Document:

English Translation of Equity Pledge Agreement, dated April 23, 2012

 Exhibit 4.11 
 Equity Pledge Agreement 
 This Equity Pledge Agreement (“Agreement”) is
executed on April 23, 2012 in Beijing among: 
 Party A: Beijing Wisdom Career Software Technology Co., Ltd., with its
registration address at Room 202, Floor B2, No. 2 Haidian East 3rd Road, Haidian District, Beijing; 
 Party B: Beijing Century Friendship Education Investment Co.,
Ltd., with its registration address at Room 202, B2/F, No. 2 of Haidiandongsan Sreet, Haidian District, Beijing; 
 Party C: Beijing New
Oriental Education & Technology (Group) Co., Ltd., with its registration address at 9/F, No. 6 of Haidianzhong Street, Haidian District, Beijing. 
 WHEREAS: 
  

	(1)	Party A has entered into a series of agreements (“Principal Agreements”) with Party C and Party C’s affiliates respectively; 

 

	(2)	Party B holds 100% of the equity interest in Party C and agrees to provide security of pledge over the equity interest for the performance of payment obligations of
Party C and its affiliates under the Principal Agreements, and Party A agrees to accept such security of pledge. 

 NOW,
THEREFORE, the Parties agree as follows: 
  

	1.	Principal Agreements 

 All
Parties hereto acknowledge and confirm that the Principal Agreements over which the security of pledge is provided hereunder include a series of contracts which have been concluded and become effective among Party A, Party C and Party C’s
affiliates, including but not limited to the agreements listed in Appendix I hereto and the agreements to be executed among Party A, Party C and Party C’s affiliates in the future. All Parties confirm that within the term of this Agreement, the
Parties shall, at the request of Party A, promptly recognize the agreements executed and terminated among Party A, Party C and Party C’s affiliates as the Principal Agreements and amend Appendix I accordingly. 

	2.	Pledge 

 Party B agrees to pledge
28% of its equity interest in Party C (“Pledged Equity Interest”) to Party A in whole as the security for the performance of all the obligations of Party B, Party C and Party C’s affiliates under the Principal Agreements. 

 

	3.	Amounts of Pledge 

 The
guaranteed rights under this Agreement are all the rights Party A has under the Principal Agreements (whether the rights of dispose, claim, defense and formation), including but not limited to Party C’s equity interest with the registered
capital of RMB14,000,000. 
  

	4.	Scope of Pledge 

 The Pledged
Equity Interest shall constitute continuing security for any and all of the indebtedness, obligations and liabilities under all of the Principal Agreements. To clarify, the scope of pledge shall not be limited by the amount of the registered capital
stipulated in Article 3. 
  

	5.	Term of Pledge 

 The pledge shall
be effective when upon registration with the competent industrial and commercial administrations of Party C and shall be terminated after the Principal Agreements are performed, invalidated or terminated, whichever the latest. During the term of
pledge, in the event that Party B, Party C or Party C’s affiliates fail to perform any obligations under the Principal Agreements, or any of the circumstances stipulated in Article 9 occurs, Party A shall have the right to dispose the Pledged
Equity Interest in accordance with the Agreement. 
  

	6.	Registration 

 6.1 Party B and
Party C undertake to Party A that they shall: 
 (i) record the pledge on the register of members of Party C and submit the
updated register of members to Party A for keeping; and 

  
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 (ii) register the pledge with competent industrial and commercial administrations and obtain
written registration certificates within thirty (30) business days following the execution of this Agreement. During the term of this Agreement, the register of members of Party C shall be kept by Party A or persons designated by Party A,
unless Party C or its affiliates need the register of members for the purpose of registration or amendment during the course of business. 
 6. 2 Party B and Party C further undertake that, after the execution of this Agreement, with the prior consent of Party A, Party B may increase its capital contribution to Party C, provided that any
capital contribution by Party B to Party C shall be subject to this Agreement. Party B and Party C shall immediately amend the register of members of Party C and register the change to the pledge with the competent industrial and commercial
administrations pursuant to the provisions in this Article 6. 
  

	7.	Party B’s Representations 

7.1 Party B is the legal owner of the Pledged Equity Interest. 
 7.2 Except for the pledge provided herein, Party B has not created any other pledge on the Pledged Equity Interest. 
  

