# EDGAR Filing Document

**Accession Number:** 0001696355
**File Stem:** 0001213900-25-099077
**Filing Date:** 2025-10
**Character Count:** 230711
**Document Hash:** 27967a118089e19e519dcbe640c1ac8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-099077.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001213900-25-099077

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**SUBJECT COMPANY**: 

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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90008
- **FILM NUMBER:** 251394282

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO.1, COUNTRY GARDEN ROAD
- **STREET 2:** BEIJIAO TOWN, SHUNDE DISTRICT
- **CITY:** FOSHAN, GUANGDONG
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 86 757 6683 2507

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO.1, COUNTRY GARDEN ROAD
- **STREET 2:** BEIJIAO TOWN, SHUNDE DISTRICT
- **CITY:** FOSHAN, GUANGDONG
- **PROVINCE COUNTRY:** F4
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Excellence Education Investment Ltd
- **CENTRAL INDEX KEY:** 0002031450

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** COMMERCE HOUSE, WICKHAMS CAY 1
- **STREET 2:** P.O. BOX 3140
- **CITY:** ROAD TOWN, TORTOLA
- **PROVINCE COUNTRY:** D8
- **BUSINESS PHONE:** 86-10-6529-8333

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** COMMERCE HOUSE, WICKHAMS CAY 1
- **STREET 2:** P.O. BOX 3140
- **CITY:** ROAD TOWN, TORTOLA
- **PROVINCE COUNTRY:** D8

## Ex-99

**Exhibit 99**

**SCHEDULE A**

**<u>Excellence Education Investment Limited</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Director** | **Business Address** | **Present Principal Employment** | **Citizenship** |
| Meirong Yang | No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China | Director of Excellence Education Investment Limited | PRC |
| Junchun Yang | No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China | Director of Excellence Education Investment Limited and director of Ultimate Wise Group Limited | Macau |

---

**<u>Ultimate Wise Group Limited</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Director** | **Business Address** | **Present Principal Employment** | **Citizenship** |
| Huiyan Yang | No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China | Chairman and executive director of Country Garden Holdings Company Limited; chairman and non-executive director of Country Garden Services Holdings Company Limited | Hong Kong |
| Junchun Yang | No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China | Director of Excellence Education Investment Limited and director of Ultimate Wise Group Limited | Macau |

---

**<u>Noble Pride Global Limited</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Director** | **Business Address** | **Present Principal Employment** | **Citizenship** |
| S.B. Vanwall Ltd. | Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands | Director of Noble Pride Global Limited | British Virgin Islands |

---

**<u>Yeung Family Trust V</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Joint Settlor** | **Business Address** | **Present Principal Employment** | **Citizenship** |
| Huiyan Yang | No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China | Chairman and executive director of Country Garden Holdings Company Limited; chairman and non-executive director of Country Garden Services Holdings Company Limited | Hong Kong |
| Meirong Yang | No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China | Director of Excellence Education Investment Limited | PRC |

---

---

| | | | |
|:---|:---|:---|:---|
| **Member of Investment Committee** | **Business Address** | **Present Principal Employment** | **Citizenship** |
| Meirong Yang | No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China | Director of Excellence Education Investment Limited | PRC |
| Hongru Zhou | Suites 6-7, The Turvill Building Old Swiss, 149 Cherry Hinton Road, Cambridge, England, Cb1 7bx, United Kingdom | Chairperson of the Board of Director of Bright Scholar Education Holdings Limited | Hong Kong |
| Ruolei Niu | Suites 6-7, The Turvill Building Old Swiss, 149 Cherry Hinton Road, Cambridge, England, Cb1 7bx, United Kingdom | Chief Executive Officer of Bright Scholar Education Holdings Limited | Hong Kong |

---

**<u>TMF Trust (HK) Limited</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Directors** | **Business Address** | **Present Principal Employment** | **Citizenship** |
| CHAN Ki | c/o TMF Trust (HK) Limited, 31/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong | Director of TMF Trust (HK) Limited | Hong Kong |
| CHOA Kin Wai | c/o TMF Trust (HK) Limited, 31/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong | Director of TMF Trust (HK) Limited | Hong Kong |
| CHOW Tsz Kwan | c/o TMF Trust (HK) Limited, 31/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong | Director of TMF Trust (HK) Limited | Hong Kong |
| Natalija KUZOVIC | c/o TMF Trust (HK) Limited, 31/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong | Director of TMF Trust (HK) Limited | Nederlandse |

---

**<u>Wisdom Avenue Global Limited</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Directors** | **Business Address** | **Present Principal Employment** | **Citizenship** |
| Hongru ZHOU | Suites 6-7, The Turvill Building Old Swiss, 149 Cherry Hinton Road, Cambridge, England, Cb1 7bx, United Kingdom | Chairperson of the Board of Director of Bright Scholar Education Holdings Limited; Director of Wisdom Avenue Global Limited and Bright Education Mergersub Limited | Hong Kong |
| Qing YAO | 3303B2, 33/F, The Centrium, 60 Wyndham Street, Central, Hong Kong | Director of Wisdom Avenue Global Limited and Waterflower Investment Ltd. | Hong Kong |
| Ham YEUNG | 3303B2, 33/F, The Centrium, 60 Wyndham Street, Central, Hong Kong | Director of Wisdom Avenue Global Limited and Waterflower Investment Ltd. | Hong Kong |

---

**<u>Waterflower Investment Ltd.</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Directors** | **Business Address** | **Present Principal Employment** | **Citizenship** |
| Ruolei Niu | Suites 6-7, The Turvill Building Old Swiss, 149 Cherry Hinton Road, Cambridge, England, Cb1 7bx, United Kingdom | Chief Executive Officer of Bright Scholar Education Holdings Limited; Director of Waterflower Investment Ltd. and Bright Education Mergersub Limited | Hong Kong |
| Qing YAO | 3303B2, 33/F, The Centrium, 60 Wyndham Street, Central, Hong Kong | Director of Waterflower Investment Ltd. and Wisdom Avenue Global Limited | Hong Kong |
| Ham YEUNG | 3303B2, 33/F, The Centrium, 60 Wyndham Street, Central, Hong Kong | Director of Waterflower Investment Ltd. and Wisdom Avenue Global Limited | Hong Kong |

---

## Exhibit 99.1

**Exhibit 99.1**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13D referred to below) on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Class A ordinary shares (including the Class A ordinary shares represented by ADSs), par value of $0.00001 per share, and Class B ordinary shares, par value of $0.00001 per share, of Bright Scholar Education Holdings Limited, a Cayman Islands company, and that this Agreement may be included as an Exhibit to such joint filing. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of October 15, 2025.

[Signature page to follow]

**SIGNATURE**

---

| | |
|:---|:---|
| **EXCELLENCE EDUCATION INVESTMENT LIMITED** | **EXCELLENCE EDUCATION INVESTMENT LIMITED** |
| By: | /s/ Meirong Yang |
| Name: | Meirong Yang |
| Title: | Director |
| **ULTIMATE WISE GROUP LIMITED** | **ULTIMATE WISE GROUP LIMITED** |
| By: | /s/ Huiyan Yang |
| Name: | Huiyan Yang |
| Title: | Director |
| **NOBLE PRIDE GLOBAL LIMITED** | **NOBLE PRIDE GLOBAL LIMITED** |
| By: | /s/ YEU Chi Fai |
| Name: | YEU Chi Fai |
| Title: | Authorized Signatory of S.B. Vanwall Ltd., the Sole Director of Noble Pride Global Limited |
| **YEUNG FAMILY TRUST V** | **YEUNG FAMILY TRUST V** |
| By: | /s/ YEU Chi Fai, HUI Wai Ling |
| Name: | YEU Chi Fai, HUI Wai Ling |
| Title: | Authorized Signatories of TMF Trust (HK) Limited, the trustee of Yeung Family Trust V |
| **TMF TRUST (HK) LIMITED** | **TMF TRUST (HK) LIMITED** |
| By: | /s/ YEU Chi Fai, HUI Wai Ling |
| Name: | YEU Chi Fai, HUI Wai Ling |
| Title: | Authorized Signatories |
| **HONGRU ZHOU** | **HONGRU ZHOU** |
| By: | /s/ Hongru Zhou |
| **RUOLEI NIU** | **RUOLEI NIU** |
| By: | /s/ Ruolei Niu |
| **WISDOM AVENUE GLOBAL LIMITED** | **WISDOM AVENUE GLOBAL LIMITED** |
| By: | /s/ Qing YAO |
| Name: | Qing YAO |
| Title: | Director |
| **WATERFLOWER INVESTMENT LTD.** | **WATERFLOWER INVESTMENT LTD.** |
| By: | /s/ Qing YAO |
| Name: | Qing YAO |
| Title: | Director |

---

## Exhibit 99.4

**Exhibit 99.4**

Confidential

Execution Version

**SUBSCRIPTION AGREEMENT**

This SUBSCRIPTION AGREEMENT (this "<u>Agreement</u>") is entered into as of October 13, 2025, by and among Wisdom Avenue Global Limited, a limited liability company incorporated under the laws of the British Virgin Islands (the "Wisdom Avenue"), Waterflower Investment Ltd., a limited liability company incorporated under the laws of the British Virgin Islands (the "Waterflower Investment", and together with Wisdom Avenue, the "<u>Subscribers</u>") and Excellence Education Investment Limited, a limited liability company organized and existing under the laws of the British Virgin Islands ("<u>Parent</u>"), each a "<u>Party</u>" and together the "<u>Parties</u>". Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Merger Agreement (as defined below).

WHEREAS, concurrently with the execution of this Agreement, Parent, Bright Education Mergersub Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and wholly owned subsidiary of Parent ("<u>Merger Sub</u>"), and Bright Scholar Education Holdings Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "<u>Company</u>"), are entering into an Agreement and Plan of Merger, dated as of the date hereof (as may be amended, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>"), which provides, among other things, for the merger of Merger Sub with and into the Company, with the Company continuing as the surviving company and a wholly owned subsidiary of Parent (the "<u>Merger</u>"), upon the terms and subject to the conditions set forth in the Merger Agreement; and

WHEREAS, in connection with the Merger, Subscribers desire to subscribe for 29.1092 newly issued ordinary shares of Parent, par value of US$0.0001 per share, on the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the foregoing and the representations, warranties and agreements set forth herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound by this Agreement, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Subject to the terms and conditions of this Agreement, at the Subscription Closing (as defined below), (i) Parent shall issue to each Subscriber the number of ordinary shares, par value US$0.0001 per share, of Parent as set forth opposite such Subscriber's name in Schedule A hereto (collectively, the "<u>Subscription Shares</u>"), and (ii) in exchange for Parent issuing the Subscription Shares to the Subscribers at the Subscription Closing, each Subscriber shall, severally and not jointly, deliver, at the direction of Parent, the corresponding purchase price set forth in Schedule A (the aggregate amount being the "<u>Purchase Price</u>") to the account designated by Parent in writing at least five (5) Business Days prior to the Subscription Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The closing of the issuance and subscription of the Subscription Shares (the "<u>Subscription Closin</u>g") shall take place prior to the Closing and shall be subject to the satisfaction of the conditions set forth in Section ‎1.4 below. As soon as practicable after the Subscription Closing, Parent shall deliver to the Subscribers certified true copies of Parent's register of members, showing the Subscribers as the registered holders of Subscription Shares, and share certificates representing the Subscription Shares in the name of each of the Subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The Purchase Price shall be used by Parent solely for the purpose of funding (a) the aggregate Merger Consideration and Option Consideration pursuant to Section 3.2 and Section 3.3 of the Merger Agreement, (b) any other amounts required to be paid by Parent and Merger Sub in connection with the consummation of the Merger and the other Transactions upon the terms and conditions contemplated by the Merger Agreement, and (c) all related fees and expenses associated therewith. Parent hereby acknowledges, agrees and confirms that the Purchaser Price hereunder shall be sufficient to pay in full the amounts set forth in sub-clauses (a), (b) and (c) above pursuant to, and in accordance with, the Merger Agreement and the transactions contemplated thereby. Parent agrees that the delivery of the Purchase Price to the account designated by Parent in writing will constitute full and complete satisfaction of the Subscribers' payment obligations under Section ‎1.1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The obligation of the Subscribers to pay the Purchaser Price and subscribe for the Subscription Shares at the Subscription Closing shall be subject only to the satisfaction or waiver of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the conditions to Parent's and Merger Sub's obligations to effect the Merger set forth in Section 8.1 and Section 8.2 of the Merger Agreement as in effect from time to time shall have been satisfied or duly waived (other than those conditions that by their nature are to be satisfied at the Closing); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the substantially simultaneous funding by each Subscriber of its portion of the Purchase Price as set forth in Schedule A hereto; *provided*, however, that for the avoidance of doubt, the failure by a Subscriber to fund its portion of the Purchase Price shall not limit or impair the ability of Parent or the Company to enforce the obligations of the other Subscriber under this Agreement if Parent or the Company is seeking to enforce the obligations of the defaulting Subscriber(s).

