Exhibit 4.20


 





Equity Interest Pledge Agreement


 


This Equity Interest Pledge Agreement (“Agreement”)
is entered into as of the date of August 4, 2015 by and between the following parties:


 


Party A:


Beijing Century TAL Education
Technology Co., Ltd. (the original corporate name is “TAL Education Technology (Beijing) Co., Ltd”), a wholly foreign
owned enterprise duly established and validly existing under the laws of the People’s Republic of China (“PRC”)
with its legal address at Room 1702-03, Lantianhesheng Building, No.32, Zhongguancun Street, Haidian District, Beijing.


 


Party B:


Bangxin Zhang, ID Card No.
321182198010012913


Yachao Liu, ID Card No. 211103198110152138


Yunfeng Bai, ID Card No. 360521198109240073


 


Party C:


Beijing
Dididaojia Education Technology Co., Ltd., a limited liability company duly established and validly existing under the PRC laws
with its legal address at Room 209, Tower 1, No. 2, the Second Shangdi Street, Haidian District, Beijing.


 


(Each of Party A, Party B and Party C,
a “Party”, and collectively the “Parties”.)


 


WHEREAS,


 


		(1)	Party A, Party B, Party C and the subsidiary companies and schools of Party C (if any, the “Subsidiaries”,
which may be modified after the execution of this Agreement according to any changes of Party C’s investments) have already
executed the agreements listed in Appendix I (the “Main Agreements”);



 


		(2)	Party B collectively owns 100% of the equity interests of Party C, and Party B plans to pledge
the equity interest of Party C it owns to Party A unconditionally and irrevocably, as a security for the performance of the obligations
by Party C and the Subsidiaries under the Main Agreements, and Party A agrees to accept such security (the “Pledge”)



 


NOW THEREFORE, Party A, Party B and Party
C through mutual negotiations hereby enter into this Agreement based upon the following terms:


 


		1.	Pledge



 


Party B agrees
to pledge the equity interests of Party C it owns (the “Pledged Equity Interests”) to Party A unconditionally
and irrevocably, as a security for the performance of the obligations by Party B, Party C and the Subsidiaries under the Main Agreements.


 






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		2.	Scope of Pledge



 


The Pledge
under this Agreement extends to all obligations of Party B, Party C and the Subsidiaries under the Main Agreements (including but
not limited to any amounts, penalties, damages, etc. payable but not paid to Party A), any fees for exercising the creditor’s
rights and the Pledge right, and any other related expenses.


 


		3.	Term of Pledge



 


The Pledge under this Agreement
shall be effective from the date of registration of the Pledge with competent Industrial and Commercial authorities to the date
on which the Main Agreements are completely performed, invalidated or terminated (the later date shall prevail). In the term of
Pledge, if Party B, Party C and the Subsidiaries fail to perform any of their obligations under the Main Agreements, or in case
of occurrence of any of the events provided in Article 6.1, Party A is entitled to dispose the Pledged Equity Interests in accordance
with the provisions of this Agreement.


 


		4.	Registration



 


		4.1	Party B and Party C promise to Party A that, Party B and Party C shall: (i) on the date of the
execution of the Agreement, record the Pledge under this Agreement on the Shareholders’ Book of Party C and hand the recorded
Shareholders’ Book to Party A for its keep; (ii) on the date of the execution of the Agreement, hand the Capital Contribution
Certificate of Party B issued by Party C to Party A for its keep; (iii) within ten (10) business days after the execution of this
Agreement or other practically shortest period, register the Pledged Equity Interests with relevant Industrial and Commercial authority
and obtain evidencing documents of such registration. Without limitation to any provision of this Agreement, during the effective
period of this Agreement the Shareholders’ Book of Party C shall always be in the custody of Party A or any agent designated
by Party A, unless any necessary registration or alteration procedures are required to be fulfilled in the operation of Party C
or the Subsidiaries.



 


		4.2	Party B and Party C further covenant that after the execution of this Agreement, Party B may make
capital increase to Party C with the prior consent of Party A provided that any capital increase by Party B to Party C constitutes
an integrated part of the Pledged Equity Interests of this Agreement. Party B and Party C shall make necessary modification to
the Shareholders’ Book and capital contribution of relevant companies and conduct the pledge registration procedures according
to Article 4.1.



 


		4.3	All fees and expenses related to this Agreement, including but not limited to registration fee,
cost, stamp tax or any other taxes, expenses shall be borne by Party C according to relevant laws and regulations.



