in China. International schools are schools only for children of non-Chinese citizens in China
and may not admit any children of Chinese citizens. </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>

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<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"> According to the Special Administrative Measures
for the Access of Foreign Investment (Negative List) (2021 version) (the &ldquo;2021 Negative List&rdquo;) promulgated by the National
Development and Reform Commission (&ldquo;NDRC&rdquo;) and the Ministry of Commerce (&ldquo;MOFCOM&rdquo;) on December 27, 2021 and with
the effect date from January 1, 2022, unless provided in other laws, foreign investment in areas not listed on the 2021 Negative List
is permitted and treated equally with domestic investment. The foreign investment in higher education, ordinary senior high school education
and pre-school education has to take the form of a Sino-foreign cooperative joint venture led by Chinese parties. Foreign investment
is banned from compulsory education, which means grades 1-9. Foreign investment is allowed to invest in after-school tutoring services,
which do not grant diplomas. However, many local government authorities do not allow foreign-invested entities to establish private schools
to engage in tutoring services, other than in the forms of Sino-foreign cooperative schools or international schools. Under current PRC
laws, the foreign contributors of Sino-foreign cooperative schools shall be foreign educational institutions such as universities or
colleges instead of foreign companies. </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"> Under the PRC laws and regulations and related
administrative requirements in effect, private schools are classified as either non-profit private schools or for-profit private schools.
Non-profit private schools are required to obtain school operation licenses and certificates of registration for private non-enterprise
entities. For-profit private schools are required to obtain school operation licenses and business licenses for enterprise entities.
We conduct our K-12 Schools and CP&amp;CE Programs business in China primarily through contractual arrangements between Ambow Shengying,
BoheLe and OOOK WFOE, and their VIEs and respective shareholders of VIEs, respectively. As of March 31, 2022, we had a total of 18 centers
and schools in China, comprised of 5 tutoring centers, 2 K-12 schools, 3 career enhancement centers and 8 training offices. As of the
date of this prospectus, all our VIEs and their respective subsidiaries, as PRC domestic entities, hold the requisite licenses and certificates
as abovementioned to conduct our education business in China and operate our tutoring centers, K-12 schools, career enhancement centers
and training offices. </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"> We conduct our intellectualized operational
services business in China through IValley Beijing. IValley Beijing is a foreign invested entity controlled by IValley. IValley is operated
through contractual arrangements between Ambow Education Management and its respective shareholders. </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"> To date, we have not received any disapprovals
or denies from any PRC regulatory authorities regarding the VIE arrangements between our WOFEs and their VIEs and respective shareholders
of VIEs. If our ownership structure and contractual arrangements are later found to be in violation of any existing or future PRC laws
or regulations or we fail to obtain any of the required permits or approvals, the relevant PRC regulatory authorities including the MOE,
the MOFCOM, the Ministry of Civil Affairs (&ldquo;MCA&rdquo;) and the Ministry of Industry and Information Technology (&ldquo;MIIT&rdquo;),
which regulate the education industry, foreign investment in China and Internet business, respectively, would have broad discretion in
dealing with such violations, including: </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="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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> Revoking the
                                            business and operating licenses of our PRC WOFEs, VIEs and their subsidiaries; </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" 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> Discontinuing
                                            or restricting the operations of any related-party transactions among our PRC WOFEs, VIEs
                                            and their subsidiaries; </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" 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> Imposing fines
                                            or other requirements with which we or our PRC WOFEs, VIEs and their subsidiaries may not
                                            be able to comply; </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" 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> Revoking the
                                            preferential tax treatment enjoyed by our PRC WOFEs, VIEs and their subsidiaries; </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" 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> Requiring us
                                            or our PRC WOFEs, VIEs and their subsidiaries to restructure the relevant ownership structure
                                            or operations; or </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" 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> Restricting
                                            or prohibiting the use of any proceeds from our additional public offering to finance our
                                            business and operations in China. </TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Similar ownership structure and contractual
arrangements have been used by many China-based companies listed overseas, including in the United States. However, we cannot assure
you that penalties will not be imposed on any other companies or us in the future. If any of the above penalties is imposed on us, our
business operations and expansion, financial condition and results of operations will be materially and adversely affected. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <B><I>We rely on contractual arrangements
with our VIEs and their respective shareholders for a substantial portion of our China operations, which may not be as effective in providing
operational control as direct ownership.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> On March 15, 2019,
the new Foreign Investment Law of PRC (the &ldquo;Foreign Investment Law&rdquo;) was passed by the Second Session of the thirteenth National
People&rsquo;s Congress and came into force on January 1, 2020. The Foreign Investment Law does not mention concepts including &ldquo;de
facto control&rdquo;, &ldquo;controlling through contractual arrangements&rdquo; or &ldquo;variable interest entity&rdquo;, nor does
it specify the regulation on controlling through contractual arrangements or variable interest entity. Furthermore, the Foreign Investment
Law does not specifically stipulate rules on the education industry. Therefore, we believe that the Foreign Investment Law will not have
any material adverse effect on our VIE structure and our business operations. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> The &ldquo;variable
interest entity&rdquo; structure, or VIE structure, has been adopted by many PRC-based companies, to obtain necessary licenses and permits
in the industries that are currently subject to foreign investment restrictions in China. We set up the VIE structure to address the
uncertainties for securing licenses and permits which may be required for our business operation. See &ldquo;Risk Factors - Risks Related
to regulation of our business and our corporate structure&mdash;Our VIEs and their respective subsidiaries may be subject to significant
limitations on their ability to operate private schools or make payments to related parties or otherwise be materially and adversely
affected by changes in PRC laws and regulations&rdquo; and &ldquo;Regulations - Foreign investment in education service industry&rdquo;
and &ldquo;Regulations - Regulations on Sino-foreign cooperation in operating schools&rdquo; included in our most recent Annual Report
on Form 20-F. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> We have relied and
expect to continue to rely on the VIE Agreements with our VIEs and their respective shareholders to operate a substantial portion of
our education business. The VIE Agreements may not be as effective in providing us with control over our VIEs and their respective subsidiaries
as direct ownership. If we had direct ownership of our VIEs and their respective subsidiaries, we would be able to exercise our rights
as a shareholder to effect changes in the board of directors of our VIEs and their respective subsidiaries, which could affect changes,
subject to any applicable fiduciary duties, at the management level. As a legal matter, if our VIEs or any of their respective shareholders
fails to perform its or his or her respective obligations under the VIE Agreements, we may have to incur substantial costs and expend
significant resources to enforce such arrangements. We may also rely on legal remedies under PRC or Taiwan law, including seeking specific
performance or injunctive relief, and claiming damages, but these remedies may not be effective. For example, if the shareholders of
any of our VIEs were to refuse to transfer their equity interest in such VIEs to us or our designee when we exercise the call option
pursuant to the VIE Agreements, or if they were otherwise to act in bad faith toward us, then we may have to take legal action to compel
them to fulfill their contractual obligations. In addition, we may not be able to renew these contracts with our VIEs and/or their respective
shareholders. If VIEs or their shareholders fail to perform the obligations secured by the pledges under the equity pledge agreements,
one of the remedies for default is to require the pledgors to sell the equity interests of VIEs in an auction or sale of the shares and
remit the proceeds to Ambow Shengying, OOOK WFOE, BoheLe and Ambow Education Management, net of all related taxes and expenses. Such
an auction or sale of the shares may not result in our receipt of the full value of the equity interests or the business of VIEs. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> In addition, the VIE
Agreements are governed by PRC or Taiwan law and provide for the resolution of disputes through arbitration in the PRC or Taiwan. Accordingly,
these contracts would be interpreted in accordance with PRC or Taiwan law and any disputes would be resolved in accordance with PRC or
Taiwan legal procedures. The legal environment in the PRC and Taiwan may not be as developed as in some other jurisdictions, such as
the United States. As a result, uncertainties in the PRC and Taiwan legal system could limit our ability to enforce the VIE Agreements.
In the event we are unable to enforce the VIE Agreements, we may not be able to exert effective control over our VIEs, and our ability
to conduct our business would be materially adversely affected. To date, we have not received any disapprovals or denies from any PRC
and Taiwan regulatory authorities regarding the VIE arrangements between our WOFEs, Ambow Education Management, their VIEs and respective
shareholders of VIEs, respectively. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &nbsp; </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> <B><I>If the PRC government
deems that the contractual arrangements in relation to our consolidated VIE do not comply with PRC regulatory restrictions on foreign
investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we
could be subject to severe penalties or be forced to relinquish our interests in those operations.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Because Ambow is a
company incorporated in the Cayman Islands, it is classified as a foreign enterprise under PRC laws and regulations, and each Ambow&rsquo;s
WFOE in the PRC is a foreign-invested enterprise (&ldquo;FIE&rdquo;). Our PRC subsidiaries have entered into a series of contractual
arrangements with our consolidated VIEs and their shareholders, which enable us to (i) exercise effective control over the consolidated
VIEs, (ii) receive substantially all of the economic benefits of the consolidated VIEs, and (iii) have an exclusive option to purchase
all or part of the equity interests and assets in the consolidated VIEs when and to the extent permitted by PRC law. As a result of these
contractual arrangements, we have control over and are the primary beneficiary of the consolidated VIEs and hence consolidate their financial
results as our consolidated VIEs under U.S. GAAP. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> We believe that our
corporate structure and contractual arrangements comply with the current applicable PRC laws and regulations. However, there are substantial
uncertainties regarding the interpretation and application of PRC laws and regulations, including the M&amp;A Rules, and The Law for
Promoting Private Education and the relevant regulatory measures concerning the private education industry. There can be no assurance
that the PRC government authorities, such as the MOFCOM or the MOE, or other authorities that regulate private education services providers
and other participants in the industry, would agree that our corporate structure or any of the above contractual arrangements comply
with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies that may be
adopted in the future. PRC laws and regulations governing the validity of these contractual arrangements are uncertain and the relevant
government authorities have broad discretion in interpreting these laws and regulations. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> If our corporate structure
and contractual arrangements are deemed by the MOE, the MOFCOM or other regulators that have competent authority, to be illegal, either
in whole or in part, we may lose control of our consolidated VIE and have to modify such structure to comply with regulatory requirements.
However, there can be no assurance that we can achieve this without material disruption to our business. Further, if our corporate structure
and contractual arrangements are found to be in violation of any existing or future PRC laws or regulations, the relevant regulatory
authorities would have broad discretion in dealing with such violations, including: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> revoking the
                                            business and operating licenses of our WOFEs, VIEs and their subsidiaries; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> levying fines
                                            on our WOFEs, VIEs and their subsidiaries; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> confiscating
                                            any of income of our WOFEs, VIEs and their subsidiaries that they deem to be obtained through
                                            illegal operations; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> shutting down
                                            services of our WOFEs, VIEs and their subsidiaries; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> discontinuing
                                            or restricting operations of our WOFEs, VIEs and their subsidiaries in China; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> imposing conditions
                                            or requirements with which our WOFEs, VIEs and their subsidiaries may not be able to comply; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> requiring our
                                            WOFEs, VIEs and their subsidiaries to change our corporate structure and contractual arrangements; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> restricting
                                            or prohibiting our WOFEs&rsquo;, VIEs&rsquo; and their subsidiaries&rsquo; use of the proceeds
                                            from overseas offering to finance our consolidated VIE&rsquo;s business and operations; and </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> &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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> taking other
                                            regulatory or enforcement actions that could be harmful to business of our WOFEs, VIEs and
                                            their subsidiaries. </TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Furthermore, new PRC
laws, rules and regulations may be introduced to impose additional requirements that may be applicable to our corporate structure and
contractual arrangements. Occurrence of any of these events could materially and adversely affect our business, financial condition and
results of operations. In addition, if the imposition of any of these penalties or requirement to restructure our corporate structure
causes us to lose the rights to direct the activities of our consolidated VIEs or our right to receive their economic benefits, we would
no longer be able to consolidate the financial results of such VIEs in our consolidated financial statements. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> To date, we have not received any disapprovals
or denies from any PRC regulatory authorities regarding the VIE arrangements between our WOFEs, their VIEs and respective shareholders
of VIEs, respectively. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <B><I>Uncertainties with respect to the
PRC legal system could harm us.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Our operations in
China are governed by PRC laws and regulations. The PRC legal system is a civil law system based on written statutes. Unlike common law
systems, prior court decisions have limited precedential value. Ambow Shengying, OOOK WFOE, BoheLe and our other wholly-owned subsidiaries
in China are generally subject to PRC laws and regulations, in particular, laws applicable to foreign invested enterprises. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Since 1979, PRC legislation
and regulations have significantly enhanced the protections afforded to various forms of foreign investments in China. However, China
has not developed a fully integrated legal system and recently-enacted laws and regulations may not sufficiently cover all aspects of
economic activities in China. In particular, because these laws and regulations are relatively new, and because of the limited volume
of published decisions, the interpretation and enforcement of these laws and regulations involve uncertainties. In addition, the PRC
legal system is based in part on government policies and internal rules (some of which are not published on a timely basis or at all)
that may have a retroactive effect. As a result, we may not be aware of our violation of these policies and rules until sometime after
the violation. Moreover, some regulatory requirements issued by certain PRC government authorities may not be consistently applied by
other government authorities, including local government authorities, thus making strict compliance with all regulatory requirements
impractical, or in some circumstances, impossible. In addition, any litigation in China may be protracted and result in substantial costs
and diversion of resources and management attention. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Recently, the General
Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the &ldquo;Opinions
on Severely Cracking Down on Illegal Securities Activities According to Law,&rdquo; or the Opinions, which was made available to the
public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the
need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction
of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity
and data privacy protection requirements and similar matters. The Opinions remain unclear on how the law will be interpreted, amended,
and implemented by the relevant PRC governmental authorities, but the Opinions and any related implementing rules to be enacted may subject
us to compliance requirements in the future. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> On December 28, 2021,
the Measures for Cybersecurity Review (2021 version) was promulgated and became effective on February 15, 2022, which iterates that any
 &ldquo;online platform operators&rdquo; controlling personal information of more than one million users which seeks to list in a foreign
stock exchange should also be subject to cybersecurity review. We do not believe we are among the &ldquo;operator of critical information
infrastructure&rdquo; or &ldquo;data processor&rdquo; as mentioned above, however, the Measures for Cybersecurity Review (2021 version)
was recently adopted and the Network Internet Data Protection Draft Regulations (draft for comments) is in the process of being formulated
and remains unclear on how it will be interpreted, amended, and implemented by the relevant PRC governmental authorities. Thus, it is
still uncertain how PRC governmental authorities will regulate overseas listing in general and whether we are required to obtain any
specific regulatory approvals. Furthermore, if the China Securities Regulatory Commission (&ldquo;CSRC&rdquo;) or other regulatory agencies
later promulgate new rules or explanations requiring that we obtain their approvals for any follow-on offering, we may be unable to obtain
such approvals which could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On December 24, 2021, the CSRC released
the Administrative Provisions of the State Council Regarding the Overseas Issuance and Listing of Securities by Domestic Enterprises
(Draft for Comments) and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises
(Draft for Comments), both of which have a comment period that expires on January 23, 2022, and if enacted, may subject us to
additional compliance requirement in the future. To date, none of us, our subsidiaries and WOFEs, VIEs and their subsidiaries has
received any filing or compliance requirements from CSRC for the listing of Ambow at NYSE American and all of its overseas
offerings. See &ldquo;&ndash; CSRC has released for public consultation the draft rules for China-based companies seeking to conduct
initial public offerings in foreign markets. While such rules have not yet gone into effect, the Chinese government may exert more
oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers, which could
significantly limit or completely hinder our ability to offer or continue to offer our ordinary shares to investors and could cause
the value of our ordinary shares to significantly decline or become worthless.&rdquo; </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"> Furthermore, the PRC government authorities
may strengthen oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers like
us. Such actions taken by the PRC government authorities may intervene or influence our operations at any time, which are beyond our
control. Therefore, any such action may adversely affect our operations and significantly limit or hinder our ability to offer or continue
to offer securities to you and reduce the value of such securities. </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"> Uncertainties regarding the enforcement of
laws and the fact that rules and regulations in China can change quickly with little advance notice, along with the risk that the Chinese
government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or
foreign investment in China-based issuers could result in a material change in our operations, financial performance and/or the value
of our ordinary shares or impair our ability to raise money. </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>