Notwithstanding the foregoing, if the Company is awarded specific performance with respect to the obligations of Parent and Merger Sub to effect the Closing pursuant to the Merger Agreement, the condition set forth in Section ‎1.4 shall be deemed satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Each Subscriber hereby, severally and not jointly, represents and warrants to Parent that the statements contained in this Section ‎2.1 are true and correct as of the date hereof and will be true and correct as of the date of the Subscription Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization, Standing and Authority</u>. Each Subscriber is duly organized, validly existing and in good standing under the laws of the British Virgin Islands and has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly and validly executed and delivered by the Subscribers and, assuming due authorization, execution and delivery by Parent, constitutes a legal, valid and binding obligation of each Subscriber, enforceable against each Subscriber in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors' rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consents and Approvals; No Violations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no filing with, and no permit, authorization, consent or approval of, any Governmental Entity or any other
Person is necessary on the part of any Subscriber for the execution, delivery and performance of this Agreement by any Subscriber or the
consummation by any Subscriber of the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the execution, delivery or performance of this Agreement by any Subscriber nor the consummation
by any Subscriber of the transactions contemplated hereby nor compliance by any Subscriber with any of the provisions hereof shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) conflict with or violate any provision of the organizational and constitutional documents of any Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) result in any breach or violation of, or constitute a default (or an event which, with notice or lapse
of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of,
or result in the creation of any Encumbrances on such property or asset of any Subscriber pursuant to, any Contract to which such Subscriber
is a party or by which such Subscriber or any property or asset of such Subscriber is bound or affected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) violate any Law applicable to any Subscriber or any of its properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is no Action pending against each Subscriber, or, to the actual knowledge of such Subscriber, threatened against it or any other Person that restricts or prohibits (or, if successful, would restrict or prohibit) the performance by it of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as of the Subscription Closing, each Subscriber is solvent and has the financial capacity and sufficient funds to pay and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Parent hereby represents and warrants to the Subscribers that the statements contained in this Section ‎2.2 are true and correct as of the date hereof and will be true and correct as of the date of the Subscription Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization, Standing and Authority</u>. Parent is duly organized, validly existing and in good standing under the laws of the British Virgin Islands and has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly and validly executed and delivered by Parent and, assuming due authorization, execution and delivery by the Subscribers, constitutes a legal, valid and binding obligation of Parent, enforceable against Parent in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors' rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at Law). Parent has made available to the Subscribers complete and correct copies of its organizational and constitutional documents and is not in violation of any of the provisions of its organizational and constitutional documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consents and Approvals; No Violations</u>. Except for the applicable requirements of the laws of the British Virgin Islands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no filing with, and no permit, authorization, consent or approval of, any Governmental Entity is necessary
on the part of Parent for the execution, delivery and performance of this Agreement by Parent or the consummation by Parent of the transactions
contemplated hereby, except for (1) compliance with any applicable requirements of the Securities Act and the Exchange Act, (2) the filing
of the Plan of Merger with the Registrar of Companies of the Cayman Islands and the publication of notification of the Merger in the Cayman
Islands Government Gazette pursuant to the Companies Act, (3) such filings with the SEC as may be required to be made by Parent and Merger
Sub in connection with the Merger Agreement and the Transactions, (4) such filings as may be required under the rules and regulations
of the NYSE in connection with the Merger Agreement or the Transactions, or (5) such filings as may be required in connection with state
and local transfer Taxes, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the execution, delivery or performance of this Agreement by Parent nor the consummation by Parent
of the transactions contemplated hereby nor compliance by Parent with any of the provisions hereof shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) conflict with or violate any provision of the organizational and constitutional documents of Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) result in any breach or violation of, or constitute a default (or an event which, with notice or lapse
of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of,
or result in the creation of any Encumbrances on such property or asset of Parent pursuant to, any Contract to which Parent is a party
or by which Parent or any property or asset of Parent is bound or affected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) violate any Law applicable to Parent or any of Parent's properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Issuance of Parent Shares</u>. Upon the Subscription Closing, the Subscription Shares shall be duly authorized and validly issued to the Subscribers, fully paid and non-assessable, and free and clear of all Encumbrances, preemptive rights, rights of first refusal, subscription and similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Capitalization of Parent</u>. The authorized share capital of Parent is US$5 divided into 50,000 ordinary shares of a par value of US$0.0001 each, and assuming the full performance of the Rollover Agreement and the completion of the transactions contemplated by this Agreement, 134.7883 ordinary shares are validly issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Ownership and Operation of Parent and Merger Sub</u>. Merger Sub has been formed solely for the purpose of engaging in the Transactions contemplated in the Merger Agreement and prior to the Subscription Closing will have engaged in no other business activities and will have incurred no liabilities or obligations and will not be a party to any Contract, in each case other than as contemplated under the Merger Agreement. All of the issued and outstanding capital stock of Merger Sub at the Subscription Closing and the Effective Time will be owned directly by Parent. Parent was initially formed for the purpose of holding Shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Other Ownership</u>. Neither Parent nor Merger Sub owns, on record or beneficially, any equity or similar interest in, or any interest convertible or exchangeable for any equity or similar interest in, any Person, except that Parent owns 100% of the equity interests of Merger Sub free and clear of all Encumbrances, and if the transactions contemplated by the Merger Agreement are consummated on the terms set forth therein, Parent will own 100% of the equity interests of the Surviving Company pursuant to the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination; Unwinding Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Termination</u>. This Agreement and the obligations of the Parties hereunder will terminate automatically and immediately upon the earlier to occur of (a) the consummation of the Subscription Closing or (b) the valid termination of the Merger Agreement in accordance with Section 9.1 thereof; *provided* that, if any claim or proceeding has been commenced by the Company to seek specific performance of the obligations of Parent and Merger Sub to effect the Closing pursuant to the Merger Agreement, this Agreement and the obligations of the Parties hereunder shall survive until the earlier of (i) full discharge by Parent and Merger Sub of all their obligations under the Merger Agreement, if a final, non-appealable judgment from a court of competent jurisdiction in respect of such claim or proceeding determines that Parent and Merger Sub are required to fulfill such obligations, or (ii) the withdrawal or final dismissal by a court of competent jurisdiction of such claim or proceeding. In the event of termination of this Agreement as provided in this Section ‎3.1, this Agreement shall forthwith become void and have no effect, without any liability on the part of any party hereto; *provided* that this Section ‎3.1 and Section ‎4 shall survive the termination of this Agreement. Nothing in this Section ‎3.1 shall relieve or otherwise limit any Party's liability for any breach of this Agreement prior to the termination of this Agreement. If for any reason the Merger fails to occur but the Subscription Closing has already taken place, then Parent and Merger Sub shall, upon the termination of the Merger Agreement, promptly take all such actions as are necessary to restore the Subscriber to the position it was in with respect to ownership of the Subscription Shares immediately prior to the Subscription Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Unwinding Actions</u>. If for any reason this Agreement is terminated in accordance with Section ‎3.1(b), Parent shall, and shall cause Merger Sub and, if applicable, the Paying Agent, to, promptly return the Purchase Price to the Subscribers at its account, and take all such actions as are necessary, including repurchase and/or cancellation of the Subscription Shares issued to the Subscribers under this Agreement, so as to restore each Subscriber to the position it was in with respect to the ownership and possession of the Subscription Shares and Purchase Price immediately prior to the Subscription Closing (such actions, the "<u>Unwinding Actions</u>"); and without limiting the generality of the foregoing, the Parties hereto agree to take, and cause their Subsidiaries to take, all necessary actions, including any amendments to this Agreement, to implement the Unwinding Actions and reflect the purpose of the Unwinding Actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Amendments and Modifications.</u> This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing signed on behalf of each Party hereto and the Company (acting at the direction of the Special Committee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Waiver</u>. No failure or delay of any Party hereto in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Parties hereto hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of a Party hereto to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Entire Agreement</u>. This Agreement, the Merger Agreement, the Limited Guarantees, the Rollover Agreement and the Ultimate Wise SPA constitute the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings among the Parties with respect to the subject matter hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Governing Law; Submission to Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, without giving effect to any choice of Law or conflict of Law rules or provisions that would cause the application of the Laws of any jurisdiction other than the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any disputes, actions and proceedings against any party or arising out of or in any way relating to this Agreement and schedule hereto or the subject matter hereunder (including a dispute regarding the existence, validity, formation, effect, interpretation, performance or termination of this Agreement) shall be submitted to the Hong Kong International Arbitration Centre ("<u>HKIAC</u>") and resolved in accordance with the Arbitration Rules of HKIAC in force at the relevant time. The place of arbitration shall be Hong Kong. The official language of the arbitration (including but not limited to any arbitral award rendered) shall be English and the arbitration tribunal shall consist of one arbitrator (the "<u>Arbitrator</u>"). The claimant(s) and the respondent(s), irrespective of number, shall jointly nominate the Arbitrator. In the event the claimant(s) or respondent(s) shall fail to nominate or agree on the joint nomination of the Arbitrator within the time limits specified by the Arbitration Rules of HKIAC, such Arbitrator shall be appointed promptly by the HKIAC. The arbitration tribunal shall have no authority to award punitive or other punitive-type damages. The award of the arbitration tribunal shall be final and binding upon the disputing parties. Any party to an award may apply to any court of competent jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the parties irrevocably and unconditionally submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Assignment; Successors</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of Law or otherwise, by any Party hereto without the prior written consent of the other Parties and the Company (acting at the direction of the Special Committee), and any such assignment without such prior written consent shall be null and void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Severability</u>. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Headings</u>. The section headings in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Specific Performance</u>. Each Party acknowledges and agrees that monetary damages would not be an adequate remedy in the event that any covenant or agreement of such Party in this Agreement is not performed in accordance with its terms, and therefore agrees that, in addition to and without limiting any other remedy or right available to any Party or the Company, as applicable, each Party and the Company (to the limited extent set forth in Section ‎4.10 hereof, and at the direction of the Special Committee) will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. Each Party agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy. All rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any Party or the Company (to the limited extent set forth in Section ‎4.10 hereof), as applicable, shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such Party or the Company (to the limited extent set forth in Section ‎4.10 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Third Party Beneficiary</u>. Nothing in this Agreement, express or implied, is intended to, nor does it, confer upon any person (other than Parent and the Subscribers) any rights or remedies under, or by reason of, or any rights (i) to enforce any provisions of this Agreement or (ii) to confer upon any person any rights or remedies against any person other than the Parties hereof under or by reason of this Agreement, *provided*, however, that subject to the terms, conditions and limitations set forth in Section 10.10 of the Merger Agreement, if the Company has obtained an order of specific performance pursuant to Section 10.10 of the Merger Agreement, the Company is an express third party beneficiary of the rights granted to Parent under this Agreement to the extent of the rights set forth in ‎Section ‎1 and ‎Section ‎4 and shall be entitled to specific performance (or another non-monetary equitable remedy) to cause each Subscriber to fund its respective Purchase Price pursuant to and in accordance with ‎Section ‎1.1 to enable Parent and Merger Sub to effect the Closing under the Merger Agreement. For the avoidance of doubt, under no circumstances shall any creditor of Parent or any other person that is not a Party to this Agreement (other than the Company to the limited extent set forth above) be deemed a third-party beneficiary of this Agreement or have any right to enforce any obligation or liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this Agreement or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this Agreement, Parent covenants, agrees and acknowledges that no Person other than the Subscribers, their successors or permitted assigns shall have any obligation hereunder. For the avoidance of doubt, this Section ‎4.11 shall not in any manner limit, restrict or affect any Person's obligations or liabilities under the Merger Agreement, the Ultimate Wise SPA, the Rollover Agreement, or the Limited Guarantees, in each case to which such Person is a party.

 

*[The remainder of this page has been intentionally left blank.]*

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| <u>PARENT</u>: | <u>PARENT</u>: |
| EXCELLENCE EDUCATION INVESTMENT LIMITED | EXCELLENCE EDUCATION INVESTMENT LIMITED |
| By: | /s/ Meirong Yang |
| Name: | Meirong Yang |
| Title: | Director |

---

SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| <u>SUBSCRIBER</u>: | <u>SUBSCRIBER</u>: |
| WISDOM AVENUE GLOBAL LIMITED | WISDOM AVENUE GLOBAL LIMITED |
| By: | /s/ Qing Yao |
| Name: | Qing Yao |
| Title: | Director |

---

SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| <u>SUBSCRIBER</u>: | <u>SUBSCRIBER</u>: |
| WATERFLOWER INVESTMENT LTD. | WATERFLOWER INVESTMENT LTD. |
| By: | /s/ Qing Yao |
| Name: Qing Yao | Name: Qing Yao |
| Title: Director | Title: Director |

---

SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

**Schedule A Subscription Details**

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Subscribers** | **Number of Ordinary Shares Subscribed** | **Purchase<br> Price (US$)** |
| 1 | Wisdom Avenue Global Limited | 22.3698 | 11324478.95 |
| 2 | Waterflower Investment Ltd. | 6.7394 | 3411756.75 |
| **Total** |  | 29.1092 | 14736235.70 |

---

SCHEDULE A TO SUBSCRIPTION AGREEMENT

## Exhibit 99.5

**Exhibit 99.5**

Confidential

Execution Version

**<u>___________________________________________________</u>**

**ROLLOVER AGREEMENT**

by and among

**EXCELLENCE EDUCATION INVESTMENT LIMITED**

**Bright Education Mergersub Limited**

and

**SURE BRILLIANT GLOBAL LIMITED**

**DATED AS OF OCTOBER 13, 2025**

**<u>_____________________________________________________________________</u>**

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| **ARTICLE I** | **DEFINITIONS AND INTERPRETATIONS** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 2 |
| **ARTICLE II** | **RESTRICTIONS ON TRANSFER; STANDSTILL** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standstill | 4 |
| **ARTICLE III** | **CONTRIBUTION** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irrevocable Election | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution of Rollover Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription of Parent Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollover Closing | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit of Rollover Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Register of Members | 6 |
| **Article IV** | **Representations and Warranties\l** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of Rollover Shareholder | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of Parent and Merger Sub | 8 |
| **ARTICLE V** | **Other Covenants and Agreements** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covenants by Rollover Shareholder | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covenant by Parent | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further Assurance | 11 |
| **ARTICLE VI** | **TERMINATION** | **11** |
| **ARTICLE VII** | **Miscellaneous** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific Performance | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments; Waivers | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispute Resolution; Jurisdiction; Enforcement | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Third-Party Beneficiaries | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment; Binding Effect | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Presumption Against Drafting Party | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capacity | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts | 14 |
| **Schedule A** | **RollOVer Shares** |  |

---

i

**ROLLOVER AGREEMENT**

This ROLLOVER AGREEMENT (this "<u>Agreement</u>") is entered into as of October 13, 2025 by and among (i) Excellence Education Investment Limited, a limited liability company organized and existing under the laws of the British Virgin Islands ("<u>Parent</u>"), (ii) Bright Education Mergersub Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands ("<u>Merger Sub</u>"); and (iii) Sure Brilliant Global Limited, a limited liability company organized and existing under the laws of the British Virgin Islands (the "<u>Rollover Shareholder</u>"), which is a shareholder of Bright Scholar Education Holdings Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "<u>Company</u>").

**RECITALS**

WHEREAS, Parent, Merger Sub, and the Company have, concurrently with the execution of this Agreement, entered into an Agreement and Plan of Merger, dated as of the date hereof (as may be amended, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>"), which provides, among other things, for the merger of Merger Sub with and into the Company, with the Company continuing as the surviving company and a wholly owned subsidiary of Parent (the "<u>Merger</u>"), upon the terms and subject to the conditions set forth in the Merger Agreement;

WHEREAS, as of the date hereof, the Rollover Shareholder is the legal and beneficial owner (as defined under Rule 13d-3 of the Exchange Act) of the number of Class A Ordinary Shares in the column titled "Rollover Shares" as set forth opposite the Rollover Shareholder's name on <u>Schedule A</u> hereto (the "<u>Rollover Shares</u>");

WHEREAS, in connection with the consummation of the transactions contemplated by the Merger Agreement, including the Merger, the Rollover Shareholder agrees to contribute all of its Rollover Shares to Merger Sub in exchange for newly issued ordinary shares of Parent, par value of US$0.0001 (the "<u>Parent Shares</u>"), in the amount set forth in the column titled "Parent Shares" opposite the Rollover Shareholder's name on <u>Schedule A</u> hereto in accordance with the terms of this Agreement;

WHEREAS, in order to induce Parent, Merger Sub and the Company to enter into the Merger Agreement and consummate the transactions contemplated thereby, including the Merger, the Rollover Shareholder is entering into this Agreement; and

WHEREAS, the Rollover Shareholder acknowledges that Parent, Merger Sub and the Company are entering into the Merger Agreement in reliance on the representations, warranties, covenants and other agreements of the Rollover Shareholder set forth in this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, Parent, Merger Sub and the Rollover Shareholder hereby agree as follows:

**Article I<br> Definitions AND INTERPRETATIONS** 

**Section 1.1 <u>Definitions</u>.** Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Merger Agreement. Certain terms are used in this Agreement as specifically defined herein:

"<u>Arbitrator</u>" has the meaning set forth in <u>Section 7.7</u>.

"<u>Action</u>" means any litigation, suit, claim, action, proceeding or investigation.

"<u>ADS</u>" means American Depositary Share of the Company, each of which represents four (4) Class A Ordinary Shares.

"<u>Affiliate</u>" of a specified Person means (i) any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person and (ii) with respect to any natural person, the term "Affiliate" shall also include any member of the immediate family of such natural person. For this purpose, "control" (including, with its correlative meanings, "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise; *provided* that Parent, Merger Sub, the Rollover Shareholder and their respective Affiliates (excluding the Company and its Subsidiaries) shall not be deemed to be Affiliates of the Company and/or its Subsidiaries, and vice versa.

"<u>Class A Ordinary Shares</u>" means the Class A ordinary shares, with a par value of $0.00001 per share, in the share capital of the Company, each carrying one (1) vote per share, including the Class A Ordinary Shares represented by ADSs unless otherwise specified.

"<u>Class B Ordinary Shares</u>" means the Class B ordinary shares, with a par value of $0.00001 per share, in the share capital of the Company, each carrying twenty (20) votes per share.

"<u>Closing</u>" means the Effective Time, as such term is defined in the Merger Agreement.

"<u>Company</u>" has the meaning given to it in the Preambles.

"<u>Companies Act</u>" means the Companies Act (2025 Revision) of the Cayman Islands, as amended, modified, or re-enacted from time to time.

"<u>Contract</u>" shall mean any note, bond, mortgage, indenture, lease, license, permit, concession, franchise, contract, agreement, arrangement, plan or other instrument, right or obligation.

"<u>Exchange Act</u>" means the U.S. Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, as amended from time to time.

"<u>Expiration Time</u>" has the meaning set forth in <u>Article VI</u>.

"<u>Governmental Entity</u>" means any court, arbitral tribunal, administrative agency or commission or other governmental or other regulatory authority or agency (whether foreign, federal, state, local or supranational) or any self-regulatory or quasi-governmental authority.

"<u>HKIAC</u>" has the meaning set forth in <u>Section 7.7</u>.

"<u>Law</u>" means any federal, state, local, national, supranational, foreign or administrative law (including common law), statute, code, rule, regulation, Order, ordinance or other pronouncement of any Governmental Entity.

"<u>Lien</u>" means any lien, pledge, hypothecation, mortgage, security interest, encumbrance, claim, infringement, interference, option, right of first refusal, preemptive right, community property interest or restriction of any nature (including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, or any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset).

"<u>Merger</u>" has the meaning given to it in the Recitals.

"<u>Merger Agreement</u>" has the meaning given to it in the Recitals.

"<u>Merger Sub</u>" has the meaning given to it in the Preambles.

"<u>Order</u>" means any order, judgment, writ, stipulation, settlement, award, injunction, decree, consent decree, decision, ruling, subpoena, verdict, or arbitration award entered, issued, made or rendered by any arbitrator or Governmental Entity of competent jurisdiction.

"<u>Parent</u>" has the meaning given to it in the Preambles.

"<u>Parent Shares</u>" has the meaning given to it in the Recitals.

"<u>Rollover Closing</u>" has the meaning set forth in <u>Section 3.4</u>.

"<u>Rollover Shareholder</u>" has the meaning given to it in the Preambles.

"<u>Rollover Shares</u>" has the meaning given to it in the Recitals.

"<u>Shares</u>" means the Class A Ordinary Shares and Class B Ordinary Shares.

"<u>Transfer</u>" has the meaning set forth in <u>Section 2.1(a)</u>.

"<u>U.S.</u>" means the United States of America.

**Article II<br> RESTRICTIONS** **ON TRANSFER; STANDSTILL**

Section 2.1 **<u>Restrictions on Transfers</u>**. Except as provided for in <u>Article III</u> below or pursuant to the Merger Agreement, the Rollover Shareholder hereby agrees that, from the date hereof until the Expiration Time (as defined below), the Rollover Shareholder shall not directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) offer for sale, sell (constructively or otherwise), transfer, assign, tender in any tender or exchange offer, pledge, grant, encumber, hypothecate or similarly dispose of (by merger, testamentary disposition, operation of Law or otherwise) (collectively, "<u>Transfer</u>"), enter into any Contract, option or other arrangement or understanding with respect to the Transfer of any Shares or any interest therein, including, without limitation, any swap transaction, option, warrant, forward purchase or sale transaction, futures transaction, cap transaction, floor transaction, collar transaction or any other similar transaction (including any option with respect to any such transaction) or combination of any such transactions, in each case involving any Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into a voting agreement or arrangement or grant any proxy or power of attorney with respect thereto that is inconsistent with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert or exchange, or take any action which would result in the conversion or exchange, of any Shares, other than conversion of ADSs into Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agree (whether or not in writing) to take any of the actions referred to in the foregoing clauses (a), (b) or (c).