	8.	Party B’s Undertakings and Warranties 

 8.1 Party B undertakes to Party A that in the term of this Agreement, it will: 

(a) without Party A’s prior written consent, not transfer the Pledged Equity Interest, or establish or permit the existence of any
guaranty on the Pledged Equity Interest, unless otherwise agreed mutually; 
 (b) comply with all the laws and regulations
concerning pledge of rights. Upon receipt of any notice, instruction or suggestion issued or promulgated by competent authorities, Party B shall produce such notice, instruction or suggestion to Party A within 5 days, and comply with them or submit
appeals and presentations pursuant to Party A’s reasonable requests or with Party A’s consent. 
 8.2 Party B agrees
that, for the purpose of this Agreement, Party A shall have the right to exercise its pledge right in accordance with the relevant laws without being suspended or interrupted by legal procedures initiated by Party B, its successors, its principals
or any other person. 

  
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 8.3 Party B undertakes to Party A that, for the purpose of protecting or perfecting the
guaranty provided in this Agreement for the payment under the Principal Agreements, Party B will, upon Party A’s request, honestly sign, and urge other persons with interests in the pledge to sign all right certificates, agreements and
covenants in connection with the enforcement of this Agreement, and urge other persons with interests to the pledge to take, any action in relation to the enforcement of this Agreement and facilitate Party A’s exercising of its rights under
this Agreement. 
 8.4 Party B undertakes to Party A that, in order to ensure the interests of Party A, Party B will abide by and
perform all undertakings, promises, warrants, agreements, representations and conditions. If Party B fails to perform or performs incompletely undertakings, promises, warrants, agreements, representations and conditions, Party B shall indemnify all
the losses suffered by Party A as a result. 
  

	9.	Exercise of Pledge 

 9.1 Party A
may require that Party B or Party C immediately fulfill all the obligations under the Agreement and the pledge under this Agreement can be exercised immediately if any of the following circumstances, to the extent that are permitted by relevant
P.R.C laws and administrative regulations, occurs: 
 (a) any statement, warranty or representation made by Party B, Party C or
Party C’s affiliates under the Agreement or Principal Agreements are not in consistency, accurate, true or no longer accurate or true in any aspect; or Party B, Party C or Party C’s affiliates breach or fail to fulfill any obligation or
abide by any warranty and undertaking under the Agreement or Principal Agreements; or 
 (b) any or more of the obligations of
Party B, Party C or Party C’s affiliates under the Agreement or Principal Agreements is/are deemed as unlawful or void; or 

(c) Party B or Party C materially breaches the stipulations regarding its obligations under this Agreement. 

  
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 9.2 In the event of the occurrence of any of the said exercise events, Party A may exercise
its pledge right by purchasing or designating other parties to purchase the security of pledge at a converted price, or through auction or sale of the security of pledge. Party A may exercise the right of pledge under the agreement and does not need
to exercise other guarantees or rights, or carry out other measures or procedures to Party B and/or Party C or any other person. 

9.3 Party B and Party C, at the request of Party A, should take all lawful and appropriate actions to guarantee Party A’s exercise of
the pledge right. For the purpose of this, Party B and Party C should sign all the documents and materials and carry out all measures and take all actions reasonably required by Party A. 

 

	10.	Transfer 

 10.1 Unless agreed in
writing by Party A in advance, Party B shall not have the right to donate or transfer any rights and obligations under this Agreement with the exception of the “Option Agreement” concluded between Party B and New Oriental
Education & Technology Group Inc. 
 10.2 This Agreement shall be binding upon Party B and its successors, and also
binding upon Party A, its successors and its assignees. 
 10.3 Party A may, at any time, assign all or any of its rights and
obligations under the Principal Agreements to a designated person (natural or legal), under which circumstance the assignee shall have the rights and obligations Party A has under this Agreement as if it were a Party to this Agreement. Where Party A
transfers its rights and obligations under the Principal Agreements, Party B shall, upon Party A’s request, execute agreements and/or documents concerning said transfer. 
 10.4 Where there is a change to Party A as result of said assignment, both new Parties shall enter into a new equity pledge agreement. 

 

	11.	Confidentiality 

 This Agreement
and all its provisions shall be confidential by all not be disclosed to any third party, expectcertain involved senior officers, directors, employees, agents and professional consultants unless the laws require a party to disclose information in
connection with this Agreement to the government, public or shareholders, or to file this Agreement with governmental authorities. 

  
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 This Article 11 shall survive any amendment, rescission or termination of this Agreement.

  

	12.	Liability for Breach of Contract 

A party shall compensate the other parties for all the losses if it fails to perform its obligations under this Agreement or if its
representations or warranties under this Agreement prove to be substantially false or incorrect. 
  

	13.	Force Majeure 

 In the event that
force majeure affects the performance of this Agreement, the party suffering from the force majeure shall immediately notify the other parties by telegraph, facsimile or other electronical forms and provide the written certificate within fifteen
(15) working days. Based the impact of the force majeure on the performance of this Agreement, all the parties shall negotiate and decide whether to terminate this Agreement, partly waive the obligations of performance or delay the performance.

