Document:

EX-4.14

 Exhibit 4.14 

[2017] Ye Wu Zi No. 08 

Convertible Debt Investment Agreement 

By and among 
 Jiangyin
Huazhong Investment Management Co., Ltd. 
 Yunlong Sha 

Puxin Education Technology Group Co., Ltd. 

June 15, 2017 
 Beijing PRC 

 Convertible Debt Investment Agreement 

By and among 
 Jiangyin
Huazhong Investment Management Co., Ltd. 
 Yunlong Sha 

Puxin Education Technology Group Co., Ltd. 

Party A: Jiangyin Huazhong Investment Management Co., Ltd., 

Legal representative: Liu Zhen 
 Registered address:
Room 205, Tower F, No. 9 East Outer Ring Road, Jiangyin City 
 Party B: Yunlong Sha 

Identity Card No.: [                 ] 

Domicile: Countrywide Talent Flowing Center Talent Market, Ministry of Personnel, No. 13 Sanlihe Road, Haidian District, Beijing City 

Party C: Puxin Education Technology Group Co., Ltd. 

Legal representative: Yunlong Sha 
 Registered
address: Unit 05-535, 8/F, No. 18 Zhongguancun Avenue, Haidian District, Beijing 
 Whereas: 

1. Party A is an enterprise legal person duly incorporated in PRC under PRC laws and focusing on equity and debt investment. 

 2. As of the signing date of this Agreement, Party B holds RMB29,621,500 of Party C’s
registered capital, accounting for 59.243% of Party C’s registered capital. Party B is Party C’s controlling shareholder and actual controller. 

3. Party C is an enterprise legal person duly incorporated in PRC under PRC laws, with registered capital of RMB50 million, and Party
C’s unified social credit code is 91110108317937192W. 
 4. Party C intends to carry out financing through convertible debt, and the
funds raised will mainly be used for making up the Company’s operation expenses and business expansion (including business, asset or equity acquisition). 

5. In March 2017, Party A, Party C and Party B signed the List of Investment Terms Between Jiangyin Huazhong Investment Management Co., Ltd.,
and Puxin Education. 
 This Agreement is formulated according to relevant laws and regulations like Company Law of the People’s
Republic of China, Securities Law of the People’s Republic of China, Contract Law of the People’s Republic of China and the List of Investment Terms Between Jiangyin Huazhong Investment Management Co., Ltd., and Puxin Education, and in the
principle of equality, free will, fairness and honesty and upon full consideration. 
 Article 1 Definitions 

(1) “Investment” refers to Party A’s investment in Party C in the form of convertible debt as agreed in this Agreement, and the
aforesaid convertible debt may be converted into Party C’s equity according to this Agreement. 
 (2) “Articles of
Associations” refer to the Articles of Associations of Party C. 
 (3) “Company” refers to Party C and the main body
corresponding to Party C’s ownership equity. 

 (4) “Shares” are equal to equity for a limited liability company. 

(5) “The parties hereto” refer to the parties signing this Agreement, namely Party A, Party B and Party C of this Agreement. 

(6) “Registration date” refers to the date of completion of registering the capital increase via debt-to-equity conversion with the industry and commerce authority. 
 (7) “Subscription
date” refers to the date of arrival of each subscription payment to Party C’s designated account regarding Party A’s investing in Party C (the financing party) by instalment in the form of convertible debt. 

(8) “Reselling date” refers to the date of arrival of Party C’s reselling payment to Party A’s account. 

(9) “Transfer date” refers to the date of arrival of Party B’s transfer payment to Party A’s account. 

(10) “Termination date” refers to the maturity date of the period of 22 months starting from the first subscription date, and such a
period shall not exceed 36 months in case of extension. 
 (11) “Subsidiaries” refer to the legal persons, partners, limited
liability companies, joint-stock companies or other organizations directly or indirectly controlled by Party C. 
 (12) “Material
adverse changes” refer to any influences, changes or development (excluding any of the said influences, changes or development that have been remedied or rectified under any circumstance) which are or are reasonably expected to be, individually
or jointly with other influences, changes or development, ) obviously adverse to the Company’s entire business, capital, financial position or other situations, operating results or operation. 

 (13) “Intellectual property rights ” refer to patents, trademarks, service marks,
registration designs, domain names, utility models, copyrights, inventions, confidential information, commercial secrets, proprietary manufacturing techniques and equipment, brand names, data base rights, trade names in any countries or regions or
any other rights similar to any of the aforesaid rights, and the interests of any of the aforesaid rights (no matter whether they have been registered or not, and including the applications of granting the aforesaid rights and the right to apply to
any of the aforesaid rights in any place of the world). 
 (12) “Vesting date” refers to the day on which Party A issues the
written notice of exercising conversion right to the Company. 
 (15) “Transition period” refers to the period from the signing
date of this Agreement to the first subscription date. 
 (16) “Liabilities” refer to all of the Company’s payables, debts
and obligations, including but not limited to debts of the third parties, for which the Company provides guarantee, and all the expenditures, expenses, insurance premiums, transportation fees and interests owing the third parties by the Company
under contract or agreement. 
 (17) “Close relatives” refer to spouses, parents, children and their spouses, brothers and sisters
and their spouse, and the parents, brothers and sisters of spouses, and the parents of spouses of children. 
 (18) “Accounting
standard” refers to Chinese accounting standards applicable to the Company then. 
 (19) “Workday” refers to the normal
business day of financial institutions specified by the State Council of the People’s Republic of China. 
 (20) “Laws” refer
to the laws, regulations, and judicial interpretations of the People’s Republic of China (not including Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Province in the context of this Contract). 

 (21) “PRC” refers to the People’s Republic of China (not including Hong Kong
Special Administrative Region, Macao Special Administrative Region and Taiwan Province in the context of this Contract). 
 (22) Unless
clearly specified herein, the term “including” shall be deemed as “including but not limited to” no matter whether the words like “but not limited to” have been contained. 

Article 2 Amount and Interest Rate of Convertible Debt 

The maximum amount of convertible debt under this Agreement shall be RMB300 million (RMB300,000,000.00), and the amount actually
distributed shall prevail. 
 Prior to conversion of the convertible debt into equity under this Agreement, the interest rate adopted shall
be fixed interest rate, and the interest shall be paid annually according to Article 11 of this Agreement. Information of Party A’s account used for receiving Party C’s payment of interests and principal is given as follows: 

Account name: Jiangyin Huazhong Investment Management Co., Ltd. 

Account number: [                ] 

Opening bank: Beijing Shangdi Branch of Bank of Communications 

Article 3 Term of Convertible Debt 
 The
Term of convertible debt shall be 22 months starting from the first subscription date. If Party A does not exercise debt-to-equity conversion within such 22 months, the
convertible debt shall mature; and Party A may decide to extend the investment period before the maturity date, and the longest investment period shall not exceed 36 months. 

 Article 4 Conditions of Equity Conversion 

4.1 If the Company intends to apply for overseas listing and has submitted application documents for overseas listing, Party A shall have the
right to carry out conversion at the time of listing of the Company, and the specific procedures are provided in Clause 4.4 of this Agreement. Party A shall have the right to, under the situations permitted by the foreign exchange supervision and
regulation and relevant laws and regulations, require the Company to support Party A’s outbound funds transfer (as applicable). In this case, Party A may establish an overseas entity with special purpose to directly hold the shares of the
Company’s affiliated entity to be listed overseas, and Party B and the Company shall, on the condition of meeting laws and regulations, support Party A’s
debt-to-equity conversion, and Party A shall bear the relevant expenses and taxes (if any) relating to its overseas shareholding. 

4.2 If the Company fails to submit listing materials before December 31, 2020 and Party A decides to convert to equity, Party A shall
have the right to convert into equity at the price provided in Clause 5.3 of Article 5 of this Agreement. 
 4.3 At the time of meeting the
conditions of conversion, Party A shall have the right to decide partial or complete conversion. 