Any purported Transfer in violation of this <u>Section 2.1</u> shall be null and void and the Rollover Shareholder agrees to take any and all actions necessary or desirable (including, but not limited to, voting its Shares in procuring that the Company take action, where necessary) in order to ensure that any such purported Transfer in violation of this <u>Section 2.1</u> does not take effect.

Section 2.2 **<u>Standstill</u>**. Except as contemplated under the Merger Agreement or otherwise for the purposes of the consummation of the Merger, from the date hereof until the Expiration Time, the Rollover Shareholder or any of its Affiliates shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquire, offer to acquire or agree to acquire, directly or indirectly, by purchase or otherwise, any beneficial ownership in, or direct or indirect rights to acquire any beneficial ownership in, securities of the Company or any subsidiary thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any public announcement (other than any disclosure on Forms 3, 4 or 5 or Schedules 13D or 13G to the extent required by U.S. federal or state securities laws or the rules and regulations promulgated thereunder) with respect to, or submit a proposal for or offer of (with or without conditions), any tender or exchange offer, merger, recapitalization, reorganization, business combination or other extraordinary transaction involving the Company or any subsidiary thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) seek or propose to influence or control the management or policies of the Company, make or in any way participate, directly or indirectly, in any "solicitation" of "proxies" (as such terms are used in the rules of the SEC) to vote any voting securities of the Company or any subsidiary thereof, or seek to advise or influence any person with respect to the voting of any voting securities of the Company or any subsidiary thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) form, join, become a member of or in any way participate in, or otherwise encourage the formation of, a "group" within the meaning of Section 13(d)(3) of the Exchange Act, in connection with any of the foregoing.

For the avoidance of doubt, nothing in this <u>Section 2.2</u> or any other provision of this Agreement shall prohibit (i) the Rollover Shareholder from acquiring securities of the Company as a result of any share split, combination, recapitalization or other similar transaction in or of the securities of the Company if such share split, combination, recapitalization or other similar transaction has been duly approved by the Company, or (ii) Parent and Merger Sub from entering into the Merger Agreement and consummating the Merger.

**Article III<br> ROLLOVER**

Section 3.1 **<u>Irrevocable Election</u>**. The execution of this Agreement by the Rollover Shareholder evidences, subject to <u>Article VI</u>, the irrevocable election and agreement by the Rollover Shareholder to subscribe for Parent Shares and agree to the contribution, transfer, cancellation and conversion of its Rollover Shares on the terms and conditions set forth herein and in the Merger Agreement.

Section 3.2 **<u>Contribution of Rollover Shares</u>**. Subject to the terms and conditions set forth in this Agreement, the Rollover Shareholder shall take any and all actions necessary to contribute, assign, transfer and deliver to Merger Sub, all of the right, title and interest of the Rollover Shareholder in and to its Rollover Shares, free and clear of all Liens (other than any Liens created or expressly permitted by Merger Sub or arising by reason of the Merger Agreement or this Agreement). Pursuant to the terms of the Deposit Agreement, the Rollover Shareholder will pay any applicable fees, charges and expenses of the Depositary and government charges due to or incurred by the Depositary in connection with the conversion of its ADSs into Shares in connection with the contribution contemplated under this <u>Section 3.2</u>.

Section 3.3 **<u>Subscription of Parent Shares</u>**. As consideration to the contribution of the Rollover Shares by the Rollover Shareholder pursuant to <u>Section 3.2</u> of this Agreement, Parent shall issue to the Rollover Shareholder (or, if designated by the Rollover Shareholder in writing, an Affiliate of the Rollover Shareholder), and the Rollover Shareholder (or, if designated by the Rollover Shareholder in writing, such Affiliate of the Rollover Shareholder) shall subscribe for, subject to compliance with <u>Article III</u>, such number of Parent Shares as set forth opposite the Rollover Shareholder's name on <u>Schedule A</u> hereto. The Rollover Shareholder hereby acknowledges and agrees that upon receipt of the Parent Shares, the Rollover Shareholder shall have no right to any Per Share Merger Consideration or Per ADS Merger Consideration in respect of its Rollover Shares.

Section 3.4 **<u>Rollover Closing</u>**. Subject only to the satisfaction in full (or waiver, if permissible) of all of the conditions set forth in Sections 8.1 and 8.2 of the Merger Agreement (other than conditions that by their nature are to be satisfied or waived, as applicable, at the Closing), the closing of the contribution of the Rollover Shares and the subscription and issuance of Parent Shares contemplated hereby (the "<u>Rollover Closing</u>") shall take place no later than one (1) Business Day prior to the Closing. Assuming full performance by the Rollover Shareholder of its obligations under <u>Section 3.2</u> and the consummation of the purchase and sale of the Transfer Shares (as defined in the Ultimate Wise SPA), upon the Rollover Closing and the Transfer Closing (as defined in the Ultimate Wise SPA), Merger Sub shall be the registered holder of Shares representing at least 90% of the voting power of the Shares exercisable in general meetings of the Company's shareholders, and, on the Closing, the Merger will be carried out through a "short-form" merger in accordance with Part XVI and in particular section 233(7) of the Companies Act. For the avoidance of doubt, if the Company is awarded specific performance with respect to the obligations of Parent and Merger Sub to effect the Closing pursuant to the Merger Agreement, the conditions to the Rollover Closing set forth in this <u>Section 3.4</u> shall be deemed satisfied.

Section 3.5 **<u>Deposit of Rollover Share Certificates</u>**. No later than three (3) Business Days prior to the Rollover Closing, the Rollover Shareholder and any of the Affiliates and/or agents of the Rollover Shareholder shall: (i) deliver or cause to be delivered to or to the order of Parent a signed instrument of transfer in favor of Merger Sub (and any and all other formalities as reasonably required by the Company in order to effect transfer of the Rollover Shares held by the Rollover Shareholder) dated as of the date of the Rollover Closing; and (ii) if any Rollover Shares are represented by share certificates evidencing the Rollover Shares, deliver or cause to be delivered to or to the order of Parent all such certificates in such Persons' possession ((i) and (ii) together, the "<u>Share Documents</u>"). The Share Documents shall be held by Parent or any agent authorized by Parent until the Rollover Closing, at which time they shall be delivered to the Company in order to give full effect to the Rollover Closing as contemplated by this Agreement, including procuring that the Company register the Rollover Shares in favor of Merger Sub in its register of members as at the Rollover Closing. To the extent that any Rollover Shares of a Rollover Shareholder are held in street name or otherwise represented by ADSs, the Rollover Shareholder shall execute such instruments and take such other actions, in each case, as are reasonably requested by Parent to convert its ADSs into Rollover Shares no later than three (3) Business Days prior to the Rollover Closing.

Section 3.6 **<u>Delivery of Register of Members</u>**. At the Rollover Closing, Parent shall deliver to the Rollover Shareholder a copy of the updated register of members of Parent as of the date of the Rollover Closing, certified by the registered agent or an officer of Parent, reflecting the issuance of the Parent Shares to the Rollover Shareholder. Promptly after the Rollover Closing, Parent shall deliver to the Rollover Shareholder a share certificate representing such number of Parent Shares set forth opposite the name of the Rollover Shareholder in <u>Schedule A</u> hereto.

**Article IV<br> Representations and Warranties**.

Section 4.1 **<u>Representations and Warranties of Rollover Shareholder</u>**. To induce Parent to issue the Parent Shares subject to the terms of this Agreement, the Rollover Shareholder makes the following representations and warranties to Parent and Merger Sub, each and all of which shall be true and correct as of the date of this Agreement and as of the Rollover Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Ownership of Shares</u>. (i) The Rollover Shareholder (A) is and, immediately prior to the Rollover Closing will be, the legal and beneficial owner of, and has and will have good and valid title to, the Rollover Shares as set forth opposite its name in <u>Schedule A</u> hereto, free and clear of Liens (other than any Lien created or permitted by Merger Sub or arising by reason of the Merger Agreement or this Agreement), and (B) has and will have sole (together with Affiliates controlled by the Rollover Shareholder) voting power and power of disposition (subject only to approval by the directors of the Rollover Shareholder as set out in its articles of association), in each case with respect to all of the Rollover Shares, with no limitations, qualifications, or restrictions on such rights, subject to applicable Laws and the terms of this Agreement; (ii) the Rollover Shareholder's Rollover Shares are not subject to any Contract to which the Rollover Shareholder is a party restricting or otherwise relating to the voting or Transfer of the Rollover Shareholder's Rollover Shares other than this Agreement; (iii) the Rollover Shareholder has not Transferred any of the Rollover Shareholder's Rollover Shares; and (iv) other than as set forth on <u>Schedule A</u> hereto, the Rollover Shareholder does not own, beneficially or of record, any Shares, securities of the Company, or any direct or indirect interest in any such securities (including by way of derivative securities). The Rollover Shareholder has not appointed or granted any proxy or power of attorney that is still in effect with respect to any of the Rollover Shareholder's Rollover Shares, except as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standing and Authority</u>. The Rollover Shareholder has full legal right, power, capacity and authority to execute and deliver this Agreement, to perform the Rollover Shareholder's obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Rollover Shareholder and the execution, delivery and performance of this Agreement by the Rollover Shareholder and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Rollover Shareholder (if applicable) and no other actions or proceedings on the part of the Rollover Shareholder (if applicable) are necessary to authorize this Agreement or to consummate the transaction contemplated hereby. Assuming due authorization, execution and delivery by Parent and Merger Sub, this Agreement constitutes a legal, valid and binding obligation of the Rollover Shareholder, enforceable against the Rollover Shareholder in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consents and Approvals; No Violations</u>. Except for the applicable requirements of the Exchange Act, the Securities Act, any other U.S. federal or state securities Laws, the rules and regulations of NYSE, (i) no filing with, and no permit, authorization, consent or approval of, any Governmental Entity is necessary on the part of the Rollover Shareholder for the execution, delivery and performance of this Agreement by the Rollover Shareholder or the consummation by the Rollover Shareholder of the transactions contemplated hereby and (ii) neither the execution, delivery or performance of this Agreement by the Rollover Shareholder nor the consummation by the Rollover Shareholder of the transactions contemplated hereby, nor compliance by the Rollover Shareholder with any of the provisions hereof shall (A) require the consent or approval of any other Person pursuant to any Contract binding on the Rollover Shareholder or its properties or assets, (B) conflict with or violate any provision of the organizational documents of the Rollover Shareholder, (C) result in any breach or violation of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on property or assets of the Rollover Shareholder pursuant to any Contract to which the Rollover Shareholder is a party or by which the Rollover Shareholder or any property or asset of the Rollover Shareholder is bound or affected, or (D) violate any Law applicable to the Rollover Shareholder or any of the Rollover Shareholder's properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Litigation</u>. There is no Action pending against any the Rollover Shareholder or, to the knowledge of the Rollover Shareholder, any other Person (including the Company) or, to the knowledge of the Rollover Shareholder, threatened against the Rollover Shareholder or any other Person (including the Company), in each case, that restricts or prohibits (or, if successful, would restrict or prohibit) the performance by the Rollover Shareholder of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reliance</u>. The Rollover Shareholder understands and acknowledges that Parent, Merger Sub and the Company are entering into the Merger Agreement in reliance upon the Rollover Shareholder's execution, delivery and performance of this Agreement, and the representations, warranties, covenants and other agreements of the Rollover Shareholder made herein.

Section 4.2 **<u>Representations and Warranties of Parent and Merger Sub</u>**. Each of Parent and Merger Sub jointly and severally represents and warrants to the Rollover Shareholder that as of the date of this Agreement and as of the Rollover Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization, Standing and Authority</u>. Each of Parent and Merger Sub is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization and has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by each of Parent and Merger Sub and, assuming due authorization, execution and delivery by the Rollover Shareholder, this Agreement constitutes legal, valid and binding obligations of Parent and Merger Sub, enforceable against Parent and Merger Sub in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consents and Approvals; No Violations</u>. Except for the applicable requirements of the Exchange Act, (i) no filing with, and no permit, authorization, consent or approval of, any Governmental Entity is necessary on the part of each of Parent or Merger Sub for the execution, delivery and performance of this Agreement by Parent and Merger Sub or the consummation by Parent and Merger Sub of the transactions contemplated hereby and (ii) neither the execution, delivery or performance of this Agreement by Parent and Merger Sub nor the consummation by Parent and Merger Sub of the transactions contemplated hereby nor compliance by Parent and Merger Sub with any of the provisions hereof shall (A) require the consent or approval of any other Person pursuant to any Contract binding on Parent and Merger Sub or their properties or assets, (B) conflict with or violate any provision of the organizational documents of Parent and Merger Sub, (C) result in any breach or violation of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on such property or asset of Parent or Merger Sub pursuant to any Contract to which Parent or Merger Sub is a party or by which Parent or Merger Sub or any of their properties or assets is bound or affected, or (D) violate any Law applicable to Parent and Merger Sub or any of their properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Capitalization</u>. The authorized share capital of Parent is US$5 divided into 50,000 ordinary shares of a par value of US$0.0001 each, and assuming the full performance by the Rollover Shareholder of its obligations under <u>Section 3.2</u> and the completion of the transactions contemplated by the Subscription Agreement, 134.7883 ordinary shares are validly issued and outstanding. The authorized share capital of Merger Sub is US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, one of which is validly issued and outstanding. All the outstanding shares of Merger Sub are duly authorized, validly issued, fully paid and non-assessable. All of the issued and outstanding share capital of Merger Sub is, and immediately prior to the Rollover Closing will be, owned by Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issuance of Parent Shares</u>. At the Rollover Closing, the Parent Shares to be issued under this Agreement shall have been duly authorized and when issued and delivered in accordance with the terms hereof, will be validly issued, fully paid and non-assessable, free and clear of all Liens and subscription and similar rights (other than restrictions arising under any applicable securities Laws or the organizational documents of Parent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Operation and Liabilities</u>. Merger Sub was formed solely for the purpose of engaging in the Transactions. Parent was initially formed for the purpose of holding Shares of the Company. Each of Parent and Merger Sub has not conducted and will not conduct, prior to the Rollover Closing, any business other than in connection with its formation, its ownership of Shares in the Company or related to the Transactions. Except for obligations or liabilities incurred in connection with its formation, its ownership of Shares in the Company or related to the Transactions, each of Parent and Merger Sub has not incurred and will not incur, prior to the Rollover Closing, directly or indirectly, through any Subsidiary or Affiliate (other than the Company and its Subsidiaries), any obligations or liabilities of any type or kind whatsoever or entered into any agreements or arrangements with any Person. Other than Merger Sub, there are no other corporations, partnerships, joint ventures, associations, or entities through which Parent conducts business, or other entities in which either Parent controls or owns, of record or beneficially, any direct or indirect equity or other interest.

**Article V<br> FURTHER Covenants and Agreements**.

Section 5.1 **<u>Covenants by Rollover Shareholder</u>**. The Rollover Shareholder hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) agrees, prior to the Expiration Time, not to knowingly take any action that would make any representation or warranty of the Rollover Shareholder contained herein untrue or incorrect or have or could have the effect of preventing, impeding or interfering with or adversely affecting the performance by the Rollover Shareholder of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees that the Rollover Shareholder irrevocably waives and agrees not to exercise or cause the exercise of any rights of appraisal or rights of dissent that it may have with respect to its Rollover Shares (including, without limitation, any rights under Section 238 of the Companies Act) prior to or after the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that it shall not, and shall cause its Affiliates and Representatives not to, unless required by Law or legal process or otherwise permitted under this Agreement or the Merger Agreement, make any press release, public announcement or other public communication that criticizes or disparages this Agreement or the Merger Agreement or the transactions contemplated hereby or thereby, without the prior written consent of Parent and the Company (at the direction of the Special Committee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) consents to and authorizes the publication and disclosure by Parent, Merger Sub or the Company of the Rollover Shareholder's identity and ownership of equity securities of the Company and the existence and terms of this Agreement (including, for the avoidance of doubt, the disclosure of this Agreement) and any other information, in each case, that Parent (with respect to any disclosure by Parent or Merger Sub) or the Company (with respect to any disclosure by the Company at the direction of the Special Committee) reasonably determines in its good faith judgment is required to be disclosed by Law in any press release, any Current Report on Form 6-K, the Schedule 13E-3 (including any amendment or supplements thereto) and any other disclosure document in connection with the Merger Agreement, any other Transaction Documents or the Transactions, and any filings with or notices to any Governmental Entity (including the SEC) in connection with the Merger Agreement, any other Transaction Documents or the Transactions and (ii) agrees and covenants to promptly give to Parent, Merger Sub or the Company any information that Parent, Merger Sub, the Company (at the direction of the Special Committee) or any of their Representatives may reasonably request for the preparation of any such documents; *provided* that, in each case of clauses (i) and (ii), the Parent shall (and shall procure that the Company to) provide the Rollover Shareholder and its counsel with a reasonable opportunity to review and to comment on the foregoing documents and shall give due consideration to all reasonable comments related thereto; *provided*, further, that any disclosure or reference relating to the Rollover Shareholder (or its Affiliates) in the foregoing documents by Parent or the Company shall still require prior written consent by the Rollover Shareholder (which consent shall not be unreasonably withheld, delayed or conditioned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) agrees and covenants that the Rollover Shareholder shall promptly (and in any event within forty-eight (48) hours) notify Parent or Merger Sub of any new Shares and/or other securities of the Company with respect to which beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) is acquired by the Rollover Shareholder, including, without limitation, as a result of a stock dividend, stock split, recapitalization, combination, reclassification, exchange or change of such shares, or upon exercise or conversion of any securities of the Company after the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) agrees further that, upon request of Parent or Merger Sub, the Rollover Shareholder shall execute and deliver any additional documents, consents or instruments and take such further actions as may reasonably be deemed by Parent or Merger Sub to be necessary or desirable to carry out the provisions of this Agreement.