  

	14.	Miscellaneous 

 14.1 Any dispute
arising from the performance of this Agreement shall be settled through friendly negotiation. Disputes that cannot be settled through such negotiation shall be submitted to Beijing Arbitration Commission in Beijing in accordance with its arbitration
rules. The award of the arbitration shall be final. 
 14.2 This Agreement shall be effective from the signing day. 

14.3 This Agreement is executed in Chinese with three (3) originals, each party holding an original. 

(The reminder of this page is intentionally left blank) 

  
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 (Signature Page) 
 Party A: Beijing Wisdom Career Software Technology Co., Ltd. 
 Authorized Representative:

 /s/ Authorized Representative 

Party B: Beijing Century Friendship Education Investment Co., Ltd. 
 Authorized Representative: 
 /s/ Authorized Representative 

Party C: Beijing New Oriental Education & Technology (Group) Co., Ltd. 
 Authorized Representative: 
 /s/ Authorized Representative 

  
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 Appendix I: 
 List of Principal Agreements 
  

			
	 No.
	  	 Name of the Agreement

	1	  	Teaching and Research Materials Compilation System Development Service Agreements
	2	  	Teacher Capability Remote Improvement System Development Service Agreements
	3	  	Book Supporting Evaluation Research and Development System Development Service Agreements
	4	  	Learning Multi-dimensional Diagnosis and Evaluation System Development Service Agreements
	5	  	Software Purchase Agreements

  
 8English Translation of Option Agreement, dated April 23, 2012

 Exhibit 4.12 
 Option Agreement 
 This Option Agreement (“Agreement”) is executed on
April 23, 2012 in Shanghai among: 
 Party A: Shanghai Smart Words Software Technology Company Limited, with its registration address at
Room 707-2, No. 200, Huiyuan Road, Jiading Industrial Zone, Shanghai; 
 Party B: Beijing Century Friendship Education Investment Co.,
Ltd., with its registration address at Room 202, B2/F, No. 2 of Haidiandongsan Sreet, Haidian District, Beijing; 
 Party C: Beijing New
Oriental Education & Technology (Group) Co., Ltd., with its registration address at 9/F, No. 6 of Haidianzhong Street, Haidian District, Beijing. 
 In respect of Party A’s purchase of the equity interest of Party C held by Party B, the Parties hereto upon friendly negotiation agree as follows: 

 

	1.	Target Equity Interest 

  

	1.1	Party A shall have the right to require Party B to transfer of the 100% equity interest of Party C it holds (“Target Equity Interest”), in whole or in
part, subject to Party A’s specific requirements, and Party B shall transfer the Target Equity Interest to Party A or to a third party designated by Party A in accordance with Party A’s requirements under the following circumstances:

  

	 	(1)	Party A can legally own all or part of the Target Equity Interest under the PRC Laws and administrative regulations; or 

 

	 	(2)	Other circumstances deemed as appropriate or necessary by Party A. 

 All the rights of Party A under this Agreement shall be exclusive and irrevocable. 
  

	1.2	All the Parties agree that Party A shall have the right to exercise its purchase right in whole or in part and to acquire the Target Equity Interest in whole or in part
without any limit to the times of such exercising. 

	1.3	All the Parties agree that Party A may designate any third party to acquire the Target Equity Interest in whole or in part and Party B shall not refuse and shall
transfer the Target Equity Interest in whole or in part to such third party. 

  

	1.4	Prior to the transfer of the Target Equity Interest to Party A according to this Agreement, Party B shall not transfer the Target Equity Interest without the Party
A’s prior consent in writing. 

  

	2.	Procedures 

  

	2.1	When signing this Agreement, Party B shall also execute the “Equity Interest Transfer Agreement” in the format set forth in APPENDIX 1 attached hereto and
submit the said document to Party A for keeping. 

  

	2.2	If Party A decides to acquire the Target Equity Interest pursuant to Article 1.1 hereinabove, it shall send written notice to Party B which specifies the proportion of
the Target Equity Interest to be acquired and identifies the transferee. Party B and Party C shall furnish all materials and documents necessary for the registration of said equity interest transfer within 7 days after the date of Party A’s
notice. 

  

	2.3	Except the notice obligation provided in Article 2.2 of this Agreement, there shall be no other prerequisite, incidental conditions or procedures as to Party A’s
option right to purchase the Target Equity Interest. 

