Document:

EX-10.3

 Exhibit 10.3 

English Translation 

EQUITY PLEDGE AGREEMENT 
 THIS EQUITY
PLEDGE AGREEMENT (this “Agreement”) is entered into on December 31, 2013 by and between the following parties in Zhuji, Zhejiang Province: 

Party A (Pledgee): Zhejiang Hailiang Education Consulting and Services Co., Ltd. 

Residential Address: Xilin Road, Diankou Town, Zhuji City, Zhejiang 

Party B (Pledgor): Feng Hailiang 
 Identity Card No.: 

Residential Address: No.382, Jiefang Road, Diankou Town, Zhuji City, Zhejiang 

Party C: Zhejiang Hailiang Education Investment Co., Ltd. 

Residential Address: Room 505, Hailiang Business Hotel, Diankou Town, Zhuji City, Zhejiang 

WHEREAS, 
  

	1.	Party A, a wholly foreign owned enterprise established and validly existing in accordance with the laws of the PRC, principally engages in education management and consulting services, development of educational
software and electronic product, enterprise management consulting; laboratory leasing, education logistics management services; 

  

	2.	Party B is the investor of Party C and holds 100% equities of Party C; 

  

	3.	Party C is a wholly natural person owned enterprise registered and validly existing in accordance with the laws of the PRC; 

  

	4.	Party A, Party B and Party C entered into the Consulting Services Agreement and the Call Option Agreement on December 31, 2013; Party A and Party B entered into the Power of Attorney and Loan Agreement on
December 31, 2013. To ensure the performance of the foregoing contracts and the legitimate rights and interests of Party A, Party B would pledge all the equities or similar rights of Party C held by it to secure its performance of Consulting
Services Agreement, Call Option Agreement, Power of Attorney and Loan Agreement. Party A, as the pledgee, has the priority to claim against the pledged equities or similar rights. 

  
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 Therefore, the parties hereto enter into this Equity Pledge Agreement through consultation. 

1. Definition 
 Unless otherwise required by the context,
the following terms as used in this Agreement shall only refer to the following meanings: 
 Pledge shall refer to all the contents as set out in the
Article 2 of this Agreement. 
 Equities or Similar Rights shall refer to all the equities or similar rights legally held by the Pledgor in Party C,
and all present and future rights, interests and revenues based on such equities or similar rights, as well as the current or future receivable payments or compensations in respect of all the equities or similar rights held by the Pledgor in Party
C, and profits, dividends and other payments distributed to the Pledgor by Party C from time to time. 
 Principal Contract shall refer to the
Consulting Services Agreement, Call Option Agreement, Power of Attorney, Loan Agreement and their annexes entered into by Party A, Party B and Party C on December 31, 2013. 

Events of Default shall refer to any case listed in Article 7 of this Agreement. 

Notice of Default shall refer to an event of default notice issued under this Agreement declared by Party A. 

Force Majeure shall refer to any of the events beyond the reasonable control of one party, and even under the attention of the affected party, any of
the events is still unavoidable, including but not limited to acts of government, the forces of nature, fire, explosion, geographic variation, storms, floods, earthquakes, tidal, lightning or war. However, insufficiency of credit facilities, funds
or financing shall not be deemed to be beyond the reasonable control of a party. 
 2. Pledge 

2.1 The Pledgor shall pledge all the equities or similar interests in Party C to Party A, as the guarantee of Party A’s rights and interests under the
Principal Contract. Party A has the priority to claim compensation against the pledged equities or similar interests. 
 2.2 The pledged equities or similar
interests under this Agreement is to guarantee all the expenses (including legal fees), expenditures and losses to be paid by Party C and its affiliate and/or Party B to Party A under the Principal Contract, interests, damages, compensation, costs
to realize creditor’s rights, all the expenses incurred by the Pledgee to force the Pledgor to perform its obligations under the contract, and in case of the invalidity of the Principal Contract in whole or in part due to any reason, the
liability owed by Party C and the Pledgor to Party A. 
 2.3 The right of pledge under this Agreement refers to all the remedies, powers and rights owned by
Party A for breach of contract, and Party A has the right to sell in discount, launch an auction and sell off the equities or similar rights pledged to Party A by the Pledgor and have the priority to claim compensation from the proceeds therefrom,
or in compliance with Chinese laws and regulations, have the priority to claim compensation from other ways of disposal of pledged equities or similar rights agreed by both parties. 

  
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 2.4 Unless otherwise expressly agreed in writing by Party A after this Agreement takes effect, the pledge under
this Agreement shall be released only when Party C and the Pledgor have fully and completely fulfilled all the obligations and responsibilities under the Principal Contract, and with written approval by Party A; the reasonable fees for the release
of the pledge shall be borne by the Pledgor. If Party C or the Pledgor has not completely fulfilled all or any part of its obligations and responsibilities under such contract upon the expiration of the term provided by the Principal Contract, Party
A still enjoys the right of pledge under this Agreement until such obligations and responsibilities are completely fulfilled in a manner reasonably satisfactory to Party A. 

