Document:

EX-4.18

 Exhibit 4.18 

Exclusive Management Consultancy and Cooperation Agreement 

This exclusive management consultancy and cooperation agreement (hereinafter referred to as the “agreement”) is signed by the following parties in
Beijing, People’s Republic of China (hereinafter referred to as “China”) on May 10, 2018. 
  

	Party A:	 Beijing Dexin Dongfang Network Technology Co., Ltd., a wholly foreign-owned enterprise duly incorporated
and validly existing within the territory of the People’s Republic of China (hereinafter the “PRC”) with its uniform social credit code of 91110108MA01AWYY4A and its registered address at Suite 304, F/10, Block B, Building No. 3,
Haidian Avenue, Haidian District, Beijing; 

  

	Party B:	 Beijing New Oriental-Xuncheng Network Technologies Co., Ltd., a company limited by shares duly
incorporated and validly existing within the territory of PRC with its uniform social credit code of 9111010877256341X4 and registered address at 801-01 F/8 Haidian East Third Street, Haidian District,
Beijing; 

 Party B’s subordinate institutions: all the entities mentioned in Appendix I, and the institutions invested and
controlled by Party B from time to time in accordance with this Agreement (including control through agreement arrangement) 
  

	Party C:	 New Oriental Education Technology Group Limited, a limited liability company duly incorporated and
validly existing within the territory of PRC with its uniform social credit code of 91110108726367151N and registered address at F/9, 6 Haidian Middle Street, Haidian District, Beijing; 

Linzhi Tencent Technology Co., Ltd., a limited liability company duly incorporated and validly existing within the territory of PRC with
its uniform social credit code of 91540400MA6T10MD6L and its registered address at 202-3 Linzhi Biotechnology Industrial Park, Bayi Town, Bayi District, Linzhi City, Tibet; 

Tianjin Xuncheng Yiyue Technology Partnership (L.P.), a limited partnership enterprise duly incorporated and validly existing within the
territory of PRC with its uniform social credit code of 91120222MA05P74885 and its registered address at Suite 1105, Integrated Office Building, Beijing-Tianjin Electronic Commerce Industrial Park, Wuqing District, Tianjin; 

Tianjin Xuncheng Luyue Technology Partnership (L.P.), a limited partnership enterprise duly incorporated and validly existing within the
territory of PRC with its uniform social credit code of 91120222MA06H05071 and its registered address at Suite 1106, Integrated Office Building, Beijing-Tianjin Electronic Commerce Industrial Park, Wuqing District, Tianjin; 

Tianjin Xuncheng Bayue Technology Partnership (L.P.), a limited partnership enterprise duly incorporated and validly existing within the
territory of PRC with its uniform social credit code of 91120222MA05P38239 and its registered address at Suite 1108, Integrated Office Building, Beijing-Tianjin Electronic Commerce Industrial Park, Wuqing District, Tianjin; 

Tianjin Xuncheng Jiuyue Technology Partnership (L.P.), a limited partnership enterprise duly incorporated and validly existing within
the territory of PRC with its uniform social credit code of 91120222MA05P29199 and its registered address at Suite 1109, Integrated Office Building, Beijing-Tianjin Electronic Commerce Industrial Park, Wuqing District, Tianjin; 

 Tianjin Xuncheng Shiyue Technology Partnership (L.P.), a limited partnership
enterprise duly incorporated and validly existing within the territory of PRC with its uniform social credit code of 91120222MA05N0621A and its registered address at Suite 1110, Integrated Office Building, Beijing-Tianjin Electronic Commerce
Industrial Park, Wuqing District, Tianjin; 
 Tianjin Xuncheng Shieryue Technology Partnership (L.P.), a limited partnership
enterprise duly incorporated and validly existing within the territory of PRC with its uniform social credit code of 91120222MA06H0486G and its registered address at Suite 1107, Integrated Office Building, Beijing-Tianjin Electronic Commerce
Industrial Park, Wuqing District, Tianjin; 
 Tianjin Xuncheng Shisanyue Technology Partnership (L.P.), a limited partnership
enterprise duly incorporated and validly existing within the territory of PRC with its uniform social credit code of 91120222MA06G95810 and its registered address at Suite 1111, Integrated Office Building, Beijing-Tianjin Electronic Commerce
Industrial Park, Wuqing District, Tianjin; 
 (The foregoing enterprises listed as Party C are all of the existing shareholders of Party B,
with their contributions to and shares in Party B’s registered capital as set forth in Appendix II.) 
 Party A, Party B, Party B’s
subordinate institutions, and Party C shall hereinafter be individually referred to as a “Party” and collectively as the “Parties”. 

WHEREAS: 
  

	(1)	 Party A is a wholly foreign-owned enterprise legally established and validly existing in accordance with
Chinese laws and has the resources necessary for technology development, technical services, technical consultation, technology promotion, technology transfer; software development; and software consulting services; 

 

	(2)	 Party B is a joint stock limited company legally established and validly existing in accordance with Chinese
laws, and engages in online education, education investment and related businesses directly and/or through Party B’s subordinate institutions; 

  

	(3)	 Party C is the shareholder of Party B, holding 100% of the shares of Party B; 

 

	(4)	 Party A agrees to use its technical, personnel and information advantages to provide Party B and Party B’s
subordinate institutions with exclusive service, including enterprise management consulting, online education management consulting, licensing, technical support and business support. The parties agree to enter into such cooperation and specify the
main terms and conditions of cooperation through this agreement. 