 






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		5.	Covenants and Warranties of Party B and Party C



 


Party B and
Party C hereby jointly and severally covenant and warrant to Party A as follows:


 


		5.1	Party B is the lawful owner of the Pledged Equity Interests and there exists no dispute or potential
dispute concerning the ownership of such equity interests. Party B has the right to dispose such equity interests or any part thereof
without any restrictions by any third party.



 


		5.2	Except for the Pledge provided hereunder, Party B has not established any other pledge or other
interests of any third party over the Pledged Equity Interests.



 


		5.3	Party B and Party C fully understand the contents of this Agreement and the execution of the Agreement
by Party B and Party C is based on true and free will. Party B and Party C have taken all necessary measures and obtained all necessary
internal authorization to execute and perform this Agreement, and signed all necessary documents to make sure the Pledge under
the Agreement is lawful and valid.



 


		5.4	During the effective period of this Agreement, Party B shall not transfer or assign the Pledged
Equity Interests, authorize any rights relating to the Pledged Equity Interests to any third party, or create or permit to be created
any security or other interests which may have an adverse effect on the rights or benefits of the Party A without prior written
consent of Party A.



 


		5.5	During the effective period of this Agreement, Party B and Party C shall abide by and implement
all relevant PRC laws and regulations concerning the pledge of rights, and in the event Party B and Party C receive any notice,
order or suggestion from competent authorities concerning the Pledged Equity Interests, Party B and Party C shall timely notify
and show Party A of such notice or order within five (5) business days upon receipt thereof.



 


		5.6	Party B and Party C shall not conduct or permit to be conducted anything that shall damage the
value of the Pledged Equity Interests or the Pledge right of Party A. Party B and Party C shall notice Party A of any events that
may influence the value of the Pledged Equity Interests or the Pledge right of Party A within five (5) business days after its
knowledge of such events. Party A shall not take any responsibility for the reduction of the value of the Pledged Equity Interests
on any condition, and Party B and Party C shall not request Party A for any recovery or demand.



 






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		5.7	The Pledge under this Agreement shall remain fully effective during the effective period of the
Agreement, and shall not be influenced by liquidation, lost of capacity, change of organization or status, any capital offset among
the Parties or any other events.



 


		5.8	For the purpose of performance of this Agreement, Party A is entitled to dispose the Pledged Equity
Interests in accordance with the provision of this Agreement. Party A’s exercise of such right shall not be interrupted or
jeopardized by Party B and Party C, their successors or agents, or any other persons by way of legal proceedings.



 


		5.9	In order to ensure and consummate the security provided by this Agreement over the obligations
of Party B, Party C and the Subsidiaries under the Main Agreements, Party B and Party C shall faithfully sign and cause any third
party who is beneficially related to the Pledged Equity Interests to sign all certificates and agreements in connection with the
performance of the Agreement, and/or cause such third party to take any measures required by Party A and provide convenience to
Party A concerning the exercise of the Pledge right hereunder.



 


		5.10	In order to ensure the interests of Party A, Party B and Party C shall abide by and perform all
warranties, covenants, agreements, representations and conditions. In the event Party B and/or Party C failed to do so and resulted
in damages to Party A, Party B and/or Party C shall indemnify Party A for all of such damages and losses.



 


		6.	Events of Default and Exercise of the Pledge Right



 


		6.1	In case of any of the following events (“Events of Default”), Party A may require
Party B or Party C to perform all the obligations under this Agreement and the Pledge under the Agreement may be performed immediately:



		a)	Any warranties or representations made by Party B, Party C or the Subsidiaries in the Agreement
or the Main Agreements are inconsistent, incorrect, untrue or become untrue or incorrect; Party B, Party C or the Subsidiaries
fail to comply with all the obligations, covenants or warranties made by them under the Agreement or the Main Agreements; or



		b)	Any obligation of Party B, Party C or the Subsidiaries under the Agreement or the Main Agreements
is deemed to be illegal or invalid; or



		c)	Material breaches by Party B or Party C of its obligations hereunder.



 


		6.2	In case of any of the aforesaid Events of Default, Party A may exercise its Pledge right by purchasing,
designating any other party to purchase, auctioning, or selling the Pledged Equity Interests. Party A may exercise such Pledge
right without exercising any other security rights, or take any other measures or proceedings against Party B and/or Party C or
any other parties.



 






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		6.3	Upon request by Party A, Party B and Party C shall take all the lawful and appropriate measures
to ensure the exercise of the Pledge right by Party A. For such purpose, Party B and Party C shall sign all appropriate documents
and materials, and take all proper measures requested by Party A.



