Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED PLEDGE OF EQUITY AGREEMENT 

THIS AMENDED AND RESTATED PLEDGE OF EQUITY AGREEMENT (“this Agreement”) is entered into on the June 30, 2017, by and between the following
parties: 
 Party A (pledgee): Hailiang Education Consulting and Service Co., Ltd (hereinafter referred to as Party A) 

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

Party B ( pledgor): Hailiang Feng (hereinafter referred to as Party B) 

Identity Card No.: 3306251960102860116 
 Residential Address: No.
382, Jiefang Road, Diankou Town, Zhuji City, Zhejiang 
 Party C: Hailiang Education Investment Co., Ltd (hereinafter referred to as Party C) 

Residential Address: Hailiang business hotel Room 505, Diankou Town, Zhuji City, Zhejiang; 

 Whereas, 
 1.
Party A, Party B and Party C have signed the PLEDGE of EQUITY AGREEMENT on December 31, 2013. Party A, Party B and Party C are willing to revise and sign this agreement. 

2. Party A, in accordance with the laws of the PRC, is an established and validly existing whole foreign-owned enterprises, which principally engaged in the
education and management consulting services, educational software and electronic product development, enterprise management consulting; laboratory leasing, logistics management services; 

3. Party B is the investor of Party C, and Party B holds 100% equity interest of Party C. 

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

5. Party A, Party B and Party C have entered into the Amended and Restated Consulting Service Contract and the Amended and Restated Option Agreement on
June 30, 2017; Party A and Party B have entered into the Amended and Restated letter of attorney on June 30, 2017; to ensure the performance of the contracts and legitimate rights and interests of Party A, the Party B would take all the
equity interests or similar rights it hold of Party C as pledge for the Amended and Restated Consulting Service Contract, the Amended and Restated Option Agreement, the Amended and Restated letter of Attorney, the Party A, as pledgor, and the Party
A has priority claim toward pledge of stock rights or similar rights. 
 Therefore, the parties hereto reach this pledge of equity through negotiation, 

 

	1.	Definition 

 The following words of the contract refers only to the following meanings,
unless the context otherwise requires, 
 Pledge, refers to all the contents listed in the article 2 of this contract. 

Options or similar equity, refers to Party A’s entire equity interest owned in Party C or similar interests, and all
present and future rights, interests and revenue based on those options or similar interests, as well as all of its current or future receivable payment or compensation of Party C’s equity interest or similar rights, pledge profits, dividends
and other payments and so on that is allocated to pledgee by the Party C. 

 Principal contract, refers the Amended and Restated Consulting Service Contract,
the Amended and Restated Option Agreement, the Amended and Restated letter of Attorney etc. and their annex reached by party A, party B and party C on June 30, 2017. 

Events of Default, refers to any case of this contract listed in Article 7. 

Notice of Default, refers to an event of default notice issued under this contract declared by Party A. 

Force Majeure, means 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. 

 

	2.	Pledge 

 2.1 The Pledgor would pledge the entire equity interest in Party C or similar
interests to party A, as the guarantee of party A’s rights and interests in principal contract, party A enjoy the priority claim toward equity pledge or similar interests. 

2.2 The scope of the equity interest or similar equity pledge in this contract is Party C and its affiliate institutions and/or all the expense
(including legal expense), expenditure, cost to undertake, interests, damages, compensation, cost to realize creditor, all the expenses pledgor forced pledgee to perform its obligations under this contract, and in case of any reason that may cause
invalidity of the whole contract or part of it that Party A should pay Party B, Party C and pledgor shall bear the responsibility. 
 2.3
Pledge under this contract refers to all the remedies for breach of contracts and rights owned by the Party A, and Party A has the right to sell in discount, launch an auction and sell off the equity interests or similar rights pledged to Party A by
pledger to have priority claim, or in compliance with Chinese laws and regulations, to have priority claim in a manner which is both agreed in disposing pledge of stock or similar rights and interests. 

2.4 Unless otherwise expressly agreed in writing, the pledge under this contract shall be released only when Party C and pledgor have fully and
completely fulfilled all of its obligations and responsibilities under the principal contract, and with written approval by the Party A; a reasonable fee for the cancellation of the pledge shall be borne by the pledgor. If Party C or pledgor have
not completely fulfill all of its obligations or liabilities under such contract or any part of the obligations or liabilities upon expiration, Party A still enjoys pledge under the contract until such obligation and the duty are made in a
reasonable manner satisfactory to the Party A and completely fulfilled. 