 Therefore, the parties reach the following agreement through friendly
negotiations: 
  

	1.	 Service Provision 

 

	 	1.1	 In accordance with the terms and conditions of this agreement, Party B and Party C hereby appoint Party A as
Party B’s sole service provider during the term of this agreement to provide Party B and its subordinate institutions (hereinafter referred to as the “service recipients”) with comprehensive enterprise management consulting, online
education management consulting, intellectual property right licensing, technical support and business support, as detailed in Appendix III to this agreement. The parties understand that the actual services provided by Party A are limited by the
approved business scope of Party A; if Party B and its subordinate institutions require Party A to provide services beyond the approved business scope of Party A, Party A will apply to expand its business scope to the maximum extent permitted by law
and provide relevant services after the application is approved. 

 Party B shall nail down and urge its subordinate
institutions to nail down the services within the scope of Appendix II to this Agreement with Party A or the entities designated by Party A according to the actual needs of its business. 

	 	1.2	 Party B and Party B’s subordinate institutions and Party C further agree that, during the term of this
agreement, Party B, Party B’s subordinate institutions, and Party C (excluding New Oriental Education & Technology Group Co., Ltd. and Linzhi Tencent Technology Co., Ltd.) will not directly or indirectly receive the same or similar
services from any third party and will not enter into any similar cooperation relationship with any third party on the matters mentioned in this agreement, and shall ensure their affiliates (excluding New Oriental Education & Technology
Group Co., Ltd. and Linzhi Tencent Technology Co., Ltd.) will not enter into such cooperation. Party C shall urge Party B and Party B’s subordinate institutions to implement this provision. 

 

	 	1.3	 Notwithstanding other provisions of this agreement, Party A has the right to designate any third party to
provide any or all of the services under this agreement, or to perform any of Party A’s obligations under this agreement on its behalf. Party B and its subordinate institutions hereby agree that Party A has the right to transfer its rights and
obligations under this agreement to any third party. 

  

	 	1.4	 In order to ensure the normal operation of the daily business of Party B and its subordinate institutions,
Party A may (but does not have to) provide guarantee or assurance as guarantor or assurer for the performance of other contracts and agreements signed by Party B and its subordinate institutions with any third party, according to its own judgment
and as permitted by Chinese laws and regulations. Party B and Party B’s subordinate institutions and Party C hereby agree and confirm that, if they need any guarantee or assurance for the performance of any contract or loan in the course of
business operation of Party B and Party B’s subordinate institutions, they should first seek Party A as the guarantor and/or assurer. 

  

	2.	 Service Price and Payment 

 

	 	2.1	 According to the specific service content and service object, the concerned parties should negotiate a fair
service price and appropriate payment method by reference to the income and number of users of the service recipient in a specific period. See Appendix 3 to this Agreement for the calculation method and payment method of the specific service fee.

  

	 	2.2	 If Party A believes that the service price determination mechanism agreed in this Agreement cannot be applied
for some reason and needs to be adjusted, the service recipient shall actively and sincerely negotiate with Party A within ten working days upon receipt of Party A’s written request for service fee adjustment, to determine the new service fee
standard or mechanism. If the service recipient does not reply within ten working days after receiving the above-mentioned written request, the service recipient will be deemed to have agreed to the adjustment. At the request of the service
recipient, Party A shall negotiate with the service recipient on the adjustment of the service fee based on the principle of good faith. 

  

	3.	 Intellectual Property Rights 

 

	 	3.1	 The intellectual property rights in all outcomes from the performance of this agreement, including but not
limited to copyrights, patent rights, patent applications, technical secrets, trade secrets, shall be owned by Party A. Unless otherwise permitted by Party A, Party B or its subordinate institutions or Party C shall not enjoy any rights other than
those granted in this Agreement, and shall actively cooperate with Party A to take all necessary measures to enable Party A to obtain such intellectual property rights. The parties agree that this provision will remain in force regardless of
modification or termination of this agreement. 

  

	 	3.2	 If the development is carried out by Party A based on the intellectual property rights of Party B or its
subordinatedf institutions, Party B and its subordinate institutions shall ensure that the intellectual property rights are free from any defects, otherwise the losses caused to Party A shall be borne by Party B and its subordinate institutions. If
Party A is thus liable for compensation to any third party, Party A shall have the right to recover all its losses from Party B and/or Party B’s subordinate institutions after making such compensation. 

	4.	 Party A’s Control and Management over Party B and its Subordinate Institutions

  

	 	4.1	 In view of the provisions in Article 1 of this Agreement, for the purpose of clarifying the rights and
obligations between the parties and ensuring the actual performance of the agreement on management consultancy service to be provided by Party A to Party B and its subordinate institutions, the fulfillment of various business service agreements
between Party A and Party B and its subordinate institutions, and the payment of various payable prices by Party B and its subordinate institutions to Party A, Party B and Party B’s subordinate institutions and Party C hereby agree that, unless
Party A’s prior written consent is obtained, Party B and its subordinate institutions will not conduct any transaction that may materially affect their assets, obligations, rights or company operations, including but not limited to:

  

	 	(1)	 Carry out any activities beyond its normal business scope, or does not conduct its business in a consistent and
usual manner with the past; 

  

	 	(2)	 Issue, increase or decrease any registered capital, shares, stocks, bonds (including convertible bonds) or
other securities; 

  

	 	(3)	 Introduce, change or terminate any employee incentive plan or scheme; 

 

	 	(4)	 Change the composition of the board of directors, the number of directors and the method of nomination and
appointment of directors, or set up a committee under the board of directors; 