3. Effectiveness and Term 
 3.1 This Equity Pledge
Agreement shall be executed and come into effect as from the date on which the parties affix their signatures and seals. 
 3.2 During the effective term of
this Agreement, if Party C fails to pay as provided in the Consulting Services Agreement, Call Option Agreement, Power of Attorney and Loan agreement, or fails to perform other provisions of such contracts, upon reasonable notice and in accordance
with laws and regulations, Party A has the right to exercise the right of pledge according to the provisions of this Agreement. 
 3.3 The term of this
Equity Pledge Agreement shall be ended when the contractual obligations are completely fulfilled or the debts as secured in Article 2.2 of this Agreement are completely paid off. 

3.4 During the effective term of this Agreement, Party B and Party C shall not early terminate this Agreement. Party A shall not early terminate this Agreement
without any cause. 
 4. Pledge Registration 
 4.1 Party
B and Party C shall register the pledge with the administrative bureau for industry and commerce in charge of Party C within one month from the date of this Agreement, and provide Party A with the pledge registration documents. 

4.2 If any recorded items for pledge are changed and records shall be altered according to law, Party A and Party C shall record such change in five working
days after the change of such recorded items, and submit related alteration registration documents. 
 4.3 During the period of equity pledge, the Pledgor
shall instruct Party C not to distribute any dividends or bonuses, or to adopt any profit distribution plan; if the Pledgor shall obtain other economic benefits of any nature other than dividends, bonuses or other profit distribution plan as to the
pledged equities, the Pledgor shall instruct Party C, as requested by Party A, to remit the relevant (realized) money directly into the bank account designated by Party A; without the prior written consent of Party A, the Pledgor shall not use such
money, and such money shall be used first for the pledged equities to pay off the secured debts. 

  
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 4.4 During the period of equity pledge, if the Pledgor subscribes for Party C’s new registered capital
(“New Equities”), the New Equities shall automatically become the pledged equities under this Agreement. The Pledgor shall go through the necessary procedures to complete the pledge of the New Equities within 10 working days after
obtaining the New Equities. If the Pledgor fails to complete the relevant procedures in accordance with the proceeding provisions, Party A has the right to realize its right of pledge immediately in accordance with the provisions of Article 8 of
this Agreement. 
 5. Representations and Warranties of Pledgor 

The Pledgor makes the following representations and warranties to Party A at the time of signing this Agreement, and confirms that Party has relied on such
representations and warranties to execute and perform this Agreement: 
 5.1 The Pledgor is a PRC citizen with full capacity for civil conduct, has
legitimate right and ability to enter into this Agreement and bear the corresponding legal liabilities. The Pledgor legally owns and has the right to dispose of the equities under this Agreement, and has the right to pledge such equities to provide
guarantee for Party A. 
 5.2 During the period starting from the date of this Agreement when Party A has the right of pledge pursuant to the provisions of
this Agreement, if Party A exercises its rights or realizes its right of pledge pursuant to this Agreement, there should be no lawful claims or proper intervention from any other parties. 

5.3 Party A has the right to exercise its right of pledge in the manner as prescribed by laws and regulations and the provisions of this Agreement. 

5.4 Except for the pledge created over the equities under this Agreement, there are no other encumbrances or any form of security interests of third party
(including but not limited to pledge) over the equities held by the Pledgor. 
 5.5 When this Agreement comes into effect, the Pledgor is the sole legal
owner of the equities, and there are no ongoing civil, administrative or criminal litigations, administrative punishments or arbitrations in relation to the Pledgor, its assets or equities, and to the knowledge of the Pledgor, there are no potential
litigations or arbitration that may have a material adverse effect on the economic situation of the Pledgor or the ability of the Pledgor to perform its obligations and guarantee liabilities under this Agreement. 

5.6 There are no taxes or fees payable but unpaid or legal procedures that should be completed but not completed in relation to the equities. 