Section 5.2 **<u>Covenant by Parent</u>**. Parent shall not amend, supplement or modify the Merger Agreement in a way that is or could reasonably be expected to have a material and adverse impact on the Rollover Shareholder (including as to the tax treatment in connection with or related to the Rollover Closing), without the Rollover Shareholder's prior written consent.

Section 5.3 **<u>Further Assurances</u>**. Each party hereto hereby covenants that, from time to time, such party will do, execute, acknowledge and deliver, or will cause to be done, executed, acknowledged and delivered, such further acts, conveyances, transfers, assignments, powers of attorney and assurances necessary to cancel all of the Rollover Shares and to issue all of the Parent Shares in accordance with the terms of this Agreement.

**Article VI<br> Termination** **.**

This Agreement, and the obligations of the parties hereunder, will terminate automatically and immediately upon the earlier to occur of (a) the consummation of the Rollover Closing or (b) the valid termination of the Merger Agreement in accordance with Section 9.1 thereof (such earlier time, the "<u>Expiration Time</u>"); *provided* that, if any claim or proceeding has been commenced by the Company to seek specific performance of the obligations of Parent and Merger Sub to effect the Closing pursuant to the Merger Agreement, this Agreement and each party's obligations hereunder shall survive until the earlier of: (i) full discharge by Parent and Merger Sub of all their obligations under the Merger Agreement, if a final, non-appealable judgment from a court of competent jurisdiction in respect of such claim or proceeding determines that Parent and Merger Sub are required to fulfill such obligations, or (ii) the withdrawal or final dismissal by a court of competent jurisdiction of such claim or proceeding. In the event of termination of this Agreement as provided in this <u>Article VI</u>, this Agreement shall forthwith become void and have no effect, without any liability on the part of any party hereto; *provided* that this <u>Article VI</u> and <u>Article VII</u> shall survive the termination of this Agreement. Nothing in this <u>Article VI</u> shall relieve or otherwise limit any party's liability for any breach of this Agreement prior to the termination of this Agreement. If for any reason the Merger fails to occur but the Rollover Closing has already taken place, then Parent and Merger Sub shall, upon the termination of the Merger Agreement, promptly take all such actions as are necessary to restore the Rollover Shareholder to the position it was in with respect to ownership of the Rollover Shares immediately prior to the Rollover Closing.

**Article VII<br> Miscellaneous**.

Section 7.1 **<u>Severability</u>**. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

Section 7.2 **<u>Entire Agreement</u>**. This Agreement, the Merger Agreement and any other agreement or instrument delivered in connection with the transactions contemplated by this Agreement or the Merger Agreement constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof.

Section 7.3 **<u>Specific Performance</u>**. Each party hereto acknowledges and agrees that monetary damages would not be an adequate remedy in the event that any covenant or agreement of such party in this Agreement is not performed in accordance with its terms, and therefore agrees that, in addition to and without limiting any other remedy or right available to the non-breaching party, the non-breaching party and the Company (to the limited extent set forth in <u>Section 7.8</u> hereof, and at the direction of the Special Committee) will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. Each party hereto agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy. All rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by a party or the Company (to the limited extent set forth in <u>Section 7.8</u> hereof) shall not preclude the simultaneous or later exercise of any other such right, power or remedy by a party or the Company (to the limited extent set forth in <u>Section 7.8</u> hereof).

Section 7.4 **<u>Amendments; Waivers</u>**. At any time prior to the Expiration Time, any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the parties hereto and the Company (at the direction of the Special Committee), or in the case of a waiver, by the party against whom the waiver is to be effective, and in the case of a waiver by Parent or Merger Sub, with the prior written consent of the Company (at the direction of the Special Committee). Notwithstanding the foregoing, no failure or delay by a party hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right hereunder.

Section 7.5 **<u>Confidentiality</u>**. Subject to <u>Section 5.1 (d)</u>, this Agreement shall be treated as confidential and may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the parties hereto; *provided*, that each party hereto may, without such written consent, disclose the existence and content of this Agreement to its Representatives and to the extent required by Law, the applicable rules of any national securities exchange or in connection with any SEC filings relating to the transactions contemplated hereby or by the Merger Agreement.

Section 7.6 **<u>Governing Law</u>**. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, without giving effect to any choice of Law or conflict of Law rules or provisions that would cause the application of the Laws of any jurisdiction other than the State of New York.

Section 7.7 **<u>Dispute Resolution; Jurisdiction; Enforcement</u>**. Any disputes, actions and proceedings against any party or arising out of or in any way relating to this Agreement and schedules hereto or the subject matter hereunder (including a dispute regarding the existence, validity, formation, effect, interpretation, performance or termination of this Agreement) shall be submitted to the Hong Kong International Arbitration Centre ("<u>HKIAC</u>") and resolved in accordance with the Arbitration Rules of HKIAC in force at the relevant time. The place of arbitration shall be Hong Kong. The official language of the arbitration (including but not limited to any arbitral award rendered) shall be English and the arbitration tribunal shall consist of one arbitrator (the "<u>Arbitrator</u>"). The claimant(s) and the respondent(s), irrespective of number, shall jointly nominate the Arbitrator. In the event the claimant(s) or respondent(s) shall fail to nominate or agree on the joint nomination of the Arbitrator within the time limits specified by the Arbitration Rules of HKIAC, the Arbitrator shall be appointed promptly by the HKIAC. The arbitration tribunal shall have no authority to award punitive or other punitive-type damages. The award of the arbitration tribunal shall be final and binding upon the disputing parties. Any party to an award may apply to any court of competent jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the parties irrevocably and unconditionally submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient forum.

Section 7.8 **<u>No Third-Party Beneficiaries</u>**. There are no third party beneficiaries of this Agreement and nothing in this Agreement, express or implied, is intended to or shall confer on any person other than the parties hereto (and their respective successors, heirs and permitted assigns), any rights, remedies, obligations or liabilities, except as specifically set forth in this Agreement; *provided*, however, that the Company is an express third-party beneficiary of the obligations of the Rollover Shareholder pursuant to <u>Article II</u>, <u>Article III</u> and <u>Article V</u> of this Agreement and shall be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement by the parties hereto, in addition to any other remedy available at law or in equity.

Section 7.9 **<u>Assignment; Binding Effect</u>**. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned or delegated, in whole or in part, by any of the parties hereto (whether by operation of Law or otherwise) without the prior written consent of the other parties and the Company (at the direction of the Special Committee), except that Parent may assign this Agreement (in whole but not in part) in connection with a permitted assignment of the Merger Agreement by Parent, as applicable in accordance with the terms of the Merger Agreement. Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns and, in the case of the Rollover Shareholder, its estate, heirs, beneficiaries, personal representatives and executors.

Section 7.10 **<u>No Presumption Against Drafting Party</u>**. Each of the parties to this Agreement acknowledges that it has been represented by independent counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived.

Section 7.11 **<u>Capacity</u>**. Notwithstanding anything to the contrary in this Agreement, (i) the Rollover Shareholder is entering into this Agreement, and agreeing to become bound hereby, solely in its capacity as a beneficial owner of its Rollover Shares and not in any other capacity (including without limitation any capacity as a director or officer of the Company) and (ii) nothing in this Agreement shall obligate the Rollover Shareholder to take, or forbear from taking, any action as a director or officer of the Company.

Section 7.12 **<u>Counterparts</u>**. This Agreement may be executed in two or more consecutive counterparts (including by facsimile or email pdf format), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been signed by each of the parties and delivered (by telecopy, email pdf format or otherwise) to the other parties.

**[SIGNATURE PAGES FOLLOW]**

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | |
|:---|:---|
| **<u>Parent</u>** | **<u>Parent</u>** |
| **EXCELLENCE EDUCATION INVESTMENT LIMITED** | **EXCELLENCE EDUCATION INVESTMENT LIMITED** |
| By: | /s/ Meirong Yang |
| Name: | Meirong Yang |
| Title: | Director |
| **<u>MERGER SUB</u>** | **<u>MERGER SUB</u>** |
| **BRIGHT EDUCATION MERGERSUB LIMITED** | **BRIGHT EDUCATION MERGERSUB LIMITED** |
| By: | /s/ Shuting Zhou |
| Name: | Shuting Zhou |
| Title: | Director |

---

[*Rollover Agreement Signature Page*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | |
|:---|:---|
| **<u>ROLLOVER SHAREHOLDER</u>** | **<u>ROLLOVER SHAREHOLDER</u>** |
| **Sure Brilliant Global Limited** | **Sure Brilliant Global Limited** |
| By: | /s/ Huiyan Yang |
| Name: | Huiyan Yang |
| Title: | Director |

---

[*Rollover Agreement Signature Page*]

**Schedule A**

**Rollover shareholder and rollover Shares**

---

| | | | |
|:---|:---|:---|:---|
| **Rollover Shareholder** | **Rollover Shares** | **Voting Power of the <br> Rollover Shares (%)** | **Parent Shares to be <br> Issued** |
| Sure Brilliant Global Limited | 5000000 | 0.28% | 5.6791 |

---

## Exhibit 99.6

**Exhibit 99.6**

Confidential

Execution Version

**SHARE TRANSFER AGREEMENT**

THIS SHARE TRANSFER AGREEMENT (the "<u>Agreement</u>"), dated as of October 13, 2025, is made by and between Ultimate Wise Group Limited, a company incorporated and existing under the laws of the British Virgin Islands (the "<u>Transferor</u>"), and Bright Education Mergersub Limited, a limited liability company organized and existing under the laws of the Cayman Islands (the "<u>Transferee</u>"). Transferor and the Transferee are each referred to herein as a "<u>Party</u>" and collectively as the "<u>Parties</u>". Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Merger Agreement (as defined below).

RECITALS

WHEREAS, the Transferor holds certain number of Class A ordinary shares of Bright Scholar Education Holdings Limited (the "<u>Company</u>"), of par value US$0.00001 each (the "<u>Class A Ordinary Shares</u>") which may be represented by ADS and certain number of Class B ordinary shares of the Company, of par value US$0.00001 each (the "<u>Class B Ordinary Shares</u>").

WHEREAS, concurrently with the execution and delivery of this Agreement, Excellence Education Investment Limited, the Transferee and the Company have entered into an Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified, the "<u>Merger Agreement</u>"), pursuant to which, among other things, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company (the "<u>Merger</u>"), upon the terms and subject to the conditions set forth in the Merger Agreement.

WHEREAS, in connection with the consummation of the transactions contemplated by the Merger Agreement, the Transferor desires to sell to the Transferee, and the Transferee desires to purchase from the Transferor, 451,559 Class A Ordinary Shares some of which may be represented by ADS and 15,000,000 Class B Ordinary Shares, on the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

1 <u>Agreement to Transfer</u>.

Subject to the terms and conditions of this Agreement, at the Transfer Closing (as defined below), the Transferor agrees to sell and transfer to the Transferee, and the Transferee agrees to purchase from the Transferor, (i) 451,559 Class A Ordinary Shares and (ii) 15,000,000 Class B Ordinary Shares ((i) and (ii) collectively, the "<u>Transfer Shares</u>"), for a total purchase price of US$1 (the "<u>Transfer Price</u>").

2 <u>Transfer Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Transfer Closing</u>. Subject only to the satisfaction in full (or waiver) of all of the conditions set forth in Sections 8.1 and 8.2 of the Merger Agreement (other than conditions that by their nature are to be satisfied at the Closing) in accordance with the Merger Agreement, the purchase and sale of the Transfer Shares (the "<u>Transfer Closing</u>") shall take place at such time and place as the Transferor and the Transferee shall agree in writing, provided that the Transfer Closing shall take place on a date prior to the Closing Date. For the avoidance of doubt, if the Company is awarded specific performance with respect to the obligations of Parent and Merger Sub to effect the Closing pursuant to the Merger Agreement, the conditions to the Transfer Closing set forth in this Section 2.1 shall be deemed satisfied. The date of the Transfer Closing is hereinafter referred to as the "<u>Transfer Closing Date</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 <u>Deliverables</u> <u>at the Transfer Closing</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the Transfer Closing Date, the Transferor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver to the Transferee and the Company, an instrument of transfer in the form attached as <u>Schedule A</u> (the "<u>Instrument of Transfer</u>"), duly executed by the Transferor and dated as of the Transfer Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) procure the Company to (a) cancel the original share certificate(s) representing the Transfer Shares registered in the name of the Transferor, and issue and deliver new share certificate(s) representing the number of the Transfer Shares registered in the name of the Transferee (the "<u>New Share Certificate</u>"), and (b) deliver a scanned copy of updated register of members of the Company reflecting the transfer of Transfer Shares (the "<u>Updated ROM</u>"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Transfer Closing Date, the Transferee shall deliver or caused to be delivered payment of the Transfer Price by wire transfer of immediately available funds to a bank account designated by the Transferor.

3 <u>Conversion of ADS to Ordinary Shares.</u>

The Transferor shall take all necessary actions to convert all ADSs it holds into Class A Ordinary Shares prior to the Transfer Closing.

4 <u>Representations and Warranties of the Parties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties of the Transferor.</u> The Transferor hereby represents and warrants to the Transferee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transferor is duly organized and validly existing under the laws of the place of its incorporation or formation. The Transferor has the full power and authority for the execution and delivery of this Agreement, the performance of its obligations under this Agreement and the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Transferor has taken all the necessary actions, and has all the necessary authorization and capacity, to enter into and to perform its obligations under this Agreement. This Agreement constitutes a legal, valid and binding obligation of the Transferor, enforceable against the Transferor in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Transferor is the sole and legal owner of the Transfer Shares. The Transfer Shares are free from all claims, liens, charges, pledges, mortgages, trust, security interests or restriction (whether on voting, sale, transfer, disposition, or otherwise), whether imposed by agreement, understanding, law, equity or otherwise and other encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents to the consummation of the sale and transfer of the Transfer Shares are required for the execution, delivery and performance of this Agreement by the Transferor. The execution, delivery, and performance of this Agreement by the Transferor does not (i) violate any applicable laws of any governmental authority applicable to the Transferor (ii) violate or conflict with any provision of the constitutional documents of the Transferor (if applicable) or (iii) conflict with, contravene, result in any violation or breach of or default under (with or without the giving of notice or the lapse of time or both) any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which the Transferor or its property is bound, or any amendment of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Representations and Warranties of the Transferee</u>. The Transferee hereby represents and warrants to the Transferor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transferee is duly organized and validly existing under the laws of the place of its incorporation or formation. The Transferee has the full power and authority for the execution and delivery of this Agreement, the performance of its obligations under this Agreement and the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Transferee has taken all the necessary actions, and has all the necessary authorization and capacity, to enter into and to perform its obligations under this Agreement. This Agreement constitutes a legal, valid and binding obligation of the Transferee, enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No consents to the consummation of the sale and transfer of the Transfer Shares are required for the execution, delivery and performance of this Agreement by the Transferee. The execution, delivery, and performance of this Agreement by the Transferee does not (i) violate any applicable laws of any governmental authority applicable to the Transferee (ii) violate or conflict with any provision of the constitutional documents of the Transferee (if applicable) or (iii) conflict with, contravene, result in any violation or breach of or default under (with or without the giving of notice or the lapse of time or both) any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which the Transferee or its property is bound, or any amendment of any of the foregoing.

5 <u>Termination</u>.

This Agreement and the obligations of the Parties hereunder will terminate automatically and immediately upon the earlier to occur of (a) the consummation of the Transfer Closing or (b) the valid termination of the Merger Agreement in accordance with Section 9.1 thereof; provided that, if any claim or proceeding has been commenced by the Company to seek specific performance of the obligations of Parent and Merger Sub to effect the Closing pursuant to the Merger Agreement, this Agreement and each Party's obligations hereunder shall survive until the earlier of: (i) full discharge by Parent and Merger Sub of all their obligations under the Merger Agreement, if a final, non-appealable judgment from a court of competent jurisdiction in respect of such claim or proceeding determines that Parent and Merger Sub are required to fulfill such obligations, or (ii) the withdrawal or final dismissal by a court of competent jurisdiction of such claim or proceeding. In the event of termination of this Agreement as provided in this Section 5, this Agreement shall forthwith become void and have no effect, without any liability on the part of any Party, *provided*, however, this Section ‎5 and ‎Section 6 shall survive the termination of this Agreement. Nothing in this Section 5 shall relieve or otherwise limit any Party's liability for any breach of this Agreement prior to the termination of this Agreement. If for any reason the Merger contemplated by the Merger Agreement fails to occur but the Transfer Closing has already taken place, then the Parties take all such actions as are necessary to restore the Parties to the position they were in prior to the Transfer Closing.