 4.4 If the Company has applied for listing in the United States before Party A decides to carry
out debt-to-equity conversion, the Company shall, within 30 workdays prior to the printing of the red herring prospectus to be used for road show, issue a written notice
(“advance notice”) of intended debt-to-equity conversion to Party A. Party A shall, within five days after receiving the advance notice, issue an conversion
notice to the Company (“conversion notice”), and the conversion notice shall specify whether Party A decides to exercise the conversion right at the time of listing of the Company, and shall also specify the amount of debt to be converted
into equity and other information as required in the advance notice. If Party A issues the conversion notice to the Company, the debt-to-equity conversion and the shares
issued to public shareholders by the Company during its IPO shall be closed at the same time. Party A shall, according to relevant domestic and overseas laws and regulations and the listing rules, obtain all the approvals, consent and filings
concerning the its or a designated third party’s holding of the shares of the Company affiliated entity to be listed, and Party B and the Company shall provide support in this regard. The specific implementation methods of debt-to-equity conversion shall be subject to negotiation of the parties hereto according to relevant laws and regulations and policies, and shall not constitute substantially
adverse influence on the listing and listing process of the Company or its affiliates 
 Article 5 Equity Conversion Method and Price 

5.1 Method of Debt-to-Equity Conversion 

The debt-to-equity conversion is to be exercised in the form of
capital increase to the Company. Party A shall determine the amount of debt to be converted into equity, and subscribe all of the Company’s newly increased registered capital with the aforesaid amount. 

Party B waives the pre-emptive right to subscribe for the newly increased registered capital resulting
from Party A’s debt-to-equity conversion, and promises to support Party A in achieving the waiver of the pre-emptive right
to subscribe for newly increased registered capital by the other original shareholders. 

 5.2 If the Company is listed successfully, Party A shall have the right to, at the time of
listing of the Company, convert the debt into equity of the Company at the conversion price depending on different situations as follows: 

(1) If the Company submits listing materials before December 31, 2018, the conversion price of each share on the vesting date shall be
90% of the issuing price per share of the Company; 
 (2) If the Company submits listing materials before December 31, 2019, the
conversion price of each share on the vesting date shall be 80% of the issue price per share of the Company; 
 (3) If the Company submits
listing materials before December 31, 2020, the conversion price of each share on the vesting date shall be 70% of the issue price per share of the Company; 

The number of the Company’s shares may be obtained by Party A = the amount of debt to be converted into equity held by Party A/the
conversion price per share on the vesting date 
 5.3 If the Company fails to submit listing materials before December 31, 2020 and
Party A decides to carry out debt-to-equity conversion, Party A may carry out it according to the Company’s valuation specified in the following items (1) and
(2), whichever is lower: 
 (1) The Company’s valuation = (the net profits excluding
non-recurring gains/losses of 2019 audited by audit institutions recognized by Party A + the interest paid by the Company to Party A in the year during which the conversion right is exercised) × 15. 

(2) The valuation prior to each round of the Company’s equity financing starting from the date of this investment agreement (excluding
the debt financing via debt-to-equity conversion for this round, and the debt financing via
debt-to-equity conversion for this round refers to the debt financing via the Company’s
debt-to-equity conversion closed at the same time with this investment or closed within three months before or after this investment). If the Company does not carry out
equity financing or there is no confirmed pre-money valuation for relevant financing during the period from the date of this investment agreement to the conversion date, the Company’s valuation specified
in item (1) shall prevail. 

 The proportion of the Company’s equity that can be obtained by Party A = the amount of debt
to be converted into equity held by Party A/the Company’s valuation specified in the preceding clause. 
 Article 6 Use of Proceeds 

The proceeds of the investment shall be used for making up the Company’s operation expenses and business expansion (including business,
asset or equity acquisition). Prior to the successful listing of the Company, transactions with the amount for each transaction exceeding RMB100,000,000 (RMB100 million) or 20% of the net assets or other material investment or acquisition matters
shall be subject to approval by the Company’s board of directors and shall be reported to Party A on the day the board resolution is passed. The proceeds of the investment shall not be used for other purposes without the written consent of
Party A. 
 Article 7 Payment of Investment Amount and Conditions Precedent 

The amount of the investment shall be paid according to the following agreement: 

7.1 The investment amount (the “subscription price” or the “principal of convertible debt”) is RMB300,000,000 (RMB300
million), and the specific investment amount shall be the amount actually paid by Party A to the Company according to this Agreement. Party A shall be obliged to pay Subscription Price as agreed herein only when the Company and the relevant parties
meet all the following conditions or such conditions have been exempted by Party A: 
 (1) The representations and warranties made by Party
B and the Company to Party A under this Agreement are true, complete and accurate in all material aspects in the period from the signing date of this Agreement to the first subscription date, and will continue to be maintained as true, complete and
accurate, unless such representations and warranties are subject to clear validity period; 

 (2) Party B and the Company have obtained all the internal approvals (including but not limited
to the approval by general meeting, the board of directors, the committee of investment decision-making and the meeting of limited partners ) and the approvals of examination and approval institutions required for the investment, and such approvals
have not been revoked; 
 (3) There are no material adverse changes to the business, technology, legal affairs and financial affairs of the
Company and its subsidiaries as of the first subscription date; 
 (4) The Company has not distributed dividends in the period from the
signing date to the first subscription date; 
 (5) The Company has not any material adverse events beyond normal operation before the first
subscription date; 
 (6) This Agreement has been signed and taken effect; 

(7) The Equity Pledge Contract Between Jiangyin Huazhong Investment Management Co., Ltd. and Puxin Education Technology Group Co., Ltd
numbered (2017) Ye Wu Zi No. 08-1 has been signed and taken effect, and Party A has obtained the registration certificate of the pledge of 100% equity interests in Tianjin Xinsiyuan Culture
Communication Company Limited; 

 (8) The Guarantee Contract Among Jiangyin Huazhong Investment Management Co., Ltd., Yunlong Sha
and Wenjing Song numbered (2017) Ye Wu Zi No. 08-1 has been signed and taken effect; 

(9) The shareholders as natural persons among the Company’s existing shareholders have signed the agreements providing minimum service
period, the non-competition agreements and the confidentiality agreements as agreed in this Agreement; 

(10) The Company has sent Party A a detailed business plan, budget, and the plan of the convertible debt investment by the lead investor under
this Agreement; 
 (11) There are no applicable laws or judgements, rulings, arbitrations, injunctions or orders of governmental agencies
which restrict, prohibit or cancel the investment, and the Company does not have other lawsuits, judgements, rulings, arbitrations, injunctions or orders that have caused or may reasonably be expected to cause adverse influence to the investment;

 (12) Party B and the Company have provided Party A with the letter of confirmation, which is signed by their authorized representatives
and specifies that the aforesaid conditions of items (1) to (5) have been met; 
 (13) Party A has assigned a director as observer to
the board or directors, and the corresponding filing (if necessary) with the industry and commerce authority has been completed. 
 7.2
After all the aforesaid conditions precedent have been met or exempted by Party A, Party A shall pay the Company the subscription price of convertible debt according to the following provisions: 

(1) Party A shall, within five workdays after all the aforesaid conditions precedent have been met or exempted by Party A, remit the
subscription price of RMB50,000,000 (RMB50 million) to the Company’s designated account, and the date of Party A’s payment of the subscription price of RMB50,000,000 (RMB50 million) shall be the first subscription date. 

 (2) The payment time and amount of the remaining subscription price of Party A shall be
determined according to the Company’s written notice. While applying for payment of subscription price, the Company shall issue a written notice to Party A five workdays in advance, and the notice shall specify the amount and payment time of
subscription price that shall be paid. Party A shall remit the necessary subscription price to the Company’s designated account according to the time and amount specified in the notice. In case of excessive or premature payment by Party A, the
actual payment time and amount shall still be calculated and confirmed according to the time and amount specified in the Company’s written notice, and the Company shall have the right to (but is not obliged to) return the excessive or premature
payment amount. 
 (3) Information of the Company’s account: 

Account Name: Puxin Education Technology Group Co., Ltd 

Account Bank: Beijing Zhongguancun Branch of Shanghai Pudong Development Bank 

Account Number: [                ] 

7.3 While calculating the interest, repurchase price, transfer price, comprehensive yield of Party A’s convertible debt according to this
Agreement. The subscription price to be paid by instalments by Party A shall be individually calculated according to the actual payment date and amount of subscription price for each instalment. 

Article 8 Representations and Warranties 

8.1 Party B and the Company make the following representations and warranties to Party A at the time of signing this investment agreement.

 (1) The Company is a corporate legal person legally established and effectively existing, has the
complete legal capacity for civil rights and civil conduct, and has all the necessary approvals, licenses and permits required for business operation. 