5.7 The provisions of this Agreement reflect the true intentions of all parties and are legally binding on all parties. 

  
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 6. Undertakings of Pledgor 

6.1 During the term of this Agreement, the Pledgor undertakes to Party A that: 

6.1.1 Except to Party A or the person designated by Party A as requested by Party A, without the prior written consent of Party A, it will not transfer
equities to any other party, or create or permit the existence of any pledge or any other encumbrances or any form of third party security interests that may affect the rights and interests of Party A; without Party A’s written consent, any
transfer of equities or pledge or any other security interests over all or part of the equities shall be null and void. 
 6.1.2 It will comply with all
applicable laws and regulations; upon the receipt of notices, instructions or recommendations from the relevant competent authorities on the right of pledge, it will present such notices, instructions or recommendations to Party A within five
working days, and to act in accordance with the reasonable instructions of Party A. 
 6.2 It agrees that when Party A exercises its rights pursuant to the
terms of this Agreement, there shall be no interruption or interference from the Pledgor or its successor or assign or any other person. 
 6.3 It warrants
to Party A that, in order to protect or improve the security under this Agreement for the performance of obligations of the Pledgor and/or Party C under the Principal Contract, the Pledgor will make all necessary amendments (if applicable) to its
articles of associations (if it is a legal person) and that of Party C, sign honestly, and procure other interested party to sign all the legal title certificates and contracts and/or perform as demanded by Party A, facilitate the exercise of pledge
right by Party A, sign the modification documents relating to share certificate with Party A or any third party designated by Party A, and provide Party A with all the related pledge documents that Party A deems necessary within a reasonable time
period. 
 6.4 The Pledgor guarantees to Party A that, for Party A’s interest, the Pledgor will abide by and fulfill all the warranties, undertakings,
contracts and representations. If the Pledgor fails to perform or incompletely perform its warranties, undertakings, contracts and representations, the Pledgor shall indemnify Party A for all the resulting losses. 

6.5 The Pledgor guarantees to Party A that, without the prior written consent of Party A, the Pledgor will liquidate or dissolve Party C on its own. 

7. Representations and Warranties of Party C 
 Party C
represents and warrants to Party A that: 
 7.1 Party C is a corporate legal person duly organized and existing under the laws of the People’s Republic
of China with the qualification as an independent legal person; has the complete and independent legal status and legal capacity to sign, deliver and perform this Agreement, and is an independent party to litigation. 

  
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 7.2 All the reports, documents and information provided by Party C to Party A prior to the effectiveness of this
Agreement in relation to the pledged equities and all matters as required by this Agreement are in all material respects true and accurate as of the date of this Agreement. 

7.3 All the reports documents and information provided by Party C to Party A after the effectiveness of this Agreement in relation to the pledged equities and
all matters as required by this Agreement are in all material respects true and accurate as of the date of providing. 
 7.4 This Agreement, as duly signed
by Party C, will constitute legal, valid and binding obligations upon Party C. 
 7.5 It has the full power and internal authority from Party C to sign and
deliver this Agreement and all other documents relating to this Agreement and all other transactions completed by this Agreement and to be signed by it, and it has the full power and authorization to complete the transactions completed by this
Agreement. 
 7.6 There are no pending or, to Party C’s knowledge, threatened litigations, legal proceedings or claims against Party C or its assets
(including but not limited to pledged equities) in any courts or tribunals as well as in any government institutions or administrative authorities, which will cause material or adverse effect on the financial conditions of Party C or the ability of
the Pledgor to perform its obligations and guarantee liabilities hereunder. 
 7.7 Party C hereby undertakes to Party A that the forgoing representations and
warranties are true and correct and will be fully complied with at any time and in any circumstances prior to the full performance of obligations hereunder or the full settlement of secured debts. 

8. Events of Default 
 8.1 The following events shall be
deemed as events of default: 
 8.1.1 The Pledgor, Party C, or its successor or assign fails to fulfill the obligations under the Principal Contract; 

8.1.2 Any representations, warranties or undertakings made in Article 5 and Article 6 hereof by the Pledgor have material misunderstanding effect or mistakes,
and/or the Pledgor breaches the representations, warranties or undertakings under Article 5 and Article 6; 
 8.1.3 The Pledgor seriously breaches any
provisions hereof; 
 8.1.4 Unless otherwise provided hereby, the Pledgor abandons the pledged equities or assign the pledged equities without the written
consent of Party A, or re-pledges or makes any disposal that may damage Party A’s pledge right hereunder; 

  
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 8.1.5 Any external loans, guarantees, compensations, undertakings or other obligations of the Pledgor itself are
required to be paid off or performed in advance due to its default, or fail to be paid off or performed when falling due, causing Party A to have reasons to believe that the ability of the Pledgor to fulfill the obligations hereunder has been
influenced, and therefore the interests of Party A; 
 8.1.6 The Pledgor is unable to repay general debts or other debts, therefore influencing the interests
of Party A; 
 8.1.7 The Principal Contract (including but not limited to the Consulting Services Agreement, the Call Option Agreement, the Power of
Attorney, Loan Agreement) becomes illegal or the Pledgor is unable to continue to perform the obligations under the Principal Contracts as a result of the promulgation of relevant laws; 