  

	3.	Transfer Price 

  

	3.1	The total transfer price for the Target Equity Interest shall be the lowest price allowable under the PRC Laws and administrative regulations at the time of said
transfer. If the Target Equity Interest is transferred in installments, the due transfer price for one installment shall be determined in accordance with the proportion of Target Equity Interest under said transfer. 

 

	3.2	All the taxes, fees and expenses arising from the transfer of the Target Equity Interest shall be borne by each Party respectively in accordance with the PRC Laws.

  

	4.	Appendix 

 In the event that at
the time of the Target Equity Interest transfer, there is a need to modify the format of “Equity Interest Transfer Agreement” set forth in APPENDIX 1 attached hereto pursuant to then effective PRC Laws and administrative regulations, the
Parties shall modify the said format in good faith in compliance with PRC Laws and administrative regulations. 

 The appendix is an integral part of this Agreement and has the same legal effects as the
other parts of the Agreement. 
  

	5.	Confidentiality 

 All the
articles of this Agreement and the Agreement itself shall be kept confidential by all the Parties and shall not be disclosed to any third party excluding senior officers, directors, employees, agents and professional consultants. If any Party is
required by PRC Laws to disclose any information in connection with this Agreement to the government, the public or shareholders, or to file this Agreement with governmental authorities concerned, that Party shall not be subject to this Article.

 This Article shall survive any amendment, rescission or termination of this Agreement. 

 

	6.	Liability for Breach of Contract 

One Party shall be deemed to have breached this Agreement and compensate the other Parties for all losses if it fails to perform any of
its obligations under this Agreement or its representations or warrants under this Agreement are proved to be substantially false or incorrect. 
  

	7.	Force Majeure 

 In the event of
force majeure influencing the performance of this Agreement, the Party suffering the force majeure shall forthwith notify other Parties in the form of telegraph, facsimile or other electric forms immediately and provide the written certificate
concerning force majeure within fifteen (15) working days. According to the extent of the impact of the force majeure on the performance of this Agreement, all Parties shall negotiate and decide whether to rescind the Agreement, partly relieve
obligation, or delay the performance of the Agreement. 

	8.	Miscellaneous 

  

	8.1	All the parties hereby confirm that P.R.C laws shall be applicable to the conclusion, performance and interpretation of the agreement. Party B will transfer the equity
interests of Party C it holds to Party A or any third party designated by Party A when P.R.C laws permit the said transfer and will comply with the said laws. 

 

	8.2	Any dispute arising in the process of performing this Agreement shall be settled through amicable consultations. If the dispute cannot be settled through such
consultations, the dispute shall be submitted to arbitration with Beijing Arbitration Commission in Beijing in accordance with its arbitration rules. The award of the arbitrator(s) shall be final. 

 

	8.3	This Agreement shall be effective on the date of execution. 

  

	8.4	This Agreement is executed in Chinese with 3 copies, each of which shall be held by each Party. 

 (Signature Page) 
 Party A:   Shanghai Smart Words Software Technology Company Limited 
 Signature:
  /s/ Authorized Signatory 
 Party B:   Beijing Century Friendship Education Investment Co., Ltd. 

Signature:   /s/ Authorized Signatory 

Party C:   Beijing New Oriental Education & Technology (Group) Co., Ltd. 

Signature:   /s/ Authorized Signatory 

 APPENDIX 1 
 Equity Interest Transfer Agreement 
 This Equity Interest Transfer Agreement
(“Agreement”) is entered into in Shanghai, PRC by: 
 Transferor: Beijing Century Friendship Education Investment Co., Ltd.

 Transferee: 
 NOW, the Parties
agree as follows concerning the equity interest transfer: 
  

	 	1.	The transferor agrees to transfer to the transferee 100% of equity interest of Beijing New Oriental Education & Technology (Group) Co., Ltd. held by the
transferor, and the transferee agrees to accept said equity interest. 

  

	 	2.	After the closing of equity interest transfer, the transferor shall not have any rights and obligations as a shareholder of Beijing New Oriental Education &
Technology Group Inc., and the transferee shall have such rights and obligations as a shareholder of Beijing New Oriental Education & Technology Group Inc. 

 

	 	3.	Any matter not covered by this Agreement may be determined by the Parties by way of signing supplementary agreements. 

 

	 	4.	This Agreement shall be effective from the signing day. 

  

	 	5.	This Agreement is executed in four copies, with each party holding one copy. The rest copies are made for the purpose of going through business registration of such
change. 

 Transferor: Beijing Century Friendship Education Investment Co., Ltd. 

Signature: 
 (with the company seal of Beijing
Century Friendship Education Investment Co., Ltd.) 
 Date: 
 Transferee: 
 Authorized Signature: 
 Date:

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