  

	 	(5)	 Change or dismiss any board director or replace any senior management personnel; 

 

	 	(6)	 Make any foreign investment (whether through the establishment of subsidiaries, branches, partnerships or joint
ventures) or divestiture, withdrawal or transfer of existing foreign investment; 

  

	 	(7)	 Borrow money from any third party or assume any debts; 

 

	 	(8)	 Sell, acquire or otherwise dispose of any assets or rights exceeding 500,000 yuan to/from any third party,
including but not limited to any intellectual property rights; 

  

	 	(9)	 Provide any director, employee or consultant with annual salary or remuneration exceeding 10 million yuan
(including in-kind compensation and allowance); 

  

	 	(10)	 Provide any third party with guarantee or assurance worth more than 30 million yuan due to the debts of
Party B and its subordinate institutions, including guarantee established with its assets or rights and interests; 

  

	 	(11)	 Provide guarantee or assurance to any third party, including guarantee established with its assets or rights
and interests, not due to the debts of Party B and its subordinate institutions; 

  

	 	(12)	 Make any amendment to the articles of association; 

 

	 	(13)	 Change normal business procedures or modify any major internal rules and regulations; 

 

	 	(14)	 Make major adjustments to its business operation mode, marketing strategy, operation policy, or customer
relationship; 

  

	 	(15)	 Carry out any merger, separation, restructuring or reorganization; 

 

	 	(16)	 Sign, modify or terminate any major agreement, or sign any other agreement that conflicts with the existing
major agreements; 

  

	 	(17)	 Distribute dividends in any form; 

 

	 	(18)	 Declare bankruptcy, insolvency, liquidation and distribution of surplus assets; 

 

	 	(19)	 Appoint, dismiss or change entities other than the top four accounting firms as auditors, change the end date
of the financial year or tax accounting year, formulate or change accounting policies and accounting systems; and 

  

	 	(20)	 Transfer rights and obligations under this Agreement to any third party. 

Furthermore, in the event that has or may have a significant adverse impact on the business and operation of Party B and/or its subordinate
institutions, Party B shall and Party C shall urge Party B to inform Party A in a timely manner and do its utmost to prevent such event and/or the expansion of loss. 

	 	4.2	 In order to ensure the performance of management consultancy service between Party A, Party B, and Party
B’s subordinate institutions and the payment of fees to Party A by Party B and Party B’s subordinate institutions: 

  

	 	(1)	 Party B and its subordinate institutions and Party C hereby agree to accept the suggestions and requirements
provided by Party A to Party B and its subordinate institutions from time to time regarding the appointment and dismissal of concerned employees, daily operation and management, and financial management system, and agree to strictly abide by and
implement them. 

  

	 	(2)	 Party B and Party B’s subordinate institutions and Party C hereby agree that they will elect the persons
designated by Party A as directors of the board of Party B and its subordinate institutions according to the procedures prescribed by laws, regulations and articles of association, urge such elected directors to elect the person recommended by Party
A as the chairman of the board of directors, and appoint the persons designated by Party A as the general manager / president, financial director and other senior management personnel of Party B and its subordinate institutions (including but not
limited to business leaders, financial management personnel, financial monitoring personnel and accounting personnel). Party A shall, in good faith, recommend to Party B and Party B’s subordinate institutions candidates who meet the
qualifications prescribed by applicable laws. If the above-mentioned senior management personnel recommended by Party A leave Party A or Party A’s shareholders (directly or indirectly, as the case may be), whether they resign voluntarily or are
dismissed by Party A, they will lose the qualification to hold any position in Party B and its subordinate institutions. In this case, Party B and its subordinate institutions will appoint other senior management personnel recommended by Party A who
are employed by Party A or Party A’s shareholders (directly or indirectly, as the case may be) to assume such positions. Party C, Party B and Party B’s subordinate institutions will take all necessary internal and external actions to
complete the above-mentioned dismissal and appointment procedures in accordance with the laws, articles of association and the provisions under this agreement. 

 

	 	(3)	 Party A shall have the right to check the accounts of Party B and its subordinate institutions regularly and at
any time, and Party B and its subordinate institutions shall keep accurate and timely accounts and provide Party A with their accounts as required by Party A. During the term of this agreement and without violating applicable laws, Party B and its
subordinate institutions agree to cooperate with Party A and its shareholders in direct and indirect audits, including but not limited to related party transaction audits and other types of audits, to provide Party A, its shareholders and/or its
entrusted auditors with relevant information and data on the operation, business, customers, finance and employees of Party B and its subordinate institutions, and agree that Party A’s shareholders can disclose such information and data in
order to meet the securities regulatory requirements at the places where they are listed. 

  

	 	4.3	 Party B and Party B’s subordinate institutions and Party C hereby agree that, upon Party A’s written
request, all accounts receivable and/or all other assets legally owned by Party B and Party B’s subordinate institutions can be disposed of by Party A at that time will be used as the guarantee for Party A’s obligation to pay the service
fee stipulated in Article 2.1 of this Agreement in the manner permitted by the law at that time. Party B and Party B’s subordinate institutions and Party C hereby agree that Party B and its subordinate institutions will always maintain the
complete business license required for their operation and have full rights and qualifications to operate their current business in China during the term of this Agreement. 

 

	 	4.4	 Without the prior written consent of Party A, Party B and its subordinate institutions shall not carry out
contractual operation, lease operation, merge, separation, joint operation or transformation of joint stock system into other arrangements for changing the operation mode and property right structure, or dispose of all or substantial part of assets
or rights of Party B or its subordinate institutions by means of transfer, assignment, or conversion into shares after pricing. 