6 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Amendment and Modification; Waiver.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may not be amended, altered, supplemented or otherwise modified except upon the execution and delivery of a written agreement executed by each Party hereto and the Company (acting at the direction of the Special Committee); provided that any such proposed amendment shall not prevent or materially delay the consummation of the transactions contemplated by this Agreement or the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Counterparts</u>. This Agreement may be executed and delivered manually or electronically by email by the Parties, in any number of counterparts, each of which shall be considered one and the same agreement and shall become effective when a counterpart hereof has been signed by each of the Parties and delivered to the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Entire Agreement</u>. This Agreement, the Merger Agreement, the Rollover Agreement, the Subscription Agreement and the Limited Guarantees constitute the entire agreement among the Parties with respect to the subject matter hereof and thereof and supersede all contemporaneous or prior agreements and understandings, both written and oral, among the Parties or any of them with respect to the subject matter hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby and the Transactions is not affected in any manner adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner to the effect that the transactions contemplated hereby and the Transactions be consummated as originally contemplated to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Specific Performance</u>. Each Party acknowledges and agrees that monetary damages would not be an adequate remedy in the event that any covenant or agreement of such Party in this Agreement is not performed in accordance with its terms, and therefore agrees that, in addition to and without limiting any other remedy or right available to any Party or the Company (to the limited extent set forth in Section 6.7), as applicable, each Party and the Company (to the limited extent set forth in Section 6.7 hereof and at the direction of the Special Committee) will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. Each Party agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy. All rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any Party or the Company (to the limited extent set forth in Section 6.7 hereof), as applicable, shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such Party or the Company (to the limited extent set forth in Section 6.7 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Assignment</u>. This Agreement may not be assigned by any of the Parties (whether by operation of law or otherwise) without the prior written consent of the other Party and the Company (acting at the direction of the Special Committee). Any assignment in violation of this ‎Section 6.6 shall be null and void ab initio. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Third-Party Beneficiaries</u>. There are no third-party beneficiaries of this Agreement and nothing in this Agreement, express or implied, is intended to or shall confer on any Person other than the Parties (and their respective successors, heirs and permitted assigns), any rights, remedies, obligations or liabilities, except as specifically set forth in this Agreement; *provided*, however, that the Company is an express third-party beneficiary of the obligations of the Parties pursuant to Section 1, Section 2, and Section 3 of this Agreement and shall be entitled to specific performance of the terms hereof and an injunction, temporary restraining order or other equitable relief, to prevent breaches of this Agreement by the Parties hereto, in addition to any other remedy available at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Governing Law; Arbitration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be interpreted, construed and governed by and in accordance with the Laws of the State of New York without regard to the conflicts of Law principles thereof that would subject such matter to the Laws of another jurisdiction. Notwithstanding the foregoing, if any provision of this Agreement with specific reference to the Laws of the Cayman Islands shall be subject to the Laws of the Cayman Islands, the Laws of the Cayman Islands shall apply with respect to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the exception for matters to be governed by the Laws of the Cayman Islands and subject to the jurisdiction of the courts of the Cayman Islands as set forth in ‎Section 6.8(a), any Action arising out of or in any way relating to this Agreement or the subject matter hereunder (including a dispute regarding the existence, validity, formation, effect, interpretation, performance or termination of this Agreement) shall be submitted exclusively to the Hong Kong International Arbitration Centre ("<u>HKIAC</u>") and resolved in accordance with the HKIAC Administered Arbitration Rules in force at the relevant time and as may be amended by this ‎Section 6.8 (the "<u>HKIAC Rules</u>"). The place of arbitration shall be Hong Kong. The official language of the arbitration shall be English and the tribunal shall consist of one arbitrator (the "<u>Arbitrator</u>"). The claimant(s) and the respondent(s), irrespective of number, shall jointly nominate the Arbitrator. In the event the claimant(s) or respondent(s) shall fail to nominate or agree on the joint nomination of the Arbitrator within the time limits specified by the HKIAC Rules, the Arbitrator shall be appointed promptly by the HKIAC. The arbitration tribunal shall have no authority to award punitive or other punitive-type damages. The award of the arbitration tribunal shall be final and binding upon the disputing parties. Any party to an award may apply to any court of competent jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the Parties irrevocably and unconditionally submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, the Parties hereby consent to and agree that in addition to any recourse to arbitration as set out in this ‎Section 6.8, any Party may, to the extent permitted under the rules and procedures of the HKIAC, seek an interim injunction or other form of relief from the HKIAC as provided for in the HKIAC Rules. Such application shall also be governed by, and construed in accordance with, the Laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Further Assurances</u>. Each of the parties hereto shall execute such documents and perform such further acts (including without limitation obtaining any consents, exemptions, authorizations, or other actions by, or giving any notices to, or making any filings with, any governmental entity or authority or any other person) as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement. In particular, the Transferor covenants to the Transferee that it shall provide or procure to be provided all necessary assistance to facilitate the Transferee's entitlement to the Transfer Shares.

 

*[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]*

IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the date first above written.

---

| | |
|:---|:---|
| <u>TRANSFEROR:</u> | <u>TRANSFEROR:</u> |
| **Ultimate Wise Group Limited** | **Ultimate Wise Group Limited** |
| By: | /s/ Huiyan Yang |
| Name: Huiyan Yang | Name: Huiyan Yang |
| Title: Director | Title: Director |

---

SIGNATURE PAGE TO SHARE TRANSFER AGREEMENT

IN WITNESS WHEREOF, the party hereto has entered into this Agreement as of the date first above written.

---

| | |
|:---|:---|
| <u>TRANSFEREE:</u> | <u>TRANSFEREE:</u> |
| **Bright Education Mergersub Limited** | **Bright Education Mergersub Limited** |
| By: | /s/ Shuting Zhou |
| Name: Shuting Zhou | Name: Shuting Zhou |
| Title: Director | Title: Director |

---

SIGNATURE PAGE TO SHARE TRANSFER AGREEMENT

**<u>SCHEDULE A</u>**

**INSTRUMENT OF TRANSFER**

SCHEDULE A TO SHARE TRANSFER AGREEMENT

**Bright Scholar Education Holdings Limited**

(the "Company")

---

| | | | |
|:---|:---|:---|:---|
| FOR VALUE RECEIVED | FOR VALUE RECEIVED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US$1 |
| (fill in amount) | (fill in amount) | (fill in amount) | (fill in amount) |
| Ultimate Wise Group Limited | Ultimate Wise Group Limited | Ultimate Wise Group Limited | Ultimate Wise Group Limited |
| (Name of Transferor) | (Name of Transferor) | (Name of Transferor) | (Name of Transferor) |
| <br> hereby sell, <br> assign and <br> transfer to | <br> hereby sell, <br> assign and <br> transfer to | <br> hereby sell, <br> assign and <br> transfer to | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bright Education Mergersub Limited |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Name of Transferee) |
| of | the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands | the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands | the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands |
| (address) | (address) | (address) | (address) |
| <u>451,559</u> Class A Ordinary Shares and <u>15,000,000</u> Class B Ordinary Shares of <u>US$0.00001 each</u> of the Company. | <u>451,559</u> Class A Ordinary Shares and <u>15,000,000</u> Class B Ordinary Shares of <u>US$0.00001 each</u> of the Company. | <u>451,559</u> Class A Ordinary Shares and <u>15,000,000</u> Class B Ordinary Shares of <u>US$0.00001 each</u> of the Company. | <u>451,559</u> Class A Ordinary Shares and <u>15,000,000</u> Class B Ordinary Shares of <u>US$0.00001 each</u> of the Company. |

---

Dated:

  <u> In the presence of: </u> <br> For and on behalf of Ultimate Wise Group Limited (Transferor) (Witness)

SCHEDULE A TO SHARE TRANSFER AGREEMENT

## Exhibit 99.7

**Exhibit 99.7**

Confidential

Execution Version

**LIMITED GUARANTEE**

LIMITED GUARANTEE, dated as of October 13, 2025 (this "<u>Limited Guarantee</u>"), by Hongru Zhou (the "<u>Guarantor</u>") in favor of Bright Scholar Education Holdings Limited, an exempted company incorporated with limited liability incorporated under the laws of the Cayman Islands (the "<u>Guaranteed Party</u>"). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Merger Agreement (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>GUARANTEE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To induce the Guaranteed Party to enter into an Agreement and Plan of Merger, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>") by and among Excellence Education Investment Limited ("<u>Parent</u>"), Bright Education Mergersub Limited, a wholly owned subsidiary of Parent ("<u>Merger Sub</u>"), and the Guaranteed Party, pursuant to which Merger Sub will be merged with and into the Guaranteed Party (the "<u>Merger</u>") with the Guaranteed Party continuing as the surviving company in the Merger and a wholly owned Subsidiary of Parent, the Guarantor, intending to be legally bound, hereby absolutely, irrevocably and unconditionally guarantees to the Guaranteed Party, the due and punctual payment, observance, performance and discharge as and when due of 76.85% (the "<u>Guaranteed Percentage</u>") of the payment obligations of Parent with respect to (i) the payment of the Parent Termination Fee pursuant to Section 9.2(c) of the Merger Agreement (subject to the terms and limitations of Section 9.2(d) of the Merger Agreement) and (ii) the reimbursement obligations of Parent pursuant to Section 9.2(f) of the Merger Agreement (the aggregate obligations of Parent in sub-clauses (i) and (ii) collectively, without regard to the Guaranteed Percentage thereof, the "<u>Obligations</u>"); provided that, in no event shall the Guarantor's aggregate liability under this Section 1(a) exceed the Guaranteed Percentage of the Obligations (the "<u>Cap</u>"). This Limited Guarantee may be enforced for the payment of money damages only. The Guaranteed Party, by execution of this Limited Guarantee, agrees that the Guarantor shall not have any obligation or liability to the Guaranteed Party relating to, arising out of or in connection with, this Limited Guarantee, the Subscription Agreement or the Merger Agreement or any of the transactions contemplated hereby or thereby, other than as expressly set forth herein or in the Subscription Agreement. The Guaranteed Party, by execution of this Limited Guarantee, further acknowledges that, in the event that Parent has any unsatisfied payment obligations, payment of the Guaranteed Percentage of the Obligations in accordance with and subject to the terms and conditions of this Limited Guarantee by the Guarantor (or by any other person, including Parent or Merger Sub on behalf of the Guarantor) shall constitute satisfaction in full of the Guarantor's obligations with respect thereto. All payments hereunder shall be made in lawful money of the United States in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All payments made by the Guarantor pursuant to this Limited Guarantee shall be free and clear of any deduction, offset, defense, claim or counterclaim of any kind. If Parent fails to pay or cause to be paid any or all of the Obligations as and when due pursuant to Sections 9.2(c) or (f) of the Merger Agreement and subject to the other relevant terms and limitations of the Merger Agreement, then the Guarantor's liabilities to the Guaranteed Party hereunder in respect of such Obligations shall, at the Guaranteed Party's option, become immediately due and payable and the Guaranteed Party may, at any time and from time to time, at the Guaranteed Party's option, and so long as Parent remains in breach of such Obligation, take any and all actions available hereunder or under applicable Law to collect the Obligations from the Guarantor, subject to limitations described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Concurrently with the delivery of this Limited Guarantee, Mr. Ruolei Niu (the "<u>Other Guarantor</u>") is also entering into a limited guarantee substantially identical to this Limited Guarantee (the "<u>Other Guarantee</u>") with the Guaranteed Party. This Limited Guarantee shall become effective upon the substantially simultaneous signing of this Limited Guarantee and the Other Guarantee. The Guarantor's Obligations under this Limited Guarantee shall be separate and independent from the Other Guarantor's obligations under the Other Guarantee. The obligations for the Guarantor and the Other Guarantor shall be several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Guarantor agrees to pay on demand all reasonable and documented out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred by the Guaranteed Party in connection with the enforcement of its rights hereunder, including without limitation in the event (i) the Guarantor asserts in any Action that this Limited Guarantee is illegal, invalid or unenforceable in accordance with its terms and the Guaranteed Party prevails in such Action, or (ii) the Guarantor fails or refuses to make any payments to the Guaranteed Party hereunder when due and payable and it is determined judicially or by arbitration that the Guarantor is required to make such payment hereunder, which amounts will be in addition to the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>CHANGES IN OBLIGATION, CERTAIN WAIVERS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor agrees that the Guaranteed Party may, in its sole discretion, at any time and from time to time, without notice to or further consent of the Guarantor, extend the time of payment of the Obligations, and may also make any agreement with Parent, Merger Sub, or the Other Guarantor or any other Person interested in the transactions contemplated by the Merger Agreement for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement among the Guaranteed Party and Parent, Merger Sub or such other Person without in any way impairing or affecting the Guarantor's obligations under this Limited Guarantee or affecting the validity or enforceability of this Limited Guarantee. The Guaranteed Party shall not release the Other Guarantor from, or extend the time of payment of, any obligations under the Other Guarantee or amend or waive any provision of the Other Guarantee except to the extent the Guarantor under this Limited Guarantee is released, the payment obligation under this Limited Guarantee is extended or the provisions of the Limited Guarantee are amended or waived, in each case, on terms and conditions no less favorable than those applicable to the Other Guarantee. The Guarantor agrees that, except as set forth in clause (i) in the last sentence of Section 2(c) and except for termination in accordance with Section 7 of this Limited Guarantee, the obligation of the Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise affected by (i) the failure or delay on the part of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent, Merger Sub, or the Other Guarantor or any other Person interested in the transactions contemplated by the Merger Agreement; (ii) any change in the time, place or manner of payment of any of the Obligations, or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement made in accordance with its terms or any agreement evidencing, securing or otherwise executed in connection with any portion of the Obligations, in each case, to the extent any of the foregoing does not have the effect of increasing the Cap; (iii) the addition, substitution, legal or equitable discharge or release (in the case of a discharge or release, other than a discharge or release of the Guarantor with respect to the Guaranteed Percentage of the Obligations as a result of payment in full of the Guaranteed Percentage of the Obligations in accordance with their terms, a full discharge or release of Parent with respect to the Obligations under the Merger Agreement, or as a result of valid defenses to the payment of the Obligations that would be available to Parent or Merger Sub under the Merger Agreement) of any Person now or thereafter liable with respect to any portion of the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement; (iv) any change in the corporate existence, structure or ownership of Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement; (v) any Enforceability Exceptions of Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement or any of their respective assets or any other Person now or hereafter liable with respect to any portion of the Obligations; (vi) the existence of any claim, set-off or other right which the Guarantor may have at any time against Parent, Merger Sub or the Guaranteed Party or any of their respective Affiliates, whether in connection with the Obligations or otherwise (other than defenses to the payment of the Obligations that are available to Parent or Merger Sub under the Merger Agreement); (vii) any other act or omission that may in any manner or to any extent vary the risk of or to the Guarantor or otherwise operate as a discharge or release of the Guarantor as a matter of law or equity (in the case of a discharge or release, other than a discharge or release of the Guarantor with respect to the Obligations as a result of payment of the applicable Obligations in accordance with its terms, a full discharge or release of Parent with respect to the Obligations under the Merger Agreement, or as a result of valid defenses to the payment of the Obligations that would be available to Parent under the Merger Agreement); (viii) the adequacy of any other means the Guaranteed Party may have of obtaining repayment related to the Obligations; or (ix) the value, validity, legality or enforceability of the Merger Agreement. To the fullest extent permitted by applicable Law, the Guarantor hereby expressly waives any and all rights or defenses arising by reason of any applicable Law which would otherwise require any election of remedies by the Guaranteed Party. The Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guarantee and of the Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of the occurrence of any Obligations and all other notices of any kind, all defenses which may be available by virtue of any valuation, stay, moratorium Law or other similar Law now or hereafter in effect, any right to require the marshalling of assets of Parent or Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses generally (other than valid defenses to the payment of the Obligations that are available to Parent or Merger Sub under the Merger Agreement). The Guarantor acknowledges that he will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that the waivers set forth in this Limited Guarantee are knowingly made in contemplation of such benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guaranteed Party hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates not to institute, directly or indirectly, in the name of or on behalf of the Guaranteed Party or any other Person, any Action arising under, or in connection with, the Transaction Agreements or any other agreement or instrument delivered pursuant to such Transaction Agreements, or any of the transactions contemplated hereby or thereby, against the Guarantor or any of his spouse, immediate family members, heirs, executors, administrators, trustees, legal representatives, beneficiaries, agents, Affiliates, successors or assigns, Parent or Merger Sub or any former, current or future shareholder, controlling person, director, officer, employee, general or limited partner, member, manager, Affiliate, agent or assignee of any of the foregoing (but not including the Guarantor, the Other Guarantor, Parent or Merger Sub or their respective successors and assigns under the Transaction Agreements, each of these persons, a "<u>Non-Recourse Party</u>" and collectively, the "<u>Non-Recourse Parties</u>"), except for claims against (i) the Guarantor (but not any Non-Recourse Party) under (and to the extent permitted by) this Limited Guarantee by the Guaranteed Party (subject to the limitations described herein), (ii) the Other Guarantor under (and to the extent permitted by) the Other Guarantee (subject to the limitations described therein); (iii) the Subscribers (as defined therein) and their respective successors and permitted assigns under the Subscription Agreement, (iv) Parent and Merger Sub and their respective successors and assigns under the Merger Agreement pursuant to the terms thereof, (v) Ultimate Wise and Merger Sub under the Ultimate Wise SPA, and (vi) Parent, Merger Sub and Sure Brilliant under the Rollover Agreement (the claims under clauses (i) through (vi), whether or not against the Guarantor, the Other Guarantor, Subscribers, Parent, Merger Sub, Sure Brilliant, Ultimate Wise and/or their respective successors and assigns, collectively, the "<u>Retained Claims</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in Section 2 hereof, the Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that he may now have or hereafter acquire against Parent or Merger Sub that arise from the existence, payment, performance or enforcement of the Obligations under or in respect of this Limited Guarantee or any other agreement in connection therewith, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party against Parent, Merger Sub or the Other Guarantor, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, but not limited to, the right to take or receive from Parent, Merger Sub or the Other Guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Guaranteed Percentage of the Obligations shall have been paid in full in immediately available funds by the Guarantor (or by any other person, including Parent or Merger Sub, on behalf of the Guarantor). If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full in immediately available funds of the Guaranteed Percentage of the Obligations by the Guarantor (or by any other Person, including Parent or Merger Sub, on behalf of the Guarantor), such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property and funds of the Guarantor and shall forthwith be paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Percentage of the Obligations in accordance with the terms of the Merger Agreement and this Limited Guarantee, whether matured or unmatured, or to be held as collateral for such Guaranteed Percentage of the Obligations. Notwithstanding anything to the contrary contained in this Limited Guarantee, the Guaranteed Party hereby agrees (i) to the extent the Obligations are not payable pursuant to, and in accordance with, the Merger Agreement, the Guarantor shall be similarly relieved of his obligations to make payments under this Limited Guarantee for the same obligation for which Parent and Merger Sub were relieved under the Merger Agreement, and (ii) the Guarantor shall have all defenses to the payment of his obligations under this Limited Guarantee (which in any event shall be subject to the limitations described herein) that would be available to Parent and/or Merger Sub under the Merger Agreement with respect to the Obligations, other than defenses arising from the Enforceability Exceptions of Parent or Merger Sub and other defenses expressly waived herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>NO WAIVER; CUMULATIVE RIGHTS</u>. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power hereunder. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by Law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time. The Guaranteed Party shall not have any obligation to proceed at any time or in any manner against, or exhaust any or all of the Guaranteed Party's rights against, Parent, Merger Sub or any other Person (including the Other Guarantor) now or hereafter liable for the Obligation or interested in the transactions contemplated by the Merger Agreement prior to proceeding against the Guarantor hereunder, and the failure by the Guaranteed Party to pursue rights or remedies against Parent or Merger Sub shall not relieve the Guarantor of any liability hereunder, and shall not impair or affect the rights, remedies, whether express, implied or available as a matter of law, of the Guaranteed Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>REPRESENTATIONS AND WARRANTIES</u>. The Guarantor hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he has the requisite power, authority and legal capacity to execute, deliver and perform this Limited Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance of this Limited Guarantee do not contravene any Law, judgment or contractual restriction binding on the Guarantor or his assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Entity or any other Person necessary for the due execution, delivery and performance of this Limited Guarantee by the Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Entity or any other Person is required in connection with the execution, delivery or performance of this Limited Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assuming due execution and delivery of this Limited Guarantee and the Merger Agreement by the Guaranteed Party, this Limited Guarantee constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors' rights generally, and (ii) general equitable principles (whether considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Guarantor is solvent and shall not be rendered insolvent as a result of his execution and delivery of this Limited Guarantee or the performance of his obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Guarantor has the financial capacity to pay and perform his obligation under this Limited Guarantee, and all funds necessary for the Guarantor to fulfill his Obligation under this Limited Guarantee shall be available to the Guarantor for so long as this Limited Guarantee shall remain in effect in accordance with Section 7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>NO ASSIGNMENT</u>. Neither the Guarantor nor the Guaranteed Party may assign or delegate their respective rights, interests or obligations hereunder, in whole or in part, to any other Person (except by operation of Law, provided that no such assignment by the Guarantor shall relieve the Guarantor or any of his obligations hereunder) without the prior written consent of the Guaranteed Party or the Guarantor, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>NOTICES</u>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) upon confirmation of receipt when transmitted electronically by email, (c) upon confirmation of receipt after dispatch by registered or certified mail, postage prepaid, addressed, or (d) on the next Business Day if transmitted by international overnight courier, in each case to the parties hereto at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Guarantor:

3303B2, 33/F, The Centrium

60 Wyndham Street, Central

Hong Kong

Attention: Qing Yao

with a copy (which shall not constitute notice) to:

King & Wood Mallesons

28th Floor, China Resources Tower

2666 Keyuan South Road, Nanshan District

Shenzhen, Guangdong 518052

People's Republic of China

Attention: Owen Wang

Email: owen.wang@cn.kwm.com

If to the Guaranteed Party, as provided in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>CONTINUING GUARANTEE</u>. Unless terminated pursuant to this Section 7, this Limited Guarantee may not be revoked or terminated and shall remain in full force and effect and shall be binding on the Guarantor and his successors and permitted assigns until all of the Guaranteed Percentage of the Obligations (subject to the limitations described herein) has been satisfied in full. Notwithstanding the foregoing, this Limited Guarantee shall terminate and the Guarantor shall have no further obligation under this Limited Guarantee as of the earliest of (a) the Effective Time, (b) the termination of the Merger Agreement in accordance with its terms (other than a termination of the Merger Agreement for which the Obligation is, in accordance with Sections 9.2(c) and (f) of the Merger Agreement, due and owing by Parent or where there is otherwise any outstanding Obligation at the time of such termination (such termination, a "<u>Qualifying Termination</u>"); (c) the payment in full of the Obligations, and (d) the 120th day after a Qualifying Termination unless prior to the 120th day after such Qualifying Termination, the Guaranteed Party shall have commenced a legal proceeding against Parent or Merger Sub alleging any Obligation is due and owing or against the Guarantor alleging amounts payable by the Guarantor to the Guaranteed Party under this Limited Guarantee, in which case this Limited Guarantee shall terminate upon either (i) a final, non-appealable resolution of such claim and payment of the Obligations, if applicable or (ii) a written agreement signed by each of the parties hereto terminating this Limited Guarantee. If any payment or payments made by Parent or Merger Sub or any part thereof in respect of the Obligation, are subsequently invalidated, declared to be fraudulent or preferential, set aside or are required to be repaid to a trustee, receiver or any other person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or payments, the obligations or part thereof hereunder intended to be satisfied shall be revived and continued in full force and effect as if said payment or payments had not been made. In the event that the Guaranteed Party or any of its controlled Affiliates institutes any suit, action or proceeding or makes any claim (A) asserting that any of the provisions of this Limited Guarantee limiting the Guarantor's liability under Section 1(a) to the Cap are illegal, invalid or unenforceable in whole or in part or that the Guarantor is liable in excess of or to a greater extent than the Cap with respect to the Guarantor's liability under Section 1(a), or (B) asserts any theory of liability against Non-Recourse Party other than the Retained Claims, then (1) the Obligation of the Guarantor under this Limited Guarantee shall terminate *ab initio* and be null and void, (2) if the Guarantor has previously made any payments under this Limited Guarantee, he shall be entitled to recover such payments from the Guaranteed Party, and (3) neither the Guarantor, Parent, Merger Sub nor any Non-Recourse Party shall have any liability to the Guaranteed Party or any of its Affiliates with respect to the transactions contemplated by the Transaction Agreements or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>NO RECOURSE</u>. Notwithstanding anything that may be expressed or implied in this Limited Guarantee or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this Limited Guarantee, the Guaranteed Party acknowledges and agrees that no Person other than the Guarantor (and his successors and permitted assigns) has any obligation hereunder and that no recourse shall be had hereunder, or for any claim based on, in respect of, or by reason of, such obligation or their creation, against, and no personal liability shall attach to, any Non-Recourse Party, through Parent, Merger Sub or otherwise, whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of the Guaranteed Party against any Non-Recourse Party (including any claim to enforce the Subscription Agreement), by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise, except for any Retained Claims. The Guaranteed Party acknowledges and agrees that Parent and Merger Sub have no assets other than certain contract rights and cash in a *de minimis* amount and that no additional funds are expected to be contributed to Parent or Merger Sub unless the Closing occurs. Recourse against the Guarantor pursuant to this Limited Guarantee and against the Other Guarantor pursuant to the Other Guarantee shall be the sole and exclusive remedy of the Guaranteed Party and all of its controlled Affiliates against the Guarantor, the Other Guarantor, Parent or Merger Sub in respect of any liabilities or obligations arising under, or in connection with, the Transaction Agreements or the transactions contemplated thereby, except for any Retained Claims. Nothing set forth in this Limited Guarantee shall confer or give or shall be construed to confer or give to any Person (including any Person acting in a representative capacity) any rights or remedies against any Person other than the Guarantor as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>NATURE OF GUARANTEE</u>. The Guarantor's liability hereunder is absolute, unconditional, irrevocable and continuing irrespective of any modification, amendment or waiver of or any consent to departure from the Merger Agreement that may be agreed to by Parent or Merger Sub. The Guaranteed Party shall not be obligated to file any claim relating to the Obligations in the event that Parent or Merger Sub becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file shall not affect the Guarantor's obligation hereunder. In the event that any payment to the Guaranteed Party in respect of any of the Obligations is rescinded or must otherwise be returned for any reason whatsoever, the Guarantor shall remain liable hereunder with respect to the Guaranteed Percentage of such Obligations, subject to the terms and conditions hereof, as if such payment had not been made. This Limited Guarantee is a primary and original obligation of the Guarantor and an unconditional and continuing guarantee of payment and is not of collection or merely the creation of a surety relationship, and the Guaranteed Party shall not be required to initiate any legal proceedings against Parent or Merger Sub before proceeding against the Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>GOVERNING LAW</u>. This Limited Guarantee shall be governed by, and construed in accordance with, the Laws of the State of New York, without giving effect to any choice of Law or conflict of Law rules or provisions that would cause the application of the Laws of any jurisdiction other than the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>DISPUTE RESOLUTION</u>. Any disputes, actions and proceedings against any party or arising out of or in any way relating to this Limited Guarantee shall be submitted to the HKIAC and resolved in accordance with the HKIAC Rules in force at the relevant time. The place of arbitration shall be Hong Kong. The official language of the arbitration shall be English and the arbitration tribunal shall consist of one Arbitrator (the "<u>Arbitrator</u>"). The claimant(s) and the respondent(s), irrespective of number, shall jointly nominate the Arbitrator. In the event the claimant(s) or respondent(s) shall fail to nominate or agree on the joint nomination of the Arbitrator within the time limits specified by the HKIAC Rules, such Arbitrator shall be appointed promptly by the HKIAC. The arbitration tribunal shall have no authority to award punitive or other punitive-type damages. The award of the arbitration tribunal shall be final and binding upon the disputing parties. Any party to an award may apply to any court of competent jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the parties irrevocably and unconditionally submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>COUNTERPARTS</u>. This Limited Guarantee may be executed by facsimile or email and in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Limited Guarantee and the other Transaction Agreements contain the entire agreement between the parties relative to the subject matter hereof. No modification or waiver of any provision hereof shall be enforceable unless agreed to by the Guaranteed Party and the Guarantor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any provision hereof that is prohibited or unenforceable in any jurisdiction shall be, as to such jurisdiction, ineffective solely to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Limited Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All parties acknowledge that each party and its counsel have reviewed this Limited Guarantee and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Limited Guarantee.

 

*[SIGNATURE PAGES FOLLOW]*

 

IN WITNESS WHEREOF, the Guarantor has caused this Limited Guarantee to be executed and delivered as of the date first written above.

---

| | |
|:---|:---|
| **Guarantor** | **Guarantor** |
| Hongru Zhou | Hongru Zhou |
| By: | /s/ Hongru Zhou |

---

 

*[Signature Page to Hongru Zhou Limited Guarantee]* 

IN WITNESS WHEREOF, the Guaranteed Party has caused this Limited Guarantee to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

---

| | |
|:---|:---|
| **Guaranteed Party** | **Guaranteed Party** |
| Bright Scholar Education Holdings Limited | Bright Scholar Education Holdings Limited |
| By: | /s/ Jun Zhao |
| Name: | Jun Zhao |
| Title: | Chairman of the Special Committee |