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<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"> <B><I>The PRC government exerts substantial influence over the
manner in which we conduct our business activities. The PRC government may also intervene or influence our operations at any time, which
could result in a material change in our operations and our ordinary shares could decline in value or become worthless.</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-indent: 0.5in"> We are currently not required to obtain approval
from Chinese authorities for listing on U.S exchanges, nor the execution of a series of VIE Agreements, however, if our VIE or the holding
company were required to obtain approval in the future and were denied permission from Chinese authorities for listing on U.S. exchanges,
we will not be able to continue listing on U.S. exchange, continue to offer securities to investors, or materially affect the interest
of the investors and cause significantly depreciation of our price of ordinary shares. </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"> The Chinese government has exercised and continues
to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability
to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations,
land use rights, property, and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations
or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance
with such regulations or interpretations. Accordingly, government actions in the future, including any decision not to continue to support
recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic
policies, could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest
ourselves of any interest we then hold in our operations in China. </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"> For example, the Chinese cybersecurity regulator
announced on July 2, 2021, that it had begun an investigation of Didi Global Inc. (NYSE: DIDI) and two days later ordered that the company&rsquo;s
app be removed from smartphone app stores. Similarly, our business segments may be subject to various government and regulatory interference
in the regions in which we operate. We could be subject to regulation by various political and regulatory entities, including various
local and municipal agencies and government sub-divisions. We may incur increased costs necessary to comply with existing and newly adopted
laws and regulations or penalties for any failure to comply. </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"> Furthermore, it is uncertain when and whether
we will be required to obtain permission from the PRC government for listing on U.S. exchanges, or enter into VIE Agreements in the future,
and even when such permission is obtained, whether it will be denied or rescinded. Although we are currently not required to obtain permission
from any of the PRC central or local government and has not received any denial for listing on the U.S. exchange or enter into VIE Agreements,
our operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to our business
or industry. Recent statements by the Chinese government indicating an intent, and the PRC government may take actions to exert more
oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, which could significantly
limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our securities to
significantly decline or become worthless. </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"> <B><I>The CSRC has released for public consultation the draft rules
for China-based companies seeking to conduct initial public offerings in foreign markets. While such rules have not yet gone into effect,
the Chinese government may exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based
issuers, which could significantly limit or completely hinder our ability to continue to offer our ordinary shares to investors and could
cause the value of our ordinary shares to significantly decline or become worthless.</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-indent: 0.5in"> On December 24, 2021, the CSRC released the
Draft Rules Regarding Overseas Listing, which have a comment period that expired on January 23, 2022. The Draft Rules Regarding Overseas
Listing lay out the filing regulation arrangement for both direct and indirect overseas listing, and clarify the determination criteria
for indirect overseas listing in overseas markets. </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"> The Draft Rules Regarding Overseas Listing
stipulate that the Chinese-based companies, or the issuer, shall fulfill the filing procedures within three working days after the issuer
makes an application for initial public offering and listing in an overseas market. The required filing materials for an initial public
offering and listing should include at least the following: record-filing report and related undertakings; regulatory opinions, record-filing,
approval, and other documents issued by competent regulatory authorities of relevant industries (if applicable); and security assessment
opinion issued by relevant regulatory authorities (if applicable); PRC legal opinion; and prospectus. </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>

