Document:

Exhibit 4.37

English Translation

 

 

Equity
Transfer Agreement

 

by and among

 

Shanghai Yuanbo Education Information and
Consulting Corporation Ltd.

 

and

 

Zhejiang Fengming Chemical Fiber Co., Ltd.
and

 

Daoyue Sun

 

and

 

Guoping Dong

 

and

 

Changlin Fei

 

in relation to

 

Daidaikang Enterprise Management and Consulting
Co., Ltd.

 

    	 

    	 	

    
 

This Equity Transfer Agreement (“this Agreement”)
is executed by the following parties in Jiaxing on 【August
2, 2012】.

 

Shanghai Yuanbo Education Information and Consulting Corporation
Ltd. (“Yuanbo Education”)

Address: Room 2034, Block 1, No. 600 Meiyu Road, Nanxiang Town,
Jiading District

Legal Representative: Dong Xu

 

Zhejiang Fengming Chemical Fiber Co., Ltd. (“Fengming
Chemical Fiber”)

Address: Fengming Commercial Building, Jinji Road, Zhouquan
Town, Tongxiang

Legal Representative: Xinfang Yu

 

Sun, Daoyue 

ID Card No.: 350122197102071615

Address: Room 101, Unit A, Block 12, Hanbi Cuiting, Huali Century
Garden, Wutong Street, Tongxiang

 

Dong, Guoping

ID Card No.: 33042519790312001X

Address: Room 105, Dormitory of the Bureau of Radio, Film and
Television, Qingfeng South Road, Wutong Street, Tongxiang

 

Fei, Changlin

ID Card No.: 330425195708182910

Address: No. 21 Tan Bridge, Sanxin Village, Wutong Street, Tongxiang

 

Fengming Chemical Fiber, Daoyue Sun, Guoping Dong and
Changlin Fei are collectively referred to as the “Original Shareholders” collectively referred to as the “Original
Shareholders”.

  

WHEREAS:

 

		1.	Yuanbo Education is a limited liability company established in accordance with the Company Law of the People’s Republic
of China (the “Company Law”) and the relevant laws and regulations on April 29, 2009, with a registered
capital of RMB23.9 million.

 

		2.	Consulting Company is a limited liability company established in accordance with the Company Law and the relevant laws and
regulations on February 5, 2007, with a registered capital of RMB500,000; Fengming Chemical Fiber, Daoyue Sun, Guoping Dong and
Changlin Fei own an aggregate of 100% equity interest in Consulting Company, of which Fengming Chemical Fiber owns 45%, Daoyue
Sun owns 35% and each of Guoping Dong and Changlin Fei own 10%, respectively.

 

		3.	Consulting Company, which is owned by the Original Shareholders, will hold 100% shareholder interests and intends to transfer
all of the shareholder interests to Yuanbo Education on the terms and conditions set forth in this Agreement and the exhibits hereto;
Yuanbo Education intends to accept the transfer of such 100% shareholder interests from Consulting Company on the terms and conditions
set forth in this Agreement and the exhibits hereto (the “Investment”).

 

    	 

    	 	

    
 

		4.	Prior to the execution of this Agreement, Consulting Company has adopted a board resolution and a shareholder resolution with
respect to the equity transfer in accordance with the relevant laws and regulations, such as the Company Law, and the Articles
of Association of Consulting Company (the “Articles”), and has also met the conditions for the equity transfer.

 

Based on the principles of equality, mutual benefits and good
faith, Yuanbo Education and the Original Shareholders hereby execute this Agreement in accordance with the relevant laws and regulations,
such as the Company Law and the Private Education Law of the People’s Republic of China, and the Articles after friendly
consultation for their mutual observance.

 

Article 1 Equity Transfer

 

		1.1	After this Agreement is executed, the Original Shareholders will transfer their 100% equity interest in Consulting Company
to Yuanbo Education at a consideration of RMB【14.5】 million.

 

		1.2	Upon completion of the equity transfer set forth in this Article 1.1, the equity ratios of all shareholders of the Target Kindergartens
and Centers will be changed as follows:

 

	 	Name of 

Shareholders	Equity Ratio Prior to 

the Acquisition	Equity Ratio After the 

Acquisition
	
         

         

        Consulting

Company
	Yuanbo Education	0%	100%
	Fengming Chemical

Fiber	45%	0%
	Daoyue Sun	35%	0%
	Guoping Dong	10%	0%
	Changlin Fei	10%	0%

 

		1.3	The Original Shareholders guarantee that there exists no right of claim by third parties against any equity interest to be
transferred to Yuanbo Education, nor is there any pledge created over such equity interest. No dispute or litigation has been brought
in relation thereto.

 

		1.4	Upon completion of this equity transfer, Yuanbo Education will immediately become the sole shareholder of Consulting Company,
which shall be entitled to the relevant shareholder rights and undertake the relevant obligations accordingly.