	 	4.5	 Where Party B or Party B’s subordinate institution is liquidated or dissolved for any reason, Party C,
Party B, and Party B’s subordinate institution shall appoint personnel recommended by Party A to form the liquidation group to manage the property of Party B and Party B’s subordinate institutions to the extent permitted by Chinese law.
Party C and Party B confirm that, in the event of liquidation or dissolution of Party B or Party B’s subordinate institution, Party C and Party B agree to deliver to Party A all remaining property acquired through liquidation of Party B or its
subordinate institution in accordance with Chinese laws and regulations, regardless of whether Article 4.5 of this agreement can be enforced. 

  

	 	4.6	 Party C hereby agrees to issue a separate power of attorney to Party A’s satisfaction in content and form
on the signing date of this agreement, and to fully, properly and completely fulfill the agreement on such power of attorney, including but not limited to unconditionally and irrevocably authorizing Party A or the person designated by Party A
(hereinafter referred to as “the Attorney”) as the attorney-in-fact to exercise its shareholders’ and/or directors’ rights in Party B and Party B’s subordinate institutions on behalf of Party C with the sole will of the
Attorney. 

  

	 	4.7	 Party C confirms that it has a comprehensive and clear understanding of the obligations of Party B and its
subordinate institutions under this agreement at the time of signing this agreement, and voluntarily pledges 100% of its total shares to Party A to guarantee the performance of all obligations of Party B and its subordinate institutions under this
agreement. The parties will sign a separate agreement on the pledge of shares. 

  

	 	4.8	 Party B and Party B’s subordinate institutions and Party C hereby agree that they shall not sign any other
agreement or arrangement that conflicts with this agreement or may damage Party A’s rights and interests under this agreement without Party A’s written consent. 

 

	 	4.9	 Party B hereby grants Party A an irrevocable and exclusive right of purchase, according to which Party A may,
to the extent permitted by Chinese laws and regulations, purchase any part or all of assets and businesses from Party B at the lowest price allowed by Chinese laws. At that time, the parties will sign a separate asset or business transfer contract
to stipulate the terms and conditions of the asset transfer. 

  

	 	4.10	 Party C (excluding New Oriental Education & Technology Group Co., Ltd. and Linzhi Tencent Technology
Co., Ltd.) promises to Party A that Party C (excluding New Oriental Education & Technology Group Co., Ltd. and Linzhi Tencent Technology Co., Ltd.) will not directly or indirectly engage in, own, invest in, participate in or operate any
business or activity that competes or may compete with Party B and its subordinate institutions (hereinafter referred to as “competitive business”) or use information obtained from Party B and its subordinate institutions in competitive
business, for the benefit of itself or others during the period of being a shareholder of Party B. If Party B and Party C (excluding New Oriental Education & Technology Group Co., Ltd. and Linzhi Tencent Technology Co., Ltd.) directly or
indirectly engage in, own, invest in, participate in or operate any competitive business, Party A or the entity designated by Party A shall have the right to request the signing of the Exclusive Share Option Agreement, Exclusive Management
Consultancy and Business Cooperation Agreement, Share Pledge Agreement, Power of Attorney and any other legal documents allowed or required by Chinese law with the entities engaged in competitive business, to establish an agreement control
relationship. 

  

	5.	 Financial Support 

 

	 	5.1	 In order to ensure the cash flow requirements of the service recipient’s business operation or to offset
the accumulated losses in the business operation, Party A agrees that it shall provide financial support to the service recipient by itself or through other parties designated by Party A to the extent permitted by Chinese law. Party A or other
parties designated by Party A may provide financial support to the service recipient by means of bank loans or borrowings. 

	6.	 Term 

  

	 	6.1	 This agreement is signed and enters into force on the date indicated at the beginning of this document.

  

	 	6.2	 This agreement will remain in effect unless it is terminated by the parties through consultations or if the
laws and regulations allow Party A to engage in online education, educational investment and related businesses currently undertaken by Party B and its subordinate institutions. 

 

	7.	 Confidentiality 

 

	 	7.1	 All the terms of this agreement and this agreement itself are confidential information. The parties shall not
disclose such confidential information to any third party, except to senior officials, directors, employees, agents and professional consultants related to this project and assume the confidentiality obligation to the disclosing party, unless such
disclosure is required by the government, stock exchange, relevant regulatory agencies, the public or the shareholders, or to submit this document to relevant agencies for record-filing according to the requirements of the law.

  

	 	7.2	 This clause shall remain in force regardless of change, rescission or termination of this agreement.

  

	8.	 Liability for Breach of Agreement 

If a party fails to perform any of its obligations under this agreement, or any statement or guarantee made by the party under this agreement
is materially untrue or inaccurate, the party shall be in breach of this agreement and shall compensate all losses suffered by other parties or pay liquidated damages in accordance with a separate agreement reached by the concerned parties. 

 

	9.	 Party Change 

  

	 	9.1	 Add Party B’s subordinate institutions. If Party B adds any subordinate institution at any time after the
effective date of this agreement, Party B and Party C shall urge the newly added subordinate institution of Party B to immediately sign a letter of acceptance of rights and obligations and any other legal documents allowed or required under Chinese
law, so that the newly added subordinate institution of Party B can join this agreement and fully accept the obligations and rights that shall be assumed and enjoyed by the subordinate institutions of Party B under this agreement. From the date of
signing the letter of acceptance of rights and obligations and any other legal documents allowed or required under Chinese law, the newly added subordinate institution of Party B shall be deemed to be a signatory to this agreement. Other parties in
this agreement hereby agree and fully accept the above arrangements. 