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<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"> In addition, an overseas offering and listing
is prohibited under any of the following circumstances: (1) if the intended securities offering and listing is specifically prohibited
by national laws and regulations and relevant provisions; (2) if the intended securities offering and listing may constitute a threat
to or endangers national security as reviewed and determined by competent authorities under the State Council in accordance with law;
(3) if there are material ownership disputes over the equity, major assets, and core technology, etc. of the issuer; (4) if, in the past
three years, the domestic enterprise or its controlling shareholders or actual controllers have committed corruption, bribery, embezzlement,
misappropriation of property, or other criminal offenses disruptive to the order of the socialist market economy, or are currently under
judicial investigation for suspicion of criminal offenses, or are under investigation for suspicion of major violations; (5) if, in past
three years, directors, supervisors, or senior executives have been subject to administrative punishments for severe violations, or are
currently under judicial investigation for suspicion of criminal offenses, or are under investigation for suspicion of major violations;
(6) other circumstances as prescribed by the State Council. The Draft Administration Provisions defines the legal liabilities of breaches
such as failure in fulfilling filing obligations or fraudulent filing conducts, imposing a fine between RMB 1 million and RMB 10 million,
and in cases of severe violations, a parallel order to suspend relevant business or halt operation for rectification, revoke relevant
business permits or operational license. </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"> The Draft Rules Regarding Overseas
Listing, if enacted, may subject us to additional compliance requirements in the future, and we cannot assure you that we will be
able to get the clearance of filing procedures under the Draft Rules Regarding Overseas List on a timely basis, or at all. Any
failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to continue
to offer our ordinary shares, cause significant disruption to our business operations, and severely damage our reputation, which
would materially and adversely affect our financial condition and results of operations and cause our ordinary shares to
significantly decline in value or become worthless. To date, none of us, our subsidiaries and WOFEs, VIEs and their subsidiaries have received any filing or compliance
requirements from CSRC for the listing of Ambow at NYSE American and all of its overseas offerings. </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; background-color: white"> <B><I>Recent greater oversight by the
Cyberspace Administration of China, or the &ldquo;CAC,&rdquo; over data security, particularly for companies seeking to list on a foreign
exchange, could adversely impact our business and investing in our securities.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> On December 28, 2021,
the CAC, together with 12 other governmental departments of the PRC, jointly promulgated the Cybersecurity Review Measures, which became
effective on February 15, 2022. The Cybersecurity Review Measures provides that, in addition to critical information infrastructure operators
(&ldquo;CIIOs&rdquo;) that intend to purchase Internet products and services, data processing operators engaging in data processing activities
that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According
to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may be brought about by
any procurement, data processing, or overseas listing. The Cybersecurity Review Measures further requires that CIIOs and data processing
operators that possess personal data of at least one million users must apply for a review by the Cybersecurity Review Office of the
PRC before conducting listings in foreign countries. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> On November 14, 2021,
the CAC published the Draft Regulations on the Network Data Security Administration (Draft for Comments) (the &ldquo;Security Administration
Draft&rdquo;), which provides that data processing operators engaging in data processing activities that affect or may affect national
security must be subject to network data security review by the relevant Cyberspace Administration of the PRC. According to the Security
Administration Draft, data processing operators who possess personal data of at least one million users or collect data that affects
or may affect national security must be subject to network data security review by the relevant Cyberspace Administration of the PRC.
The deadline for public comments on the Security Administration Draft was December 13, 2021. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> As of the date of
this prospectus, we, our subsidiaries and WOFEs, VIEs and their subsidiaries have not received any notice from any authorities
identifying us as a CIIO or requiring us to go through cybersecurity review or network data security review by the CAC. We, our
subsidiaries and WOFEs, VIEs and their subsidiaries have not been required to obtain any approvals or permits from CAC. When the
Cybersecurity Review Measures become effective and if the Security Administration Draft is enacted as proposed, we believe that our
operations and listing will not be affected and that we will not be subject to cybersecurity review or network data security review
by the CAC, given that: (i) as a company that mainly engages in education, our subsidiaries, VIEs and VIEs&rsquo; subsidiaries are
unlikely to be classified as CIIOs by the PRC regulatory agencies; (ii) we possess personal data of fewer than one million
individual clients in our business operations as of the date of this prospectus and do not anticipate that we will be collecting
over one million users&rsquo; personal information in the near future, which we understand might otherwise subject us to the
Cybersecurity Review Measures; and (iii) data processed in our business is unlikely to have a bearing on national security and
therefore is unlikely to be classified as core or important data by the authorities. There remains uncertainty, however, as to how
the Cybersecurity Review Measures and the Security Administration Draft will be interpreted or implemented and whether the PRC
regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation
related to the Cybersecurity Review Measures and the Security Administration Draft. If any such new laws, regulations, rules, or
implementation and interpretation come into effect, we will take all reasonable measures and actions to comply and to minimize the
adverse effect of such laws on us. We cannot guarantee, however, that we will not be subject to cybersecurity review and network
data security review in the future. During such reviews, we may be required to suspend our operation or experience other disruptions
to our operations. Cybersecurity review and network data security review could also result in negative publicity with respect to our
Company and diversion of our managerial and financial resources, which could materially and adversely affect our business, financial
conditions, and results of operations. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <B><I>PRC education industry is currently
subject to evolving regulatory and policy changes. Uncertainties with respect to the PRC legal system, especially the education related
laws and regulations, could have a material adverse effect on us.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Our business and operations
are primarily conducted in China and are governed by PRC laws and regulations. The private education industry in the PRC is subject to
various laws and regulations. Relevant laws and regulations could be changed to accommodate the development of the education industry,
in particular, the private education markets from time to time. For example, the Law for Promoting Private Education of the PRC, which
was promulgated in December 2002, amended in June 2013, and further amended according to the Decision on Amending the Law for Promoting
Private Education of the PRC approved by the Standing Committee of the National People&rsquo;s Congress in November 2016 (the &ldquo;Amendments&rdquo;),
was most recently revised on December 29, 2018. Pursuant to the Amendments, (i) school sponsors of a private school which provides education
services other than compulsory education may choose for the school to be a for-profit private school or a non-profit private school;
(ii) school sponsors of a for-profit private school are allowed to receive operating profits while school sponsors of a non-profit private
school are not allowed to do so; (iii) a non-profit private school shall enjoy the same preferential tax treatment as public schools
while a for-profit private school shall enjoy the preferential tax treatment as stipulated by the PRC government; and (iv) a for-profit
private school may determine the fees to be charged by taking into account factors such as the school operation costs and market demand
and no prior approval from government authorities is required for such fees, while a non-profit private school shall collect fees pursuant
to the measures stipulated by the relevant local government. In addition, the Implementing Rules for the Law for Promoting Private Education
of the PRC (the &ldquo;2021 Implementing Rules&rdquo;), which took effect on September 1, 2021, further regulates various aspects of
the operation of a private school, including but not limited to, the eligibility for preferential tax treatments, transactions with interested
parties, payment of registered capital and ownership restrictions. To comply with the 2021 Implementing Rules, we planned to sell our
Shuyang K-12 and the business providing compulsory education services at Changsha K-12 and Shenyang K-12. We have found a third party
buyer and signed a definitive sales agreement, which is currently under registration process which is expected to be completed within
one year from December 31, 2021. As the transaction was not closed as of December 31, 2021 and such business did not meet the definition
of a &ldquo;component&rdquo; under US GAAP to be presented as discontinued operation, we recorded the assets and liabilities of K-9 business
as &ldquo;Held for Sale&rdquo; in accordance with ASC 360. See &ldquo;Item 4.B Information on the Company&mdash;Business Overview&mdash;Regulation&mdash;The
Law for Promoting Private Education and the Implementing Rules for the Law for Promoting Private Education&rdquo; and Note 25 Assets
and Liabilities Held for Sale to the audited consolidated financial statements included in our most recent Annual Report on Form 20-F
for further details. We&rsquo;re not aware of any uncertainties related to the registration process and the sale of our K-9 business
as of the date of this prospectus. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> On July 24, 2021,
the General Office of Central Committee of the Communist Party of China and the General Office of State Council issued the Opinions on
Further Easing the Burden of Excessive Homework and after-school Tutoring for Students Undergoing Compulsory Education (the &ldquo;Opinions&rdquo;),
which aims to further regulate after-school tutoring activities (including both online and offline tutoring) and effectively ease the
burden of excessive homework and after-school tutoring for students at compulsory education stage. The Opinions provides a number of
restrictive measures regulating the institutions engaging in online and offline tutoring business. See &ldquo;Item 4.B Information on
the Company&mdash;Business Overview&mdash;Regulation&mdash;Regulations relating to after-school tutoring&rdquo; included in our most
recent Annual Report on Form 20-F for details. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> On July 28, 2021,
the General Office of the MOE issued the Notice on Further Clarifying the Curriculum-based and Non-curriculum-based Scope of After-school
Tutoring at Compulsory Education Stage, which stipulates that when conducting after-school tutoring, ethics and the rule of law, language,
history, geography, mathematics, foreign languages (English, Japanese, Russian), physics, chemistry, and biology are managed as curriculum-based
tutoring, while physical education (or sports and health), art (or music, fine arts), and comprehensive practical activities (including
information technology education, labor and technical education), etc. are managed as non-curriculum-based tutoring. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Due to limitations
imposed by the Opinions, student numbers and service hours of our tutoring business has been negatively affected. We had to close some
of our tutoring centers and downsized our teaching and support staff numbers to reduce cost and operating expenses in order to accommodate
the changes brought by the Opinions. We aim to maintain a self-sufficient operating cash flow for our remaining tutoring business. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> However, uncertainties
exist with respect to the interpretation and enforcement of new and existing laws and regulations. We cannot assure you that we will
be in compliance with the new laws and regulations, interpretation of which may remain uncertain, or that we will be able to efficiently
change our business practice in line with the new regulatory environment. If the PRC government continues to impose stricter regulations
on areas we are involved in, we could face higher costs and restrictions on revenue growth in order to comply with those regulations,
which could impact our profitability. In addition, any such failure could 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; text-indent: 0.5in; background-color: white">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> <B><I>Our ADSs or
Ordinary Shares may be delisted <B><I>from the NYSE American </I></B> under the Holding Foreign Companies Accountable Act if the
PCAOB is unable to adequately inspect audit documentation located in China. The delisting of our ADSs or Ordinary Shares, or the
threat of their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of the
PCAOB to conduct adequate inspections deprives our investors with the benefits of such inspections. Furthermore, on June 22, 2021,
the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would amend the HFCAA and
require the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S. stock exchanges if its auditor is not subject to
PCAOB inspections for two consecutive years instead of three.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> The HFCAA, was enacted
on December 18, 2020. The HFCAA states if the SEC determines that a company has filed audit reports issued by a registered public accounting
firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit such
ordinary shares from being traded on a national securities exchange or in the over the counter trading market in the U.S. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> On March 24, 2021,
the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA.
A company will be required to comply with these rules if the SEC identifies it as having a &ldquo;non-inspection&rdquo; year under a
process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the
listing and trading prohibition requirements described above. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which, if enacted, would amend the HFCAA and require the SEC to prohibit an issuer&rsquo;s
securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead
of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use
when determining, as contemplated under the HFCAA Act, whether the PCAOB is unable to inspect or investigate completely registered public
accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December
2, 2021, the SEC issued amendments to finalize the interim final rules previously adopted in March 2021 to implement the submission and
disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an
audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to
inspect or investigate completely because of a position taken by an authority in a foreign jurisdiction. On December 16, 2021, the PCAOB
issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting
firms headquartered in: (1) mainland China of the PRC, because of a position taken by one or more authorities in mainland China; and
(2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in Hong
Kong. The PCAOB has made such designations as mandated under the HFCAA. Pursuant to each annual determination by the PCAOB, the SEC will,
on an annual basis, identify issuers that have used non-inspected audit firms and thus are at risk of such suspensions in the future. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Our auditor, Marcum
Bernstein &amp; Pinchuk LLP, the independent registered public accounting firm that issued the audit report included in our annual report,
an auditor of companies that are traded publicly in the United States and an U.S.-based accounting firm registered with the PCAOB, is
subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable
professional standards. Our auditor is headquartered in Manhattan, New York and is subject to inspection by the PCAOB on a regular basis
with the last inspection in 2020. As the date of this prospectus, our auditor was not included in the list of PCAOB Identified Firms
in the PCAOB Determination Report issued in December, 2021. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> However, recent developments
with respect to audits of China-based companies create uncertainty about the ability of our auditor to fully cooperate with the PCAOB&rsquo;s
request for audit workpapers without the approval of the Chinese authorities. Our auditor&rsquo;s working papers related to us and our
VIEs are located in China. If our auditor is not permitted to provide requested audit work papers located in China to the PCAOB, investors
would be deprived of the benefits of PCAOB&rsquo;s oversight of our auditor through such inspections. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> <B><I>Our WOFEs, VIEs
and their subsidiaries in China are subject to restrictions on making dividends and other payments to us or any other affiliated company.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> We are a holding company
and may receive dividends paid by our subsidiaries established in China for our cash needs, including the funds necessary to pay dividends
and other cash distributions to our shareholders to the extent we choose to do so, to service any debt we may incur and to pay our operating
expenses. Our PRC subsidiaries&rsquo; income in turn depends on the service and other fees paid by our VIEs. Current PRC regulations
permit our WOFEs in China to pay dividends to us only out of their accumulated profits, if any, determined in accordance with Chinese
accounting standards and regulations. In addition, under the applicable requirements of PRC law, our PRC WOFEs, VIEs and their subsidiaries
incorporated as companies may only distribute dividends after they have made allowances to fund certain statutory reserves. These reserves
are not distributable as cash dividends. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> In addition, under
the EIT Law, which became effective on January 1, 2008 and its implementation rules, dividends paid to us by our PRC subsidiaries are
subject to withholding tax. The withholding tax on dividends may be exempted or reduced by the PRC State Council. Currently, the withholding
tax rate is 10% unless reduced or exempted by treaty between the PRC and the tax residence of the holder of the PRC subsidiary. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Furthermore, if our
WOFEs, VIEs and their subsidiaries in China incur debt on their own behalf in the future, the instruments governing the debt may restrict
their ability to pay dividends or make other payments to us. In addition, the PRC tax authorities may require us to adjust our taxable
income under the contractual arrangements we currently have in place in a manner that would restrict our subsidiaries&rsquo; ability
to pay dividends and make other distributions to us. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> In addition, at the
end of each fiscal year, each of our VIEs&rsquo; subsidiaries that are private schools in China is required to allocate a certain amount
to its development fund for the construction or maintenance of the school or procurement or upgrade of educational equipment. In the
case of a for-profit private school, this amount shall be no less than 10% of the audited annual net income of the school, while in the
case of a non-profit private school, this amount shall be equivalent to no less than 10% of the audited annual increase in the non-restricted
net assets of the school, if any. Pursuant to an amendment to the Law for Promoting Private Education on November 7, 2016, which went
into effect on September 1, 2017, sponsors of for-profit private schools are entitled to retain the profits from their schools and the
operating surplus may be allocated to the sponsors pursuant to the PRC company law and other relevant laws and regulations. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> In addition, the PRC
government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency
out of China. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign
currency demands, we may not be able to pay dividends in foreign currencies to our shareholders.&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> To date, our PRC subsidiaries
have not paid dividends to us out of their accumulated profits. In the near future, we do not expect to receive dividends from our PRC
subsidiaries because the accumulated profits of these PRC subsidiaries are expected to be used for their own business or expansions.
If we are unable to extract the earnings and profits of some of our schools and learning centers, it could have a material adverse effect
on our liquidity and financial condition. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <B><I>Restrictions on currency exchange
may limit our ability to receive and use our revenue effectively.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"> Because substantially
most of our revenue is denominated in RMB, restrictions on currency exchange may limit our ability to use revenue generated in RMB to
fund any business activities we may have outside China or to make dividend payments to our shareholders and ADS holders in U.S. dollars.
The principal regulation governing foreign currency exchange in China is the Foreign Currency Administration Rules (1996), as amended.
Under these rules, RMB is freely convertible for trade and service-related foreign exchange transactions, but not for direct investment,
loan or investment in securities outside China unless the prior approval of SAFE is obtained. Although the PRC government regulations
now allow greater convertibility of RMB for current account transactions, significant restrictions still remain. For example, foreign
exchange transactions under our subsidiaries&rsquo; capital accounts, including principal payments in respect of foreign currency-denominated
obligations, remain subject to significant foreign exchange controls. These limitations could affect our ability to obtain foreign exchange
for capital expenditures. We cannot be certain that the PRC regulatory authorities will not impose more stringent restrictions on the
convertibility of RMB, especially with respect to foreign exchange transactions. </P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC10"></A>ABOUT THIS PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus is part of a registration statement
that we filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) utilizing a shelf registration process.
Under this shelf registration process, we may sell from time to time up to $100,000,000 of any combination of the securities described
in this prospectus.</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">This prospectus provides you with a general description
of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain specific information
about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. If
there is any inconsistency between the information contained in this prospectus and any prospectus supplement, you should rely on the
information contained in that particular prospectus supplement. You should read both this prospectus and any prospectus supplement together
with additional information described under the heading &ldquo;Where You Can Find More Information.&rdquo;</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">You should rely only on the information provided
in this prospectus and the prospectus supplement, as well as the information incorporated by reference. We have not authorized anyone
to provide you with additional or different information. We are not making an offer of these securities in any jurisdiction or state where
the offer is not permitted. You should not assume that the information in this prospectus, any prospectus supplement or any documents
incorporated by reference herein or therein is accurate as of any date other than the date of the applicable document.</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>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC11"></A>CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> This prospectus and any applicable prospectus
supplement, including the documents incorporated by reference herein and therein, may contain forward-looking statements that are based
on our current expectations, assumptions, estimates and projections about us and our industry. All statements other than statements of
historical fact in this prospectus are forward-looking statements. These forward-looking statements can be identified by words or phrases
such as &lsquo;&lsquo;may,&rsquo;&rsquo; &lsquo;&lsquo;will,&rsquo;&rsquo; &lsquo;&lsquo;expect,&rsquo;&rsquo; &lsquo;&lsquo;anticipate,&rsquo;&rsquo;
 &lsquo;&lsquo;estimate,&rsquo;&rsquo; &lsquo;&lsquo;plan,&rsquo;&rsquo; &lsquo;&lsquo;believe,&rsquo;&rsquo; &lsquo;&lsquo;is/are likely
to&rsquo;&rsquo; or other similar expressions. The forward-looking statements included in this prospectus relate to, among others: </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"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding-bottom: 5pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anticipated
    trends and challenges in the business and markets in which we, our WOFEs, VIEs and their subsidiaries operate;</FONT> </TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding-bottom: 5pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ability of us, our WOFEs, VIEs and their subsidiaries to anticipate market needs or develop new or enhanced services and products
    to meet those needs;</FONT> </TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding-bottom: 5pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ability of us, our WOFEs, VIEs and their subsidiaries to compete in our industry and innovation by our competitors;</FONT> </TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding-bottom: 5pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ability of us, our WOFEs, VIEs and their subsidiaries to protect our confidential information and intellectual property rights;</FONT> </TD></TR>
  </TABLE>