	3.	Execution and duration 

 3.1 This equity pledge contract shall be executed and come into
effect from the date of signature and common seal of the parties. 
 3.2 During the effective period of this contract, if Party C fails to
pay money provided in the Amended and Restated consulting service contract, the Amended and Restated option agreement, the Amended and Restated letter of attorney, and other payment, or fails to perform the other provisions of
the contract, upon reasonable notice and in accordance with the laws and regulations of the premise, Party A has the rights to exercise the right of pledge according to the provisions of this contract. 

3.3 The duration of this pledge of stock rights is the day when the contract obligation is fulfilled or the debt secured by article 2.2 of this
contract is paid off. 
 3.4 During the term of validity, Party B and Party C shall not unilaterally terminate this Agreement. Party A Shall
not terminate this Agreement without any cause. 

	4.	Pledge Registration 

 4.1 Party B and Party C should register pledge in administrative
bureau for industry and commerce within one month from the date the contract is signed and provide to Party A the pledge registration documents. 

4.2 In case the pledge recorded items change and shall change records according the law, Party A and Party C shall make a corresponding change
records in five working days after original record changed, and submit related registration documents. 
 4.3 During the pledge, pledgor
shall indicate the Party C not to allocate any dividends, bonuses, or to take any profit distribution plan; if the pledgor shall obtain any other economic benefits from dividends, bonuses or other profit distribution plan of the pledge, shall remit
money directly into the bank account designated by Party A as Party A has demanded; without the prior written consent of Party A, shall not be used and first be used as equity pledge for payment of guaranteed debt. 

4.4 During the equity pledge, if pledgor subscribe new registered capital (“new equity”), the part of the new equity automatically
becomes equity pledge under the contract, pledgor shall complete the procedures needed to pledge in this part of the new equity in 10 working days after obtaining new equity. If the pledgor fails to complete the relevant formalities in accordance
with the proceeding provisions, Party A has the right to realize pledge immediately in accordance with the provisions of article 8 of this contract. 
  

	5.	Declaration and Commitments of the Pledgor 

 The Pledgor makes the following
representations and warranties to the party A at the time of signing this contract, and confirms that party A execute and perform this contract depending on the statement and guarantee. 

5.1 The pledgor is a China citizen with full capacity for civil conduct, has legitimate right and ability to enter into this Agreement and to
bear the corresponding legal responsibility. Pledgor lawfully possesses and has the right to dispose shares under this contract, and has the right to provide party A with pledge on the equity. 

 5.2 From the date of execution of this contract to the time Party A have the pledge according to
the provisions of this contract, if Party A would use his pledge or his rights according to the contract, there should be no legal claim from any other party or proper intervention. 

5.3 Party A shall have the right to exercise the right of pledge in the manners prescribed in the laws and regulations and the provisions of
this contract. 
 5.4 Except for Pledge established by this contract on equity, equity held by pledgor does not exist any other encumbrance
or any form of security interests of third people (including but not limited to pledge). 
 5.5 The time this contract comes into effect, the
pledgor is the only legal owner of equity pledge, and there does not exist any ongoing civil, administrative or criminal, administrative punishment or arbitration that may have a material adverse effect on the economic situation or the performance
of its obligations under this Agreement and the guarantee liability. 
 5.6 There does not exist taxes or fees payable but unpaid or legal
procedures that shall be complete but incomplete that are related to equity interests. 
 5.7 The provisions of this contract are the true
meaning of all parties, legally binding on all parties. 

	6.	Commitment of the Pledgor 

 6.1 In the duration of the agreement, Pledgor promise to
Party A that pledgor will: 
 6.1.1 Besides to Party A or to a person designated by Party A to transfer the shares upon the requirements of
Party A, without the prior written consent of Party A, any other party shall not transferred equity, or establish or permit the existence of any burden of rights or any form of third party security interest that may affect the rights and interests
of Party A; any deed to transfer ownership of equity, to pledge all or part of the equity or any other security interest is void. 
 6.1.2
Comply with all applicable provisions of laws, regulations, in the receipt of notices, instructions or recommendations of the relevant competent authorities, in five working days, other parties shall present Party A to the above notice, instruction
or advice, and to act in accordance with the reasonable instructions of Party A; 
 6.2 The Pledgor agrees, Party A exercise its rights
according to the contract, and there shall not exist any interruption or nuisance from the pledgor, the successor, the assignee or any other person. 