(2) As of the signing date of this Agreement, the Company has obtained all necessary internal and governmental (if necessary) approvals or
authorizations and has the complete right, power and authorization to sign this Agreement and fulfil the obligations under this Agreement. This Agreement has been reviewed by the Company’s general meeting and approved by all the shareholders,
and all the shareholders know their rights and obligations under this Agreement. 
 (3) The Company’s signing, fulfilment of this
Agreement and completion of transactions mentioned in this Agreement do not violate any laws, administrative regulations, department rules and industrial standards, do not violate the Articles of Association, and do not violate any contracts,
arrangements or memorandums to which the Company is a party or is bound by. 
 (4) The individuals representing Party B and the Company have
obtained the authorizations required for signing this document. 
 8.2 Party B and the Company further make the following representations
and warranties to Party A that, at the time of signing this investment agreement and as of the first subscription date: 
 (1) The
Company’s information provided in this Agreement is true, complete and correct in all aspects. The convertible debt subscribed by Party A from the Company are effectively issued, and there are no any other right restrictions or any claims of
rights by third parties unless specified in this Agreement. 

 (2) The financial report provided by Party B and the Company for Party A is true, complete and
correct, and all the accounts are prepared according to laws, regulations, financial and accounting systems and based on the Company’s specific situation, truly reflecting the Company’s financial position and operating results. The
financial records and materials fully comply with requirements of laws and regulations and accounting principles, and there are not any false records or material omissions. 

(3) The Company and its original shareholders make the undertakings and warranties that except for the ones disclosed to Party A (the liabilities stated in the balance sheet of the Company as at December 31, 2016 shall be deemed as the liabilities disclosed
to Party A), the Company has not signed any external security documents and does not have any other liabilities not
disclosed. If the Company still has contingent liabilities or other liabilities that have not been disclosed, all of them shall be borne by the original shareholders. If the Company first assumes and fully pays the aforesaid liabilities and
therefore incur losses, the original shareholders shall fully compensate the Company within five workdays after occurrence of actual losses of the Company. 

(4) Except for the ones disclosed to Party A, the Company, none of the original shareholders and the Company’s subsidiaries has been
involved in any material lawsuits, arbitrations or administrative punishments, has disputes or illegal actions which may lead to the aforesaid lawsuits, arbitrations or administrative punishments, or has been imposed with any judiciary protective
measures or enforcement measures. If the Company or its subsidiaries still have any material lawsuits, arbitrations or administrative punishments that have not been disclosed, or if there are other events resulting from illegal actions not being
disclosed to Party A before the signing of this Agreement that cause loss of the interests to the Company or its subsidiaries, all the direct losses caused to the Company shall be borne by the original shareholders. If the Company first assumes the
aforesaid losses, the original shareholders shall fully compensate the Company within five workdays after occurrence of actual losses of the Company. 

 8.3. Taxes 

(1) Except for the taxes that have been disclosed to Party A, all the taxes that shall be paid by the Company or shall be paid under the name
of the Company have been fully and timely paid, fully disclosed, or recorded provisions, and the Company is not liable to pay penalties, surcharges, fines or interest relating to any taxes; 

(2) All the undue and outstanding taxes and expenses have been appropriately recorded in the Company’s financial statements, account
books and records (the Company’s balance sheet dated December 31, 2016 attached to this Agreement shall prevail); 
 (3) If the
Company still has undisclosed outstanding taxes that should have been paid but are not paid prior to the signing date of this Agreement and therefore incurs losses, the original shareholders shall bear the losses. 

8.4 The information of all the immovable properties leased by the Company and the rights and interests (including not not limited to land use
right) affiliated to these immovable properties have been fully disclosed. Except for the situations that have been disclosed to Party A, the Company has not breached any lease agreement of immovable properties, and there are not any events or any
circumstances that may lead to breach of agreements or make any third parties claim for any compensation against the Company. The Company has never received or issued any notice of breach of agreements or notice of relevant events. 

8.5 With respect to all the material and tangible moveable properties used by the Company during its operation (excluding the ones which are
sold or disposed of without breach of this Agreement during the ordinary course of business after the signing of this Agreement), the Company has complete ownership and title or use right and there are not any right restrictions that would affect
the normal use by the Company. All the tangible moveable properties that are material to the Company’s business operation are all kept in good condition and under well maintenance and repair (except for wear and tear) and fit for ordinary
purposes. 

 8.6 In respect of the material intellectual property rights owned or used by the Company, the
Company has exclusive ownership or valid and existing use right and license; except for the obligations specified by laws and regulations and agreed in the relevant license contracts of intellectual property rights, there are not any right
restrictions or obligations to others. The Company’s operation and products have not infringed upon any intellectual property rights or other rights of any third parties in any material aspects, and any third parties have never claimed or
threatened to claim for infringement of such rights; and none of any third parties has dispute regarding the Company’s right to use any intellectual property rights relating to its business, or has claimed or threatened to claim for any rights.

 8.7 Except for the contracts that have been disclosed to Party A, all the contracts being performed to which the Company is a party or
under which the Company or its assets are legally bound, no matter whether they are in written or verbal form, are completely effective and continue to be completely effective, and there is no need to bear any damages, compensation or other adverse
consequences. The Company has not breached any material contract, and the other parties to such material contract have not violated or breached such contract. 

8.8 Except for the situations that have been disclosed to Party A, the Company’s directors, supervisors or officers, or the
Company’s shareholders and their directors, supervisors or officers, or the close relatives of the aforesaid persons and any of their affiliates have not: 

(1) owed to the Company any money (excluding the business expenses and traffic expenses temporarily borrowed from the Company because of
fulfilment of duties as the Company’s employees), or received the Company’s promise that the Company would provide loan to them, or provide loan to them in other manners, or allow delayed payment, and any mortgage, pledge, detainment, or
guarantee or counter-guarantee in other forms; 

 (2) improperly been involved in the Company’s any business arrangement or other relations;

 (3) been entitled to the ownership of any of tangible or intangible property or rights used by the Company; 

(4) acted as the Company’s competitor, supplier, customer, lessor and lessee. 

8.9 There are not any events or circumstances under which the violation of environment laws and regulations or any requirements of
environmental protection authorities causes the Company to undertake any legal liabilities. 
 8.10 Party A makes the following
representations and warranties to Party B. 
 (1) Party A is a company duly incorporated and legally existing under PRC laws, has adequate
legal capacity for civil rights and civil capacity, and has all the necessary approvals, licenses and permits required for business operation. 

(2) Party A has obtained all necessary internal and external governmental approvals or authorizations, and has the complete legitimate right,
power and authorization to sign this Agreement and perform the obligations under this Agreement. 
 (3) Party A will make the investment
payment according to Article 7 of this Agreement, and Party A promises to make the investment payment with its own funds gained from legitimate sources. 

 (4) Party A will actively handle or support Party B in handling the relevant formalities,
including the formalities required for the investment contemplated hereunder. 
 (5) Party A’s execution and performance of this
Agreement and completion of transactions mentioned in this Agreement do not violate: i) any laws, administrative regulations, department rules and industrial standards, and any responsibilities that shall be undertaken by Party A according to
applicable laws; ii) judgements, rulings of judiciary institutions or decisions of governmental departments and iii) any provisions of Party A’s Articles of Associations. 

(6) The individuals who will execute this Agreement on behalf of Party A have obtained the authorizations required for the execution of this
Agreement. 
 (7) Party A shall be obliged to keep the information of Party B and its affiliates confidential. 

(8) The Company may, after the execution of this Agreement, reserve 10% of the Company’s total share capital on an fully diluted basis
for an employee share or option incentive scheme. 
 Article 9 Commitments on Operating Results 

In respect of the investment, the Company and the Company’s actual controller (also Party B), Yunlong Sha, makes the following commitments
on the operating results of the Company. 
 9.1 The total net profits of the Company in 2017, 2018 and 2019 (the “net profits”
mentioned herein and hereafter refer to the net profits excluding non-recurring gains/losses attributable to owners of the parent company given in the standard unqualified audit report issued by an accounting
firm with the securities business qualification recognized by Party A) are not less than RMB950,000,000 (RMB950 million), and the interest paid by the Company to Party A shall also be included while calculating the net profit of certain year. 

 9.2 If the Company’s actual operating results fail to achieve the aforesaid operating
results during the period of commitments and Party A has not exercised the conversion right, then prior to maturity date of convertible debt, Party A shall have the right to 

(1) Resell the convertible debt to the Company, and the reselling price = S the principal of
convertible debt of Party A’s each subscription + the principal of convertible debt of Party A’s each subscription × 18% × the number of actual days starting from the date of each subscription (inclusive) of convertible debt to
the reselling date (exclusive)/365 - interest of convertible debt that have been received by Party A; or 
 (2) Transfer the convertible
debt held by Party A to Party B at a premium. Transfer price = SParty A’s principal of convertible debt of each subscription + Party A’s principal of convertible debt of each subscription ×
18% × the number of actual days starting from the date of each subscription (inclusive) of convertible debt to the transfer date (exclusive)/365 - interest of convertible debt that have been received by Party A. 