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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">Risks associated with opening new learning centers and other strategic plans;</TD></TR></TABLE>





<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding-bottom: 5pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    need of us, our WOFEs, VIEs and their subsidiaries to obtain additional funding and our ability to obtain funding in the future on
    acceptable terms;</FONT> </TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding-bottom: 5pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    impact on the business and results of operations arising from the defects in the real properties that we, our WOFEs, VIEs and their
    subsidiaries use;</FONT> </TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding-bottom: 5pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ability of us, our WOFEs, VIEs and their subsidiaries to create and maintain our positive brand awareness and brand loyalty;</FONT> </TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding-bottom: 5pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ability of us, our WOFEs, VIEs and their subsidiaries to manage growth; and</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">Economic and business conditions in China.</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">The forward-looking statements included in or incorporated
by reference into this prospectus and any applicable prospectus supplement are subject to known and unknown risks, uncertainties and assumptions
about our businesses and business environments. These statements reflect our current views with respect to future events and are not a
guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking
statements as a result of risk factors, some of which are described under &ldquo;Risk Factors&rdquo; in the documents incorporated by
reference herein.</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">The forward-looking statements contained in or
incorporated into this prospectus and any applicable prospectus supplement speak only as of the date of hereof or thereof or of such documents
incorporated by reference or, if obtained from third-party studies or reports, the date of the corresponding study or report, and are
expressly qualified in their entirety by the cautionary statements in this prospectus, any applicable prospectus supplement and the documents
incorporated by reference herein and therein. Since we operate in an emerging and evolving environment and new risk factors and uncertainties
emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as otherwise required
by the securities laws of the United States, we undertake no obligation to update or revise any forward-looking statements to reflect
events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events.</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>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC12"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the applicable prospectus supplement states
otherwise, the net proceeds from the sale of securities offered by the Company will be used for general corporate purposes, which may
include additions to working capital, capital expenditures, financing of acquisitions and other business combinations, investments in
or extensions of credit to our subsidiaries and the repayment of indebtedness.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC13"></A>CAPITALIZATION AND INDEBTEDNESS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our capitalization and indebtedness will be set
forth in a prospectus supplement to this prospectus or in a report on Form 6-K subsequently furnished to the SEC and specifically incorporated
herein by reference.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC14"></A>DESCRIPTION OF ADSS AND
CLASS A ORDINARY SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A description of our Class A ordinary shares can
be found in our Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420417045417/v474042_f1.htm" STYLE="-sec-extract: exhibit">Form F-1, as amended, under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), as originally filed with the SEC on August 28, 2017 (Registration No. 333- 220207)</A> under the heading &ldquo;Description of Shares and
Governing Documents &ndash; Sixth Amended and Restated Memorandum and Articles of Association &mdash; Ordinary Shares&rdquo;, which description
is incorporated by reference herein.</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">A description of our ADSs can be found in our Registration
Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420417045417/v474042_f1.htm" STYLE="-sec-extract: exhibit">Form F-1, as amended, under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), as originally filed with the SEC on August 28, 2017 (Registration No. 333-220207)</A> under the heading &ldquo;Description of American Depositary Shares&rdquo;,
which description is incorporated by reference herein.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC15"></A>DESCRIPTION OF PREFERRED
SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A description of our preferred shares can be found
in our Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420417045417/v474042_f1.htm" STYLE="-sec-extract: exhibit">Form F-1, as amended, under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), as originally filed with the SEC on August 28, 2017 (Registration No. 333- 220207)</A> under the heading &ldquo;Description of Shares and
Governing Documents &ndash; Sixth Amended and Restated Memorandum and Articles of Association &mdash; Preferred Shares&rdquo;, which description
is incorporated by reference herein.</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 0pt 0.5in">As of the date of this prospectus, there are no outstanding
shares of preferred shares of any series.</P>

<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; text-indent: 0.5in">The material terms of any series of preferred shares
that we offer, together with any material Cayman Islands or United States federal income tax considerations relating to such preferred
shares, will be described in a prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC16"></A>DESCRIPTION OF WARRANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summary of certain provisions of
the warrants does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the warrant
agreement that will be filed with the SEC in connection with the offering of such warrants.</P>

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

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

<P STYLE="font: bold 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: 0.5in">We may issue warrants to purchase ordinary shares,
including ordinary shares represented by ADSs, or debt securities. Warrants may be issued independently or together with any other securities
and may be attached to, or separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to
be entered into between us and a warrant agent. The warrant agent will act solely as our agent and will not assume any obligation or relationship
of agency for or with holders or beneficial owners of warrants. The terms of any warrants to be issued and a description of the material
provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement.</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>

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<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">The applicable prospectus supplement will describe
the following terms of any warrants in respect of which this prospectus is being delivered:</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the title of such warrants;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the aggregate number of such warrants;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the price or prices at which such warrants will be issued and exercised;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the currency or currencies in which the price of such warrants will be payable;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the securities purchasable upon exercise of such warrants;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued
with each such security;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if applicable, the date on and after which such warrants and the related securities will be separately transferable;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">information with respect to book-entry procedures, if any;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">any material Cayman Islands or United States federal income tax consequences;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the antidilution provisions of the warrants, if any; and</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendments and Supplements to Warrant Agreement</P>

<P STYLE="font: bold 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: 0.5in">We and the warrant agent may amend or supplement
the warrant agreement for a series of warrants without the consent of the holders of the warrants issued thereunder to effect changes
that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect the interests of the holders
of the warrants.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC17"></A>DESCRIPTION OF SUBSCRIPTION
RIGHTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summary of certain provisions of
the subscription rights does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions
of the certificate evidencing the subscription rights that will be filed with the SEC in connection with the offering of such subscription
rights.</P>

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

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

<P STYLE="font: bold 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: 0.5in">We may issue subscription rights to purchase ordinary
shares, including ordinary shares represented by ADSs, or debt securities. Subscription rights may be issued independently or together
with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection
with any subscription rights offering to our shareholders, we may enter into a standby underwriting arrangement with one or more underwriters
pursuant to which such underwriters will purchase any offered securities remaining unsubscribed for after such subscription rights offering.
In connection with a subscription rights offering to our shareholders, we will distribute certificates evidencing the subscription rights
and a prospectus supplement to our shareholders on the record date that we set for receiving subscription rights in such subscription
rights offering.</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">The applicable prospectus supplement will describe
the following terms of subscription rights in respect of which this prospectus is being delivered:</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the title of such subscription rights;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the securities for which such subscription rights are exercisable;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the exercise price for such subscription rights;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the number of such subscription rights issued to each shareholder;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the extent to which such subscription rights are transferable;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if applicable, a discussion of the material Cayman Islands or United States federal income tax considerations applicable to the issuance
or exercise of such subscription rights;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the date on which the right to exercise such subscription rights shall commence, and the date on which such rights shall expire (subject
to any extension);</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if applicable, the material terms of any standby underwriting or other purchase arrangement that we may enter into in connection with
the subscription rights offering; and</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">any other terms of such subscription rights, including terms, procedures and limitations relating to the exchange and exercise of
such subscription rights.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exercise of Subscription Rights</P>

<P STYLE="font: bold 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: 0.5in">Each subscription right will entitle the holder
of the subscription right to purchase for cash such amount of securities at such exercise price as shall be set forth in, or be determinable
as set forth in, the prospectus supplement relating to the subscription rights offered thereby. Subscription rights may be exercised at
any time up to the close of business on the expiration date for such subscription rights set forth in the prospectus supplement. After
the close of business on the expiration date, all unexercised subscription rights will become void.</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">Subscription rights may be exercised as set
forth in the prospectus supplement relating to the subscription rights offered thereby. Upon receipt of payment and the subscription
rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any other
office indicated in the prospectus supplement, we will forward, as soon as practicable, the ordinary shares purchasable upon such
exercise. We may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through
agents, underwriters or dealers or through a combination of such methods, including pursuant to standby underwriting arrangements,
as set forth in the applicable prospectus supplement.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC18"></A>DESCRIPTION OF UNITS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summary of certain provisions of
the units does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the certificate
evidencing the units that will be filed with the SEC in connection with the offering of such units.</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">We may issue units comprised of one or more of
the other securities described in this prospectus in any combination. Each unit will be issued so that the holder of the unit is also
the holder, with the rights and obligations of a holder, of each security included in the unit. The unit agreement under which a unit
is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before
a specified date or upon the occurrence of a specified event or occurrence.</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 0pt 0.5in">The applicable prospectus supplement will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances
those securities may be held or transferred separately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any unit agreement under which the units will be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>whether the units will be issued in fully registered or global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="ABC19"></A>DESCRIPTION OF DEBT SECURITIES</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-indent: 0.5in">We may issue debt securities from time to time
in one or more series, under one or more indentures, each dated as of a date on or prior to the issuance of the debt securities to which
it relates. We may issue senior debt securities and subordinated debt securities pursuant to separate indentures, a senior indenture and
a subordinated indenture, respectively, in each case between us and the trustee named in the indenture. We have filed forms of these documents
as exhibits to the registration statement, of which this prospectus forms a part. The senior indenture and the subordinated indenture,
as amended or supplemented from time to time, are sometimes referred to individually as an &ldquo;indenture&rdquo; and collectively as
the &ldquo;indentures.&rdquo; Each indenture will be subject to and governed by the Trust Indenture Act and will be construed in accordance
with and governed by the internal laws of the State of New York. The aggregate principal amount of debt securities which may be issued
under each indenture will be unlimited and each indenture will contain the specific terms of any series of debt securities or provide
that those terms must be set forth in or determined pursuant to, an authorizing resolution, as defined in the applicable prospectus supplement,
and/or a supplemental indenture, if any, relating to such series. Our debt securities may be convertible or exchangeable into any of our
equity or other debt securities.</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">Our statements below relating to the debt securities
and the indentures are summaries of their anticipated provisions, are not complete and are subject to, and are qualified in their entirety
by reference to, all of the provisions of the applicable indenture and any applicable Cayman Islands or United States federal income tax
considerations as well as any applicable modifications of or additions to the general terms described below in the applicable prospectus
supplement or supplemental indenture. For a description of the terms of a particular issue of debt securities, reference must be made
to both the related prospectus supplement and to the following description.</P>