6.3 Pledgor hereby undertakes to Party A, to protect or improve the protection on the performance of obligations of pledgor and (or) Party C,
the pledgor will make all necessary modifications (if applicable) to the article of association (if it is a legal person) of it and Party C, sign honestly, and urge other interested party to sign all the legal titles and contract, and (or) to
perform as demanded by Party A, to facilitate the exercise Party A’s pledge right, to sign the modification documents relating to share certificate with Party A, or any third party designated, and provide Party A all the relating pledge
documents deemed necessary with in a reasonable period. 
 6.4 The Pledgor guarantees to Party A that, for Party A’s interest, pledgor
will abide by and fulfill all the guarantees, commitments, contracts and statement. If the pledgor fails to completely fulfill its guarantee, commitment, contract and the statement, pledgor shall losses shall compensate all the loss of Party A
resulting from this failure to fulfill. 
 6.5 Pledge guarantees Party A, without the prior written consent of Party A, the pledgor would not
start liquidation or dissolution of Party C on its own. 

 7. Representations and Warranties of Party C 

Party C guarantees and ensures Party A as follows, 

7.1 Party C is a registered legal person duly organized and existing under the laws of the People’s Republic of China, and has the
qualification as independent legal person; has the complete and independent legal status and legal capacity to sign, deliver and perform this contract, and is a independent subject of litigation. 

7.2 All the reports documents and information of items relevant to equity pledge or required hereof, provided by Party C prior to the
commencement of this Agreement, in all material respects as of the date of this Agreement, are true and accurate. 
 7.3 All the reports
documents and information of items relevant to equity pledge or required hereof, provided by Party C after the commencement of this Agreement, in all material respects as of the date of providing, are true and effective. 

7.4 This Agreement properly signed by Party C, to Party C will constitute legal, valid and binding obligations. 

7.5 It has full power and authority of Party C to sign and deliver this Agreement and any hereof transaction relating documents to sign, and it
has the full power and authorization to complete the transaction hereof. 
 7.6 There exists no pending or threatening litigation, legal
proceedings or claim to Party C or its assets (including but not limited to equity pledged) in any court or tribunal as well in any government institutions and administration, which will cause significant or harmful effect on the financial condition
of Party C or the ability of performing the obligations and the guarantee liabilities hereunder. 
 7.7 Party C hereby undertakes to Party A
that the representations and warranties above in any situation prior to the full performance of the obligations hereof or the clearance of the secured debt, are all true and correct, and will be fully complied with. 

	8.	Events of default 

 8.1 The following shall be deemed as events of default: 

8.1.1 The Pledgor, Party C, or its successors or assigns fails to fulfill the obligations under the main contract; 

8.1.2 Any representations, warranties or commitments made in Article 5 and Article 6 hereof by the Pledgor exist material misguides or
mistakes, and (or) representations, warranties or commitments violating the Article 5 and Article 6. 
 8.1.3 The Pledgor seriously breaches
any provision hereof. 
 8.1.4 The pledge shall not abandon the equity pledged or assign the equity pledged without written consent of Party
A, or re-pledge or do any disposal that may damage Party A’s pledge right hereof, unless otherwise stipulated hereof. 

8.1.5 Any external loan, guarantee, compensation, warranty or other obligations of the Pledgor itself are required to be paid off or performed
in advance, but failed to, and Party A has reasons to believe that the ability of the Pledgor to fulfill the obligations hereof has been influenced, and then so is the interests of Party A. 

8.1.6 The Pledgor cannot repay the general debt or other debt, and then the interests of Party A is affected. 

 8.1.7 The relevant laws promulgated make the main contracts (including but not limited to the
Consulting Service Agreement, the Option Agreement, the Power of Attorney,) illegal or the pledgor can not continue to perform the obligations under the main contracts. 