Article 10 Operation Management and Corporate Governance After Investment 

10.1 The Company sets up a board of directors, which consists of seven directors or less. Party A shall have the right to appoint an observer
to attend the meeting of the board of directors. The observer shall have the right to attend the meeting of the board of directors but is not entitled to vote. The board of directors shall convene a meeting at least every half a year. Party A may
timely and comprehensively get to know the operating results and fulfilment of profit commitments of the target Company during the commitment period. 

 10.2 All the businesses relating to the Company’s existing operation shall be operated by
the Company or the subsidiaries controlled by the Company. The Company’s shareholders, chairman, general manager, important members of management and core technicians shall not operate the businesses which are the same as or similar to the
businesses of the Company, unless otherwise approved by the Company’s general meeting or board of directors. 
 10. 3 After the
investment, the Company’s controlling shareholders, actual controllers, directors, supervisors, officers and core technicians and their Close Relatives shall not conduct any new related party transactions with the Company which may have
negative impacts on the Company, unless otherwise approved by the Company’s general meeting or board of directors. 
 10.4 Starting
from the signing date of this investment agreement, the Company shall not provide new external guarantees or lend money to other parties, excluding the guarantees provided by the Company for its own debts or the debts of the Subsidiaries controlled
by it. 
 Article 11 Payment of Interest 

11.1 In the period that Party A’s convertible debt of the Company have not been converted into equity, the Company shall pay the interest
of convertible debt annually, and the interest rate (singular interest) shall be 12% per year. The payment of interest shall start from the actual payment of the investment price by Party A, and the interest shall be calculated as per the number of
days for the investment amount actually used by the Company before conversion. The interest period of Party A’s each subscription of convertible debt shall start separately from the time of each subscription of convertible debt. 

 The Company shall pay the interest of the current year within five workdays starting from
December 10 (“settlement date of interests”) of every natural year. The calculation of interest is as follows: 
 (1) The
interest that shall be paid by the Company to Party A in the first natural year = SParty A’s each subscription of principal of convertible debt x 12% x the number of actual days starting from the date
of each subscription (inclusive) of convertible debt to the settlement date of interests of the first natural year. 
 (2) The interests
that shall be paid by the Company to Party A from the second natural year = SParty A’s principal of convertible debt for each subscription × 12% × the number of actual days starting from
the the settlement date of interest (inclusive) of last natural year to the settlement date of interest (exclusive) of the current natural year/365. 

11.2 If Party A does not exercise the conversion right when the term of the convertible debt matures, the principal and interest that shall be
paid by the Company to Party A on the maturity date = S principal of convertible debt for Party A’s each subscription + principal of convertible debt for Party A’s each subscription × 18%
× the number of actual days starting from the date of each subscription (inclusive) of convertible debt to the maturity date (exclusive) of convertible debt/365 - all the interest of convertible debt that have been received by Party A. 

11.3 If Party A exercises the conversion right prior to the maturity date of convertible debt, the interest that shall be paid by the Company
to Party A at the time of the registration date of Party A’s equity converted = S principal of convertible debt for Party A’s each subscription × 12% × the number of actual days
starting from the date of each subscription (inclusive) of convertible debt to the registration date (exclusive)/365 - interest of convertible debt Party A has received. 

 11.4 The Company promises that the internal rate of return (IRR) at the time of Party A’s
exit is not lower than 18%/year within the period of up to 58 months starting from Party A’s investment in the Company. If the Company is listed successfully and Party A conducts conversion smoothly, and if Party A’s IRR calculated based
on the closing stock price for consecutive 20 trading days after the Company’s equity held by Party A has been issued and traded freely is higher than 30%/year, then the Company is no longer obliged to promise the yield of at least 18%/year to
Party A regardless of whether the investment period calculated from Party A’s investment has reached 58 months or how much the actual IRR is at the time of Party A’s exit. 

Article 12 Right to Resell 
 12.1 All the
parties hereto agree that if the Company decides to establish VIE structure to apply for overseas listing and Party A decides not to carry out equity conversion or there are obstacles to the equity conversion that cannot be resolved because of other
reasons, Party A shall have the right to resell its convertible debt to the Company. 
 In case of Party A’s resale of the convertible
debt to the Company because of the aforesaid circumstances, the reselling price = S principal of convertible debt for Party A’s each subscription + principal of convertible debt for Party A’s
each subscription x 18% x the number of actual days starting from the date of each subscription (inclusive) of convertible debt to the reselling date (exclusive)/365 - interest of convertible debt that Party A has received. 

12.2 In case of the following material events, Party A shall have the right to ask the Company and/or Party B to, jointly or severally,
prematurely repurchase Party A’s convertible debt of the Company or equity converted under the convertible debt. 

 (1) The Company or Party B is dishonest and this could seriously damage Party A’s interests;

 (2) The Company has large amount of off-balance sheet cash income or expenditure not known by
Party A, and this could seriously damage Party A’s interests; 
 (3) Party B’s transfer of any of its equity, interests, bonds,
warrants, options or the interests of the same nature or similar interests, or disposal of such equity or interests in any other form without the consent of Party A (excluding the situations under which Party B transfers less than 5% of the
Company’s equity to its close relatives or disposes of equity according to the employee share scheme approved by the Company’s board of directors or general meeting); 

(4) Yunlong Sha, Liang Gao, Gang Li or Yun Xiao quits the job at the Company without the consent of Party A; 

(5) The Company meets the listing conditions but it gives up the listing (excluding the situation under which the Company’s general
meeting or the Company’s board of directors decides not to apply); 
 (6) There are changes to the Company’s controlling
shareholder or actual controller; 
 (7) There are material adverse changes to more than 50% of the Company’s officers; 

(8) The accounting firms qualified for securities business appointed by the Company cannot issue standard unqualified audit report regarding
the Company’s financial statement, which substantially affects the listing of the Company; 

 (9) Significant breach of contracts by the Company or its controlling shareholder or actual
controller leads to restrictions of Party A’s rights and/or significant damage or potential significant damage to Party A’s interests; 

(10) The Company is faced with disputes, lawsuits, arbitrations or administrative punishments of asset ownership and/or business operation
qualifications relating to its main business, which may cause material adverse changes to the Company’s operation or financial position and cause substantial obstacles to the Company’s listing; 

(11) After the transaction, the Company’s manufacturing, operation, labour and personnel, property and assets, business qualifications
and payment of taxes are faced with disputes or administrative punishments, and such administrative punishments may cause substantial obstacles to the listing of the Company or the entity corresponding to all the interests of the Company; 

(12) The information provided by Party B and the Company during the due diligence conducted by Party A regarding the transaction contains
significant mistakes, misrepresentation or concealment; 
 (13) Other events that cause severe adverse influence on the Company’s
operation, or substantially affect the Company’s listing or M&A with listed companies. 
 12.3 In case of circumstances of Clause
12.2, Party A shall have the right to resell the convertible debt to the Company or transfer the convertible debt to Party B at a premium price. The calculation formula is as follows: 

Reselling price or transfer price = S principal of convertible debt for Party A’s each
subscription + principal of convertible debt of Party A’s each subscription × 18% × the number of actual days starting from the date of each subscription (inclusive) of convertible debt to the reselling/transfer date (exclusive)/365
- interest of convertible debt that have been received by Party A. 

 12.4 The Company and/or Party B shall make the full payment within 90 business days starting from
receiving the reselling notice/transfer notice issued by Party A. If the Company is unable to complete what Party A requests with respect to the reselling due to restrictions imposed by laws or other reasons, Party B shall is jointly and severally
liable for such consequences. All of the obligations with respect to reselling, transfer, commitments and compensation promised by Party B to Party A under this Agreement and the corresponding joint liabilities shall be limited to the value of all
of the Company’s shares held by Party B. 
 Article 13 Guarantee 

All the debts under this Agreement, including but not limited to the principal of convertible debt, interest, default interest, compound
interest, liquidated damages, damages, and all the expenses arising from the lender’s exercising creditor’s rights and all the other payable expenses shall be guaranteed in the following manner: 

The Company agrees to pledge 100% equity in Tianjin Xinsiyuan Culture Communication Company Limited lawfully held by it in favour of Party A
with, so as to provide security for the principal, interest and reselling price of the convertible debt under this Agreement. Specific matters relating to pledge are provided in the Equity Pledge Contract Between Jiangyin Huazhong Investment
Management Co., Ltd. and Puxin Education Technology Group Co., Ltd. numbered (2017) Ye Wu Zi No. 08-1 and separately signed by the Company and Party A. 