  

	 	9.2	 The rights and obligations under this Agreement shall be legally binding to the assignees and successors of the
parties to this Agreement (whether the assignment of such rights and obligations is caused by acquisition, reorganization, inheritance, transfer or other reasons). If Party C loses its legal personality due to merger, separation, termination,
suspension, dissolution, liquidation or other reasons, or in other circumstances that may affect Party C’s exercise of its rights as a shareholder of Party B, any successor, manager or liquidator of Party C shall make all necessary arrangements
and sign all necessary documents with other parties to this agreement to prevent such successor, manager or liquidator from damaging or hindering the performance of this agreement. 

	10.	 Miscellaneous 

 

	 	10.1	 This Agreement shall be governed by the laws of the People’s Republic of China. All disputes arising from
the performance of this agreement shall be settled by the parties through friendly negotiations. If no settlement can be reached through negotiations, the dispute shall be submitted to China International Economic and Trade Arbitration Commission
for arbitration in accordance with its effective arbitration rules at that time. The place of arbitration shall be Beijing, the arbitration language shall be Chinese, and the arbitration award shall be final and binding to all parties. Subject to
the provisions of Chinese law, the arbitrator may issue a restraining order (such as business operation or compulsory asset transfer) or other temporary relief measures on Party B’s shares or assets, or order liquidation of Party B through
arbitration. The parties agree that, subject to the provisions of Chinese law, the courts with jurisdiction (including courts in Hong Kong, the place of incorporation of
to-be-listed / listed company affiliated with Party A, the place of incorporation of Party B, the place of incorporation of to-be-listed / listed company of Party B, and the place where Party B’s main assets are located) have the right to issue interim measures to support the arbitration process while awaiting the formation
of the arbitration tribunal or in appropriate cases. The validity of this provision is not affected by the change, rescission or termination of this agreement. After the arbitration award comes into effect, either party shall have the right to apply
to the above-mentioned court with jurisdiction for enforcement of the arbitration award. 

  

	 	10.2	 The holding company of Party A will be subject to the Listing Rules of the Stock Exchange of Hong Kong Limited
(hereinafter referred to as the “Listing Rules”) and the relevant listing policies, listing decisions and guidelines after becoming a listed company. If the transactions under this agreement fail to comply with the relevant provisions of
the listing rules and relevant listing policies, listing decisions and guidelines, the parties to this agreement will need to amend this agreement according to the laws and regulations or regulatory opinions issued by the Stock Exchange of Hong Kong
or other regulatory agencies so as to ensure this agreement in line with the listing rules and relevant listing policies, listing decisions and guidelines, as far as the amendment is reasonably feasible and not contrary to Chinese laws.

  

	 	10.3	 This agreement, once signed, supersedes any previous commitments, memoranda, agreements and other documents
between the parties; in case of any conflict between the provisions of the above agreements and this agreement and its appendices, the provisions of this agreement and its appendices shall prevail. 

 

	 	10.4	 The parties agree that this agreement shall be performed to the extent permitted by law. If any provision or
any part of a provision in this agreement is deemed invalid or unenforceable by any competent authority or court, such invalidity or unenforceability shall not affect the validity and enforceability of other provisions of this Agreement or other
parts of the provision, and the other provisions or other parts of the provision shall remain in full force and effect, and the parties shall make their best efforts to modify such illegal, invalid or unenforceable clauses to achieve the purpose of
the original provision. 

  

	 	10.5	 The appendices form an integral part of this agreement and have the same legal effect as other parts of this
agreement. 

  

	 	10.6	 This agreement is made in Chinese. The number of originals is determined by the number of parties to this
agreement. There are 12 originals, one of which shall be held by Party A, Party B, every subordinate institution of Party B, and every enterprise in Party C respectively. 

(The remainder of this page is intentionally left blank) 

 (The remainder of this page is intentionally left blank; execution page of the Exclusive Management
Consultancy and Cooperation Agreement) 
 Party A: Beijing Dexin Dongfang Network Technology Co., Ltd. (seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 
 /s/ the Legal Representative or Authorized Representative 

 (The remainder of this page is intentionally left blank; execution page of the Exclusive Management
Consultancy and Cooperation Agreement) 
 Party B: New Oriental Education Technology Group Limited (Beijing) (Seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 
 /s/ the Legal Representative or Authorized Representative 

 (The remainder of this page is intentionally left blank; execution page of the Exclusive Management
Consultancy and Cooperation Agreement) 
 Party B’s subordinate institutions: 

Beijing Kuxue Huisi Network Technology Co., Ltd. (Seal) 
 /s/
seal 
 Signed by the Legal Representative or Authorized Representative: 

/s/ the Legal Representative or Authorized Representative 

 (The remainder of this page is intentionally left blank; execution page of the Exclusive Management
Consultancy and Cooperation Agreement) 
 Party C: New Oriental Education Technology Group Limited (Beijing) (Seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 
 /s/ the Legal Representative or Authorized Representative 

 (The remainder of this page is intentionally left blank; execution page of the Exclusive Management
Consultancy and Cooperation Agreement) 
 Party C: Linzhi Tencent Technology Co., Ltd. (Seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 

 (The remainder of this page is intentionally left blank; execution page of the Exclusive Management
Consultancy and Cooperation Agreement) 
 Party C: 
 Tianjin
Xuncheng Yiyue Technology Partnership (L.P.) (seal) 
 /s/ seal 