8.1.8 Any consensus, license, approval or authorization which enables this Agreement to be implemented , to be legal or to be effectiveness, is
withdrawn, suspended, annulled or made material modification. 
 8.1.9 Due to adverse changes to the property owned by Party A, Party A
believes the ability of the Pledgor to fulfill the obligations hereof has been affected. 
 8.1.10 According to the relevant laws, other
events prevent the disposal of the pledge right of Party A. 
 8.2 If any events of Article 8.1 above or any events that may incur that
arise, once knowing or being informed, the Pledgor shall immediately notify Party A in written form. 
 8.3 Unless the default events of
Article 8.1 has been solved perfectly to Party A’s satisfaction, Party A may at any time that the default events of the Pledgor happens or after that, sent a Notice of Default in written form to the Pledgor, asking the immediately payment of
debt under the main contract or other dues. 
 If the Pledgor or Party C fails to timely correct the default performance or take necessary
remedies within 10 days after sending out the written notice, Party A is entitled to perform the pledge right in accordance with the stipulations hereof. 
  

	9.	The exercise of the pledge right 

 9.1 Before the costs and obligations under the
contract having been completely performed, without the written consent of Party A, Pledgor shall not transfer the equity. 

 9.2 Party A shall send out a notice of default to pledgor in accordance with the provisions
hereof, when exercising the pledge right. 
 9.3 In accordance with the relevant laws and regulations, Party A shall have the right to be
paid in priority by discount all or part of the equities hereunder in accordance with legal procedures, or auctioning or selling the equities. 

In accordance with legal procedures in all or part of the equity discount under this contract, or by auction, the sale of the equity price
first refusal. 
 9.4 Party A shall exercise the pledge right according to the Agreement, and the Pledgor shall not set up barriers, and
shall provide necessary assistance to Party A. 
  

	10.	Transfer 

 10.1 Without prior written consent of Party A, the pledgor has no right to
transfer any of his rights or obligations to third party according to the contract. 
 10.2 The contract is binding to the pledgor and its
successors, and shall be effective to Party A and its successors. 
 10.3 At any time, Party A may transfer all or any of its rights and
obligations in the principal contract to any designated third party. The assignee shall enjoy rights and undertake obligations under this circumstance. When Party A transfer its rights and obligations under the principal contract, under Party
A’s request, the pledgor shall sign relevant contracts and files of the transferring. 
 10.4 For the change of the pledgor after the
transferring, the two new parties shall sign a new pledge contract and the pledgor shall be responsible for all the relevant registration formalities. 

	11.	Fees and Other Charges 

 All costs associated with the contract and the actual expenses,
including but not limited to legal fees, book fees, stamp duty, any other taxes and cost, would be borne by Party C. 
  

	12.	Law Application and Dispute Resolution 

 12.1 Applicable law and dispute resolution 

The validity, interpretation, performance and settlement of disputes shall be governed by the laws of People’s Republic of China and be
explained in accordance with the laws of people’s Republic of China. 
 12.2 If there exists any dispute out of all parties of the
contract over the interpret and performance of terms in this contract, the parties shall resolve the dispute through negotiation in good faith. If consultation fails, either party may submit the dispute to China international economic and Trade
Arbitration Commission in accordance with the solution valid at the time of the arbitration rules of the committee. The place of arbitration shall be Shanghai, arbitration language shall be Chinese, the arbitration award shall be final and binding
to all the parties. 
 12.3 In addition to events of the parties arising to the dispute, all parties shall continue to perform their
respective obligations in accordance with the provisions of this contract in good will. 
 13. All notice or information relating to this
Agreement sent by either party shall be written in Chinese and English and be sent out in the way hereunder: 
 Party A: Hailiang Education
Consulting and Service Co., Ltd 
 Address: Hailiang Mansion, No. 1508, Binsheng Road, Binjiang District, Hangzhou City, Zhejiang 

Fax: 0571-58120100 
 Tel:
0571-58121720 
 Recipient: Huang Shiqi 

 Party B: Hailiang Feng 

Address: Hailiang Mansion, No. 1508, Binsheng Road, Binjiang District, Hangzhou City, Zhejiang 

Fax: 0571-58120100 
 Contact:
0571-58121278 
 Party C: Hailiang Education Investment Co., Ltd 

Address: Hailiang Mansion, No. 1508, Binsheng Road, Binjiang District, Hangzhou City; 

Fax: 0571-58122010 
 Tel:
0571-58122010 
 Recipient: Zhang Simeng 
  

	14.	Annex 

 The annex to this contract is an indivisible part of this contract. 