Party B and Party B’s spouse agree to provide joint and several guarantee for the principal, interest and reselling price of the
convertible debt under this Agreement. Specific matters relating to joint and several guarantee are provided in the Guarantee Contract Among Jiangyin Huazhong Investment Management Co., Ltd. , Yunlong Sha and Wenjing Song numbered (2017) Ye Wu
Zi No. 08-2 and signed by Party A, Party B and Party B’s spouse. 

 Article 14 Right to Anti-dilution 

Except for the situations under which Party A issues written consent or internal staff share scheme is carried out, after the first
subscription date, the Company shall not, in principle, conduct subsequent equity financing (including, among others, issuing new shares or increasing registered capital (or securities and bills that can be converted into equity)) at a price lower
than the valuation at the time when Party A exercises the conversion right or under the conditions superior to the conditions of the conversion into equity by Party A, otherwise Party A shall be automatically entitled to the conditions (if any)
superior to the conditions of the conversion by Party A during subsequent equity financing, and Party A shall have the right to ask the Company and Party B to, through the methods which include but are not limited to the following ones, ensure that
the price per share of the Company’s shares obtained by Party A is not higher than the price per share of the Company’s shares obtained by subsequent investors. 

Party A shall have the right to convert the difference of price into the Company’s equity as per the lower price, and ask Party B to
transfer such equity to Party A for free, and Party B shall sign equity transfer and capital increase agreement, and provide assistance in handling the subsequent account transfer of equity transfer or registration formalities of capital increase.
Party B shall bear any new expenditures of Party A’s shareholders regarding such transfer if the free transfer is prohibited by regulatory departments such as registration institutions, and Party B shall also compensate Party A accordingly.

 Article 15 Pre-emptive Right 

Starting from the date of Party A’s payment of the first subscription, Party A shall have the right to first subscribe at the time of
capital increase of the Company, and the subscription price and conditions shall not be substantially superior to the price and conditions of new investors. If the Company’s certain shareholders request for excising the pre-emptive rights at the same time, the shares shall be allocated according to the proportion of the Company’s equity held by respective shareholders that request for excising the right of first refusal. 

Article 16 Investor’s Right to Information 

16.1 If Party A decides to convert the debt into equity and becomes a shareholder of the Company or an entity corresponding to all the
interests of the Company, then the equity held by Party A shall be entitled to the rights and interests of shareholders, including all the rights and interests of shareholders contained in such equity. The rights and interests of shareholders shall
include but are not limited to the Company’s existing and future profit distribution right, voting right as shareholder, right to information and right to receive distribution of remaining property, which are corresponding to such equity, and
other interests of shareholders specified according to Company Law and the Articles of Associations. 
 16.2 As a shareholder, Party A shall
have the right to know the Company’s affairs, and Party B and the Company shall provide Party A with the following information and shall ensure that such information is true, complete and accurate. 

(1) After the completion of conversion, the Company shall provide Party A with annual financial statement and brief analysis of annual
operation within 60 days after each accounting year; and shall, within 120 days after each accounting year, provide Party A with standard unqualified annual audit report, which has been audited, work report of the board of directors, detailed
analysis of operation of last year and the budget and operation plan of next year 

 (2) Information related to the proposed listing or the proposed merger into another entity; 

(3) Other information, statistical data, transactions and financial data that have substantial relations with the Company’s operation.

 16.3 Party B and the Company shall ensure that all the accounting statements are prepared by accounting firms qualified for securities
business collectively recognized by the parties hereto. In case of any of Party A’s reasonable requirements, which do not disturb the normal manufacturing and operation of the Company, Party B will urge the Company to provide Party A with other
significant information relating to the Company’s manufacturing, operation and financial management. 
 16.4 If the Company undergoes
liquidation of bankruptcy or liquidation of dissociation because of poor operation or other reasons, Party A shall enjoy preferred liquidation right as compared with Party B after the conversion, namely the Company’s remaining property after
the liquidation shall first be used to pay Party A’s principal of investment amount. After Party A obtains the liquidation amount according to the aforesaid method, the remaining property of the Company can be distributed to Party B and other
shareholders of the Company. 
 16.5 If the aforesaid plan becomes impractical because of the restrictions by laws and regulations or the
liquidation amount is not enough to pay the investment amount claimed by Party A, Party A shall have the right to, besides the statutory liquidation amount lawfully gained, ask Party B to compensate Party A in cash, and Party B’s compensation
obligation shall be limited to the liquidation amount obtained by Party B. 

 16.6 All the parties hereto agree and confirm that the Company’s merger or consolidation
that makes Party B fails to maintain the majority of voting rights in the surviving entity, or the sale of all or the majority of the Company’s assets shall be deemed as the Company’s liquidation, dissociation or termination, which leads
Party A to be entitled to the amount under the priority of liquidation. 
 Article 17 Restrictions on Actions in the Transition Period 

17.1 Unless with the written consent of Party A, in the period from the signing date of this Agreement to the first subscription date, Party B
and the Company shall make sure: 
 (1) to operate normally to maintain the continuous business operation; 

(2) not to conduct any abnormal transactions or cause abnormal debts; 

(3) not to acquire or dispose of any income, assets or business beyond normal business scope, and not to inherit or have responsibilities,
debts or expenses beyond the normal business scope; 
 (4) not to conduct profit distribution; 

(5) not to set any right restriction on any assets (excluding normal bank loan guarantee for operation and financing with convertible debt and
ABS, etc.); 
 (6) not to provide guarantee for the debts of third parties with undertaking, compensation or other contractual arrangement;

 (7) not to reach any contractual arrangement under which the Company’s controlling shareholders, actual controller, directors,
supervisors, officers and core technicians and their close relatives enjoy improper interests. 

 17.2 If Party B or the Company has known or found the facts or circumstances that have
constituted or may constitute violation of obligations under this Agreement, or may make the representations or warranties made by any person untrue, inaccurate or misleading, Party B or the Company shall inform Party A immediately. 

Article 18 Restrictions on Transfer of Shares of Original Shareholders 

18.1 During the period from the time when the investment is completed to the successful listing of the Company or another entity corresponding
to all the interests of the Company, without the consent of Party A, the Company, Party B and Party B’s close relatives shall not transfer or pledge more than 5% of the shares of the Company or the entity corresponding to all the interests of
the Company to third parties. 
 18.2 During the period from the time when the investment is completed to the successful listing of the
Company or another entity corresponding to all the interests of the Company, without the consent of Party A, the Company’s management and core technicians other than Party B shall not transfer or pledge the Company’s shares held by them.

 18.3 The transfer made as a result of implementing the Company’s employee share incentive plan is an exception. 

 Article 19 Non-competition 

19.1 Non-competition. Party B promises to the Company and Party A that it will not and it will ensure that its close relatives, affiliates and
the Company’s directors, supervisors, officers will not directly or indirectly engage in the activities competing with the businesses of the Company or its subsidiaries, and will not privately or jointly implement any of the following
restrictions: 
 (1) conducting competitive cooperation in any form that impedes the Company’s business, namely: engaging together with
any other third parties in any activities competing with the Company’s ongoing or expected businesses as a principal, an agent, a shareholder, a co-venturer of a joint-venture, a licensee, a licensor or any other identity, or having interests
in any of such competitive activities; 
 (2) in the country and place where the Company and/or its subsidiaries operate, 1 directly
or indirectly engaging in the businesses that are directly competing with the businesses of the Company and/or its subsidiaries; 2 directly or indirectly investing in enterprises or entities (unless with the written consent of Party A in
advance and such enterprises or entities are controlled by the Company after the investment) that are competing with the businesses of the Company and/or its subsidiaries; 3 supporting other parties in any form (including as an owner, a
partner, a shareholder, or a director, etc.) in competing with the businesses of the Company and/or its subsidiaries; 
 (3) persuading or
soliciting senior executives, customers, suppliers, distributors or agents of the Company and/or its subsidiaries to engage in the businesses that are competing with the businesses of the Company and/or its subsidiaries, or soliciting them to
terminate their contractual relations with the Company and/or its subsidiaries; 
 (4) ensure that the persons working in the Company do not
have part-time jobs in other enterprises in the same industry that directly compete with the Company and/or its subsidiaries, and do not directly or through third parties engage in the business activities that are competing with the businesses of
the Company and/or its subsidiaries. 

 19.2 Prohibition of Part-time Job. In order to guarantee the interests of the Company and its
subsidiaries, the parties hereto agree that Party B and the Company’s other key employees shall not hold any executive positions at companies or enterprises other than the Company and its subsidiaries. 