8.1.8 Any governmental consent, license, approval or authorization to enable this Agreement to be implemented, legal or effective is withdrawn, suspended,
annulled or amended materially; 
 8.1.9 There is adverse change to the property owned by the Pledgor, causing Party A to believe the ability of the Pledgor
to fulfill the obligations hereunder has been affected; 
 8.1.10 Pursuant to the relevant laws, other events that may prevent Party A from disposing of its
pledge right. 
 8.2 If the Pledgor is aware or finds that any event set out in Article 8.1 above or any event that may incur any of the above events, the
Pledgor shall immediately notify Party A in written form. 
 8.3 Unless the event of default set out in Article 8.1 has been solved to Party A’s
satisfaction, Party A may, at the time when the default event of the Pledgor occurs or at any them thereafter, send a notice of default in written form to the Pledgor, asking the Pledgor to immediately pay the due amounts and other payables under
the Principal Contract. 
 If the Pledgor or Party C fails to timely rectify such default or take necessary remedies within 10 days after the written notice
is issued, Party A is entitled to exercise the pledge right in accordance with the provisions hereof. 
 9. Exercise of Pledge Right 

9.1 Prior to the complete settlement of fees and costs and full performance of obligations under the Principal Contract, without the written consent of Party
A, the Pledgor shall not transfer the equities. 
 9.2 When exercising the pledge right, Party A shall send a notice of default to the Pledgor in accordance
with the provisions hereof. 
 9.3 In accordance with the relevant laws and regulations, Party A shall have the priority to claim compensation against the
proceeds from all or part of the equities hereunder sold in discount, by auction or sold off in accordance with legal procedures. 
 9.4 When Party A
exercises the pledge right pursuant to this Agreement, the Pledgor shall not put up barriers, and shall provide necessary assistance to enable Party A to realize its pledge right. 

  
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 10. Transfer 

10.1 Without the prior written consent of Party A, the Pledgor has no right to transfer any of its rights and/or obligations under this Agreement to a
third party. 
 10.2 This Agreement is binding on both the Pledgor and its successors, and shall be effective to Party A and its successors or assigns. 

10.3 Party A may transfer all or any of its rights and obligations under the Principal Contract to any designated third party at any time,
in which case the assign shall enjoy Party A’s rights and undertake Party A’s obligations under this Agreement. When Party A transfers its rights and obligations under the Principal Contract, at Party A’s
request, the Pledgor shall sign relevant contracts and/or documents for the transfer. 
 10.4 In case of the change of the Pledgee
due to the transfer, the two new parties to the pledge shall resign a pledge contract and the Pledgor shall be responsible for all the relevant registration formalities. 

11. Formality Fees and Other Costs 
 All costs and actual
expenses in connection with this Agreement, including but not limited to legal fees, documentation fees, stamp duties and any other taxes and fees, shall be borne by Party C. 

12. Governing Law and Dispute Resolution 
 12.1 The
execution, validity, performance, interpretation of and settlement of disputes in connection with this Agreement shall be governed by and construed in accordance with the laws of the People’s Republic of China. 

12.2 Any dispute arising out of the interpretation and performance of terms of this Agreement shall be resolved by the parties through consultation in good
faith. If consultation fails, either party may submit the dispute to China International Economic and Trade Arbitration Commission to be resolved in accordance with the arbitration rules then effective. The place of arbitration shall be Shanghai,
and the language of arbitration shall be Chinese. The arbitral award shall be final and binding upon all the parties. 
 12.3 Other than the matters in
dispute, all parties shall continue to perform their respective obligations in accordance with the provisions of this Agreement in good faith. 

  
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 13. Notice 

Any notice sent by the parties hereto to perform the rights or obligations under this Agreement shall be made in written form and delivered to the following
address of a party or parties by hand, registered mail, postage prepaid mail, accepted express delivery or by fax. 
 Party A: Zhejiang Hailiang Education
Consulting and Services Co., Ltd. 
 Address: Xilin Road, DianKou Town, Zhuji City, Zhejiang 

Fax: 0575-87062008 
 Tel: 0575-87063555 

Attention: Hu Jun 
 Party B: Feng Hailiang 

Address: No.382, Jiefang Road, Diankou Town, Zhuji City, Zhejiang. 

Fax: 0575-87069027 
 Telephone: 0575-87069027 

Party C: Zhejiang Hailiang Education Investment Co., Ltd. 

Address: Room 505 Hailiang Business Hotel, Diankou Town, Zhuji, Zhejiang 

Fax: 0575-87069031 
 Telephone: 0575-88797955 

Attention: Qian Zhiqiang 
 14. Annex 

The annex to this Agreement shall constitute an integral part of this Agreement. 

15. Waiver 
 Party A’s failure to exercise or delay
in exercising any rights, remedies, powers or privileges under this Agreement shall not be considered as a waiver of such rights, remedies, powers or privileges. Party A’s single or partial exercise of any rights, remedies, powers or privileges
shall not preclude the exercise of any other rights, remedies, powers or privileges. The rights, remedies, powers and privileges stipulated by this Agreement shall be applied. 