 

	15.	Waiver 

 It shall not be considered as a waiver of rights, remedies, powers or privileges
when Party A do not exercise or delay in exercising any rights, remedies, or privileges under this contract. The excise of other rights, remedies, powers or privileges of Party A shall not exclude the exercise of any other rights, remedies, powers
or privileges of Party A. The rights, remedies, powers, privileges stipulated in this contract shall be applied. 

	16.	MISCELLANEOUS 

 16.1 Any modification, addition or change of the contract shall be made
in written form and be valid after all parties’ sign and seal of the contract. 
 16.2 All parties hereby confirm that the contracting
parties shall reach the agreement on the basis of equality and mutual benefit of the fair and reasonable. If any provision of the contract under the contract is inconsistent with the relevant laws or therefore cannot be performed specifically, then
the provision shall be invalid or deprived of specific performance in relevant jurisdiction and the other provisions of this contract shall not be affected concerning the validity. 

16.3 The pledgor commitments that regardless of the change of the change of proportion of equity ,the provisions in this contract shall still
be bonding to the pledgor and apply to all the equity of Party C held by pledgor at that time. 
 16.4 The parties hereby confirm that, this
Agreement includes total and only agreements between Party A, Party B and Party C and replaces all negotiations, agreements, commitments and written agreements, relating to matters stipulated in this Agreement. Since the date of signing this
contract, the pledge of equity contract which signed on December 31, 2013 between the parties shall be terminated. 
 16.5 This contract
shall be made in four copies. Party A, Party B and Party C each hold one copy and the registration authority for Industry and Commerce shall hold one copy. 

 (THIS PAGE IS THE SIGNATURE PAGE FOR STRUCTURE CONTRACT) 

(SIGNATURE PAGE) 
  

	
	Party A: Hailiang Education Consulting and Service Co., Ltd
	 (Seal)

	Legal representative/ authorized person: /s/ Ming Wang
	Date: June 30, 2017
	
	Party B: Hailiang Feng
	(signature) /s/ Hailiang Feng
	Date: June 30, 2017
	
	Party C: Hailiang Education Investment Co., Ltd
	 (Seal)

	Legal representative/ authorized person: /s/ Ming Wang
	Date: June 30, 2017EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED OPTION AGREEMENT 

THIS AMENDED AND RESTATED OPTION AGREEMENT (“this Agreement”) is entered into on the June 30, 2017, by and between the following parties: 

Party A: Hailiang Education Consulting and Service Co., Ltd (hereinafter referred to as Party A) 

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

Legal representative: Ming Wang 
 Party B: Hailiang Education
Investment Co., Ltd (hereinafter referred to as Party B) 
 Residential Address: Hailiang business hotel Room 505, Diankou Town, Zhuji City, Zhejiang;

 Legal representative: Ming Wang 
 Party C ( shareholder
of Party B): Hailiang Feng (hereinafter referred to as Party C) 
 Identity Card No.: 3306251960102860116 

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

Party A, Party B and Party C are referred to “all Parties”. 

WHEREAS, 
 1. Party A, Party B and Party C
have signed the OPTION AGREEMENT on December 31, 2013. Party A, Party B and Party C are willing to revise and sign this agreement. 
 2. Party A is a
wholly foreign owned enterprise duly organized and existing under the laws of the People’s Republic of China, 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; an Amended and Restated Consulting Service Agreement concerning
related business is entered into on June 30, 2017 between Party A and Party B. 
 3. Party C is the shareholder of Party B, who holds the 100% equity
interest of Party B (hereinafter referred to as “equity interest”). 
 All Parties hereto must abide by the terms and conditions hereof: 

 

	1.	PURCHASE AND SELL EQUITY 

  

	1.1	GRANT 

 Party C hereby grants Party A or the designated person of Party A (hereinafter referred
to as “designee”) an irrevocable exclusive purchase option including but not limited to Party A, Party B or Party C dissolving the Amended and Restated Consulting Service Agreement, the Amended and Restated Option Agreement, the Amended
and Restated Equity Pledge Agreement and the Amended and Restated Power of Attorney, or exercise the option under the circumstances such as bankruptcy, liquidation, or dissolution of Hailiang Investment. Within the law of PRC, the person exercising
the option has right to purchase all or part of the shares (“option”) in accordance with steps made by Party A and price stipulated in Article hereof. The option is irrevocable and shall be exercised only by Party A or the designee, any
third party shall not be granted. 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 via indicating the share amounts or the way of purchase from Party C in accordance with applicable PRC laws, regulations and rules. 
  