19.3 Party B agrees, and warrants and promises to Party A that it will make sure that each director nominated by Party B, senior operation and
management employees and senior technicians and other major employees have signed an employment contract, a confidentiality agreement and a non-competition agreement with the Company, and have agreed in
writing that they will not engage in the industries competing with the Company during their term of office and within two years after resignation. 

Article 20 Expenses 
 Unless otherwise
specified, the parties hereto shall independently pay their expenses relating to the negotiation, drafting, signing and execution of this Agreement and documents relating to this Agreement. If Party A decides to conduct equity conversion, the
expenses relating to the examination and approval, capital verification, audit, amendment registration with the industry and commercial authority regarding the Company’s domestic capital increase shall be borne by the Company. The relevant
taxes and expenses shall be borne by the respective parties hereto according to relevant laws and regulations. If the relevant taxes and expenses shall be withheld or paid by a party according to laws and regulations, the parties hereto shall agree
with the withholding and payment by such party. 

 Article 21 Termination of Agreement 

21.1 In case of any of the following event, the non-default party may terminate this Agreement after
informing the other party in writing. 
 (1) Party B and the Company cannot meet the preconditions specified in Article 7 of this Agreement
within 90 days after the execution of this Agreement; 
 (2) The purposes of this Agreement cannot be realized because of force majeure;

 (3) The purposes of this Agreement cannot be realized because of the delayed payment of debts or other breaches of contract by a party
hereto; 
 (4) Serious deterioration of the Company’s operation; 

(5) The Company transfers property and withdraws capital to evade debts; 

(6) The Company seriously loses goodwill because of service quality problems; 

(7) Any other circumstances under which a party has lost or is likely to lose the capability of performing this Agreement; 

(8) Other circumstances stipulated by laws and regulations. 

21.2 If party A fails to remit the first transfer payment recognized by the Company to the Company’s designated account within 20 days
after signing this Agreement, this Agreement shall be automatically terminated without the need of issuing any written notice no matter what this Agreement provides. 

21.3 The aforesaid termination does not affect any right to claim for compensation a party is entitled because of the other party’s
breach of this Agreement. 

 Article 22 Confidentiality 

22.1 Confidential information refers to the information and materials like any technology, financial information and operation and commercial
information, which are provided by one party to the other party in writing, in oral or in other forms, not known by the other party, cannot be obtained through public channels and are not known by the public. 

22.2 None of the parties hereto shall, in any form, utilize any confidential information obtained by it during the capital increase under this
Agreement, or disclose such information to other organizations or persons other than the parties hereto, unless: 
 (1) the other party has
agreed in writing in advance; 
 (2) the confidential information is made public not because of mistakes ascribable to the parties hereto;

 (3) for the purpose of enforcing the courts’ rulings, judgements or arbitration awards that have taken effect; 

(4) according to requirements of any judiciary and administrative institutions or supervising institutions with jurisdiction; 

(5) disclosure (if any) to professional consultants, accountants, evaluators and lawyers that participate in the capital increase; 

(6) to fulfil the obligations specified by relevant laws and regulations or observe the requirements of disclosure of public information. 

22.3 None of the parties shall make public the contents of this Agreement without the written consent of the other party, excluding the
situation under which it is necessary to make public according to laws and regulations. 

 22.4 In spite of the aforesaid provisions, the Company and Party B may, after the completion of
the investment under this Agreement, disclose that the they have obtained the investment by Party A, but the investment details shall not be disclosed without the consent by Party A. 

Article 23 Liabilities for Breach of Agreement 

23.1 If any party has violated the obligations as agreed in any terms (including appendixes) of this Agreement, or any of its representations,
warranties and covenants contained herein is substantially untrue or has material omission and has caused material adverse changes, such party shall be deemed as having breached this Agreement. The defaulting party shall undertake corresponding
liabilities of breach of the agreement for the non-defaulting party. 
 23.2 The provisions relating
to the liabilities for the breach of this Agreement mentioned herein shall still be effective after cancellation or termination of this Agreement. 

Article 24 Force Majeure 
 24.1 Force
majeure refers to any events that cannot be controlled, foreseen or any events that can be foreseen but cannot be avoided, occurring after the execution date of this Agreement and making any party unable to fully or partly perform this Agreement.
Force majeure includes but is not limited to explosion, fire disaster, flood, earthquake, typhoon or other natural disasters and war, civil disorder, deliberate destruction, expropriation, confiscation, sovereign acts of the government, changes to
law, or failure to obtain governmental approvals of relevant events, or relevant governmental compulsory regulations or requirements that make the parties hereto cannot continue the cooperation and the occurrence of other material events or
emergencies. 

 24.2 In case of force majeure, the party that is impeded from performing this Agreement shall
inform the other party with the most convenient method without delay, and shall provide the other party with detailed written report of the force majeure within 15 days after the occurrence. The party affected by force majeure shall take all
reasonable measures to eliminate the influences of force majeure and reduce the losses caused by force majeure to the parties hereto. The parties hereto shall, based on the influence of force majeure on the fulfilment of this Agreement, decides to
whether to terminate or postpone the performance of this Agreement, or whether to exempt all or part of the obligations under this Agreement of the party affected by force majeure. 

Article 25 Governing Laws and Settlement of Disputes 

25.1 This Agreement shall be governed by the courts in China and the laws of PRC. 

25.2 The parties hereto shall resolve any disputes arising from this Agreement or performance of or failure to perform the obligations under
this Agreement upon on friendly negotiation. If negotiation fails, any party could initiate a legal proceeding at the people’s court having jurisdiction in the place where this Agreement is signed. 

25.3 During the period the dispute is being settled, the parties hereto shall continue performing other undisputable aspects of this
Agreement. 

 Article 26 Notice 

26.1 Unless otherwise specified, the notice or communications made by any party according to this Agreement may be delivered to the following
addresses or email addresses of the parties hereto via hand delivery by a contact person, express, registered mail or email. 
 Party A:
Jiangyin Huazhong Investment Management Co., Ltd. 
 Correspondence address: T1-602, Huamao Center,
81 Jianguo Road, Chaoyang District, Beijing 
 Contact person: Hou Hengxing Tel.:
[            ] 
 Postcode: 100025
                  Email: [            ] 

Party B: Yunlong Sha 

Correspondence address: Room 1601, Chuangfu Building, 18 Danleng Street, Haidian District, Beijing 

Contact person: Yunlong Sha Tel.: [            ] 

Postcode:
                            Email: [            ]

 Party C: Puxin Education Technology Group Co., Ltd. 

Correspondence address: Room 1601, Chuangfu Building, No. 18 Danleng Street, Haidian District, Beijing 

Contact person: Yunlong Sha Tel.: [            ] 

Postcode:
                            Email: [            ]

 26.2 The date of the valid receipt of notice shall be determined according to the following
provisions: 
 (1) For the notice delivered by a contact person, it is deemed to be validly delivered when the notice is hand-delivered by
the contact person; 
 (2) For the notice via registered mail, it is deemed to be validly delivered on the seventh day following the day
when the notice is mailed (as indicated on the postmark); 
 (3) For the notice via express, it is deemed to be validly delivered on the
third day following the day when the notice is mailed (as indicated on the shipping label of the express company); 
 (4) For the notice via
email, it is deemed to be validly delivered on the first business day following the day when the email is sent (as indicated by the delivery confirmation recorded by the computer of the sender); 

Article 27 Appendixes 
 27.1 This
Agreement shall contain the following appendixes: 
 (1) The resolution of general meeting which indicates that the Company has considered
and passed the investment or this Agreement; 
 (2) The Company’s financial statements as of December 31, 2016; 

27.2 The appendixes shall be an inalienable part of this Agreement, and the parties that provide the appendixes shall ensure that the contents
of the appendixes are true, accurate and complete. 

 Article 28 Supplementary Provisions 

28.1 This Agreement shall constitute all the agreements between the parties hereto on all the issues set out herein and shall take the place of
all the discussions, records, summaries, memos, letters of intent, negotiations, notes and all other documents and agreements among the parties hereto on the aforesaid issues. 

