Document:

Exhibit 4.25

 

Power of Attorney

 

This Power of Attorney (“Agreement”)
is entered into as of the date of October 26, 2015 by and among the following parties in Beijing, and is the revised and restated
version of the Agreement executed by Beijing Lebai Information Consulting Co., Ltd. on August 2, 2012:

 

Party
A:

Beijing Lebai Information Consulting
Co., Ltd.; and

 

Party B:

Beijing Xueersi Education
Technology Co., Ltd.

 

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

 

WHEREAS,

 

Party B holds 100% of equity interests
(“Equity Interests of Party B”) of Beijing Lebai Education Consulting Co., Ltd. (“Beijing Lebai”).

 

NOW THEREFORE, Party A and Party B through
mutual consultation hereby enter into this Agreement as follows:

 

Subject to the laws and regulations of
PRC, Party B irrevocably authorizes Party A to exercise the following rights concerning the Equity Interests of Party B within
the effective term of this Agreement:

 

Party B exclusively authorize Party A or
its designated representative(s) (“Trustee”) to exercise its rights as its agent according to the agent’s
own will, which include but not limited to:

		1.	Proposing the shareholders’ meeting according to Articles of Association of Beijing Lebai,
participating in the shareholders’ meeting of Beijing Lebai and executing relevant resolutions;

		2.	Exercising all the shareholder rights of Party B on Beijing Lebai’s shareholders’ meetings
according to relevant laws and regulations and the Articles of Association of Beijing Lebai, including but not limited to the right
to nominate, the right to vote and the right to appoint;

		3.	Representing Party B to submit documents which shall be submitted by shareholders of Beijing Lebai
to relevant competent governmental authorities;

		4.	Exercising the right of dividend, the right to sell, transfer or assign, pledge or dispose all
or part of equity interests of Beijing Lebai owned by Party B, the right of distribution of residual properties after the liquidation
of Beijing Lebai provided under the laws and Articles of Association of Beijing Lebai;

		5.	Constituting the liquidation group and exercising the authorities of liquidation group during the
liquidation in the event of liquidation or dissolution, including but not limited to the management of company’s assets;
and

		6.	Any other rights of Party B as a shareholder of Beijing Lebai.

 

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Provided that it does not create any restriction
to the authorization under this Agreement, Trustee shall have the right to execute and perform on behalf of Party B the transfer
agreement of equity interest provided under Exclusive Option Agreement to which Party B is a party, and execute and perform the
Equity Interest Pledge Agreement and Exclusive Agreement to which Party B is a party and any supplemental agreement thereof timely.

 

Within the effective term of this Power
of Attorney and subject to the laws and regulations of PRC, Party B covenants to deliver the dividends, bonus or any other property
distributed from Beijing Lebai to Party A or any third party designated by Party A as soon as possible within three (3) days after
receipt of such dividends, bonus or any other property.

 

During the term that Party B is a shareholder
of Beijing Lebai, this Agreement shall be irrevocable and continuously effective from the date of execution of this Agreement,
regardless of the change of proportions of equity interests owned by Party B. When and only when Party A sends a written notice
to Party B concerning the substitution of the Trustee, shall Party B immediately designate another Trustee designated by Party
A to exercise the rights under this Agreement. Once the new authorization has been made, the new authorization shall supersede
the original one. Party B shall not revoke the delegation and authorization it made to Trustee except for abovementioned event.
During the effective term of this Agreement, Party B hereby waives all of the rights which have been authorized to Trustee through
this Agreement and shall not exercise such rights. In the event that Party B becomes the person with no capacity for civil conduct
or the person with limited capacity for civil conduct due to death, illness, etc., any successor, guardian or custodian of Party
B is entitled to succeed or take custody of the rights of Party B as a shareholder of Beijing Lebai, provided that they covenants
to continue to abide this Agreement.

 

Party B hereby acknowledges any legal consequence
caused by Trustee’s exercise of the authorities and agrees to bear any liabilities thereof. Party B hereby confirms that
in any case Trustee shall not be required to bear any liabilities or make any economic compensation for exercise of such authorities.
Moreover, Party B agrees to compensate for any damage suffered or probably suffered by Party A due to designating Trustee to exercise
authorities and keep Party A harmless, including but not limited to any loss due to litigations, recoveries, arbitrations, claims
for compensation or any other loss caused by inspect and punishment conducted by governmental authorities.