	1.3	PRICE OF ACQUISITION 

 When Party A or the designee exercises the option, the minimum price to
purchase Party B’s share or its all assets shall be within the scope of PRC laws and regulations, and in case the minimum price is higher than the capital contribution of Party B, Party C shall return the price difference to Party A and the
designee in the way specified by Party A. besides all of the above, all parties hereto agrees that Party C shall not get any interests or profits of selling shares because Party A or the designee exercises the option. 

 

	1.4	EQUITY TRANSFER 

 When exercising the option within the scope of this Agreement: 

 

	1.4.1	Party C shall approve corresponding equity (hereinafter referred to as “equity purchased”) transfer resolution to Party A or the designee. 

 

	1.4.2	All the parties related shall execute the Amended and Restated Equity Transfer Agreement in the reasonable form acceptable to Party A, stipulating all the terms and conditions of equity purchased 

 

	1.4.3	All the parties related shall perform all the rest necessary contracts, agreements and other documents, together with all governmental approvals, take the necessary action and transfer the valid purchased equity to
Party A or the designee, to enable Party A and the designee to be the registered owner of equity purchased. In those terms, “encumbered equity” is referred to mortgage, pledge, or rights and interests for any third party, any rights to
purchase equity, right of acquisition, right of first refusal, right of set off, retention of title or other security arrangement, while excluding the pledge under the Amended and Restated Pledge of Equity Agreement made and entered into as of
June 30, 2017. 

  

	1.5	PAYMENT 

 Payment of equity purchase must be decided after negotiation between Party A and Party
C when exercising the option in accordance with the applicable laws. 

	2.	EQUITY RELATED STATEMENT 

  

	2.1	PARTY B’S STATEMENT 

 Party B hereby makes the following statement and warranty: 

 

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

  

	2.1.2	Without prior written consent of Party A, after signing of this Agreement, neither party may sell, transfer, mortgage or any other dispose of any assets, legal or beneficial business interest or income, or encumber the
assets of Party B, approval of encumber or establish any encumbered Equity. 

  

	2.1.3	Without prior written consent of Party A, any debt or guarantee shall be incurred, excluding (1) debt caused in the daily business of Party B excluding those caused by loan; and (2) debt having been informed Party A

  

	2.1.4	To operate all the business normally, and not cause any damage to the business of Party B and its asset value. 

  

	2.1.5	Without prior written consent of Party A, any material agreement shall not be signed, excluding for the sake of daily business (in this term, if the amount is over RMB 100,000, this agreement will be deemed as a
material agreement). 

  

	2.1.6	Without prior written consent of Party A, any loan to a third party or credit agreement will not be Allowed. 

  

	2.1.7	According to the demand of Party A, all the data relating to business and financial shall be provided to Party A. 

  

	2.1.8	Purchasing and maintaining the insurance provided by the insurance company accepted by Party A, premium and insurance policy shall be same as that of the company with assets of the same level and in the same line with
Party B. 

  

	2.1.9	Without prior written consent of Party A, any merger, cooperation, acquisition or investment shall be forbidden. 

  

	2.1.10	Notify Party A any litigation, arbitration and administrative proceedings relating to the assets, business and revenue of Party B. 

 

	2.1.11	To sign all the proper and necessary documents, take all the measures necessary and relevant, file all the reasonable claim to guarantee the title of the assets of Party B. 

	2.1.12	Without prior written consent of Party A, any distribution of rights and interests in any form shall not be allowed, excluding distributing the dividends to the shareholders according to the demand of Party A.

  

	2.1.13	Appointing the person indicated by the Party A in accordance with its demand. 

  

	2.2	PARTY C’S STATEMENT 

 Party C hereby individually and jointly and severally makes the
statements and warranty as below: 
  

	2.2.1	Without prior written consent of Party A, after signing of this Agreement, neither party may sell, transfer, mortgage or any other dispose of any assets, legal or beneficial business interest or income, or establish any
encumbered equity, excluding those established by the Pledge of Equity Agreement. 