---

*[Signature Page to Hongru Zhou Limited Guarantee]*

## Exhibit 99.8

**Exhibit 99.8**

Confidential

Execution Version

**LIMITED GUARANTEE**

LIMITED GUARANTEE, dated as of October 13, 2025 (this "<u>Limited Guarantee</u>"), by Ruolei Niu (the "<u>Guarantor</u>") in favor of Bright Scholar Education Holdings Limited, an exempted company incorporated with limited liability incorporated under the laws of the Cayman Islands (the "<u>Guaranteed Party</u>"). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Merger Agreement (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>GUARANTEE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To induce the Guaranteed Party to enter into an Agreement and Plan of Merger, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>") by and among Excellence Education Investment Limited ("<u>Parent</u>"), Bright Education Mergersub Limited, a wholly owned subsidiary of Parent ("<u>Merger Sub</u>"), and the Guaranteed Party, pursuant to which Merger Sub will be merged with and into the Guaranteed Party (the "<u>Merger</u>") with the Guaranteed Party continuing as the surviving company in the Merger and a wholly owned Subsidiary of Parent, the Guarantor, intending to be legally bound, hereby absolutely, irrevocably and unconditionally guarantees to the Guaranteed Party, the due and punctual payment, observance, performance and discharge as and when due of 23.15% (the "<u>Guaranteed Percentage</u>") of the payment obligations of Parent with respect to (i) the payment of the Parent Termination Fee pursuant to Section 9.2(c) of the Merger Agreement (subject to the terms and limitations of Section 9.2(d) of the Merger Agreement) and (ii) the reimbursement obligations of Parent pursuant to Section 9.2(f) of the Merger Agreement (the aggregate obligations of Parent in sub-clauses (i) and (ii) collectively, without regard to the Guaranteed Percentage thereof, the "<u>Obligations</u>"); provided that, in no event shall the Guarantor's aggregate liability under this Section 1(a) exceed the Guaranteed Percentage of the Obligations (the "<u>Cap</u>"). This Limited Guarantee may be enforced for the payment of money damages only. The Guaranteed Party, by execution of this Limited Guarantee, agrees that the Guarantor shall not have any obligation or liability to the Guaranteed Party relating to, arising out of or in connection with, this Limited Guarantee, the Subscription Agreement or the Merger Agreement or any of the transactions contemplated hereby or thereby, other than as expressly set forth herein or in the Subscription Agreement. The Guaranteed Party, by execution of this Limited Guarantee, further acknowledges that, in the event that Parent has any unsatisfied payment obligations, payment of the Guaranteed Percentage of the Obligations in accordance with and subject to the terms and conditions of this Limited Guarantee by the Guarantor (or by any other person, including Parent or Merger Sub on behalf of the Guarantor) shall constitute satisfaction in full of the Guarantor's obligations with respect thereto. All payments hereunder shall be made in lawful money of the United States in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All payments made by the Guarantor pursuant to this Limited Guarantee shall be free and clear of any deduction, offset, defense, claim or counterclaim of any kind. If Parent fails to pay or cause to be paid any or all of the Obligations as and when due pursuant to Sections 9.2(c) or (f) of the Merger Agreement and subject to the other relevant terms and limitations of the Merger Agreement, then the Guarantor's liabilities to the Guaranteed Party hereunder in respect of such Obligations shall, at the Guaranteed Party's option, become immediately due and payable and the Guaranteed Party may, at any time and from time to time, at the Guaranteed Party's option, and so long as Parent remains in breach of such Obligation, take any and all actions available hereunder or under applicable Law to collect the Obligations from the Guarantor, subject to limitations described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Concurrently with the delivery of this Limited Guarantee, Mr. Hongru Zhou (the "<u>Other Guarantor</u>") is also entering into a limited guarantee substantially identical to this Limited Guarantee (the "<u>Other Guarantee</u>") with the Guaranteed Party. This Limited Guarantee shall become effective upon the substantially simultaneous signing of this Limited Guarantee and the Other Guarantee. The Guarantor's Obligations under this Limited Guarantee shall be separate and independent from the Other Guarantor's obligations under the Other Guarantee. The obligations for the Guarantor and the Other Guarantor shall be several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Guarantor agrees to pay on demand all reasonable and documented out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred by the Guaranteed Party in connection with the enforcement of its rights hereunder, including without limitation in the event (i) the Guarantor asserts in any Action that this Limited Guarantee is illegal, invalid or unenforceable in accordance with its terms and the Guaranteed Party prevails in such Action, or (ii) the Guarantor fails or refuses to make any payments to the Guaranteed Party hereunder when due and payable and it is determined judicially or by arbitration that the Guarantor is required to make such payment hereunder, which amounts will be in addition to the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>CHANGES IN OBLIGATION, CERTAIN WAIVERS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor agrees that the Guaranteed Party may, in its sole discretion, at any time and from time to time, without notice to or further consent of the Guarantor, extend the time of payment of the Obligations, and may also make any agreement with Parent, Merger Sub, or the Other Guarantor or any other Person interested in the transactions contemplated by the Merger Agreement for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement among the Guaranteed Party and Parent, Merger Sub or such other Person without in any way impairing or affecting the Guarantor's obligations under this Limited Guarantee or affecting the validity or enforceability of this Limited Guarantee. The Guaranteed Party shall not release the Other Guarantor from, or extend the time of payment of, any obligations under the Other Guarantee or amend or waive any provision of the Other Guarantee except to the extent the Guarantor under this Limited Guarantee is released, the payment obligation under this Limited Guarantee is extended or the provisions of the Limited Guarantee are amended or waived, in each case, on terms and conditions no less favorable than those applicable to the Other Guarantee. The Guarantor agrees that, except as set forth in clause (i) in the last sentence of Section 2(c) and except for termination in accordance with Section 7 of this Limited Guarantee, the obligation of the Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise affected by (i) the failure or delay on the part of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent, Merger Sub, or the Other Guarantor or any other Person interested in the transactions contemplated by the Merger Agreement; (ii) any change in the time, place or manner of payment of any of the Obligations, or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement made in accordance with its terms or any agreement evidencing, securing or otherwise executed in connection with any portion of the Obligations, in each case, to the extent any of the foregoing does not have the effect of increasing the Cap; (iii) the addition, substitution, legal or equitable discharge or release (in the case of a discharge or release, other than a discharge or release of the Guarantor with respect to the Guaranteed Percentage of the Obligations as a result of payment in full of the Guaranteed Percentage of the Obligations in accordance with their terms, a full discharge or release of Parent with respect to the Obligations under the Merger Agreement, or as a result of valid defenses to the payment of the Obligations that would be available to Parent or Merger Sub under the Merger Agreement) of any Person now or thereafter liable with respect to any portion of the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement; (iv) any change in the corporate existence, structure or ownership of Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement; (v) any Enforceability Exceptions of Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement or any of their respective assets or any other Person now or hereafter liable with respect to any portion of the Obligations; (vi) the existence of any claim, set-off or other right which the Guarantor may have at any time against Parent, Merger Sub or the Guaranteed Party or any of their respective Affiliates, whether in connection with the Obligations or otherwise (other than defenses to the payment of the Obligations that are available to Parent or Merger Sub under the Merger Agreement); (vii) any other act or omission that may in any manner or to any extent vary the risk of or to the Guarantor or otherwise operate as a discharge or release of the Guarantor as a matter of law or equity (in the case of a discharge or release, other than a discharge or release of the Guarantor with respect to the Obligations as a result of payment of the applicable Obligations in accordance with its terms, a full discharge or release of Parent with respect to the Obligations under the Merger Agreement, or as a result of valid defenses to the payment of the Obligations that would be available to Parent under the Merger Agreement); (viii) the adequacy of any other means the Guaranteed Party may have of obtaining repayment related to the Obligations; or (ix) the value, validity, legality or enforceability of the Merger Agreement. To the fullest extent permitted by applicable Law, the Guarantor hereby expressly waives any and all rights or defenses arising by reason of any applicable Law which would otherwise require any election of remedies by the Guaranteed Party. The Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guarantee and of the Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of the occurrence of any Obligations and all other notices of any kind, all defenses which may be available by virtue of any valuation, stay, moratorium Law or other similar Law now or hereafter in effect, any right to require the marshalling of assets of Parent or Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses generally (other than valid defenses to the payment of the Obligations that are available to Parent or Merger Sub under the Merger Agreement). The Guarantor acknowledges that he will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that the waivers set forth in this Limited Guarantee are knowingly made in contemplation of such benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guaranteed Party hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates not to institute, directly or indirectly, in the name of or on behalf of the Guaranteed Party or any other Person, any Action arising under, or in connection with, the Transaction Agreements or any other agreement or instrument delivered pursuant to such Transaction Agreements, or any of the transactions contemplated hereby or thereby, against the Guarantor or any of his spouse, immediate family members, heirs, executors, administrators, trustees, legal representatives, beneficiaries, agents, Affiliates, successors or assigns, Parent or Merger Sub or any former, current or future shareholder, controlling person, director, officer, employee, general or limited partner, member, manager, Affiliate, agent or assignee of any of the foregoing (but not including the Guarantor, the Other Guarantor, Parent or Merger Sub or their respective successors and assigns under the Transaction Agreements, each of these persons, a "<u>Non-Recourse Party</u>" and collectively, the "<u>Non-Recourse Parties</u>"), except for claims against (i) the Guarantor (but not any Non-Recourse Party) under (and to the extent permitted by) this Limited Guarantee by the Guaranteed Party (subject to the limitations described herein), (ii) the Other Guarantor under (and to the extent permitted by) the Other Guarantee (subject to the limitations described therein); (iii) the Subscribers (as defined therein) and their respective successors and permitted assigns under the Subscription Agreement, (iv) Parent and Merger Sub and their respective successors and assigns under the Merger Agreement pursuant to the terms thereof, (v) Ultimate Wise and Merger Sub under the Ultimate Wise SPA, and (vi) Parent, Merger Sub and Sure Brilliant under the Rollover Agreement (the claims under clauses (i) through (vi), whether or not against the Guarantor, the Other Guarantor, Subscribers, Parent, Merger Sub, Sure Brilliant, Ultimate Wise and/or their respective successors and assigns, collectively, the "<u>Retained Claims</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in Section 2 hereof, the Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that he may now have or hereafter acquire against Parent or Merger Sub that arise from the existence, payment, performance or enforcement of the Obligations under or in respect of this Limited Guarantee or any other agreement in connection therewith, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party against Parent, Merger Sub or the Other Guarantor, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, but not limited to, the right to take or receive from Parent, Merger Sub or the Other Guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Guaranteed Percentage of the Obligations shall have been paid in full in immediately available funds by the Guarantor (or by any other person, including Parent or Merger Sub, on behalf of the Guarantor). If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full in immediately available funds of the Guaranteed Percentage of the Obligations by the Guarantor (or by any other Person, including Parent or Merger Sub, on behalf of the Guarantor), such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property and funds of the Guarantor and shall forthwith be paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Percentage of the Obligations in accordance with the terms of the Merger Agreement and this Limited Guarantee, whether matured or unmatured, or to be held as collateral for such Guaranteed Percentage of the Obligations. Notwithstanding anything to the contrary contained in this Limited Guarantee, the Guaranteed Party hereby agrees (i) to the extent the Obligations are not payable pursuant to, and in accordance with, the Merger Agreement, the Guarantor shall be similarly relieved of his obligations to make payments under this Limited Guarantee for the same obligation for which Parent and Merger Sub were relieved under the Merger Agreement, and (ii) the Guarantor shall have all defenses to the payment of his obligations under this Limited Guarantee (which in any event shall be subject to the limitations described herein) that would be available to Parent and/or Merger Sub under the Merger Agreement with respect to the Obligations, other than defenses arising from the Enforceability Exceptions of Parent or Merger Sub and other defenses expressly waived herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>NO WAIVER; CUMULATIVE RIGHTS</u>. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power hereunder. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by Law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time. The Guaranteed Party shall not have any obligation to proceed at any time or in any manner against, or exhaust any or all of the Guaranteed Party's rights against, Parent, Merger Sub or any other Person (including the Other Guarantor) now or hereafter liable for the Obligation or interested in the transactions contemplated by the Merger Agreement prior to proceeding against the Guarantor hereunder, and the failure by the Guaranteed Party to pursue rights or remedies against Parent or Merger Sub shall not relieve the Guarantor of any liability hereunder, and shall not impair or affect the rights, remedies, whether express, implied or available as a matter of law, of the Guaranteed Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>REPRESENTATIONS AND WARRANTIES</u>. The Guarantor hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he has the requisite power, authority and legal capacity to execute, deliver and perform this Limited Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance of this Limited Guarantee do not contravene any Law, judgment or contractual restriction binding on the Guarantor or his assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Entity or any other Person necessary for the due execution, delivery and performance of this Limited Guarantee by the Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Entity or any other Person is required in connection with the execution, delivery or performance of this Limited Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assuming due execution and delivery of this Limited Guarantee and the Merger Agreement by the Guaranteed Party, this Limited Guarantee constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors' rights generally, and (ii) general equitable principles (whether considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Guarantor is solvent and shall not be rendered insolvent as a result of his execution and delivery of this Limited Guarantee or the performance of his obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Guarantor has the financial capacity to pay and perform his obligation under this Limited Guarantee, and all funds necessary for the Guarantor to fulfill his Obligation under this Limited Guarantee shall be available to the Guarantor for so long as this Limited Guarantee shall remain in effect in accordance with Section 7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>NO ASSIGNMENT</u>. Neither the Guarantor nor the Guaranteed Party may assign or delegate their respective rights, interests or obligations hereunder, in whole or in part, to any other Person (except by operation of Law, provided that no such assignment by the Guarantor shall relieve the Guarantor or any of his obligations hereunder) without the prior written consent of the Guaranteed Party or the Guarantor, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>NOTICES</u>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) upon confirmation of receipt when transmitted electronically by email, (c) upon confirmation of receipt after dispatch by registered or certified mail, postage prepaid, addressed, or (d) on the next Business Day if transmitted by international overnight courier, in each case to the parties hereto at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Guarantor:

3303B2, 33/F, The Centrium

60 Wyndham Street, Central

Hong Kong

Attention: Qing Yao

with a copy (which shall not constitute notice) to:

King & Wood Mallesons

28th Floor, China Resources Tower

2666 Keyuan South Road, Nanshan District

Shenzhen, Guangdong 518052

People's Republic of China

Attention: Owen Wang

Email: owen.wang@cn.kwm.com

If to the Guaranteed Party, as provided in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>CONTINUING GUARANTEE</u>. Unless terminated pursuant to this Section 7, this Limited Guarantee may not be revoked or terminated and shall remain in full force and effect and shall be binding on the Guarantor and his successors and permitted assigns until all of the Guaranteed Percentage of the Obligations (subject to the limitations described herein) has been satisfied in full. Notwithstanding the foregoing, this Limited Guarantee shall terminate and the Guarantor shall have no further obligation under this Limited Guarantee as of the earliest of (a) the Effective Time, (b) the termination of the Merger Agreement in accordance with its terms (other than a termination of the Merger Agreement for which the Obligation is, in accordance with Sections 9.2(c) and (f) of the Merger Agreement, due and owing by Parent or where there is otherwise any outstanding Obligation at the time of such termination (such termination, a "<u>Qualifying Termination</u>"); (c) the payment in full of the Obligations, and (d) the 120th day after a Qualifying Termination unless prior to the 120th day after such Qualifying Termination, the Guaranteed Party shall have commenced a legal proceeding against Parent or Merger Sub alleging any Obligation is due and owing or against the Guarantor alleging amounts payable by the Guarantor to the Guaranteed Party under this Limited Guarantee, in which case this Limited Guarantee shall terminate upon either (i) a final, non-appealable resolution of such claim and payment of the Obligations, if applicable or (ii) a written agreement signed by each of the parties hereto terminating this Limited Guarantee. If any payment or payments made by Parent or Merger Sub or any part thereof in respect of the Obligation, are subsequently invalidated, declared to be fraudulent or preferential, set aside or are required to be repaid to a trustee, receiver or any other person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or payments, the obligations or part thereof hereunder intended to be satisfied shall be revived and continued in full force and effect as if said payment or payments had not been made. In the event that the Guaranteed Party or any of its controlled Affiliates institutes any suit, action or proceeding or makes any claim (A) asserting that any of the provisions of this Limited Guarantee limiting the Guarantor's liability under Section 1(a) to the Cap are illegal, invalid or unenforceable in whole or in part or that the Guarantor is liable in excess of or to a greater extent than the Cap with respect to the Guarantor's liability under Section 1(a), or (B) asserts any theory of liability against Non-Recourse Party other than the Retained Claims, then (1) the Obligation of the Guarantor under this Limited Guarantee shall terminate *ab initio* and be null and void, (2) if the Guarantor has previously made any payments under this Limited Guarantee, he shall be entitled to recover such payments from the Guaranteed Party, and (3) neither the Guarantor, Parent, Merger Sub nor any Non-Recourse Party shall have any liability to the Guaranteed Party or any of its Affiliates with respect to the transactions contemplated by the Transaction Agreements or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>NO RECOURSE</u>. Notwithstanding anything that may be expressed or implied in this Limited Guarantee or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this Limited Guarantee, the Guaranteed Party acknowledges and agrees that no Person other than the Guarantor (and his successors and permitted assigns) has any obligation hereunder and that no recourse shall be had hereunder, or for any claim based on, in respect of, or by reason of, such obligation or their creation, against, and no personal liability shall attach to, any Non-Recourse Party, through Parent, Merger Sub or otherwise, whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of the Guaranteed Party against any Non-Recourse Party (including any claim to enforce the Subscription Agreement), by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise, except for any Retained Claims. The Guaranteed Party acknowledges and agrees that Parent and Merger Sub have no assets other than certain contract rights and cash in a *de minimis* amount and that no additional funds are expected to be contributed to Parent or Merger Sub unless the Closing occurs. Recourse against the Guarantor pursuant to this Limited Guarantee and against the Other Guarantor pursuant to the Other Guarantee shall be the sole and exclusive remedy of the Guaranteed Party and all of its controlled Affiliates against the Guarantor, the Other Guarantor, Parent or Merger Sub in respect of any liabilities or obligations arising under, or in connection with, the Transaction Agreements or the transactions contemplated thereby, except for any Retained Claims. Nothing set forth in this Limited Guarantee shall confer or give or shall be construed to confer or give to any Person (including any Person acting in a representative capacity) any rights or remedies against any Person other than the Guarantor as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>NATURE OF GUARANTEE</u>. The Guarantor's liability hereunder is absolute, unconditional, irrevocable and continuing irrespective of any modification, amendment or waiver of or any consent to departure from the Merger Agreement that may be agreed to by Parent or Merger Sub. The Guaranteed Party shall not be obligated to file any claim relating to the Obligations in the event that Parent or Merger Sub becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file shall not affect the Guarantor's obligation hereunder. In the event that any payment to the Guaranteed Party in respect of any of the Obligations is rescinded or must otherwise be returned for any reason whatsoever, the Guarantor shall remain liable hereunder with respect to the Guaranteed Percentage of such Obligations, subject to the terms and conditions hereof, as if such payment had not been made. This Limited Guarantee is a primary and original obligation of the Guarantor and an unconditional and continuing guarantee of payment and is not of collection or merely the creation of a surety relationship, and the Guaranteed Party shall not be required to initiate any legal proceedings against Parent or Merger Sub before proceeding against the Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>GOVERNING LAW</u>. This Limited Guarantee shall be governed by, and construed in accordance with, the Laws of the State of New York, without giving effect to any choice of Law or conflict of Law rules or provisions that would cause the application of the Laws of any jurisdiction other than the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>DISPUTE RESOLUTION</u>. Any disputes, actions and proceedings against any party or arising out of or in any way relating to this Limited Guarantee shall be submitted to the HKIAC and resolved in accordance with the HKIAC Rules in force at the relevant time. The place of arbitration shall be Hong Kong. The official language of the arbitration shall be English and the arbitration tribunal shall consist of one Arbitrator (the "<u>Arbitrator</u>"). The claimant(s) and the respondent(s), irrespective of number, shall jointly nominate the Arbitrator. In the event the claimant(s) or respondent(s) shall fail to nominate or agree on the joint nomination of the Arbitrator within the time limits specified by the HKIAC Rules, such Arbitrator shall be appointed promptly by the HKIAC. The arbitration tribunal shall have no authority to award punitive or other punitive-type damages. The award of the arbitration tribunal shall be final and binding upon the disputing parties. Any party to an award may apply to any court of competent jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the parties irrevocably and unconditionally submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>COUNTERPARTS</u>. This Limited Guarantee may be executed by facsimile or email and in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Limited Guarantee and the other Transaction Agreements contain the entire agreement between the parties relative to the subject matter hereof. No modification or waiver of any provision hereof shall be enforceable unless agreed to by the Guaranteed Party and the Guarantor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any provision hereof that is prohibited or unenforceable in any jurisdiction shall be, as to such jurisdiction, ineffective solely to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Limited Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All parties acknowledge that each party and its counsel have reviewed this Limited Guarantee and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Limited Guarantee.

*[SIGNATURE PAGES FOLLOW]*

 

IN WITNESS WHEREOF, the Guarantor has caused this Limited Guarantee to be executed and delivered as of the date first written above.