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

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

<P STYLE="font: bold 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: 0.5in">Neither indenture limits the amount of debt securities
which may be issued. The debt securities may be issued in one or more series. The senior debt securities will be unsecured and will rank
on a parity with all of our other unsecured and unsubordinated indebtedness. Each series of subordinated debt securities will be unsecured
and subordinated to all present and future senior indebtedness. Any such debt securities will be described in an accompanying prospectus
supplement.</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">You should read the applicable indenture and subsequent
filings relating to the particular series of debt securities for the following terms of the offered debt securities:</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the designation, aggregate principal amount and authorized denominations;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the issue price, expressed as a percentage of the aggregate principal amount;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the maturity date;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the interest rate per annum, if any;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if the offered debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest
will be payable, the date on which payment of interest will commence and the regular record dates for interest payment dates;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">any optional or mandatory sinking fund provisions or exchangeability provisions;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price,
the conversion period and other conversion provisions;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the date, if any, after which and the price or prices at which the offered debt securities may be optionally redeemed or must be mandatorily
redeemed and any other terms and provisions of optional or mandatory redemptions;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if other than denominations of $1,000 and any integral multiple thereof, the denominations in which offered debt securities of the
series will be issuable;</TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if other than the full principal amount, the portion of the principal amount of offered debt securities of the series which will be
payable upon acceleration or provable in bankruptcy;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">any events of default not set forth in this prospectus;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than
the currency of the United States of America;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which
the offered debt securities of the series are stated to be payable, the period or periods within which, and the terms and conditions upon
which, the election may be made;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">whether interest will be payable in cash or additional securities at our or the holder&rsquo;s option and the terms and conditions
upon which the election may be made;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency
of the United States of America for purposes of determining the voting rights of holders of those debt securities under the applicable
indenture;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method
based on a coin or currency other than that in which the offered debt securities of the series are stated to be payable, the manner in
which the amounts will be determined;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">any restrictive covenants or other material terms relating to the offered debt securities;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">whether the offered debt securities will be issued in the form of global securities or certificates in registered or bearer form;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">any terms with respect to subordination;</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">any listing on any securities exchange or quotation system; and</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="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 5pt">additional provisions, if any, related to defeasance and discharge of the offered debt securities.</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">Subsequent filings may include additional terms
not listed above. Unless otherwise indicated in subsequent filings with the Commission relating to the indenture, principal, premium and
interest will be payable and the debt securities will be transferable at the corporate trust office of the applicable trustee. Unless
other arrangements are made or set forth in subsequent filings or a supplemental indenture, principal, premium and interest will be paid
by checks mailed to the holders at their registered addresses.</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">Unless otherwise indicated in subsequent filings
with the Commission, the debt securities will be issued only in fully registered form without coupons, in denominations of $1,000 or any
integral multiple thereof. No service charge will be made for any transfer or exchange of the debt securities, but we may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection with these debt securities.</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">Some or all of the debt securities may be issued
as discounted debt securities to be sold at a substantial discount below the stated principal amount. Cayman Islands or United States
federal income tax consequences and other special considerations applicable to any discounted securities will be described in subsequent
filings with the Commission relating to those securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We refer you to applicable subsequent filings with
respect to any deletions or additions or modifications from the description contained in this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Debt</P>

<P STYLE="font: bold 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: 0.5in">We may issue senior debt securities under the senior
debt indenture. These senior debt securities will rank on an equal basis with all our other unsecured debt except subordinated debt.</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>

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<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>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subordinated Debt</P>

<P STYLE="font: bold 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: 0.5in">We may issue subordinated debt securities under
the subordinated debt indenture. Subordinated debt will rank subordinate and junior in right of payment, to the extent set forth in the
subordinated debt indenture, to all our senior debt (both secured and unsecured).</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">In general, the holders of all senior debt are
first entitled to receive payment of the full amount unpaid on senior debt before the holders of any of the subordinated debt securities
are entitled to receive a payment on account of the principal or interest on the indebtedness evidenced by the subordinated debt securities
in certain events.</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">If we default in the payment of any principal of,
or premium, if any, or interest on any senior debt when it becomes due and payable after any applicable grace period, then, unless and
until the default is cured or waived or ceases to exist, we cannot make a payment on account of or redeem or otherwise acquire the subordinated
debt securities.</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">If there is any insolvency, bankruptcy, liquidation
or other similar proceeding relating to us, then all senior debt must be paid in full before any payment may be made to any holders of
subordinated debt securities.</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">Furthermore, if we default in the payment of the
principal of and accrued interest on any subordinated debt securities that is declared due and payable upon an event of default under
the subordinated debt indenture, holders of all our senior debt will first be entitled to receive payment in full in cash before holders
of such subordinated debt can receive any payments.</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">Senior debt means:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the principal, premium, if any, interest and any other amounts owing in respect of our indebtedness for money borrowed and indebtedness
evidenced by securities, notes, debentures, bonds or other similar instruments issued by us, including the senior debt securities or letters
of credit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all capitalized lease obligations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all hedging obligations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all obligations representing the deferred purchase price of
property; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all deferrals, renewals, extensions and refundings of obligations of the type referred to above;</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">but senior debt does not include:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>subordinated debt securities; and</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any indebtedness that by its terms is subordinated to, or ranks on an equal basis with, our subordinated debt securities.</TD></TR></TABLE>

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

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

<P STYLE="font: bold 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: 0.5in">Under the terms of the indenture, we covenant,
among other things:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>that we will duly and punctually pay the principal of and interest, if any, on the offered debt securities in accordance with the
terms of such debt securities and the applicable indenture;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>that we will deliver to the trustee after the end of each fiscal year a compliance certificate as to whether we have kept, observed,
performed and fulfilled our obligations and each and every covenant contained under the applicable indenture;</TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<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">Any series of offered debt securities may have
covenants in addition to or differing from those included in the applicable indenture which will be described in subsequent filings prepared
in connection with the offering of such securities, limiting or restricting, among other things:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the ability of us or our subsidiaries to incur either secured or unsecured debt, or both;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the ability to make certain payments, dividends, redemptions or repurchases;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to create dividend and other payment restrictions affecting our subsidiaries;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to make investments;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>mergers and consolidations by us or our subsidiaries;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>sales of assets by us;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to enter into transactions with affiliates;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to incur liens; and</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>sale and leaseback transactions.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Modification of the Indentures</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each indenture and the rights of the respective
holders may be modified by us only with the consent of holders of not less than a majority in aggregate principal amount of the outstanding
debt securities of all series under the respective indenture affected by the modification, taken together as a class, other than any modification
to:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cure ambiguities, defects or inconsistencies;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>add to the covenants, restrictions or events of default;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide for a successor obligor under the relevant indenture; and</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>make any other change that does not adversely affect the rights of holder.</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">No modification that:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes the amount of securities whose holders must consent to an amendment, supplement or waiver;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">extends the fixed maturity of any debt securities, or reduces the principal amount thereof, or reduces the rate or extend the time
of payment of interest thereon, or reduce any premium payable upon the redemption thereof;</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">will be effective against any holder without his,
her or its consent.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Events of Default</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each indenture defines an event of default for
the debt securities of any series as being any one of the following events:</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 10pt">default in any payment of interest when due which continues for 90 days;</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 10pt">default in any payment of principal or premium at maturity;</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">default in the deposit of any sinking fund payment when due;</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 10pt">default in the performance of any covenant in the debt securities or the applicable indenture which continues for 90 days after we
receive notice of the default;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">events of bankruptcy, insolvency or reorganization.</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; text-align: left; margin: 0pt 0; text-indent: 0.5in">An event of default of one series of debt securities
does not necessarily constitute an event of default with respect to any other series of debt securities.</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>

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

<P STYLE="text-align: left; padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There may be such other or different events of
default as described in an applicable subsequent filing with respect to any class or series of offered debt securities.</P>

<P STYLE="text-align: left; padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case an event of default occurs and continues
for the debt securities of any series, the applicable trustee or the holders of not less than 25% in aggregate principal amount of the
debt securities then outstanding of that series may declare the principal and accrued but unpaid interest of the debt securities of that
series to be due and payable. Any event of default for the debt securities of any series which has been cured may be waived by the holders
of a majority in aggregate principal amount of the debt securities of that series then outstanding.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each indenture requires us to file annually after
debt securities are issued under that indenture with the applicable trustee a written statement signed by two of our officers as to the
absence of material defaults under the terms of that indenture. Each indenture provides that the applicable trustee may withhold notice
to the holders of any default if it considers it in the interest of the holders to do so, except notice of a default in payment of principal,
premium or interest.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the duties of the trustee in case an
event of default occurs and continues, each indenture provides that the trustee is under no obligation to exercise any of its rights or
powers under that indenture at the request, order or direction of holders unless the holders have offered to the trustee reasonable indemnity.
Subject to these provisions for indemnification and the rights of the trustee, each indenture provides that the holders of a majority
in principal amount of the debt securities of any series then outstanding have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee as long as the exercise
of that right does not conflict with any law or the indenture.</P>

<P STYLE="padding-bottom: 10pt; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Defeasance and Discharge</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">The terms of each indenture
provide us with the option to be discharged from any and all obligations in respect of the debt securities issued thereunder upon the
deposit with the trustee, in trust, of money or U.S. government obligations, or both, which through the payment of interest and principal
in accordance with their terms will provide money in an amount sufficient to pay any installment of principal, premium and interest on,
and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with
the terms of the debt securities and the indenture governing the debt securities. This right may only be exercised if, among other things,
we have received from, or there has been published by, the United States Internal Revenue Service a ruling to the effect that such a
discharge will not be deemed, or result in, a taxable event with respect to holders. This discharge would not apply to our obligations
to register the transfer or exchange of debt securities, to replace stolen, lost or mutilated debt securities, to maintain paying agencies
and hold moneys for payment in trust.&nbsp;</P>

<P STYLE="padding-bottom: 10pt; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Defeasance of Certain Covenants</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The terms of the debt securities provide us with
the right not to comply with specified covenants and that specified events of default described in a subsequent filing will not apply.
In order to exercise this right, we will be required to deposit with the trustee money or U.S. government obligations, or both, which
through the payment of interest and principal will provide money in an amount sufficient to pay principal, premium, if any, and interest
on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of such payments in accordance with
the terms of the debt securities and the indenture governing such debt securities. We will also be required to deliver to the trustee
an opinion of counsel to the effect that the deposit and related covenant defeasance will not cause the holders of such series to recognize
income, gain or loss for federal income tax purposes.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A subsequent filing may further describe the provisions,
if any, of any particular series of offered debt securities permitting a discharge defeasance.</P>

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

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The debt securities of a
series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a
depository identified in an applicable subsequent filing and registered in the name of the depository or a nominee for the depository.
In such a case, one or more global securities will be issued in a denomination or aggregate denominations equal to the portion of the
aggregate principal amount of outstanding debt securities of the series to be represented by the global security or securities. Unless
and until it is exchanged in whole or in part for debt securities in definitive certificated form, a global security may not be transferred
except as a whole by the depository for the global security to a nominee of the depository or by a nominee of the depository to the depository
or another nominee of the depository or by the depository or any nominee to a successor depository for that series or a nominee of the
successor depository and except in the circumstances described in an applicable subsequent filing.</P>

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

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect that the following provisions will apply
to depository arrangements for any portion of a series of debt securities to be represented by a global security. Any additional or different
terms of the depository arrangement will be described in an applicable subsequent filing.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the issuance of any
global security, and the deposit of that global security with or on behalf of the depository for the global security, the depository
will credit, on its book-entry registration and transfer system, the principal amounts of the debt securities represented by that global
security to the accounts of institutions that have accounts with the depository or its nominee. The accounts to be credited will be designated
by the underwriters or agents engaging in the distribution of the debt securities or by us, if the debt securities are offered and sold
directly by us. Ownership of beneficial interests in a global security will be limited to participating institutions or persons that
may hold interests through such participating institutions. Ownership of beneficial interests by participating institutions in the global
security will be shown on, and the transfer of the beneficial interests will be effected only through, records maintained by the depository
for the global security or by its nominee. Ownership of beneficial interests in the global security by persons that hold through participating
institutions will be shown on, and the transfer of the beneficial interests within the participating institutions will be effected only
through, records maintained by those participating institutions. The laws of some jurisdictions may require that purchasers of securities
take physical delivery of the securities in certificated form. The foregoing limitations and such laws may impair the ability to transfer
beneficial interests in the global securities.&nbsp;</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">So long as the depository for a global security,
or its nominee, is the registered owner of that global security, the depository or its nominee, as the case may be, will be considered
the sole owner or holder of the debt securities represented by the global security for all purposes under the applicable indenture. Unless
otherwise specified in an applicable subsequent filing and except as specified below, owners of beneficial interests in the global security
will not be entitled to have debt securities of the series represented by the global security registered in their names, will not receive
or be entitled to receive physical delivery of debt securities of the series in certificated form and will not be considered the holders
thereof for any purposes under the indenture. Accordingly, each person owning a beneficial interest in the global security must rely on
the procedures of the depository and, if such person is not a participating institution, on the procedures of the participating institution
through which the person owns its interest, to exercise any rights of a holder under the indenture.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The depository may grant proxies and otherwise
authorize participating institutions to give or take any request, demand, authorization, direction, notice, consent, waiver or other action
which a holder is entitled to give or take under the applicable indenture. We understand that, under existing industry practices, if we
request any action of holders or any owner of a beneficial interest in the global security desires to give any notice or take any action
a holder is entitled to give or take under the applicable indenture, the depository would authorize the participating institutions to
give the notice or take the action, and participating institutions would authorize beneficial owners owning through such participating
institutions to give the notice or take the action or would otherwise act upon the instructions of beneficial owners owning through them.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in applicable subsequent
filings, payments of principal, premium and interest on debt securities represented by a global security registered in the name of a depository
or its nominee will be made by us to the depository or its nominee, as the case may be, as the registered owner of the global security.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect that the
depository for any debt securities represented by a global security, upon receipt of any payment of principal, premium or interest,
will credit participating institutions&rsquo; accounts with payments in amounts proportionate to their respective beneficial
interests in the principal amount of the global security as shown on the records of the depository. We also expect that payments by
participating institutions to owners of beneficial interests in the global security held through those participating institutions
will be governed by standing instructions and customary practices, as is now the case with the securities held for the accounts of
customers registered in street name, and will be the responsibility of those participating institutions. None of us, the trustees or
any agent of ours or the trustees will have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial interests in a global security, or for maintaining, supervising or reviewing any records relating to
those beneficial interests.</P>