  

	2.2.2	Without prior written consent of Party A, any resolutions of Party C’s meeting to approve the sell, assign, mortgage or dispose of any legal or beneficiary equity interests, or approve additional encumbered equity
shall not be passed, supported or signed, excluding those established by the Amended and Restated Pledge of Equity Agreement. And the capital contribution shall not be altered or transferred. 

 

	2.2.3	Without prior written consent of Party A, any resolution put forward in Party C’s meeting attempting to approve the merger, cooperation, acquisition or investment shall not be agreed, supported or signed.

  

	2.2.4	Notify Party A any litigation, arbitration or administrative proceedings having occurred or about to occur. 

  

	2.2.5	Urge the director board of Party B approve the transfer of the equity purchased according to this Agreement. 

  

	2.2.6	To sign all the documents, take all the measures, file all the claim necessary or relevant or put forward the defense necessary or relevant to other’s claim, to guarantee ones own equity. 

 

	2.2.7	To appoint the person indicated by the Party A in accordance with its demand; and 

  

	2.2.8	To abide by this Agreement and other relating agreements reached between Party A and Party B, perform all the obligations stipulated hereof, and don’t slack off the execution or any other performance probably
influence the validity or enforceability of this Agreement. 

	3.	STATEMENTS AND WARRANTIES 

 As of the date of signing hereto, as to assign the purchased
equity in accordance with the option exercise every time, Party B and Party C make the statements and warranties hereunder: 
  

	3.1	Our party is entitled to and capable of signing and delivering this Agreement, fulfilling all the obligations hereof and obligations stipulated in the Equity Transfer Agreement every time transferring the equity. Once
signed, this Agreement and each Equity Transfer Agreement will constitute legal, valid, binding and enforceable obligations according to the relevant terms and Conditions. 

 

	3.2	To sign and perform this Agreement and the Amended and Restated Equity Transfer Agreement will not: (1) violate any PRC laws and regulations; (2) be conflicted with the Article of Party A and documents of
other entities; (3) incur any violation to the related agreements or documents or binding obligations; (4) violate any authorization of consent or approval or jeopardize the continuously effective conditions; (5) incur the suspension and
abolishment of any consent and approval, and other additional conditions. 

  

	3.3	Without the prior consent of Party A, Party B shall not assign part or its all equity, and Party B and Party C shall not setting any encumbrances on the equity, unless otherwise stipulated in the Amended and Restated
Pledge of Equity Agreement. 

  

	3.4	Party A shall not have any unsettled debt, excluding (1) debt from normal operations; and (2) debt informed to Party A or incurred with the written consent of Party A. 

 

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

  

	3.6	There exists no pending or ongoing litigations, arbitrations, or administrative proceedings relating to Party B or its assets or equity. After the thorough investigation of Party B or Party C, there exists no pending or
ongoing claims; and 

  

	3.7	There exist no encumbrances on the equity holding by Party C, excluding the encumbered equity under the Amended and Restated Pledge of Equity Agreement. 

 

	4.	ASSIGNMENT of AGREEMENT 

  

	4.1	Party B and Party C shall not transfer 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 transfer all of its rights and obligations under this Agreement to any third party whenever it desires. Any such transfer shall only be
subject to a written notice sent to Party B and Party C by Party A, and no any further consent from Party B and Party C will be required. 

	5.	EXECUTION and DURATION 

  

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

  

	5.2	During the term of this Agreement, this Agreement may not be terminated prior by Party B and Party C, or terminated prior by Party A for no reason. 

 

	6.	APPLICABLE LAW and DISPUTE RESOLUTION 

  

	6.1	Applicable Law 

 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 parties hereto. If 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 for arbitration according to
valid arbitration rules. Place of arbitration is Shanghai and arbitration language is Chinese. The arbitration award is final and binding on all parties hereto. 
  

	7.	TAXES and FEES 

 All parties shall undertake all the registration tax, cost and
expenditure arising from the preparation, execution and completion of this Agreement and all the Amended and Restated Equity Transfer Agreement in according with PRC laws. 
  