  
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 16. Miscellaneous 

16.1 Any modification, addition or change to this Agreement shall be made in written form and become valid after all parties affix their signatures
and seals. 
 16.2 All parties hereby confirm that this Agreement has been reached in a fair and reasonable manner and on the basis of
equality and mutual benefit. If any provisions of this Agreement become invalid or unenforceable as a result of inconsistency with the relevant laws, then the provisions shall be invalid or unenforceable under the relevant laws,
and the validity of other provisions of this Agreement shall not be affected. 
 16.3 The Pledgor undertakes that regardless of the
change of equities held by the Pledgor in Party C, the provisions of this Agreement shall remain legally binding upon the Pledgor and apply to all the equities of Party C held by the Pledgor at that time. 

16.4 This Agreement shall be made in four copies. Party A, Party B and Party C shall each hold one copy, and the industry and commerce registration
authority shall hold one copy. 

  
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 THIS PAGE IS THE SIGNATURE PAGE TO THE EQUITY PLEDGE AGREEMENT. THE PARTIES HEREBY SIGN AND CONFIRM AS
FOLLOWS: 
 Party A: Zhejiang Hailiang Education Consulting and Services Co., Ltd. 

(Seal) Seal of Zhejiang Hailiang Education Consulting and Services Co., Ltd. Affixed 

Legal Representative: /s/ Feng Hailiang 
 Date:
December 31, 2013 
 Party B: Feng Hailiang (Signature) /s/ Feng Hialiang 

Date: December 31, 2013 
 Party C: Zhejiang Hailiang
Education Investment Co., Ltd. 
 (Seal) Seal of Zhejiang Hailiang Education Investment Co., Ltd. Affixed 

Legal Representative: /s/ Feng Hialiang 
 Date:
December 31, 2013 

  
 11EX-10.4

 Exhibit 10.4 

English Translation 

CALL OPTION AGREEMENT 
 THIS CALL OPTION
AGREEMENT (this “Agreement”) is entered into on the December 31, 2013 in Zhuji City, Zhejiang, the PRC by and between the following parties: 

Party A: Zhejiang Hailiang Education Consulting and Services Co., Ltd. 

Residential Address: Xilin Road, Diankou Town, Zhuji City, Zhejiang 

Legal representative: Feng Hailiang 
 Party B: Zhejiang
Hailiang Education Investment Co., Ltd. 
 Residential Address: Room 505, Hailiang Business Hotel, Diankou Town, Zhuji City, Zhejiang; 

Legal representative: Feng Hailiang 
 Party C (shareholder of
Party B): Feng Hailiang 
 Identity Card No.: 
 Residential
Address: No.382, Jiefang Road, Diankou Town, Zhuji City, Zhejiang. 
 Party A, Party B and Party C are collectively referred to as the “Parties”.

 WHEREAS, 
  

	1.	Party A is a wholly foreign owned enterprise duly organized and existing under the laws of the People’s Republic of China (“PRC”), mainly engaged in consulting and service of education management,
development of educational software and electronic products, business consulting; laboratory lease, and education logistics management; Party B is mainly engaged in educational investment and other relevant business via its affiliated entities; a
Consulting Services Agreement (“Service Agreement”) concerning related business is entered into on December 31, 2013 between Party A and Party B. 

  

	2.	Party C is the shareholder of Party B, who validly holds the 100% of the equities of Party B (hereinafter referred to as the “Equities”). 

The Parties hereto shall abide by the terms and conditions hereunder: 

	1	Call and Put Options 

  

	1.1	Grant 

  

	    	Party C hereby grants Party A or the designated person of Party A (hereinafter referred to as “Designee”) an irrevocable call option to be exercised in certain cases, including but not limited to the
cancellation of the Consulting Services Agreement, the Call Option Agreement, the Loan Agreement, the Equity Pledge Agreement and the Power of Attorney by Party A, Party B or Party C dissolving, or the bankruptcy, liquidation, or dissolution of
Hailiang Investment. To the extent permitted by the laws of PRC, the person exercising the option has right to purchase all or part of the Equities (the “Option”) in accordance with steps set out by Party A and at the price stipulated in
Section 1.3 hereof. The Option shall be exercised only by Party A or the Designee, any third party shall not be granted such Option. Party B acknowledges that the Option shall be granted to Party A or the Designee by Party C. The term
“Designee” used herein shall include any natural person, corporation, partnership, enterprise, trust fund or unincorporated organization. 

  

	1.2	Exercise of Option 

  

	    	Party A or the Designee may notify Party C in writing and exercise its Option at any time via indicating the amounts and the way of purchase of the Equities to be acquired from Party C in accordance with the applicable
PRC laws, regulations and rules. 

  

	1.3	Purchase Price 

  

	    	Upon exercise of the Option, Party A or the Designee shall purchase Party B’s Equities or any of its assets at such minimum prices as permitted by the PRC laws and regulations, and in case the minimum price is
higher than the capital contribution by Party B as of the date of this Agreement, Party C shall return the price difference to Party A or the Designee in the way specified by Party A. Besides all of the above, the Parties hereto agree that Party C
shall not obtain any interest or profit from selling the Equities in connection with any exercise of the Option by Party A or the Designee. 