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

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in the applicable subsequent
filings, a global security of any series will be exchangeable for certificated debt securities of the same series only if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">the depository for such global securities notifies us that it is unwilling or unable to continue as depository or such depository
ceases to be a clearing agency registered under the Exchange Act and, in either case, a successor depository is not appointed by us within
90 days after we receive the notice or become aware of the ineligibility;</TD></TR></TABLE>

<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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt; text-align: justify">we in our sole discretion determine that the global securities
shall be exchangeable for certificated debt securities; or</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">there shall have occurred and be continuing an event of default under the applicable indenture with respect to the debt securities
of that series.</TD></TR></TABLE>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon any exchange, owners of beneficial interests
in the global security or securities will be entitled to physical delivery of individual debt securities in certificated form of like
tenor and terms equal in principal amount to their beneficial interests, and to have the debt securities in certificated form registered
in the names of the beneficial owners, which names are expected to be provided by the depository&rsquo;s relevant participating institutions
to the applicable trustee.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Depository
Trust Company, or DTC, acts as depository for the global securities of any series, the global securities will be issued as fully registered
securities registered in the name of Cede &amp; Co., DTC&rsquo;s partnership nominee or such other name as may be requested by an authorized
representative of DTC.&nbsp;</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">DTC, the world&rsquo;s largest
securities depository, is a limited-purpose trust company under the New York Banking Law, a &ldquo;banking organization&rdquo; within
the meaning of the New York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning
of the New York Uniform Commercial Code, and a clearing agency registered pursuant to Section 17A of the Securities Exchange Act of 1934.
DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues,
and money market instruments (from over 100 countries) that DTC&rsquo;s participants (&ldquo;Direct Participants&rdquo;) deposit with
DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transaction sin depositaries
securities, through electronic computerized book-entry transfers and pledges between Direct Participants&rsquo; accounts. This eliminates
the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and
dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository
Trust &amp; Clearing Company (&ldquo;DTCC&rdquo;). DTCC is the holding company for DTC, National Securities Clearing Corporation and
Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries.
Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks trust companies,
and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly
(&ldquo;Indirect Participants&rdquo;). DTC has a Standard &amp; Poor&rsquo;s rating of AA+. The DTC Rules applicable to its Participants
are on file with the Securities and Exchange Commission. More information about DTC can be found at <U>www.dtcc.com</U>.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Purchases of Securities
under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC&rsquo;s
records. The ownership interest of each actual purchaser of each Security (&ldquo;Beneficial Owner&rdquo;) is in turn to be recorded
on the Direct and Indirect Participants&rsquo; records. Beneficial Owners will not receive written confirmation from DTC of their
purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as
periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the
transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and
Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their
ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.</P>

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

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To facilitate subsequent transfers, all Securities
deposited by Direct Participants with DTC are registered in the name of DTC&rsquo;s partnership nominee, Cede &amp; Co., or such other
name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name
of Cede <I>&amp; </I>Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual
Beneficial Owners of the Securities; DTC&rsquo;s records reflect only the identity of the Direct Participants to whose accounts such Securities
are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping
account of their holdings on behalf of their customers.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Conveyance of notices and other communications
by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to
Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect
from time to time. Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant
events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For
example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to
obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses
to the registrar and request that copies of notices be provided directly to them.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Redemption notices shall be sent to DTC. If less
than all of the Securities within an issue are being redeemed, DTC&rsquo;s practice is to determine by lot the amount of the interest
of each Direct Participant in such issue to be redeemed.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither DTC nor Cede &amp;
Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance
with DTC&rsquo;s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record
date. The Omnibus Proxy assigns Cede &amp; Co.&rsquo;s consenting or voting rights to those Direct Participants to whose accounts Securities
are credited on the record date (identified in a listing attached to the Omnibus Proxy).&nbsp;</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Redemption proceeds, distributions, and dividend
payments on the Securities will be made to Cede &amp; Co., or such other nominee as may be requested by an authorized representative of
DTC. DTC&rsquo;s practice is to credit Direct Participants&rsquo; accounts upon DTC&rsquo;s receipt of funds and corresponding detail
information from Issuer or Agent, on payable date in accordance with their respective holdings shown on DTC&rsquo;s records. Payments
by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities
held for the accounts of customers in bearer form or registered in &ldquo;street name,&rdquo; and will be the responsibility of such Participant
and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of
redemption proceeds, distributions, and dividend payments to Cede &amp; Co. (or such other nominee as may be requested by an authorized
representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be the responsibility
of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">DTC may discontinue providing its services as depository
with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that
a successor depository is not obtained, Security certificates are required to be printed and delivered.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Issuer may decide to discontinue use of the system
of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed
and delivered to DTC.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The information in this
section concerning DTC and DTC&rsquo;s book-entry system has been obtained from sources that we believe to be reliable, but we take no
responsibility for its accuracy.</B></P>

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

<P STYLE="padding-bottom: 10pt; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC1"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may offer and sell, from time to time, some
or all of the securities covered by this prospectus up to an aggregate public offering price of $100,000,000. We have registered the securities
covered by this prospectus for offer and sale by us so that those securities may be freely sold to the public by us. Registration of the
securities covered by this prospectus does not mean, however, that those securities necessarily will be offered or sold.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities covered by this prospectus may be sold
from time to time, in one or more transactions, at market prices prevailing at the time of sale, at prices related to market prices, at
a fixed price or prices subject to change, at varying prices determined at the time of sale or at negotiated prices. The securities being
offered by this prospectus may be sold:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">through agents;</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">to or through one or more underwriters on a firm commitment or agency basis;</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">through put or call option transactions relating to the securities;</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">through broker-dealers (acting as agent or principal);</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">directly to purchasers, through a specific bidding or auction process, on a negotiated basis or otherwise;</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">through any other method permitted pursuant to applicable law; or</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">through a combination of any such methods of sale.</TD></TR></TABLE>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time a particular offer of the securities
covered by this prospectus is made, a revised prospectus or prospectus supplement, if required, will be distributed which will set forth
the aggregate amount of securities covered by this prospectus being offered and the terms of the offering, including the name or names
of any underwriters, dealers, brokers or agents, any discounts, commissions, concessions and other items constituting compensation from
us and any discounts, commissions or concessions allowed or reallowed or paid to dealers. Such prospectus supplement, and, if necessary,
a post-effective amendment to the registration statement of which this prospectus is a part, will be filed with the SEC to reflect the
disclosure of additional information with respect to the distribution of the securities covered by this prospectus. In order to comply
with the securities laws of certain states, if applicable, the securities sold under this prospectus may only be sold through registered
or licensed broker-dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for
sale in the applicable state or an exemption from registration or qualification requirements is available and is complied with.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any public offering price and any discounts or
concessions allowed or reallowed or paid to dealers may be changed from time to time.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The distribution of securities
may be effected from time to time in one or more transactions, including block transactions and transactions on the NYSE American or
any other organized market where the securities may be traded. The securities may be sold at a fixed price or prices, which may be changed,
or at market prices prevailing at the time of sale, at prices relating to the prevailing market prices or at negotiated prices. The consideration
may be cash or another form negotiated by the parties. Agents, underwriters or broker-dealers may be paid compensation for offering and
selling the securities. That compensation may be in the form of discounts, concessions or commissions to be received from us or from
the purchasers of the securities. Any dealers and agents participating in the distribution of the securities may be deemed to be underwriters,
and compensation received by them on resale of the securities may be deemed to be underwriting discounts. If any such dealers or agents
were deemed to be underwriters, they may be subject to statutory liabilities under the Securities Act.&nbsp;</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Agents may from time to
time solicit offers to purchase the securities. If required, we will name in the applicable prospectus supplement any agent involved
in the offer or sale of the securities and set forth any compensation payable to the agent. Unless otherwise indicated in the
prospectus supplement, any agent will be acting on a best efforts basis for the period of its appointment. Any agent selling the
securities covered by this prospectus may be deemed to be an underwriter, as that term is defined in the Securities Act, of the
securities.</P>