Signed by the Legal Representative or Authorized Representative: 

/s/ the Legal Representative or Authorized Representative 

Tianjin Xuncheng Luyue Technology Partnership (L.P.) (seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 
 /s/ the Legal Representative or Authorized Representative 

Tianjin Xuncheng Bayue Technology Partnership (L.P.) (seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 
 /s/ the Legal Representative or Authorized Representative 

Tianjin Xuncheng Jiuyue Technology Partnership (L.P.) (seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 
 /s/ the Legal Representative or Authorized Representative 

 (The remainder of this page is intentionally left blank; execution page of the Exclusive Management
Consultancy and Cooperation Agreement) 
 Party C: 
 Tianjin
Xuncheng Shiyue Technology Partnership (L.P.) (seal) 
 /s/ seal 

Signed by the Legal Representative or Authorized Representative: 

/s/ the Legal Representative or Authorized Representative 

Tianjin Xuncheng Shieryue Technology Partnership (L.P.) (seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 
 /s/ the Legal Representative or Authorized Representative 

Tianjin Xuncheng Shisanyue Technology Partnership (L.P.) (seal) 

/s/ seal 
 Signed by the Legal Representative or Authorized
Representative: 
 /s/ the Legal Representative or Authorized Representative 

 Appendix I Party B’s subordinate institutions 

 

			
	 No.
	  	 Name

		
	1.	  	Beijing Kuxue Huisi Network Technology Co., Ltd.

 Appendix II Party C 

Party B’s existing shareholders and their respective contributions to and shares in Party B’s registered capital 

 

									
	 Company Name
	  	Subscribed
Registered Capital
(RMB10,000)	 	  	Shares in the
Registered
Capital	 
	 New Oriental Education Technology Group Limited
	  	 	122,351,229	 	  	 	74.4945	% 
	 Linzhi Tencent Technology Co., Ltd.
	  	 	22,125,000	 	  	 	13.4710	% 
	 Tianjin Xuncheng Yiyue Technology Partnership (L.P.)
	  	 	1,137,840	 	  	 	0.6928	% 
	 Tianjin Xuncheng Luyue Technology Partnership (L.P.)
	  	 	3,006,997	 	  	 	1.8308	% 
	 Tianjin Xuncheng Bayue Technology Partnership (L.P.)
	  	 	1,399,874	 	  	 	0.8523	% 
	 Tianjin Xuncheng Jiuyue Technology Partnership (L.P.)
	  	 	2,894,873	 	  	 	1.7626	% 
	 Tianjin Xuncheng Shiyue Technology Partnership (L.P.)
	  	 	2,875,275	 	  	 	1.7506	% 
	 Tianjin Xuncheng Shieryue Technology Partnership (L.P.)
	  	 	1,474,789	 	  	 	0.8979	% 
	 Tianjin Xuncheng Shisanyue Technology Partnership (L.P.)
	  	 	6,976,123	 	  	 	4.2475	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	164,242,000	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

 Appendix III Scope of Service, Calculation and Payment of Service Fee 

I. List of Services 
  

	 	1.	 Provide opinions and suggestions on assets and business operations; 

 

	 	2.	 Provide opinions and suggestions on the settlement of claims and debts; 

 

	 	3.	 Provide opinions and suggestions on the negotiation, signing and performance of major contracts;

  

	 	4.	 Provide opinions and suggestions on merger and acquisition matters; 

 

	 	5.	 Provide development and research service of educational software and educational courseware;

  

	 	6.	 Provide pre-job and on-the-job management training services for personnel; 

  

	 	7.	 Provide technology development, technology transfer and technology consulting services; 

 

	 	8.	 Provide public relations services; 

 

	 	9.	 Provide industry market survey, marketing, research, consultation and customer service services;

  

	 	10.	 Provide short-term and medium-term market development and market planning services; 

 

	 	11.	 Provide human resources management, internal information management and administrative services;

  

	 	12.	 Provide website/software development, upgrade and daily maintenance services; 

 

	 	13.	 Provide sales services for self-produced products; 

 

	 	14.	 Authorized use of software, trademarks, domain names, technical secrets and other intellectual property rights;
and/or 

  

	 	15.	 Other services agreed upon from time to time by Party A and the service recipients according to the business
needs and the capacity to provide services. 

 II. Calculation and Payment of Service Fee 

 

	 	1.	 The total service fee for the above services is equivalent to the balance of the total income of service
recipient after deducting costs and taxes (excluding enterprise income tax) and other fees reserved or withheld in accordance with the requirements of laws and regulations. The specific amount, specific service content, service duration and other
matters shall be determined by the service charge bill issued by Party A to the service recipient or other written document (such as a separately signed service agreement). 

 

	 	2.	 The amount of service fee should be determined based on the following factors: 

 

	 	(1)	 The technical difficulty and complexity of the service; 

 

	 	(2)	 The time spent by Party A’s employee for specific service; 

 

	 	(3)	 The specific content of the service and its commercial value; 

 

	 	(4)	 The market reference price of similar service. 