 

Article 2 Payment of consideration for the equity transfer

 

			

		2.1	The consideration for the equity transfer will be paid in four installments, of which the first installment (RMB【1.45】
million) will, within five working days from the execution of this Agreement, be paid by Yuanbo Education to the Original Shareholders
of Consulting Company according to their respective equity ratios after the completion of reorganization. The second installment
(RMB【7.385】 million)
will, within five working days after the satisfaction of closing conditions, be paid by Yuanbo Education to the Original Shareholders
of the Consulting Company according to their respective equity ratios after the completion of reorganization. The third installment
(RMB【3.165】
million) will, within five working days after the formal closing date as agreed upon by the parties hereto, be paid by Yuanbo Education
to the Original Shareholders of the Consulting Company according to their respective equity ratios after the completion of reorganization.
The fourth installment (RMB【2.5】
million) will be paid into the account designated by the Original Shareholders for receipt of payment after the payment of the
third installment has been made and subject to the satisfaction of the conditions required by the parties hereto, and the proof
of payment in relation thereto shall be provided to the Original Shareholders.

 

    	 

    	 	

    
 

Article 3 Liabilities for breach of contract

 

			

		3.1	After this Agreement is formally executed, any party who does not perform or fully perform the terms of this Agreement shall
constitute a breach of contract. The breaching party shall be liable for any loss suffered by the non-breaching party as a result
of its/their breach.

 

		3.2	Where a party violates this Agreement, the non-breaching party shall have the right to request the breaching party to continue
to perform this Agreement.

 

Article 4 Governing law and dispute resolution

 

			

		4.1	This Agreement is governed by the laws of the People’s Republic of China.

 

		4.2	Any dispute arising out of or relating to the performance of this Agreement shall be resolved through friendly consultation
between the parties hereto; in the event that no agreement can be reached through consultation, such dispute shall be resolved
by litigation.

 

Article 5 Effectiveness of this Agreement and Miscellaneous

 

			

		5.1	This Agreement shall become effective after it is signed and sealed by the parties hereto.

 

		5.2	This Agreement is executed in six originals. Each party shall keep one original with one original to be used for an application
for the change of registration.

 

Shanghai Yuanbo Education Information and Consulting
Corporation, Ltd. (Signature and seal): /s/ Li Cao          

 

[Common seal of Shanghai Yuanbo Education Information and
Consulting Corporation, Ltd. is affixed]

 

Zhejiang Fengming Chemical Fiber Co., Ltd. (Signature
and seal): /s/ Xinfang Yu          

 

[Common seal of Zhejiang Fengming Chemical Fiber Co., Ltd.
is affixed]

 

    	 

    	 	

    
 

Daoyue Sun, ID Card No. 【350122197102071615】
Signature: /s/ Daoyue Sun          

 

Guoping Dong, ID Card No. 【33042519790312001X】Signature:
 /s/ Guoping Dong          

 

Changlin Fei, ID Card No.: 【330425195708182910】
Signature:  /s/ Changlin FeiExhibit 4.38

English Translation

 

 

 

 

SUPPLEMENTAL
AGREEMENT (i)

 

TO

 

Investment
Agreement

 

 

August 29, 2012

 

    	 

    	 	

    

 

This Investment Agreement (“this
Agreement”) is made on August 29, 2012:

 

BY and AMONG:

 

Shanghai Yuanbo Education Information Consulting Corporation
Ltd. (“Yuanbo Education”)

Address: Room 2034, Block 1, No. 600 Meiyu Road, Nanxiang Town,
Jiading District, Shanghai

Legal Representative: Dong Xu

 

Zhejiang Fengming Chemical Fiber Co., Ltd. (“Fengming
Chemcial Fiber”)

Address: Fengming Commercial Building, Jinji Road, Zhouquan Town, Tongxiang

Legal Representative: Xinfang Yu

 

Sun, Daoyue 

ID Card Number: 350122197102071615

Address: Room 101, Unit A, Block 12, Hanbi
Cuiting, Huali Century Garden, Wutong Street, Tongxiang

 

Dong, Guoping

ID Card Number: 33042519790312001X

Address: Room 105, Dormitory of the Bureau
of Radio, Film and Television, Qingfeng South Road, Wutong Street, Tongxiang

 

Fei, Changlin

ID Card Number: 330425195708182910

Address: No. 21 Tan Bridge, Sanxin Village,
Wutong Street, Tongxiang

 

Fengming Chemical Fiber, Daoyue Sun, Guoping Dong and Changlin
Fei are collectively referred to as the “Original Shareholders of Consulting Company”.

 

Tongxiang Fengming Fukang Cultural and Industrial Investment
Co., Ltd. (“Investment Company”)

Address: Intersection of Huancheng Road and National Highway
320, Wutong, Tongxiang

Legal Representative: Xinfang Yu

 

Daidaikang Enterprise Management and
Consulting Co., Ltd. (“Consulting Company”)

Address: 3/F., Club of Lvdu Jinyuan, Wutong
Street, Tongxiang

Legal Representative: Xinfang Yu

 

Guoping Dong and Consulting Company are collectively referred
to as the “Original Shareholders”.