	8.	NOTICE 

 All notice or information relating to this Agreement sent by either party shall
be written in Chinese and English and be sent out in the way hereunder: personal delivery, registered letter, pre-paid post, approved express service or image fax to the address of relevant party or parties,
the address hereunder, other address or other specified address of party or parties. The principles hereunder shall be followed as to the date to inform the arrival of the mail: (1) the date to inform shall be prior to the arrival if via
personal delivery; (2) the date to inform shall be the 10th day after the day of sending via pre-paid air registered letter, or the 4th day after sending out by international recognized express mail
service; (3) If via fax, the date to inform shall be complied with the receipt time of the Transmission Confirmation. 
 Party
A: Hailiang Education Consulting and Service Co., Ltd 
 Address: Hailiang Mansion, No. 1508, Binsheng Road, Binjiang
District, Hangzhou City, Zhejiang 
 Fax: 0571-58120100 

Tel: 0571-58121720 

Recipient: Huang Shiqi 

 Party B: Hailiang Education Investment Co., Ltd 

Address: Hailiang Mansion, No. 1508, Binsheng Road, Binjiang District, Hangzhou City; 

Fax: 0571-58122010 
 Tel:
0571-58122010 
 Recipient: Zhang Simeng 

Party C: Hailiang Feng 

Address: Hailiang Mansion, No. 1508, Binsheng Road, Binjiang District, Hangzhou City, Zhejiang 

Fax: 0571-58120100 
 Contact:
0571-58121278 
  

	9.	CONFIDENTIALITY 

 All parties hereto undertake and acknowledge that al the oral or
written information is secret and all parties shall ensure the confidentiality of this kind of information. One party shall not provide the confidential information to any third party (i without prior written consent of other parties. The said
restriction is not applicable to: 
 a. Materials having been available to the public prior to the disclosure. 

b. Materials shall be disclosed according to the laws, legal system and rules of stock exchanging market. 

c. Information supposed to be disclosed to legal consultants and financial consultants retained by all parties. such legal or financial
consultant shall comply with the confidentiality set forth in this Section. he disclosure of confidential materials by an employee of any Party shall be deemed disclosure of such materials by such Party, and such Party shall be liable for breaching
the contract. This Article shall survive even if any terms of this Agreement are modified, abolished, terminated, or deemed as void and unenforceable by any reason. 
  

	10.	FURTHER GUARANTEE 

 All parties agrees to take reasonable actions to perform the terms
and conditions hereof and execute necessary documents. 

	11.	MISCELLANEOUS 

  

	11.1	Amendment, Modification and Supplement of Agreement 

 Any amendment and supplement to this
Agreement shall be made by the Parties in writing. The amendment and supplement duly executed by each Party shall be deemed an integral part of this Agreement and shall have the same legal effect as this Agreement. 

 

	11.2	Completeness of Agreement 

 Despite the stipulations of Article 5 hereof, the Parties
acknowledge that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters therein, 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 only within the scope of applicable PRC Laws and regulations in China, while the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in
any way .The Parties shall through negotiation based on the principal of fairness, 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 copies 

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

	11.6	Successor 

 This Agreement shall bind the successor or the transferee of each Party. 

 

	11.7	Remain in valid. 

 Regardless of the expiration of this Agreement or any items resulting in
termination, all Parties shall continue to perform its obligation. When this Agreement is terminated, Article 6, Article 8, Article 9 and Article 11.7 remains effective. 

	11.8	Waiver 

 With written consent of all Parties, one party may waiver provisions stipulated hereof.
One party abandoning its right arising out of another party’s default in some case, shall not be deemed as the waiver of the other party’s right to the default party in the similar circumstances. 

 

	11.9	Termination 

 The parties hereby confirm that, this Agreement includes total and only agreements
between Party A, Party B and Party C and replaces all negotiations, agreements, commitments and written agreements, relating to matters stipulated in this Agreement. Since the date of signing this Agreement, the option agreement which signed on
December 31, 2013 between the parties shall be terminated. 
 (THIS PAGE IS THE SIGNATURE PAGE FOR STRUCTURE CONTRACT) 

(SIGNATURE PAGE) 
 IN WITNESS
THEREFORE, the Parties hereof is executed and sealed by the Parties or its legal representatives. 
  

	
	Party A: Hailiang Education Consulting and Service Co., Ltd.
	Legal representative/ authorized person: /s/ Ming Wang
	Date: June 30, 2017
	
	Party B: Hailiang Education Investment Co., Ltd
	Legal representative/ authorized person: /s/ Ming Wang
	Date: June 30, 2017
	
	Party C: /s/ Hailiang Feng
	Date: June 30, 2017

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