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

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If underwriters are used in a sale, securities
will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including
negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale, or under delayed delivery
contracts or other contractual commitments. Securities may be offered to the public either through underwriting syndicates represented
by one or more managing underwriters or directly by one or more firms acting as underwriters. If an underwriter or underwriters are used
in the sale of securities, an underwriting agreement will be executed with the underwriter or underwriters, as well as any other underwriter
or underwriters, with respect to a particular underwritten offering of securities, and will set forth the terms of the transactions, including
compensation of the underwriters and dealers and the public offering price, if applicable. The prospectus and prospectus supplement will
be used by the underwriters to resell the securities.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a dealer is used in the sale of the securities,
we or an underwriter will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at
varying prices to be determined by the dealer at the time of resale. To the extent required, we will set forth in the prospectus supplement
the name of the dealer and the terms of the transactions.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may directly solicit offers to purchase the
securities and may make sales of securities directly to institutional investors or others. These persons may be deemed to be underwriters
within the meaning of the Securities Act with respect to any resale of the securities. To the extent required, the prospectus supplement
will describe the terms of any such sales, including the terms of any bidding or auction process, if used.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Agents, underwriters and dealers may be entitled
under agreements which may be entered into with us to indemnification by us against specified liabilities, including liabilities incurred
under the Securities Act, or to contribution by us to payments they may be required to make in respect of such liabilities. If required,
the prospectus supplement will describe the terms and conditions of the indemnification or contribution. Some of the agents, underwriters
or dealers, or their affiliates may be customers of, engage in transactions with or perform services for us, our subsidiaries, the Selling
Shareholders or their affiliates.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the securities laws of some jurisdictions,
the securities offered by this prospectus may be sold in those jurisdictions only through registered or licensed brokers or dealers.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any person participating in the distribution of
securities registered under the registration statement that includes this prospectus will be subject to applicable provisions of the Exchange
Act, and the applicable SEC rules and regulations, including, among others, Regulation M, which may limit the timing of purchases and
sales of any of our securities by that person. Furthermore, Regulation M may restrict the ability of any person engaged in the distribution
of our securities to engage in market-making activities with respect to our securities. These restrictions may affect the marketability
of our securities and the ability of any person or entity to engage in market-making activities with respect to our securities.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain persons participating in an offering may
engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids that stabilize, maintain or otherwise
affect the price of the offered securities. These activities may maintain the price of the offered securities at levels above those that
might otherwise prevail in the open market, including by entering stabilizing bids, effecting syndicate covering transactions or imposing
penalty bids, each of which is described below.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A stabilizing bid means the placing of any bid, or the effecting of any purchase, for the purpose of pegging, fixing or maintaining
the price of a security.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A syndicate covering transaction means the placing of any bid on behalf of the underwriting syndicate or the effecting of any purchase
to reduce a short position created in connection with the offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A penalty bid means an arrangement that permits the managing underwriter to reclaim a selling concession from a syndicate member in
connection with the offering when offered securities originally sold by the syndicate member are purchased in syndicate covering transactions.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These transactions may be effected on an exchange
or automated quotation system, if the securities are listed on that exchange or admitted for trading on that automated quotation system,
or in the over-the-counter market or otherwise.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If so indicated in the applicable prospectus supplement,
we will authorize agents, underwriters or dealers to solicit offers from certain types of institutions to purchase offered securities
from us at the public offering price set forth in such prospectus supplement pursuant to delayed delivery contracts providing for payment
and delivery on a specified date in the future. Such contracts will be subject only to those conditions set forth in the prospectus supplement
and the prospectus supplement will set forth the commission payable for solicitation of such contracts.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, ordinary shares may be issued upon
conversion of or in exchange for debt securities or other securities.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each series of offered securities, other than the
ordinary shares, will be a new issue of securities and will have no established trading market. Any underwriters to whom offered securities
are sold for public offering and sale may make a market in such offered securities, but such underwriters will not be obligated to do
so and may discontinue any market making at any time without notice. The offered securities may or may not be listed on a national securities
exchange. No assurance can be given that there will be a market for the offered securities.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any securities that qualify for sale pursuant to
Rule 144 or Regulation S under the Securities Act may be sold under Rule 144 or Regulation S rather than pursuant to this prospectus.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that we make sales to or through
one or more underwriters or agents in at-the-market offerings, we will do so pursuant to the terms of a distribution agreement between
us, the Selling Shareholders and the underwriters or agents. If we engage in at-the-market sales pursuant to a distribution agreement,
we will offer and sell our ordinary shares to or through one or more underwriters or agents, which may act on an agency basis or on a
principal basis. During the term of any such agreement, we may sell ordinary shares on a daily basis in exchange transactions or otherwise
as we agree with the underwriters or agents. The distribution agreement will provide that any ordinary shares sold will be sold at prices
related to the then prevailing market prices for our ordinary shares. Therefore, exact figures regarding proceeds that will be raised
or commissions to be paid cannot be determined at this time and will be described in a prospectus supplement. Pursuant to the terms of
the distribution agreement, we also may agree to sell, and the relevant underwriters or agents may agree to solicit offers to purchase,
blocks of our ordinary shares or other securities. The terms of each such distribution agreement will be set forth in more detail in a
prospectus supplement to this prospectus.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with offerings made through underwriters
or agents, we may enter into agreements with such underwriters or agents pursuant to which we receive our outstanding securities in consideration
for the securities being offered to the public for cash. In connection with these arrangements, the underwriters or agents may also sell
securities covered by this prospectus to hedge their positions in these outstanding securities, including in short sale transactions.
If so, the underwriters or agents may use the securities received from us under these arrangements to close out any related open borrowings
of securities.</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One or more firms, referred
to as &ldquo;remarketing firms,&rdquo; may also offer or sell the securities, if the prospectus supplement so indicates, in connection
with a remarketing arrangement upon their purchase. Remarketing firms will act as principals for their own accounts or as agents for
us. These remarketing firms will offer or sell the securities in accordance with a redemption or repayment pursuant to the terms of the
securities. The prospectus supplement will identify any remarketing firm and the terms of its agreement, if any, with us and will describe
the remarketing firm&rsquo;s compensation. Remarketing firms may be deemed to be underwriters in connection with the securities they
remarket. Remarketing firms may be entitled under agreements that may be entered into with us to indemnification by us against certain
civil liabilities, including liabilities under the Securities Act and may be customers of, engage in transactions with or perform services
for us in the ordinary course of business.</P>

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<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may enter into derivative transactions with
third parties or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable
prospectus supplement indicates, in connection with those derivatives, such third parties (or affiliates of such third parties) may sell
securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, such third
parties (or affiliates of such third parties) may use securities pledged by us or borrowed from us or others to settle those sales or
to close out any related open borrowings of shares, and may use securities received from us in settlement of those derivatives to close
out any related open borrowings of shares. The third parties (or affiliates of such third parties) in such sale transactions will be underwriters
and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment).</P>

<P STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may loan or pledge securities
to a financial institution or other third party that in turn may sell the securities using this prospectus. Such financial institution
or third party may transfer its short position to investors in our securities or in connection with a simultaneous offering of other
securities offered by this prospectus or in connection with a simultaneous offering of other securities offered by this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="ABC2"></A>EXPENSES</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-indent: 0.5in">The following table sets forth an estimate of the
fees and expenses relating to the issuance and distribution of the securities being registered hereby, all of which shall be borne by
the Company. All of such fees and expenses, except for the SEC registration fee, are estimated.</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: 70%; 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: 77%; font-size: 10pt; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">9,270</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">FINRA fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">15,500</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">Transfer agent&rsquo;s fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&#9;*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Legal fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&#9;*</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">Printing fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&#9;*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accounting fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&#9;*</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">Miscellaneous fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&#9;*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&#9;*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" 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">*</TD><TD STYLE="text-align: justify">To be provided by a prospectus supplement or as an exhibit to a Report on Form 6-K that is incorporated
by reference into this prospectus.</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>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC3"></A>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We incorporate by reference the filed documents
listed below, except as superseded, supplemented or modified by this prospectus:</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1494558/000141057822001124/ambo-20211231x20f.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the SEC on May 2, 2022;</A></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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420417045417/v474042_f1.htm" STYLE="-sec-extract: exhibit">A description of our Class A ordinary shares can be found in our Registration Statement on Form F-1, as amended, under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), as originally filed with the SEC on August 28, 2017 (Registration No. 333-220207)
under the heading &ldquo;Description of Shares and Governing Documents &ndash; Sixth Amended and Restated Memorandum and Articles of Association
 &mdash; Ordinary Shares&rdquo;;</A></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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">any Form 20-F filed with the SEC after the date of the initial filing of this registration statement and prior to effectiveness of
the registration statement that contains this prospectus and prior to the termination of this offering of securities; and</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="padding-bottom: 10pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">any Report on Form 6-K submitted to the SEC after the date of the initial filing of this registration statement and prior to effectiveness
of the registration statement that contains this prospectus and prior to the termination of this offering of securities, but only to the
extent that the forms expressly state that we incorporate them by reference in this prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Potential investors, including any beneficial
owner, may obtain a copy of any of the documents summarized herein (subject to certain restrictions because of the confidential nature
of the subject matter) or any of our SEC filings incorporated by reference herein without charge by written request directed to 12<SUP>th
</SUP>Floor, Tower 1, Financial Street, Chang&rsquo;an Center, Shijingshan District, Beijing, PRC.</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">You should rely only on the information incorporated
by reference or provided in this prospectus or any prospectus supplement. We have not authorized anyone else to provide you with different
information. We are not making an offer of these securities in any state where the offer is not permitted. You should not assume that
the information in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of those documents.</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">Any statement contained in a document incorporated
by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained
herein, or in a subsequently filed document incorporated by reference herein, modifies or supersedes that statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this prospectus.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC4"></A>INDEMNIFICATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cayman Islands law does not limit the extent to
which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors, except to the
extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against fraud or willful default or the consequences of committing a crime. Our Sixth Amended and Restated Memorandum and Articles of
Association provides for indemnification of our officers and directors against any liability, action, proceeding, claim, demand, costs,
damages or expenses, including legal expenses, which they or any of them may incur as a result of any act or failure to act in carrying
out their functions except through their own actual fraud, or willful default which may attach to such directors or officers as determined
by a court of competent jurisdiction.</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">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have
been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is theretofore
unenforceable.</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>

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<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-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC5"></A>LEGAL MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the debt securities, warrants,
subscription rights and units and legal matters as to United States and New York law has been passed upon for us by Loeb &amp; Loeb LLP.
The validity of the ordinary shares and preferred shares and legal matters as to Cayman Islands law has been passed upon for us by Walkers
(Hong Kong).</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC6"></A>EXPERTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The consolidated financial statements of Ambow
Education Holding Ltd. as of December 31, 2020 and 2021, and for each of the years in the three-year period ended December 31, 2021 incorporated
in this prospectus by reference to the Annual Report on Form 20-F for the year ended December 31, 2021, have been in reliance upon the
report of Marcum Bernstein &amp; Pinchuk LLP, an independent registered public accounting firm, and on the authority of said firm as
experts in accounting and auditing. </P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ABC7"></A>WHERE YOU CAN FIND MORE
INFORMATION</P>

<P STYLE="font: bold 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-indent: 0.5in"> We have filed with the SEC a registration statement
on Form F-3 under the Securities Act with respect to the offer and sale of securities pursuant to this prospectus. This prospectus, filed
as a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits
and schedules thereto in accordance with the rules and regulations of the SEC and no reference is hereby made to such omitted information.
Statements made in this prospectus concerning the contents of any contract, agreement or other document filed as an exhibit to the registration
statement are summaries of all of the material terms of such contract, agreement or document, but do not repeat all of their terms. Reference
is made to each such exhibit for a more complete description of the matters involved and such statements shall be deemed qualified in
their entirety by such reference. The registration statement and the exhibits and schedules thereto filed with the SEC may be obtained
from the SEC&rsquo;s website that contains reports, proxy and information statements and other information regarding registrants that
file electronically through the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval (&ldquo;EDGAR&rdquo;) system, including
the Company, which can be accessed at http://www.sec.gov. For further information pertaining to the securities offered by this prospectus
and Ambow, reference is made to the registration statement. </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"> We furnish reports and other information to
the SEC. You may read and copy any document we furnish at the website of the SEC referred to above. Our file number with the SEC is 001-34824. </P>

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

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

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    <DIV STYLE="break-before: page; 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 6pt">&nbsp;</P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$100,000,000</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2215186d1_f3img003.jpg" ALT="">&nbsp;</P>

<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: 0pt 0; text-align: center">ADSs</P>

<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">Class A Ordinary Shares</P>

<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">Preferred Shares</P>

<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">Warrants</P>

<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">Subscription Rights</P>

<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">Debt Securities</P>

<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">Units</P>

<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"></P>

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<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">PROSPECTUS</P>

<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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&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 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2022</P>

<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"></P>

<!-- Field: Page; Sequence: 56 -->
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    <DIV STYLE="break-before: page; 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">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 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: 0.5in">Cayman Islands law does not limit the extent to
which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors, except to the
extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against fraud or willful default or the consequences of committing a crime. Our Sixth Amended and Restated Memorandum and Articles of
Association provides for indemnification of our officers and directors against any liability, action, proceeding, claim, demand, costs,
damages or expenses, including legal expenses, which they or any of them may incur as a result of any act or failure to act in carrying
out their functions except through their own actual fraud, or willful default which may attach to such directors or officers as determined
by a court of competent jurisdiction.</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">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have
been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is theretofore
unenforceable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Exhibits</P>