 

Party B will provide Trustee with sufficient
assistance on the exercise of the abovementioned authorities, and cause Beijing Lebai to provide sufficient assistance, including
timely executing the shareholders’ decision or other legal documents provided by Trustee when necessary (for instance, documents
required to be submitted with relevant governmental authorities for approval, registration or filing procedures), authorizing Trustee
to get access to information concerning the operation, business, clients, finance, staff, etc. of Beijing Lebai in and to consult
relevant materials of Beijing Lebai.

 

If the authorization or exercise of the
abovementioned rights cannot be realized for any reason within the effective term of this Agreement (except for the reason that
Party B violates this Agreement), the Parties shall seek an alternative method which is most similar with the arrangements hereunder
and modify or adjust the terms and conditions of the Agreement by signing supplementary agreement as necessary to ensure the realization
of the purpose of this Agreement.

 

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This Agreement takes effect on the date
of execution. This Agreement shall supersede and replace any and all covenants, memorandums, agreements and any other documents
concerning the matters involved in this Agreement, including but not limited to the Power of Attorney executed by and among Party
A and other relevant parties on August 2, 2012, and the Agreement shall be continuously effective during the effective term of
Exclusive Business Cooperation Agreement executed by and among Party A, Beijing Lebai, Party B and other parties. During the effective
term of this Agreement Party B hereby waives the rights related to Equity Interests of Party B that have been authorized to Party
A, and shall not exercise such rights.

 

Any dispute concerning the explanation
and exercise of this Agreement shall be firstly resolve through friendly negotiation by and between the Parties. In the event the
Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other Parties for resolution
of the dispute through negotiations, either Party may submit the relevant dispute to China International Economic and Trade Arbitration
Commission, and to be solved in accordance with then effective Arbitration Rules. The place of arbitration shall be in Beijing.
The language of arbitration shall be Chinese. The arbitration ruling shall be final and be binding on the Parties.

 

The Agreement is executed in two (2) counterparts,
and each of Party A and Party B holds one counterpart. Each counterpart shall have equal legal force.

 

(There is no text in the remaining page.)

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IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute the Agreement as of the date written in the beginning of the Agreement.

 

 

Party A: Beijing Lebai Information Consulting
Co., Ltd. (Seal)  /Seal/

/s/ Wu Ying

Name:

Occupation: Legal Representative

 

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IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute the Agreement as of the date written in the beginning of the Agreement.

 

 

Party B: Beijing Xueersi Education Technology
Co., Ltd. (Seal)  /Seal/

/s/ YANG Qiang

Name:

Occupation: 

 

     5/5Exhibit 4.26

 

Power of Attorney

 

We, Beijing Lebai Education Consulting
Co., Ltd., is duly established and validly registered under the laws of the People’s Republic of China (“PRC”)
with legal address at 4-02, 4-09, 4-10, 4-15, No. 6 Building 4 Floor 4, Wangjingfutong Street, Chaoyang District, Beijing, and
holds equity interests and interests of sponsors of the following entities:

		1)	51% of equity interests of Beijing Tianxun Education Consulting Co., Ltd.;

		2)	100% of founders’ interests of Beijing Shijingshan District Firstleap Children English
                                                         Training School;

		3)	100% of founders’ interests of Beijing Chaoyang District Firstleap Children English Training School;

		4)	100% of equity interests of Nanjing Lebai Education Information Consulting Co., Ltd.;

		5)	100% of equity interests of Chongqing Firstleap Education Information Consulting Co., Ltd.;

		6)	100% of equity interests of Hefei Lebai Education Consulting Co., Ltd.;

		7)	100% of equity interests of Shenyang Libei Education Information Consulting Co., Ltd. (1-7 are
collectively hereinafter referred to as “Equity Interests”)

 

Any time after the date of the execution
of this Power of Attorney, in the event that we invest in or control any other entities, including but not limited to companies,
schools and other affiliates of which we hold at least 50% of investment interests, we promise to add the equity interests of such
new entities to the scope of Equity Interests hereunder.