 


		7.	Transfer or Assignment



 


		7.1	Party B and Party C have no right to transfer or assign the rights and obligations under this Agreement
without the prior written consent from Party A, except for the Option Agreement entered into by Party A and Party B.



 


		7.2	The Agreement shall be binding upon the Party B and its successors and be effective upon Party
A and its successors and assignees.



 


		7.3	Party A may transfer or assign all and any of its rights and obligations under the Main Agreements
to any person (natural or legal person) it designates. In this case, the assignee shall enjoy and undertake the same rights and
obligations herein of Party A as if the assignee is a party hereto. Upon Party A’s transfer or assignment of the rights and
obligations under the Main Agreements and at Party A’s request, Party B and/or Party C shall execute relevant agreements
and/or documents with respect to such transfer or assignment.



 


		7.4	Subsequent to an assignment or transfer by Party A, the new parties to the Pledge shall re-execute
a pledge contract. Party B and Party C shall provide assistance to the assignee with respect to the registration procedures of
the Pledge.



 


		8.	Confidentiality



 


This Agreement and all clauses
hereof belong to confidential information and shall not be disclosed to any third party except for relevant high-ranking officers,
directors, employees, agents or professional consultants. This clause shall not apply in the event parties hereto are required
by relevant laws or regulations to disclose information relating to this Agreement to any governmental authorities, the public
or the shareholders, or file this Agreement with relevant authorities for record.


 


This clause shall survive any
modification, dissolution or termination of this Agreement.


 


		9.	Liabilities for Breach of Agreement



 


In the event any Party failed
to perform any of its obligations under this Agreement, or made any untrue or inaccurate representations or warranties, such Party
shall be liable for all the losses of other Parties for breach of the Agreement.


 






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		10.	Force Majeure 



 


Force Majeure means any event
that cannot be anticipated at the time of the execution of the Agreement, and the occurrence of which cannot be avoided, controlled
or conquered by any party of the Agreement, including but not limited to earthquake, typhoon, flood, fire, boycott, war or rebellion,
etc..


 


The Party suffering such Force
Majeure shall (i) notify the other parties by telegram, facsimile or other electronic means immediately after the occurrence of
such Force Majeure and shall provide written documents evidencing the occurrence of such Force Majeure within fifteen (15) business
days; (ii) in every instance, to the extent reasonable and lawful under the circumstances, use its best efforts to mitigate or
remove the effect of such Force Majeure with all reasonable dispatch, and continue its performance of the Agreement after such
effect is mitigated or removed. The Parties of the Agreement shall determine through negotiation whether to terminate, partly terminate
or suspend the implementation of this Agreement according to the extent the Agreement is effected by such Force Majeure.


 


 


		11.	Miscellaneous 



 


		11.1	This Agreement and any related matters shall be governed by and construed in accordance with the
PRC laws. All disputes arising out of or in connection with this Agreement shall be conciliated friendly by and between the Parties.
When the disputes could not be solved by conciliation, such disputes shall be finally settled under the Rules of Arbitration of
the China International Economic and Trade Arbitration Commission by arbitrators appointed in accordance with rules currently effective
of such arbitration commission. The arbitration ruling shall be final. The place of arbitration shall be in Beijing. The Parties
hereto shall continue to perform its obligations and exercise its rights hereunder except for those in dispute.



 


		11.2	This Agreement becomes effective on the date of execution by all Parties and terminates when all
the obligations under the Main Agreements are completely fulfilled or terminated for whatever reason.



 


		11.3	The Agreement is executed in four (4) counterparts, and each of Party A, Party B and Party C holds
one counterpart, the rest one shall be submitted to relevant Industrial and Commercial authorities for filing and registration.



 


		11.4	Any modification or supplement of this Agreement shall be made in a written form and shall only
become effective upon the signature by all Parties of the Agreement.



 






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[THE SIGNATURE PAGE]


 


Party A: Beijing Century TAL Education
Technology Co., Ltd. (Seal) /Seal/


Authorized Representative:


 


 


Party B:


Bangxin Zhang:


Signature: /s/ Bangxin Zhang


 


Yachao Liu:


Signature: /s/ Yachao Liu


 


Yunfeng Bai:


Signature: /s/ Yunfeng Bai


 


 


Party C:


Beijing Dididaojia Education Technology
Co., Ltd. (Seal) /Seal/


Authorized Representative:


 






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AppendixI List of Main Agreements


 


Exclusive Business Cooperation Agreement


Option Agreement


 






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