28.2 Without the written consent of the other parties, none of the parties shall transfer or assign its rights under this Agreement or
establish any security interests upon such rights. 
 28.3 If any term of this Agreement is held by the court to be invalid or void, then
such a term shall be deemed as ineffective, but this does not affect the effectiveness of any other terms of this Agreement. In this case, the parties hereto shall make the best efforts to replace it with an effective and enforceable term, and such
term shall be as close as possible to the intention of original term. 
 28.4 Any party’s failure to exercise any rights or delayed
exercise of any rights that it is entitled to exercise under laws or this Agreement, shall not be deemed as waiver of such rights, and such rights may be exercised at any time in the future. Independent or partial exercise of such rights does not
exclude the exercise of such rights in other forms or in the future, or the exercise of other rights. 
 28.5 Any amendment to this
Agreement shall be deemed as invalid unless it is agreed in writing by the parties hereto. For matters not covered herein, the parties hereto shall sign a written supplementary agreement upon negotiation, and the supplementary agreement has the same
legal effect as this Agreement. 

 28.6 This Agreement is signed in Dongcheng District, Beijing, and takes effect upon affixing of
corporate seals and signatures of legal representatives or authorized representatives of the parties hereto. This Agreement shall be executed in six counterparts with equal legal force, with two held by each party. 

 (This is the signature page to the Convertible Debt Investment Agreement by and among Jiangyin Huazhong
Investment Management Co., Ltd., Yunlong Sha and Puxin Education Technology Group Co., Ltd.) 
 Party A: Jiangyin Huazhong Investment Management Co.,
Ltd. (Seal) 
 Signature of authorized representative: /s/ Zhen Liu 

/s/ Seal of Jiangyin Huazhong Investment Management Co., Ltd. 

Party B: Yunlong Sha 
 Signature: /s/ Yunlong Sha

 Party C: Puxin Education Technology Group Co., Ltd. (Seal) 

Legal representative: Yunlong Sha 
 Signature: /s/
Yunlong Sha 
 /s/ Seal of Puxin Education Technology Group Co., Ltd.EX-4.15

 Exhibit 4.15 

Supplemental Agreement to the Convertible Debt Investment Agreement 

By and among 
 Jiangyin
Huazhong Investment Management Co., Ltd. 
 China Central International Asset Management Co., Ltd. 

Yunlong Sha 
 Puxin
Education Technology Group Co., Ltd. 
 Puxin Limited 

February 8, 2018 

Beijing China 

 Supplemental Agreement to the Convertible Debt Investment Agreement 

[2017] Ye Wu Zi No. 08 – Supplemental 

This Supplemental Agreement to the Convertible Debt Investment Agreement (the “Supplemental Agreement”) was signed by the
following parties on February 8, 2018 in Dongcheng District, Beijing. 
 Party A: Jiangyin Huazhong Investment Management Co., Ltd. 

Legal representative: Liu Zhen 
 Registered address:
Room 205, Tower F, No. 9 East Outer Ring Road, Jiangyin City  
 Party B: Yunlong Sha 

Identity Card No.: [                ] 

Domicile: Countrywide Talent Flowing Center Talent Market, Ministry of Personnel, No. 13 Sanlihe Road, Haidian District, Beijing 

Party C: Puxin Education Technology Group Co., Ltd. 

Legal representative: Yunlong Sha 
 Registered
address: Unit 05-535, 8/F, No. 18, Zhongguancun Avenue, Haidian District, Beijing 
 Party D: China
Central International Asset Management Co., Ltd. (referred to as “China Central International”) 
 Party E: Puxin Limited
(referred to as “Cayman Company”) 

 Whereas: 

1. In June 2017, Party A, Party B and Party C signed the “Convertible Debt Investment Agreement” numbered [2017] Ye Wu Zi No. 08
(the “Original Agreement”). Pursuant to the Original Agreement, the maximum amount of Party A’s investment of convertible debt is RMB300 million, which can be withdrawn and paid by instalments. As of the date of signing
the Supplemental Agreement, Party A provided to Party C RMB190 million of convertible debt in total, of which the first subscription of principal of convertible debt was RMB50 million and the subscription date (i.e. the date on which such
amount is actually provided by Party A) was July 5, 2017; the second subscription of principal of convertible debt was RMB90 million and the subscription date was 29 November 2017; the third subscription of principal of convertible debt
was RMB50 million and the subscription date was February 5, 2018 (hereinafter referred to collectively as the “principal of convertible debt of the first three subscriptions”). Each abovementioned subscription of
convertible debt and each subscription subsequently provided by Party A to Party C in accordance with the Original Agreement ten (10) working days prior to the listing of Cayman Company shall be respectively referred to as the
“principal of convertible debt” of each subscription. 
 2. The Cayman Company intends to conduct an initial public
offering and listing on the New York Stock Exchange (NYSE) or the NASDAQ. Party A intends to designate its related party, China Central International, to exercise Party A’s equity conversion under the Original Agreement. For the purpose of
exercising such right, the Cayman Company intends to issue certain warrants for which a specific amount of equity is subscribed from the Cayman Company under specific conditions (each warrant issued for the principal of convertible debt of each
subscription is referred to as each “Warrant” respectively) by China Central International for each abovementioned subscription of principal of convertible debt. 

3. As Party A intends to appoint China Central International to exercise equity conversion, the parties intend to make corresponding
supplement and revision to the Original Agreement with respect to the equity conversion. Upon negotiation and reaching agreement, the Supplemental Agreement is signed as follows: 

 

	I.	The parties confirm that “the subject of all the rights and interests of Party C” in the definition of “Company” in Article 1(3) of the Original Agreement refers to the Cayman Company. Unless
otherwise specified in this Supplemental Agreement, the terms, definitions and explanations under this Supplemental Agreement are consistent with the terms, definitions and explanations under the Original Agreement. 

 

	II.	Party A confirms that Party A shall authorize China Central International to subscribe for the corresponding shares from the Cayman Company pursuant to the Original Agreement, this Supplemental Agreement and each
Warrant. The Cayman Company is obliged to, as soon as possible, but not later than (i) within two (2) months after signing this Supplemental Agreement in respect of the first three subscriptions of principal of convertible debt; or
(ii) within ten (10) working days after the subscription date in respect of the principal of convertible debt after the signing of this Supplemental Agreement, issue the Warrant to China Central International pursuant to which certain
shares are subscribed from the Cayman Company under specific conditions by China Central International or its transferee as agreed in Article 3 below; as a consideration, Party A and any of its related party irrevocably waive and cease to exercise
equity conversion of the principal of convertible debt or the amount of any convertible debt under the Original Agreement to Party C’s equity from the date of signing of this Supplemental Agreement. 

 With the prior consent of the Cayman Company, China Central International may transfer such
Warrants to a third party (the “Transferee”). Where China Central International has transferred any Warrant in its entirety, the Cayman Company shall reissue the Warrant to the Transferee; where China Central International has
partially transferred any Warrant, such Warrant shall be divided and the Cayman Company shall each issue a new Warrant to China Central International and the Transferee respectively. 

 

	III.	Each Warrant should be subject to and set out the following conditions: 

 (1) The value of each
Warrant shall be the principal of convertible debt for each corresponding subscription (the “Value of the Warrant”); the value of a Warrant that is partially transferred is the corresponding part of the principal of the convertible
debt. 
 (2) The equity conversion price of the Warrant is the conversion price (the “Equity Conversion Price”) as agreed in
Article 5.2 of the Original Agreement. 
 (3) The conversion method is that: China Central International or its transferee shall issue a
written conversion notice to the Cayman Company within three (3) calendar months after the listing of the Cayman Company; (i) where China Central International issues such written conversion notice, it shall have the right to request Party
C to repay the principal and interest in advance within six (6) months after the Cayman Company has received such written conversion notice in accordance with the interest agreed in the Original Agreement, and China Central International may
choose to pay the Equity Conversion Price to the Cayman Company within five (5) working days after the Cayman Company has received the written conversion notice or within five (5) working days after Party C has repaid the principal and
interest in advance; (ii) where the Transferee issues such written conversion notice, the Transferee shall pay in full the Equity Conversion Price to the Cayman Company within five (5) working days after the Cayman Company has received
such written conversion notice and, in this case, the principal of the convertible debt (equivalent to the Equity Conversion Price) owed to Party A by Party C in accordance with the Original Agreement shall be due and payable after 22 months from
the date of the first subscription in accordance with the Original Agreement, but Party C shall have the right to choose to repay in advance at any time without additional penalty. The Cayman Company shall complete the update of the register of
shareholders within five (5) working days after the date of receipt of written conversion notice of China Central International or the Transferee and the consideration for the equity conversion (which should be confirmed as the “Equity
Conversion Day”), and deliver the share certificate to China Central International or the Transferee within ten (10) working days, provided that the exercising party (i.e. China Central International or its Transferee) timely provides
all necessary materials. 
 (4) The Cayman Company has made satisfactory representations and guarantees to China Central International or the
Transferee of the Warrant, including but not limited to the following: the issue of Warrant has obtained the approval of the shareholders’ meeting and/or the Board of Directors of the Cayman Company; the Company has reserved sufficient issued
shares corresponding to the Warrant; there are no encumbrances or claims from third party rights on the issued shares corresponding to the Warrants. 