 

	 	3.	 Party A shall summarize the service fee on schedule (the specific timeline shall be determined by Party A) and
regularly send the service charge bill to the service recipient and notify the service recipient. The service recipient shall pay the service fee to the bank account designated by Party A within ten working days after receiving the notice. The
service recipient shall fax or mail a copy of the remittance certificate to Party A within ten working days after the remittance.EX-4.19

 Exhibit 4.19 

Letter of Undertakings 
 To: Koolearn
Technology Holding Limited (“Cayman Company”) 
 Beijing Dexin Dongfang Network Technology Co., Ltd. (“WFOE”) 

Whereas: 
 1. Beijing Century Friendship Education Investment
Co., Ltd. (the “Century Friendship”) holds 100% of the shares of New Oriental Education & Technology Group Inc.(the “New Oriental China”); 

2. Yu Minhong indirectly holds 80% of the shares of New Oriental China through the Century Friendship, and Li Bamei indirectly holds 20% of the shares of New
Oriental China through the Century Friendship; 
 (Beijing Century Friendship Education Investment Co., Ltd., hereinafter referred to as the
“Shareholder of the Company”, Yu Minhong and Li Bamei, hereinafter referred to as “Nature Person Shareholders”) 
 3. The aforesaid
Nature Person Shareholders acknowledges and agrees to give priority to pledge all 74.4945% of the shares at Beijing New Oriental Xuncheng Network Technology Co., Ltd. (hereinafter the “Beijing Xuncheng”) to WFOE (the pledge is hereinafter
referred to as the “Pledge of Equity of Beijing Xuncheng”), to ensure the performance of a series of framework contracts among New Oriental China, Beijing Xuncheng, and WFOE. 

In order to ensure the priority and stable performance of the framework contracts and the Pledge of Equity of New Oriental Xuncheng, Nature Person
Shareholders hereby irrevocably makes the following undertakings on May 10, 2018: 
 As of the date of the issuance of the Letter of Undertakings,
Shareholder of the Company and Nature Person Shareholders have not or will not, pledge, sell or dispose of, create any other third party security rights or any other third party priority rights, which may affect the priority validity of Pledge of
Shares of New Oriental Xuncheng and stable performance of the framework contracts, upon or make any other disposal or dealing of the same economic effect of the property shares held by it in Century Friendship. If Shareholder of the Company and
Nature Person Shareholders have a need to create pledge, any other third-party security rights upon or otherwise make disposal or dealing of the property shares held by them in New Oriental China, it shall be subject to the consent of WFOE and
Cayman Company, and it shall be specified in the legal documents signed with creditors and/or other interested parties that the value relating to the shares of New Oriental Xuncheng shall be expressly excluded from the pledge, third party security
rights or other similar disposals or dealings, and written undertakings shall be signed by such creditors and/or other interested parties for not impairing the performance of framework contracts. 

Unless the prior written consent by WFOE or Beijng Xuncheng, the aforesaid Shareholder of the Company and Nature Person Shareholders shall not, for the sake
of its own or anyone else. directly or indirectly engage in, invest in, participate in, possess or manage any business that competes with Beijing Xuncheng or its affiliates or main business, nor hold and interests in or obtain any benefits from any
business that competes or may compete with Beijing Xuncheng or its affiliates or main business. 
 During the period when Nature Person Shareholders hold
the equity of Century Friendship, Nature Person Shareholders undertake that they will urge Century Friendship to fulfill the aforesaid undertakings; during the period when Century Friendship holds the equity of New Oriental China, Century Friendship
undertakes that it will urge New Oriental China to fulfill the aforementioned undertakings. 

 This Letter of Undertakings shall be governed by and construed in accordance with the laws of the
People’s Republic of China. 
 (The remainder of this page is intentionally left blank) 

 (The remainder of this page is intentionally left blank; execution page of the Letter of Undertakings only)

 By: 
 Beijing Century Friendship Education Investment Co.,
Ltd. (Seal) 
 /s/ seal 
 Signed by the Legal Representative or
Authorized Representative: 
 /s/ Legal Representative or Authorized Representative 

/s/ Yu Minhong 
 /s/ Li Bamei 

 Letter of Undertakings 

To: Koolearn Technology Holding Limited (“Cayman Company”) 

Beijing Dexin Dongfang Network Technology Co., Ltd. (“WFOE”) 

Whereas: 
 1. [Name of the General Partner] (“the General
Partner”) is the general partner of [Name of the Partnership] (hereinafter the “Partnership”), and [Name of the Limited Partners] (hereinafter the “Limited Partners”; the Limited Partners and the General Partner are
hereinafter referred to as the “Partners”) are limited partners of the Partnership: 
 2. The General Partner acknowledges and agrees to give
priority to pledge [% of Equity Interest in the Variable Interest Entity Percentage] of the shares of the Partnership at Beijing New Oriental Xuncheng Network Technology Co., Ltd. (hereinafter the “Beijing Xuncheng”) to WFOE (the pledge is
hereinafter referred to as the “Pledge of Equity of Beijing Xuncheng”), to ensure the performance of a series of framework contracts among the Partnership, Beijing Xuncheng, and WFOE. 