 

Subject to the laws and regulations of
PRC, we hereby irrevocably authorize Beijing Lebai Information Consulting Co., Ltd. (“WFOE”) to exercise the
following rights concerning the abovementioned Equity Interests within the effective term of this Power of Attorney:

 

We exclusively authorize WFOE or its designated
representative(s) (“Trustee”) to exercise our rights as our agent according to the agent’s own will, which
include but not limited to:

 

		1.	Proposing the shareholders’ meeting or the board meeting according to Articles of Association
of the companies or schools (as applicable), participating in the shareholders’ meeting and the board meeting of the companies
or schools, and executing relevant resolutions;

		2.	Exercising all the rights of shareholder or sponsor of the companies or schools on their shareholders’
meetings or board meetings according to relevant laws and regulations and the Articles of Association of such companies or schools,
including but not limited to the right to nominate, the right to vote and the right to appoint;

		3.	Representing us to submit documents which shall be submitted by shareholders or sponsors to relevant
competent governmental authorities;

		4.	Exercising the right of dividend, the right to sell, transfer or assign, pledge or dispose all
or part of equity interests owned by us, the right of distribution of residual properties after the liquidation of the companies
provided under the laws and Articles of Association of the companies;

		5.	Constituting the liquidation group and exercising the authorities of liquidation group during the
liquidation in the event of liquidation or dissolution, including but not limited to the management of companies’ assets;
and

		6.	Any other rights of us as a shareholder of the companies.

 

     

     

    

 

Within the effective term of this Power
of Attorney and subject to the laws and regulations of PRC, we covenant to deliver the dividends, bonus or any other property distributed
from the companies to WFOE or any third party designated by WFOE as soon as possible within three (3) days after receipt of such
dividends, bonus or any other property.

 

During the term that we are a shareholder
of the companies, this Power of Attorney shall be irrevocable and continuously effective from the date of execution of this Power
of Attorney, regardless of the change of proportions of equity interests owned by us. When and only when WFOE sends a written notice
to us concerning the substitution of the Trustee, shall us immediately designate another Trustee designated by WFOE to exercise
the rights under this Power of Attorney. Once the new authorization has been made, the new authorization shall supersede the original
one. We shall not revoke the delegation and authorization it made to Trustee except for abovementioned event. During the effective
term of this Power of Attorney, we hereby waive all of the rights which have been authorized to Trustee through this Power of Attorney
and shall not exercise such rights.

 

We hereby acknowledge any legal consequences
caused by Trustee’s exercise of the authorities and agree to bear any liabilities thereof. We hereby confirm that in any
case Trustee shall not be required to bear any liabilities or make any economic compensation for exercise of such authorities.
Moreover, we agree to compensate for any damage suffered or probably suffered by WFOE due to designating Trustee to exercise authorities
and keep WFOE harmless, including but not limited to any loss due to litigations, recoveries, arbitrations, claims for compensation
or any other loss caused by inspect and punishment conducted by governmental authorites.

 

We will provide Trustee with sufficient
assistance on the exercise of the abovementioned authorities, and cause the companies to provide sufficient assistance, including
timely executing the shareholders’ decision or other legal documents provided by Trustee when necessary (for instance, documents
required to be submitted with relevant governmental authorities for approval, registration or filing procedures), authorizing Trustee
to get access to information concerning the operation, business, clients, finance, staff, etc. of the companies and to consult
relevant materials of the companies.

 

If the authorization or exercise of the
abovementioned rights cannot be realized for any reason within the effective term of the Power of Attorney (except for the reason
that we violates this Power of Attorney), the parties shall seek an alternative method which is most similar with the arrangements
hereunder and modify or adjust the terms and conditions of the Power of Attorney by signing supplementary agreement as necessary
to ensure the realization of the purpose of the Power of Attorney.

 

This Power of Attorney takes effect on
the date of execution, and shall be continuously effective during the effective term of Exclusive Business Cooperation Agreement
executed by and among WFOE, the companies, we and other parties.

 

 

 

Beijing Lebai Education Consulting Co.,
Ltd. (Seal)  /Seal/

Authorized Representative: /s/ Wu Ying

Date: October 26, 2015

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