  

	1.4	Transfer of the Equities 

  

	    	When exercising the Option under this Agreement: 

  

	1.4.1	Party C shall approve the resolution to transfer the Equities to Party A or the Designee (hereinafter referred to such Equities as the “Purchased Equities”). 

 

	1.4.2	The Parties shall execute the Equity Transfer Agreement in the form reasonably acceptable to Party A, stipulating all the terms and conditions in terms of the Purchased Equities. 

 

	1.4.3	The Parties shall, without any encumbrance, perform all such other contracts, agreements and documents, obtain all such governmental approvals, take all such actions to transfer the validly Purchased Equity to Party A
or the Designee as necessary for Party A and the Designee to become the registered holder of the Purchased Equities. For the purpose of this Section 1.4.3, “encumbrance” means any mortgage, pledge, or any right and interest of any
third party, any call option, right of acquisition, right of first refusal, right of setoff, retention of title or other security arrangement, other than the pledge under the Equity Pledge Agreement made and entered into on December 31, 2013.

  
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	1.5	Way of Payment 

  

	    	The way of payment for purchasing the Equities shall be decided through negotiation between Party A and Party C when exercising the Option in accordance with the applicable laws. 

 

	2	Representations in connection with the Equities 

  

	2.1	Party B’s Representations 

  

	    	Party B hereby makes the following representations and warranties: 

  

	2.1.1	Without prior written consent of Party A, the articles of association of Party B shall not be supplemented modified or renewed in any way, and the capital contribution of Party B shall not be increased or decreased,
while the equity structure of Party B shall not be changed in any form. 

  

	2.1.2	Without prior written consent of Party A, following the execution of this Agreement, no asset, legal or beneficial business interest or income shall be sold, transferred, mortgaged or otherwise disposed, nor shall any
encumbrance, approval for encumbrance or security be established on Party B’s assets. 

  

	2.1.3	Without prior written consent of Party A, no debt or guarantee shall be incurred, other than (1) any debt arising out of the daily business of Party B except those in connection with loan activities; and
(2) debts that Party A has already been informed of. 

  

	2.1.4	Party B operates all the business normally, without causing any damage to the business of Party B and its asset value. 

  

	2.1.5	Without prior written consent of Party A, no material agreements shall be signed, other than those for daily business (in this Section 2.1.5, an agreement will be deemed as a material one if its amount is over RMB
100,000). 

  

	2.1.6	Without prior written consent of Party A, no loans or credit arrangements shall be provided to any other person or entity. 

  

	2.1.7	Party B provides all such business and financial information as requested by Party A. 

  

	2.1.8	Party B purchases and maintains the insurance coverage provided by the insurance company accepted by Party A, with same insurance amounts and categories as those held by the peer companies with the same asset size and
in the same business with Party B. 

  

	2.1.9	Without prior written consent of Party A, no mergers, cooperation, acquisitions or investment shall be allowed. 

  
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	2.1.10	Party B notifies Party A of any litigation, arbitration or administrative proceeding relating to the assets, business and revenue of Party B. 

 

	2.1.11	Party B signs all the proper and necessary documents, takes all the necessary and relevant measures, lodges any reasonable claim, so as to guarantee Party B’s the ownership of the assets it holds.

  

	2.1.12	Without prior written consent of Party A, no distribution is allowed in any form, other than the distribution of dividends to the shareholder upon Party A’s request. 

 

	2.1.13	Party B appoints the staff designated by Party A to the managerial positions of Party B upon Party A’s request. 

  

	2.2	Party C’s Representations 

  

	    	Party C hereby individually and jointly and severally makes the representations and warranties as below: 

  

	2.2.1	Without prior written consent of Party A, following the execution of this Agreement, no asset, legal or beneficial equity interest shall be sold, transferred, mortgaged or otherwise disposed, nor shall any encumbrance
be allowed, other than those set out under the Equity Pledge Agreement. 

  

	2.2.2	Without prior written consent of Party A, no shareholders’ resolution made at Party C’s meetings with an attempt to approve the sale, transfer, mortgage or disposal of any legal or beneficiary equity interest,
or to allow any additional encumbrance shall be approved, endorsed or signed, other than those set out under the Equity Pledge Agreement, nor any change or assign of capital contribution is allowed. 

 

	2.2.3	Without prior written consent of Party A, no resolution proposed at Party C’s meetings with an attempt to approve any merger, cooperation, acquisition or investment by Party B shall be approved, endorsed or signed.

  

	2.2.4	Party C notifies Party A of any existing or potential litigation, arbitration or administrative proceeding in connection with the Equities. 