In order to ensure the priority and stable performance of the framework contracts and the Pledge of Equity of Beijing Xuncheng, the General Partner hereby
irrevocably makes the following undertakings on May 10, 2018: 
 As of the date of the issuance of the Letter of Undertakings, the General Partner, has
not or will not, pledge, sell or dispose of, create any other third party security rights or any other third party priority rights, which may affect the priority validity of Pledge of Shares of Beijing Xuncheng and stable performance of the
framework contracts, upon or make any other disposal or dealing of the same economic effect of the property shares held by it in the Partnership. Pursuant to the provisions of the Partnership Agreement among all the Partners of the Partnership, the
Partners of the Partnership may, with unanimous consent of the other partners, pledge their property shares in the Partnership; any transfer by the Partners of the Partnership of all or part of their property shares in the Partnership to any person
other than the Partners shall be subject to the unanimous consent of the other partners; and a notice shall be given to the other partners in case of transfer of all or part of property shares in the Partnership among the Partners. Subject to the
aforesaid provisions, the General Partner will not agree that the Limited Partners may pledge, sell or dispose of, or create any other third-party security rights or any other third-party priority rights, which may affect the priority validity of
Pledge of Shares of Beijing Xuncheng and stable performance of the framework contracts, upon or otherwise make disposal or dealing of the same economic effect of, the property shares held by them in the Partnership. If the General Partner and/or the
Limited Partners have a need to create pledge, any other third-party security rights upon or otherwise make disposal or dealing of the property shares held by them in the Partnership, it shall be subject to the consent of WFOE and Cayman Company,
and it shall be specified in the legal documents signed with creditors and/or other interested parties that the value relating to the shares of Beijing Xuncheng shall be expressly excluded from the pledge, third party security rights or other
similar disposals or dealings, and written undertakings shall be signed by such creditors and/or other interested parties for not impairing the performance of framework contracts; the General Partner undertakes that if the Limited Partners disagree
with the aforesaid arrangement, it will not agree that the Limited Partners may create pledge or any other third party security rights upon or otherwise make disposal or dealing of the property shares held by them in the Partnership. If the General
Partner breaches this Letter of Undertakings, it shall be liable to Beijing Xuncheng, WFOE and Cayman Company for the breach of contract and indemnify from and against all losses and damages suffered by Beijing Xuncheng, WFOE and Cayman Company. If
the Partnership adds any new general partner or changes the existing General Partner at any time after the date of issuance of this Letter of Undertakings, the existing General Partner shall urge the new general partner to sign a written
confirmation immediately to ensure that the new general partner is aware of a series of framework contract arrangements among the Partnership, Beijing Xuncheng and WFOE, and shall fully bear and perform the obligations and rights of the existing
General Partner under the framework contracts and this Letter of Undertakings. 

 This Letter of Undertakings shall remain in force during the period when the Partnership holds the shares of
Beijing Xuncheng. This Letter of Undertakings shall be governed by and construed in accordance with the laws of the People’s Republic of China. 
 (The
remainder of this page is intentionally left blank) 

 (The remainder of this page is intentionally left blank; execution page of the Letter of Undertakings only)

 By: 
 [The Name of the General Partner] 

Signature: /s/ 

 Schedule of Material Differences 

One or more general partners of the shareholders (the Partnerships) of Beijing New Oriental Xuncheng Network Technology Co., Ltd. respectively entered into
the letter of undertaking using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in
which the executed power of attorney differ from this form. 

													
	 No.
	  	 Name of the
General

Partner
	  	 Name of the Limited Partners
	  	 Name of the Partnership
	  	% of Equity
Interest in the
Variable
Interest Entity	 	  	 Execution

Date

	1.	  	Xu Jian	  	 Yang Zhihui
 Zhou Chenggang
	  	Tianjin Xuncheng Yiyue Technology Partnership (L.P.)	  	 	0.6928	 	  	May 10, 2018
	2.	  	Cui Jinfang	  	Zeng Ming; Li Xue; Zhang Tiezheng; and Li Silian	  	Tianjin Xuncheng Luyue Technology Partnership (L.P.)	  	 	1.8308	 	  	May 10, 2018
	3.	  	Zhao Yingying	  	Bao Ying; Cai Ling; Xiao Shishu; Liu Junling; Zhang Feng; and Gan Yuan	  	Tianjin Xuncheng Bayue Technology Partnership (L.P.)	  	 	0.8523	 	  	May 10, 2018
	4.	  	Wang Xuewen	  	Wang Jun; Hao Bin; Ji Jianbiao; Liu Yanli; Wang Lirui; Zhao Zheng; Ma Lei; Su Yingxin; Wang Zhuan; Fu Tianqing; Hang Guodong; Yu Zhongqiu; Zhao Yunxia; Zhang Zishu; Wang Li; Zhang Xiaoxun; Li Liang; Zhou Jia; Zhang Junping; Gu
Xianhao; Geng Geng; and Xie Qiang	  	Tianjin Xuncheng Jiuyue Technology Partnership (L.P.)	  	 	1.7626	 	  	May 10, 2018
	5.	  	Tang Wei	  	Yang Yanpeng; Dong Hongyan; Luo Ping; Zhou Fan; Fang Haibo; Lin Rongfeng; Zhao Sisi; Dou Zhongchuan; Jia Chunyi; Liu Ting; Fan Meng; Kong Jianlong; Zi Xiangrong; Zhang Ge; Luo Moming; Qiu Zhengzheng; He Gang; Pei Meng; Xie Qin; Sun
Tao; Fan Yafei; Feng Dawei; Sun Dongxu; Sun Po; Xing Jie; Liang Huanzhen; and Li Guofu	  	Tianjin Xuncheng Shiyue Technology Partnership (L.P.)	  	 	1.7506	 	  	May 10, 2018
	6.	  	Li Meifeng	  	Zhang Chunliang; Zhou Lei; Xin Xianghui; Liu Binli; and Chen Wanqing	  	Tianjin Xuncheng Shieryue Technology Partnership (L.P.)	  	 	0.8979	 	  	May 10, 2018
	7.	  	Yin Qiang	  	An Pengyu; Sun Chang; and Panxin	  	Tianjin Xuncheng Shisanyue Technology Partnership (L.P.)	  	 	4.2475	 	  	May 10, 2018

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