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| | |
|:---|:---|
| **Guarantor** | **Guarantor** |
| Ruolei Niu | Ruolei Niu |
| By: | /s/ Ruolei Niu |

---

 

*[Signature Page to Ruolei Niu Limited Guarantee]* 

IN WITNESS WHEREOF, the Guaranteed Party has caused this Limited Guarantee to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

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| | |
|:---|:---|
| **Guaranteed Party** | **Guaranteed Party** |
| Bright Scholar Education Holdings Limited | Bright Scholar Education Holdings Limited |
| By: | /s/ Jun Zhao |
| Name: | Jun Zhao |
| Title: | Chairman of the Special Committee |

---

*[Signature Page to Ruolei Niu Limited Guarantee]*

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Bright Scholar Education Holdings Limited**

*(Name of Issuer)*

**Class A Ordinary Shares, par value $0.00001 per share Class B Ordinary Shares, par value $0.00001 per share**

*(Title of Class of Securities)*

**109199208**

*(CUSIP Number)*

**Excellence Education Inv. Ltd**<br>No.1, Country Garden Road<br>Beijiao Town, Shunde District Foshan<br>Guangdong F4 528300<br>86 757 2666 2233

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/13/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **109199208** |

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| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Excellence Education Investment Limited** | Name of reporting person<br>**Excellence Education Investment Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**72590000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**72590000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**72590000.00** | Aggregate amount beneficially owned by each reporting person<br>**72590000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**61.2%** | Percent of class represented by amount in Row (11)<br>**61.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Excellence Education Investment Limited has shared voting and dispositive power over the Issuer's 72,590,000 Class B Ordinary Shares directly held by it. (2) The percentage is calculated on an as-converted basis based on 31,079,795 Class A Ordinary Shares (excluding 235,022 Class A Ordinary Shares issued to The Bank of New York Mellon and reserved for further issuance to beneficiaries under the 2017 Share Incentive Plan) and 87,590,000 Class B Ordinary Shares issued and outstanding as of November 30, 2024, as disclosed in the Issuer's annual report on Form 20-F filed on December 13, 2024, assuming conversion of all Class B Ordinary Shares into Class A Ordinary Shares at a conversion rate of 1:1. Each holder of Class A Ordinary Shares is entitled to one vote per share and each holder of our Class B Ordinary Shares is entitled to 20 votes per share on all matters submitted to them for a vote. Accordingly, based on the foregoing, the Ordinary Shares beneficially owned by Excellence Education Investment Limited represent approximately 81.4% of the aggregate voting power of the total issued and outstanding Ordinary Shares of the Issuer.

| **CUSIP No.** | **109199208** |

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| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ultimate Wise Group Limited** | Name of reporting person<br>**Ultimate Wise Group Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**15451559.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**15451559.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**15451559.00** | Aggregate amount beneficially owned by each reporting person<br>**15451559.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.0%** | Percent of class represented by amount in Row (11)<br>**13.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Ultimate Wise Group Limited has shared voting and dispositive power over the Issuer's 451,559 Class A Ordinary Shares and 15,000,000 Class B Ordinary Shares directly held by it. (2) The percentage is calculated on an as-converted basis based on 31,079,795 Class A Ordinary Shares (excluding 235,022 Class A Ordinary Shares issued to The Bank of New York Mellon and reserved for further issuance to beneficiaries under the 2017 Share Incentive Plan) and 87,590,000 Class B Ordinary Shares issued and outstanding as of November 30, 2024, as disclosed in the Issuer's annual report on Form 20-F filed on December 13, 2024, assuming conversion of all Class B Ordinary Shares into Class A Ordinary Shares at a conversion rate of 1:1. Each holder of Class A Ordinary Shares is entitled to one vote per share and each holder of our Class B Ordinary Shares is entitled to 20 votes per share on all matters submitted to them for a vote. Accordingly, based on the foregoing, the Ordinary Shares beneficially owned by Ultimate Wise Group Limited represent approximately 16.9% of the aggregate voting power of the total issued and outstanding Ordinary Shares of the Issuer.

| **CUSIP No.** | **109199208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Noble Pride Global Limited** | Name of reporting person<br>**Noble Pride Global Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**88041559.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**88041559.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**88041559.00** | Aggregate amount beneficially owned by each reporting person<br>**88041559.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**74.2%** | Percent of class represented by amount in Row (11)<br>**74.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Noble Pride Global Limited has shared voting and dispositive power over the Issuer's 451,559 Class A Ordinary Shares and 15,000,000 Class B Ordinary Shares directly held by Ultimate Wise Group Limited and 72,590,000 Class B Ordinary Shares directly held by Excellence Education Investment Limited, both of which are its wholly owned subsidiaries. (2) The percentage is calculated on an as-converted basis based on 31,079,795 Class A Ordinary Shares (excluding 235,022 Class A Ordinary Shares issued to The Bank of New York Mellon and reserved for further issuance to beneficiaries under the 2017 Share Incentive Plan) and 87,590,000 Class B Ordinary Shares issued and outstanding as of November 30, 2024, as disclosed in the Issuer's annual report on Form 20-F filed on December 13, 2024, assuming conversion of all Class B Ordinary Shares into Class A Ordinary Shares at a conversion rate of 1:1. Each holder of Class A Ordinary Shares is entitled to one vote per share and each holder of our Class B Ordinary Shares is entitled to 20 votes per share on all matters submitted to them for a vote. Accordingly, based on the foregoing, the Ordinary Shares beneficially owned by Noble Pride Global Limited represent approximately 98.3% of the aggregate voting power of the total issued and outstanding Ordinary Shares of the Issuer.

| **CUSIP No.** | **109199208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Yeung Family Trust V** | Name of reporting person<br>**Yeung Family Trust V** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**Y9** | Citizenship or place of organization<br>**Y9** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**88041559.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**88041559.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**88041559.00** | Aggregate amount beneficially owned by each reporting person<br>**88041559.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**74.2%** | Percent of class represented by amount in Row (11)<br>**74.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** (1) TMF Trust (HK) Limited, in its capacity as the trustee of Yeung Family Trust V, is the sole shareholder of Noble Pride Global Limited. Therefore, Yeung Family Trust V has shared voting and dispositive power over the Issuer's 451,559 Class A Ordinary Shares and 15,000,000 Class B Ordinary Shares directly held by Ultimate Wise Group Limited and 72,590,000 Class B Ordinary Shares directly held by Excellence Education Investment Limited, both of which are wholly owned subsidiaries of Noble Pride Global Limited. (2) The percentage is calculated on an as-converted basis based on 31,079,795 Class A Ordinary Shares (excluding 235,022 Class A Ordinary Shares issued to The Bank of New York Mellon and reserved for further issuance to beneficiaries under the 2017 Share Incentive Plan) and 87,590,000 Class B Ordinary Shares issued and outstanding as of November 30, 2024, as disclosed in the Issuer's annual report on Form 20-F filed on December 13, 2024, assuming conversion of all Class B Ordinary Shares into Class A Ordinary Shares at a conversion rate of 1:1. Each holder of Class A Ordinary Shares is entitled to one vote per share and each holder of our Class B Ordinary Shares is entitled to 20 votes per share on all matters submitted to them for a vote. Accordingly, based on the foregoing, the Ordinary Shares beneficially owned by Yeung Family Trust V represent approximately 98.3% of the aggregate voting power of the total issued and outstanding Ordinary Shares of the Issuer.

| **CUSIP No.** | **109199208** |

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| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**TMF Trust (HK) Limited** | Name of reporting person<br>**TMF Trust (HK) Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**88041559.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**88041559.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**88041559.00** | Aggregate amount beneficially owned by each reporting person<br>**88041559.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**74.2%** | Percent of class represented by amount in Row (11)<br>**74.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) TMF Trust (HK) Limited, in its capacity as the trustee of Yeung Family Trust V, is the sole shareholder of Noble Pride Global Limited, and therefore is deemed to have shared voting and dispositive power over the Issuer's 451,559 Class A Ordinary Shares and 15,000,000 Class B Ordinary Shares directly held by Ultimate Wise Group Limited and 72,590,000 Class B Ordinary Shares directly held by Excellence Education Investment Limited. Both of Ultimate Wise Group Limited and Excellence Education Investment Limited are wholly owned subsidiaries of Noble Pride Global Limited. (2) The percentage is calculated on an as-converted basis based on 31,079,795 Class A Ordinary Shares (excluding 235,022 Class A Ordinary Shares issued to The Bank of New York Mellon and reserved for further issuance to beneficiaries under the 2017 Share Incentive Plan) and 87,590,000 Class B Ordinary Shares issued and outstanding as of November 30, 2024, as disclosed in the Issuer's annual report on Form 20-F filed on December 13, 2024, assuming conversion of all Class B Ordinary Shares into Class A Ordinary Shares at a conversion rate of 1:1. Each holder of Class A Ordinary Shares is entitled to one vote per share and each holder of our Class B Ordinary Shares is entitled to 20 votes per share on all matters submitted to them for a vote. Accordingly, based on the foregoing, the Ordinary Shares beneficially owned by TMF Trust (HK) Limited represent approximately 98.3% of the aggregate voting power of the total issued and outstanding Ordinary Shares of the Issuer.

| **CUSIP No.** | **109199208** |

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| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Hongru Zhou** | Name of reporting person<br>**Hongru Zhou** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **109199208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ruolei Niu** | Name of reporting person<br>**Ruolei Niu** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **109199208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Wisdom Avenue Global Limited** | Name of reporting person<br>**Wisdom Avenue Global Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **109199208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Waterflower Investment Ltd.** | Name of reporting person<br>**Waterflower Investment Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Ordinary Shares, par value $0.00001 per share Class B Ordinary Shares, par value $0.00001 per share

**(b) Name of Issuer:**
Bright Scholar Education Holdings Limited

**(c) Address of Issuer's Principal Executive Offices:**
Suites 6-7, The Turvill Bldg Old Swiss, 149 Cherry Hinton Road,Cambridge,, England, X0, Cb1 7bx

This amendment to Schedule 13D (the "Amendment") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on May 28, 2025 (the "Original Schedule 13D," as amended and supplemented by this Amendment No. 1, the "Schedule 13D") by each of Hongru Zhou, Ruolei Niu, Yeung Family Trust V, Noble Pride Global Limited, Ultimate Wise Group Limited, Excellence Education Investment Limited and TMF Trust (HK) Limited. This Schedule 13D also represents the initial Schedule 13D filed by Wisdom Avenue Global Limited and Waterflower Investment Ltd.

Except as provided herein, this Amendment No. 1 does not modify any of the information previously reported on the Original Schedule 13D. Capitalized terms used but not defined in this Amendment No. 1 have the meanings ascribed to them in the Original Schedule 13D, as amended.

This Schedule 13D relates to Class A ordinary shares, par value $0.00001 per share (the "Class A Ordinary Shares") and Class B ordinary shares, par value $0.00001 per share (the "Class B Ordinary Shares") of Bright Scholar Education Holdings Limited, a Cayman Islands exempted company (the "Issuer"). The address of the principal executive offices of the Issuer is Suites 6-7, The Turvill Building Old Swiss, 149 Cherry Hinton Road Cambridge, England, Cb1 7bx, United Kingdom.

The Issuer's American depositary shares (the "ADSs"), each representing four Class A Ordinary Shares, are listed on the New York Stock Exchange under the symbol "BEDU." As used in this Schedule 13D, the term "Ordinary Shares" or "Shares" includes Class A Ordinary Shares and Class B Ordinary Shares.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D is hereby amended and supplemented as follows:

Merger Agreement

On October 13, 2025, Parent, Merger Sub and the Issuer entered into the Merger Agreement, pursuant to which Merger Sub will be merged with and into the Issuer, with the Issuer continuing as the surviving entity and a wholly-owned subsidiary of Parent. Under the terms of the Merger Agreement, at the effective time of the Merger, each ADS issued and outstanding immediately prior to the effective time of the Merger, other than the ADSs representing the Excluded Shares (as defined in the Merger Agreement), will be cancelled in exchange for the right to receive US$2.30 in cash per ADS without interest, and each Share of the Issuer issued and outstanding immediately prior to the effective time of the Merger, other than the Excluded Shares (as defined in the Merger Agreement), Shares represented by ADSs and the Dissenting Shares (as defined in the Merger Agreement), will be cancelled in exchange for the right to receive US$0.575 in cash per Share without interest.

If the transactions contemplated by the Merger Agreement are consummated, the Issuer will become a privately-held company beneficially owned by the Reporting Persons and Sure Brilliant Global Limited, and its ADSs will no longer be listed on the New York Stock Exchange. The information disclosed in this paragraph and in the preceding paragraph of this Item 4 is qualified in its entirety by reference to the Merger Agreement, a copy of which is filed as Exhibit 99.3 and is incorporated herein by reference in its entirety.

Rollover Agreement

Concurrently with the execution of the Merger Agreement, Sure Brilliant Global Limited (the "Rollover Shareholder"), Parent and Merger Sub entered into a rollover agreement (the "Rollover Agreement"). Pursuant to the Rollover Agreement, the Rollover Shareholder will contribute the Shares it holds to the Merger Sub in exchange for newly issued ordinary shares of Parent. The information disclosed in this paragraph of this Item 4 is qualified in its entirety by reference to the Rollover Agreement, a copy of which is filed as Exhibit 99.5 and is incorporated herein by reference in its entirety.

Share Transfer Agreement

Concurrently with the execution of the Merger Agreement, Ultimate Wise and Merger Sub entered into a share transfer agreement (the "Share Transfer Agreement"). Pursuant to the Share Transfer Agreement, Ultimate Wise will transfer the Shares it holds to the Merger Sub for nominal value. The information disclosed in this paragraph of this Item 4 is qualified in its entirety by reference to the Share Transfer Agreement, a copy of which is filed as Exhibit 99. 6 and is incorporated herein by reference in its entirety.

Subscription Agreement

Concurrently with the execution of the Merger Agreement, the Subscribers and the Parent entered into the Subscription Agreement. Pursuant to the Subscription Agreement, among other things, the Subscribers will subscribe for certain newly issued ordinary shares of Parent for a total purchase price of US$14,736,235.70 (the "Purchase Price"). The Purchase Price will be used for the purpose of, among other things, financing the consummation of the Merger and the other Transactions (as defined in the Merger Agreement). The information disclosed in this paragraph is qualified in its entirety by reference to the Subscription Agreement, a copy of which is filed as Exhibit 99.4 and is incorporated herein by reference in its entirety.

Limited Guarantees

Concurrently with the execution of the Merger Agreement, Ruolei Niu and Hongru Zhou (each a "Guarantor" and collectively, the "Guarantors") each entered into a limited guarantee with the Issuer (the "Limited Guarantee"), pursuant to which such Guarantor guaranteed to the Issuer, on the terms and subject to the conditions set forth therein, the due and punctual payment, observance, performance and discharge as and when due of the payment obligations of Parent with respect to (i) the payment of the Parent Termination Fee (as defined in the Merger Agreement) pursuant to Section 9.2(c) of the Merger Agreement (subject to the terms and limitations of Section 9.2(d) of the Merger Agreement) and (ii) the reimbursement obligations of Parent pursuant to Section 9.2(f) of the Merger Agreement; provided that, in no event shall the Guarantor's aggregate liability exceed the percentage of the payment obligations of the Parent Termination Fee (as defined in the Merger Agreement) and reimbursement obligations as set forth therein. The information disclosed in this paragraph is qualified in its entirety by reference to the Limited Guarantees, a copy of which are filed as Exhibits 99. 7 through 99.8 and are incorporated herein by reference in their entirety.

Except as set forth herein, the Reporting Persons have no present plans or proposals that relate to or that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Act. The Reporting Persons may, at any time and from time to time, formulate other purposes, plans or proposals regarding the Issuer, or any other actions that could involve one or more of the types of transactions or have one or more of the results described in paragraphs (a) through (j) of Item 4 of Schedule 13D of the Act.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Schedule 13D is hereby amended and supplemented by the following:

The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Amendment and the information set forth or incorporated in Items 3, 4, and 6 are hereby incorporated herein by reference in this Item 5.

Except as disclosed in this statement, none of the Reporting Persons or to the best of their knowledge, any of the persons listed in Schedule A hereto, beneficially owns any ordinary shares of the Issuer or has the right to acquire any ordinary shares of the Issuer.

Except as disclosed in this statement, none of the Reporting Persons or to the best of their knowledge, any of the persons listed in Schedule A hereto, presently has the power to vote or to direct the vote or to dispose or direct the disposition of any of the ordinary shares of the Issuer that they may be deemed to beneficially own.

**(b)**
See Item 5(a) above.

**(c)**
Except as set forth herein, to the knowledge of the Reporting Persons with respect to the persons named in response to Item 5(a), none of the persons named in response to Item 5(a) has effected any transactions in the Ordinary Shares during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented by the following:

The information set forth in or incorporated by reference in Items 3 and 4 of this Schedule 13D is incorporated by reference into this Item 6.

To the best knowledge of the Reporting Persons, except as provided herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons and between any of the Reporting Persons and any other person with respect to any securities of the Issuer, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, or a pledge or contingency, the occurrence of which would give another person voting power over the securities of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Excellence Education Investment Limited

**Signature:** /s/ Meirong Yang

**Name/Title:** Meirong Yang/Director

**Date:** 10/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ultimate Wise Group Limited

**Signature:** /s/ Huiyan Yang

**Name/Title:** Huiyan Yang/Director

**Date:** 10/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Noble Pride Global Limited

**Signature:** /s/ YEU Chi Fai

**Name/Title:** YEU Chi Fai/Authorized Signatory of S.B. Vanwall Ltd., the Sole Director of Noble Pride Global Limited

**Date:** 10/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Yeung Family Trust V

**Signature:** /s/ YEU Chi Fai, HUI Wai Ling

**Name/Title:** YEU Chi Fai, HUI Wai Ling/Authorized Signatories of TMF Trust (HK) Limited, the trustee of Yeung Family Trust V

**Date:** 10/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** TMF Trust (HK) Limited

**Signature:** /s/ YEU Chi Fai, HUI Wai Ling

**Name/Title:** YEU Chi Fai, HUI Wai Ling/Authorized Signatories

**Date:** 10/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Hongru Zhou

**Signature:** /s/ Hongru Zhou

**Name/Title:** Hongru Zhou/Chairperson of the Board of Directors

**Date:** 10/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ruolei Niu

**Signature:** /s/ Ruolei Niu

**Name/Title:** Ruolei Niu/Chief Executive Officer

**Date:** 10/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Wisdom Avenue Global Limited

**Signature:** /s/ Qing YAO

**Name/Title:** Qing YAO/Director

**Date:** 10/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Waterflower Investment Ltd.

**Signature:** /s/ Qing YAO

**Name/Title:** Qing YAO/Director

**Date:** 10/15/2025