 

	2.2.5	Party C procures that Party B’ board of directors will approve the transfer of the Purchased Equities under this Agreement. 

  

	2.2.6	Party C signs all such documents, takes all such measures, lodges all such claims and raises all such defenses as necessary or relevant to guarantee Party C’s ownership of the Equities it holds. 

 

	2.2.7	Party C appoints such persons as designated by Party A as the directors of Party B upon Party A’s request; and 

  

	2.2.8	Party C fully complies with this Agreement and other related agreements reached between Party A and Party B, perform all the obligations hereunder and thereunder without slacking in the execution while refraining from
taking any activity that may affect the validity or enforceability of this Agreement and other related agreements. 

  
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	3	Representations and Warranties 

  

	    	On the date of this Agreement and upon each exercise of the Option to transfer the Purchased Equity, Party B and Party C make the representations and warranties as below: 

 

	3.1	Party B or Party C has the power and capacity to sign and deliver this Agreement, perform the obligations hereunder and under the Equity Transfer Agreement upon each transfer. Once signed, this Agreement and each Equity
Transfer Agreement will constitute the legal, valid, binding and enforceable obligations in accordance with the terms and conditions hereunder and thereunder. 

  

	3.2	The execution and performance of this Agreement and the Equity Transfer Agreement will not: (1) violate any PRC laws and regulations; (2) conflict with the articles of association or other constitutional
documents of Party B; (3) lead to or result in any violation of the relevant agreements or documents, or create any binding obligation; (4) violate any consent or approved authorization, and or jeopardize the conditions upon which such
consent and authorization remain effective; (5) lead to the suspension or cancellation of any consent or approval, or create any additional condition to such consent or approval. 

 

	3.3	Without the prior consent of Party A, Party B’s Equities shall not be transferred in part or in all, nor shall any security be established on the Equities by Party B or Party C, unless specified under the Equity
Pledge Agreement. 

  

	3.4	Party B does not have any unsettled debt other than (1) debts arising from normal operations; and (2) debts that Party A has been informed of or debts incurred with Party A’s written consent.

  

	3.5	Party B abides by all the applicable PRC laws and regulations applicable to this Agreement. 

  

	3.6	There is no pending or ongoing litigation, arbitration, or administrative proceeding relating to Party B or its assets or equities. To the best knowledge of Party B and Party C, there is no pending or threatening claim;
and 

  

	3.7	There is no encumbrance on the Equities held by Party C other than the security under the Equity Pledge Agreement. 

  

	4	Assignment of Agreement 

  

	4.1	Party B and Party C shall not assign their rights and obligations under this Agreement to any third party without the prior written consent of Party A. 

 

	4.2	Each of Party B and Party C hereby agrees that Party A shall have the right to assign all of its rights and obligations under this Agreement, to any third party, provided that Party A delivers a written notice to Party
B and Party C prior to such assignment without any requirement for any further consent from Party B and Party C. 

  
 5 

	5	Effectiveness and Term 

  

	5.1	This Agreement shall be effective upon the date set out on the first page. 

  

	5.2	Within the term of this Agreement, this Agreement may not be terminated early by Party B or Party C, nor terminated early by Party A without good reason. 

 

	6	Governing Laws and Dispute Resolution 

  

	6.1	Governing Laws 

  

	    	The execution, validity, interpretation and performance of this Agreement and the disputes resolution under this Agreement shall be governed by the laws of PRC. 

 

	6.2	Dispute Resolution 

  

	    	Any dispute arising out of interpretation and performance hereof shall be settled through friendly negotiation by the Parties hereto. If the Parties hereto fail to settle the said dispute in 30 days, any party may file
the said dispute with China International Economic and Trade Arbitration Commission (the “Commission”) for arbitration according to the arbitration rules set out by the Commission. The place of arbitration is Shanghai and arbitration
language is Chinese. The arbitration award is final and binding on the Parties hereto. 

  

	7	Taxes and Fees 

  

	    	The Parties shall bear all the registration taxes, costs and expenditures arising from the preparation, execution and completion of this Agreement and all the Equity Transfer Agreements in accordance with PRC laws.

  

	8	Notice 

  

	    	All the notices or information relating to this Agreement sent by either party shall be written in Chinese and English and be sent out in the following ways: personal delivery, registered letter, pre-paid post, urgent
mail by courier or image fax to the address of the relevant parties, the address set out below, other address or other specified address of the relevant parties. The following principles shall be followed in deciding the date of arrival of such
notices: (1) the date of notice shall be the date of delivery in case of personal delivery; (2) the date of notice shall be the tenth day following the day on which the notice is sent by pre-paid air mail (as indicated by postmark), or the
fourth day following the day on which the notice is sent by an internationally recognized urgent mail courier service provider; (3) the date of notice shall be the receipt time as shown on the transmission verification report in case of fax.