<P STYLE="font: bold 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: 8%; padding-right: 5.4pt; text-align: justify"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">1.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Form of Equity Securities Underwriting Agreement *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">1.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Form of Debt Securities Underwriting Agreement *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420415035378/v412153_ex99-1.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420415035378/v412153_ex99-1.htm" STYLE="-sec-extract: exhibit">Sixth Amended and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit 99.1 of Report of Foreign Issuer on Form 6-K filed with the SEC on June 4, 2015)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1472033/000119380510001950/e607286_ex99-a.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1472033/000119380510001950/e607286_ex99-a.htm" STYLE="-sec-extract: exhibit">Form of the Company&rsquo;s American Depositary Receipt (incorporated by reference to Exhibit (a) to the registration statement on Form F-6 (File No. 333-168238), initially filed with the SEC on July 21, 2010 (the &ldquo;F-6 Registration Statement&rdquo;))</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000119312510160892/dex42.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000119312510160892/dex42.htm" STYLE="-sec-extract: exhibit">Form of the Company&rsquo;s Class A Ordinary Share Certificate (incorporated by reference to Exhibit 4.2 to the registrant&rsquo;s Registration Statement on Form F-1 (Registration No. 333-168096), originally filed with the SEC on July 21, 2010)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1472033/000119380510001950/e607286_ex99-a.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1472033/000119380510001950/e607286_ex99-a.htm" STYLE="-sec-extract: exhibit">Form of Deposit Agreement among the Company, the depositary and holders of the American Depositary Receipts (incorporated by reference to Exhibit (a) of the F-6 Registration Statement)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">4.4</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">Certificate of Designation for Preferred Shares *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">4.5</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">Specimen Warrant Certificate *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">4.6</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">Form of Warrant Agreement *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">4.7</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">Form of Subscription Rights Agreement *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">4.8</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">Form of Subscription Rights Certificate *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420419024357/tv519692_ex4-9.htm" STYLE="-sec-extract: exhibit">4.9</A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420419024357/tv519692_ex4-9.htm" STYLE="-sec-extract: exhibit">Form
    of Senior Debt Securities Indenture **</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420419024357/tv519692_ex4-10.htm" STYLE="-sec-extract: exhibit">4.10</A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000114420419024357/tv519692_ex4-10.htm" STYLE="-sec-extract: exhibit">Form
    of Subordinated Debt Securities Indenture **</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">4.11</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">Specimen Unit Certificate *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex5-1.htm"> 5.1 </A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex5-1.htm"> Opinion
    of Walkers (Hong Kong) *** </A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex5-2.htm"> 5.2 </A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex5-2.htm"> Opinion
    of Loeb &amp; Loeb LLP *** </A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex5-1.htm"> 23.1 </A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex5-1.htm"> Consent
    of Walkers (Hong Kong) (included in Exhibit 5.1) *** </A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex5-2.htm"> 23.2 </A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex5-2.htm"> Consent
    of Loeb &amp; Loeb LLP (included in Exhibit 5.2) *** </A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="tm2215186d2_ex23-3.htm">23.3</A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2215186d2_ex23-3.htm">Consent of Marcum Bernstein &amp; Pinchuk LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_f3.htm#a_001"> 24.1 </A></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_f3.htm#a_001"> Power
    of Attorney *** </A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 35.9pt">25.1</TD>
    <TD STYLE="text-align: left; padding-right: 35.9pt; padding-left: 5.4pt">Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of the Trustee under the Senior Debt Securities Indenture *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt">25.2</TD>
    <TD STYLE="text-align: left; padding-right: 8.65pt; padding-left: 5.4pt">Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of the Trustee under the Subordinated Debt Securities Indenture *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex-filingfees.htm"> 107 </A></TD>
    <TD STYLE="text-align: left; padding-right: 8.65pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1494558/000110465922059314/tm2215186d1_ex-filingfees.htm"> Filing Fees Table *** </A></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"></TD><TD STYLE="width: 0.5in">*</TD><TD STYLE="text-align: left">To be filed as an exhibit to a post-effective amendment to this registration statement or as an exhibit
to a report filed or furnished pursuant to the Exchange Act of the Registrant and incorporated herein by reference.</TD></TR></TABLE>

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


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">**</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Incorporated by reference to Exhibits 4.9 and 4.10, respectively, to the Registration Statement on Form F-3 (File No. 333-231273), filed with the SEC on May 8, 2019.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">***</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">Previously filed.</FONT> </TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Item 10. Undertakings.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The undersigned
                                            Registrant hereby undertakes:</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To file,
                                            during any period in which offers or sales are being made, a post-effective amendment to
                                            this registration statement:</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to include
                                            any prospectus required by Section 10(a)(3) of the Securities Act;</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to reflect
                                            in the prospectus any facts or events arising after the effective date of the registration
                                            statement (or the most recent post-effective amendment thereof) which, individually or in
                                            the aggregate, represent a fundamental change in the information set forth in the registration
                                            statement; Notwithstanding the foregoing, any increase or decrease in volume of securities
                                            offered (if the total dollar value of securities offered would not exceed that which was
                                            registered) and any deviation from the low or high end of the estimated maximum offering
                                            range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
                                            if, in the aggregate, the changes in volume and price represent no more than a 20% change
                                            in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
                                            Fee&rdquo; table in the effective registration statement;</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to include
                                            any material information with respect to the plan of distribution not previously disclosed
                                            in the registration statement or any material change to such information in the registration
                                            statement; provided, <U>however</U>, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii)
                                            of this section do not apply if the information required to be included in a post-effective
                                            amendment by those paragraphs is contained in reports filed with or furnished to the SEC
                                            by the Registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act
                                            of 1934 that are incorporated by reference in the registration statement, or is contained
                                            in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">That, for
                                            the purpose of determining any liability under the Securities Act, each such post-effective
                                            amendment shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof.</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To remove
                                            from registration by means of a post-effective amendment any of the securities being registered
                                            which remain unsold at the termination of the offering.</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To file
                                            a post-effective amendment to the registration statement to include any financial statements
                                            required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous
                                            offering. Financial statements and information otherwise required by Section 10(a)(3) of
                                            the Act need not be furnished, provided that the Registrant includes in the prospectus, by
                                            means of a post-effective amendment, financial statements required pursuant to this paragraph
                                            (a)(4) and other information necessary to ensure that all other information in the prospectus
                                            is at least as current as the date of those financial statements. Notwithstanding the foregoing,
                                            with respect to registration statements on Form F-3, a post-effective amendment need not
                                            be filed to include financial statements and information required by Section 10(a)(3) of
                                            the Act or Rule 3-19 of this chapter if such financial statements and information are contained
                                            in periodic reports filed with or furnished to the SEC by the Registrant pursuant to section
                                            13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
                                            in the Form F-3.</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">That, for
                                            the purpose of determining liability under the Securities Act to any purchaser:</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Each prospectus
                                            filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
                                            statement as of the date the filed prospectus was deemed part of and included in the registration
                                            statement; and</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Each prospectus
                                            required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
                                            statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i),
                                            (vii), or (x) for the purpose of providing the information required by section 10(a) of the
                                            Securities Act shall be deemed to be part of and included in the registration statement as
                                            of the earlier of the date such form of prospectus is first used after effectiveness or the
                                            date of the first contract of sale of securities in the offering described in the prospectus.
                                            As provided in Rule 430B, for liability purposes of the issuer and any person that is at
                                            that date an underwriter, such date shall be deemed to be a new effective date of the registration
                                            statement relating to the securities in the registration statement to which that prospectus
                                            relates, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof. Provided, however, that no statement made in a registration statement
                                            or prospectus that is part of the registration statement or made in a document incorporated
                                            or deemed incorporated by reference into the registration statement or prospectus that is
                                            part of the registration statement will, as to a purchaser with a time of contract of sale
                                            prior to such effective date, supersede or modify any statement that was made in the registration
                                            statement or prospectus that was part of the registration statement or made in any such document
                                            immediately prior to such effective date; or</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">That, for
                                            the purpose of determining liability of the Registrant under the Securities Act to any purchaser
                                            in the initial distribution of the securities, the undersigned Registrant undertakes that
                                            in a primary offering of securities of the undersigned Registrant pursuant to this registration
                                            statement, regardless of the underwriting method used to sell the securities to the purchaser,
                                            if the securities are offered or sold to such purchaser by means of any of the following
                                            communications, the undersigned Registrant will be a seller to the purchaser and will be
                                            considered to offer or sell such securities to such purchaser:</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Any preliminary
                                            prospectus or prospectus of the undersigned Registrant relating to the offering required
                                            to be filed pursuant to Rule 424;</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Any free
                                            writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant
                                            or used or referred to by the undersigned Registrant;</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The portion
                                            of any other free writing prospectus relating to the offering containing material information
                                            about the undersigned Registrant or its securities provided by or on behalf of the undersigned
                                            Registrant; and</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Any other
                                            communication that is an offer in the offering made by the undersigned Registrant to the
                                            purchaser.</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The undersigned
                                            Registrant hereby undertakes that, for purposes of determining any liability under the Securities
                                            Act, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section
                                            15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
                                            benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act
                                            of 1934) that is incorporated by reference in the registration statement shall be deemed
                                            to be a new registration statement relating to the securities offered therein, and the offering
                                            of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The undersigned
                                            Registrant hereby undertakes to supplement the prospectus, after the expiration of the subscription
                                            period, to set forth the results of the subscription offer, the transactions by the underwriters
                                            during the subscription period, the amount of unsubscribed securities to be purchased by
                                            the underwriters, and the terms of any subsequent reoffering thereof. If any public offering
                                            by the underwriters is to be made on terms differing from those set forth on the cover page
                                            of the prospectus, a post- effective amendment will be filed to set forth the terms of such
                                            offering.</FONT></TD></TR></TABLE>




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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Insofar as indemnification
                                            for liabilities arising under the Securities Act may be permitted to directors, officers
                                            and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise,
                                            the Registrant has been advised that in the opinion of the SEC such indemnification is against
                                            public policy as expressed in the Securities Act and is, therefore, unenforceable. In the
                                            event that a claim for indemnification against such liabilities (other than the payment by
                                            the Registrant of expenses incurred or paid by a director, officer or controlling person
                                            of the Registrant in the successful defense of any action, suit or proceeding) is asserted
                                            by such director, officer or controlling person of the Registrant in connection with the
                                            securities being registered, the Registrant will, unless in the opinion of its counsel the
                                            matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
                                            the question whether such indemnification by it is against public policy as expressed in
                                            the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The undersigned
                                            Registrant hereby undertakes to file an application for the purpose of determining the eligibility
                                            of the trustee to act under subsection (a) of section 310 of the Trust Indenture Act (&ldquo;Act&rdquo;)
                                            in accordance with the rules and regulations prescribed by the SEC under section 305(b)(2)
                                            of the Act.</FONT></TD></TR></TABLE>




<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-indent: 0.5in"> Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
F-3/A and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Beijing, China, on June 14, 2022. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">AMBOW EDUCATION HOLDING LTD</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"> <FONT STYLE="font-size: 10pt">/s/ Dr. Jin Huang</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Dr. Jin Huang</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Chairman and Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-size: 10pt">/s/ Kia Jing Tan</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Kia Jing Tan</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>


<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">&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: 35%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT> </TD>
    <TD STYLE="width: 2%; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 45%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT> </TD>
    <TD STYLE="width: 18%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &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>
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dr. Jin
    Huang</FONT> </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Chief
    Executive Officer and Director</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Jin Huang</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal executive officer)</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Kia Jing Tan</FONT> </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    14, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kia Jing Tan</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal accounting and financial officer)</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD></TR>
  <TR>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"> * </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Yanhui Ma </P></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    14, 2022</FONT> </TD></TR>
  <TR>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD></TR>
  <TR>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"> * </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Yigong Justin Chen </P></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    14, 2022</FONT> </TD></TR>
  <TR>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD></TR>
  <TR>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"> * </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Ping Wu </P></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    14, 2022</FONT> </TD></TR>
  <TR>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dr. Jin
    Huang</FONT> </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><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"> Attorney-in-Fact </P></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> &nbsp; </TD></TR>
  </TABLE>

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

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

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

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




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE OF AUTHORIZED REPRESENTATIVE IN
THE UNITED STATES</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-indent: 0.5in"> Pursuant to the Securities Act of 1933, as
amended, the undersigned, the duly authorized representative in the United States of Ambow Education Holding Ltd., has signed this registration
statement or amendment thereto in New York, New York on June 14, 2022. </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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized U.S. Representative</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">LOEB &amp; LOEB LLP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Mitchell S. Nussbaum</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Mitchell S. Nussbaum</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Partner</FONT></TD></TR>
  </TABLE>




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

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

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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>2
<FILENAME>tm2215186d2_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.3</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: right">
  <TD STYLE="text-align: left; width: 15%"><BR>
<IMG SRC="tm2215186d1_ex23-3img001.jpg" ALT=""></TD>
  <TD STYLE="text-align: left; white-space: nowrap; width: 30%"><P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B><BR>
                                            <BR>
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif">New York Office</FONT><BR>
                                            </B>7 Penn Plaza, Suite 830</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10001</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T 212.279.7900</P>

</TD>
    <TD STYLE="width: 18%"><IMG SRC="tm2215186d1_ex23-3img002.jpg" ALT=""></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>Independent
Registered Public Accounting Firm&#8217;s Consent</U></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the incorporation by reference in this Registration Statement of Ambow</FONT> Education Holding Ltd. on Amendment No. 1 to
Form F-3 (File No. 333-264878) of our report dated May 2, 2022, with respect to our audits of the consolidated financial statements of
Ambow Education Holding Ltd. as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019 appearing in the
Annual Report on Form 20-F of Ambow Education Holding Ltd. for the year ended December 31, 2021. We also consent to the reference to
our firm under the heading &ldquo;Experts&rdquo; in the Prospectus, which is part of this Registration Statement.</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/Marcum Bernstein &amp; Pinchuk LLP</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">Marcum Bernstein &amp; Pinchuk LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 14, 2022</P>

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

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

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

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

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

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

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

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<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm2215156d1_f3img001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