 (5) For the avoidance of doubt, China Central International and the Transferee (if any) may agree
on a one-off equity conversion of all the principal of convertible debt corresponding to the Warrants in accordance with the above terms after the listing of the Cayman Company. For the unexercised portion,
holders of such Warrant do not have the right to continue the equity conversion. 
 (6) The number of shares of the Cayman Company that China
Central International or the Transferee acquires under the exercise of the Warrant shall be the number of shares being calculated as the value of the Warrant divided by the Equity Conversion Price. 

 

	IV.	The parties agree that after the Warrants corresponding to the principals of convertible debt of the first three subscriptions are properly signed and approved by the shareholders’ meeting and/or the Board of
Directors of the Cayman Company, and China Central International has obtained the Warrants, Articles 4.1, 4.4 and 5.1 of the Original Agreement are terminated and no longer implemented. For the avoidance of doubt, the relevant provisions of Article
9 of the Original Agreement, Commitments on Operating Results, are terminated and no longer enforceable since the listing of the Cayman Company. 

  

	V.	Regardless of any contrary provisions in the Original Agreement, Party B and Party C guarantee that for each exercised Warrant and each corresponding domestic bond, 

(1) After the debts held by Party A under the Original Agreement and all the shares acquired by China Central International and the Transferee
through the equity conversion are all realized, the sum of all proceeds (the “Actual Total Proceeds”, calculation formula as follows) obtained by Party A, China Central International and the Transferee of the Warrants shall not be
lower than the minimum promised proceeds (the “Minimum Proceeds”) calculated according to the following formula: 

Actual Total Proceeds = (P × 12% × N1) + C 

P = Value of the Warrant; 

N1 = The actual number of days calculated from the date of subscription
(including the day) of the principal of convertible debt corresponding to the value of such Warrant under the Original Agreement up to the date (excluding the day) on which Party C shall repay the principal and interest to Party A based on the
Original Agreement and this Supplemental Agreement /365; 
 C=The sum of the income earned from realization of all the shares of the
Cayman Company after China Central International and the Transferee has exercised equity conversion, after deducting the Equity Conversion Price of China Central International and the Transferee. 

Minimum Proceeds =P×18%×N2 

P= Value of the Warrant; 

N2= (The actual number of days calculated from the date of
subscription (including the day) of the principal of convertible bond corresponding to the value of such Warrant under the Original Agreement up to the date (excluding the day) of realization of all shares obtained after the equity conversion of the
Warrant with the corresponding amount -N0) /365; of which N0= The
actual number of days calculated from the day of repayment of the principal of convertible bond by Party C domestically up to the day of payment of the Equity Conversion Price by China Central International or its Transferee, where the day of
payment of the Equity Conversion Price is earlier than the day of repayment of the principal of convertible bond, then N0=0. 

 If the Actual Total Proceeds are lower than the Minimum Proceeds, Party B and Party C shall be
obliged to make up for the difference, and the difference shall be paid in cash to China Central International or the Transferee by the Cayman Company, Party B or the designated institution of the Cayman Company. For the avoidance of doubts, the
Minimum Proceeds undertaken by Party B and Party C to Party A, China Central International and the Transferee (if any) shall in no circumstances be higher than the results calculated according to the above formulae, and Party C and the Cayman
Company shall only be obligated to pay Party A and/or China Central International an annual simple interest of 12% (no obligation to pay the interest to the Transferee of China Central International) according to the Original Agreement. The Minimum
Proceeds of the holders of the Warrants after the equity conversion shall not be less than: (P×18%×N2)-(P×12%×N1). 
 (2) Regardless of this Supplemental Agreement or any contrary agreement in this
Supplemental Agreement, if the Cayman Company is listed and the yield calculated from the closing prices of the shares on the 20 consecutive trading days after China Central International or its Transferee of the Warrants exercise equity conversion
is not less than 30 %, i.e. A13A2, which is calculated from the closing price of the shares on a certain trading day (hereinafter referred to as the “Accounting Day”) and A1 calculated on
20 consecutive Accounting Days is not less than A2, then Party B and Party C shall no longer be obliged to make up for the differences as mentioned in this Article. 

A1=(P×12%×N1)+C1

 A2=P×30%×N3 

P= Value of the Warrant; 

N1= The actual number of days calculated from the date of
subscription (inclusive) of the principal of convertible debt corresponding to the value of such Warrant under the Original Agreement up to the date (exclusive) on which Party C repays the principal and interest to Party A based on the Original
Agreement and this Supplemental Agreement/365; 
 C1= Market value held
by China Central International and the Transferee calculated from the closing price on the Accounting Day, after deducting the Equity Conversion Price of China Central International and the Transferee 

N3= (The actual number of days calculated from the date of
subscription (including this day) of the principal of convertible debt corresponding to the value of the Warrant for the exercised portion under the Original Agreement up to the Accounting Day (excluding this day)
-N0)/365 
  

	VI.	The term of the convertible debt under Article 3 of the Original Agreement is revised to read as: “The term of the convertible debt is 22 months from the date of the initial subscription. If Party A fails to
exercise equity conversion under the Warrants within 22 months, the convertible debt shall be expired; Party A may decide to extend the investment period before the expiration of the term, and the investment period after extension shall not be more
than 36 months. If the Original Agreement and this Supplemental Agreement terminate prematurely, the convertible debt shall be expired prematurely. 

 If the listing of Cayman Company is unsuccessful or China Central International fails to exercise
equity conversion in accordance with the above terms after the listing, Party C shall pay the reselling price to Party A in accordance with the provisions of Article 12 of the Original Agreement on the date of expiry of the debts. 

If, after the listing of the Cayman Company, the Transferee of the Warrants fails to exercise the Warrants in accordance with the above terms,
Party C and related parties do not need to perform the Minimum Proceeds guarantee obligation to the Transferee of the Warrant or pay the reselling price to the Transferee of the Warrant. 

 

	VII.	Unless otherwise stipulated in the aforesaid arrangements relating to the warrant subscription by China Central International and the term of the convertible debt, in respect of the convertible debt and its interest
under the Original Agreement, Party C reserves the right to, or appoint related parties (including but not limited to the Cayman Company or its subsidiaries) to, repay the principal of the convertible debt to Party A and pay the relevant interest.

  

	VIII.	Party B and Party C undertake that the Cayman Company is the only overseas listed entity of Party C, but it should not be excluded that the Cayman Company, upon its listing, will simultaneously conduct listing on other
stock exchanges or that other related parties of Party C will be listed on any stock exchange. 

  

	IX.	Each party to this Supplemental Agreement confirms to the other parties that as of the date of this Supplemental Agreement, the other parties do not have any breach of contract under the Original Agreement or such
breach has been rectified or exempted. 

  

	X.	This Supplemental Agreement shall enter into force on the date of due execution by the parties. 

  

	XI.	This Supplemental Agreement is made in ten counterparts with equal legal force, with each party holding two counterparts. 

  

	XII.	Where this Supplemental Agreement is inconsistent with the Original Agreement, this Supplemental Agreement shall prevail. Where this Supplemental Agreement keeps silent, the Original Agreement and the Warrant shall be
followed. 

 (The remainder is intentionally left blank. This page is the signature page to the Supplemental Agreement to the
Convertible Debt Investment Agreement by and among Jiangyin Huazhong Investment Management Co., Ltd., China Central International Asset Management Co., Ltd., Yunlong Sha, Puxin Education Technology Group Co., Ltd. and Puxin Limited) 

Party A: Jiangyin Huazhong Investment Management Co., Ltd. (seal) 

Authorized representative: Zhen Liu 
 Signature: /s/
Seal of Zhen Liu 
 /s/ Seal of Jiangyin Huazhong Investment Management Co., Ltd. 

Party B: Yunlong Sha (signature) 
 Signature: /s/
Yunlong Sha 
 /s/ Fingerprint of Yunlong Sha 
 Party C:
Puxin Education Technology Group Co., Ltd. (seal) 
 Legal representative: Yunlong Sha 

Signature: /s/ Yunlong Sha 
 /s/ Seal of Puxin Education
Technology Group Co., Ltd. 
 Party D: China Central International Asset Management Co., Ltd. 

Authorized signatory: /s/ Zhen Liu 
 Party E: Puxin
Limited 
 Authorized signatory: /s/ Yunlong Sha

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