  
 6 

	    	Party A: Zhejiang Hailiang Education Consulting and Services Co., Ltd. 

	    	Address: Xilin Road, Diankou Town, Zhuji City, Zhejiang 

	    	Fax: 0575-87062008 

	    	Telephone: 0575-87063555 

	    	Attention: Hu Jun 

  

	    	Party B: Zhejiang Hailiang Education Investment Co., Ltd. 

	    	Address: Room 505, Hailiang Business Hotel, Diankou Town, Zhuji City, Zhejiang; 

	    	Fax: 0575-87069031 

	    	Telephone: 0575-88797955 

	    	Attention: Qian Zhiqiang 

  

	    	Party C: Feng Hailiang 

	    	Address: No.382, Jiefang Road, Diankou Town, Zhuji City, Zhejiang. 

	    	Fax: 0575-87069027 

	    	Telephone: 0575-87069027 

  

	9	Confidentiality 

  

	    	The Parties hereto undertake and acknowledge that all the oral or written information is confidential and the Parties shall ensure the confidentiality of such information. None of the Parties shall provide the
confidential information to any third party without prior written consent of the other parties unless: 

  

	 	(a)	such information has been made public disclosure. 

  

	 	(b)	such information is disclosed as required by the applicable laws and regulations or rules of stock exchanges. 

  

	 	(c)	such information is properly disclosed to legal counsels and financial consultants retained by the Parties, provided the counsels and the consultants shall comply with the confidentiality requirements set out in this
section. Any disclosure of confidential information by an employee or agent of any Party shall be deemed as disclosure of such information by such Party, and such Party shall be liable for breaching the confidentiality obligations. This section
shall survive in case that any term under this Agreement is modified, abolished, terminated, or deemed as void or unenforceable for any reason. 

  
 7 

	10	Further Warranties 

  

	    	The Parties agree to sign all the necessary documents and take all the reasonable actions to perform this Agreement. 

  

	11	Miscellaneous 

  

	11.1	Amendment, Modification and Supplement of Agreement 

  

	    	Any amendment and supplement to this Agreement shall be duly executed by each Party before it takes effect. 

  

	11.2	Entirety of Agreement 

  

	    	Notwithstanding the provisions set out in Section 5,, the Parties acknowledge that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters herein, and supersedes and
replaces all prior or contemporaneous agreements and understandings in oral or written form. 

  

	11.3	Severability 

  

	    	If any provision of this Agreement is invalid or unenforceable according to relevant PRC laws, such a provision shall be deemed invalid under the applicable PRC laws and regulations only, while the validity, legality
and enforceability of the other provisions hereof shall not be affected or impaired in any way .The Parties shall, through negotiations in good faith, replace such invalid, illegal or non-enforceable provision with valid provision so that any
substituted provision may bring the similar economic effects as those intended by the invalid, illegal or non-enforceable provision. 

  

	11.4	Headings 

  

	    	The headings contained in this Agreement are for the convenience of reference only and shall not in any other way affect the interpretation and explanation of the provisions of this Agreement. 

 

	11.5	Language and Counterparts 

  

	    	This Agreement shall be signed in Chinese in triplicates with each party hereto holding one copy. Each copy shall have the same legal effect. 

 

	11.6	Successor 

  

	    	This Agreement shall be binding on each Party’s successors or transferees accepted by the Parties. 

  

	11.7	Survival 

  

	    	Notwithstanding the expiration of this Agreement or any item resulting in its termination, the Parties shall continue to perform their obligations hereunder. Following the termination of this Agreement, Section 6,
Section 8, Section 9 and Section 11.7 shall remain effective. 

  
 8 

	11.8	Waiver 

  

	    	With written consent of the Parties, one party may waive provisions stipulated hereunder. One party waiving its rights in connection with the default by other parties in some case shall not be deemed as the waiver of
such party granted in similar circumstances. 

 (Signature page below) 

  
 9 

 (SIGNATURE PAGE) 

IN WITNESS WHEREOF, this Agreement is duly executed and sealed by the Parties or its legal representatives. 

Party A: Zhejiang Hailiang Education Consulting and Services Co., Ltd. 

Seal of Zhejiang Hailiang Education Consulting and Services Co., Ltd. affixed. 

 

					
	Legal Representative/Authorized Person:	  	 /s/ Feng Hailiang
	  	
		  	Feng Hailiang	  	

 Date: December 31, 2013 

Party B: Zhejiang Hailiang Education Investment Co., Ltd. 

Seal of Zhejiang Hailiang Education Investment Co., Ltd. affixed. 
  

					
	Legal Representative/Authorized Person:	  	 /s/ Feng Hailiang
	  	
		  	Feng Hailiang	  	

 Date: December 31, 2013 
  

							
	Party C:	  	 /s/ Feng Hailiang
	  		  	
		  	Feng Hailiang	  		  	

 Date: December 31, 2013 

  
 10

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