 

Daidaikang Mickey Kindergarten (“Mickey Kindergarten”)

Address: Within the zone of Kangju Yuan, Wenhua Road, Tongxiang

Legal Representative: Xinfang Yu

 

Daidaikang Nanhu New District Kindergarten
(“Nanhu New District Kindergarten”)

Address: East side of the crossroad of Nanxi Road and Shuangxi
Road, Jiaxing

Legal Representative: Xinfang Yu

 

    	 

    	 	

    
 

Daidaikang Nobel Kindergarten (“Nobel Kindergarten”)

Address: No. 472 Dongfang Road, Jiaxing

Legal Representative: Xiaolan Fei

 

Daidaikang American English Kindergarten (“American
English Kindergarten”)

Address: No. 606 Dongfang Road, Zhendong New District, Tongxiang

Legal Representative: Xinfang Yu

 

Daidaikang Lvdu Early Learning Center (“Lvdu Early
Learning Center”)

Address: Within the zone of Lvdu Jingyuan, Xiaochang Road, Wutong
Street, Tongxiang

Legal representative: Guoping Dong

 

Mickey Kindergarten, Nanhu New District Kindergarten, Nobel
Kindergarten, and American English Kindergarten are collectively referred to as the “Target Kindergartens”.

 

Mickey Kindergarten, Nanhu New District Kindergarten, Nobel
Kindergarten, American English Kindergarten, and Lvdu Early Learning Center are collectively referred to as the “Target
Kindergartens and Centers”.

 

Unless otherwise stated herein, the terms
and abbreviations used herein shall have the same meaning as those defined in the Investment Agreement dated August 2, 2012 by
and among Yuanbo Education, the Original Shareholders of Consulting Company, Investment Company, and Consulting Company.

  

Whereas:

 

		1.	Yuanbo Education, the Original Shareholders of Consulting Company, Investment Company, and Consulting Company signed the Investment
Agreement (the “Investment Agreement”) on August 2, 2012, pursuant to which the Original Shareholders of Consulting
Company, Investment Company, and Consulting Company would, after the execution of the Investment Agreement, carry out the Reorganization
in respect of their respective interests in 100% of the capital contribution of the Target Kindergartens and Centers pursuant to
the terms and conditions set forth in the Investment Agreement and any exhibits thereto. Upon completion of the Reorganization,
the Original Shareholders of Consulting Company will transfer all of their 100% shareholder interests in Consulting Company to
Yuanbo Education; Yuanbo Education intends to accept the transfer of such 100% shareholder interests in Consulting Company on the
terms and conditions set forth in the Investment Agreement and any exhibits thereto.

 

		2.	The Original Shareholders of Consulting Company, and Consulting Company do not want to carry out the Reorganization as required
in Article 1 of the Investment Agreement and would like to change the form of investment under Article 2 of the Investment Agreement
and any exhibits thereto to the following: the acquisition by Yuanbo Education of 100% equity interest in Consulting Company will
be changed to the direct acquisition by Yuanbo Education of 100% equity interest in the Target Kindergartens and Centers. Following
the completion of the Investment, Yuanbo Education will become the founder of the Target Kindergartens and Centers, holding their
100% equity interest and being interested in 100% of their capital contribution.

 

    	 

    	 	

    
 

		3.	Investment Company has transferred its interest in 65% of the capital contribution of American English Kindergarten to Consulting
Company. Consulting Company is being interested in 100% of the capital contribution of the Target Kindergartens and becomes the
sole founder of the Target Kindergartens.

 

		4.	The Original Shareholders and Mickey Kindergarten are in the process of transforming Lvdu Early Learning Center into a branch
of Mickey Kindergarten. Following the completion of the transformation, Lvdu Early Learning Center will become a branch of Mickey
Kindergarten, and Mickey Kindergarten will hold 100% founder’s interest in Lvdu Early Learning Center.

 

		5.	Pursuant to the requirement of Article 3.2(1) in the Investment Agreement, Yuanbo Education paid the first installment of the
Acquisition Price (i.e. RMB1.45 million) to the Original Shareholders of Consulting Company according to their respective equity
ratios on August 10, 2012.

 

NOW, THEREFORE, the parties hereto have,
after friendly consultation, unanimously agreed to make the following amendments and supplements to the Investment Agreement and
all the exhibits thereto based on the principles of equality and mutual benefits, and in accordance with the relevant laws and
regulations of the People’s Republic of China.

 

	Article 1	Abbreviations	

 

 

		(1)	In the main body of the Investment Agreement, the original sentence ‘Fengming Chemical Fiber, Daoyue Sun, Guoping Dong
and Changlin Fei are collectively referred to as the “Original Shareholders”’ will be revised as follows: Fengming
Chemical Fiber, Daoyue Sun, Guoping Dong and Changlin Fei are collectively referred to as the “Original Shareholders of Consulting
Company”.

 

		(2)	The following will be added to the main body of the Investment Agreement:
	 	 	Guoping Dong and Consulting Company are collectively
referred to as the “Original Shareholders”.

 

		(3)	Given the abbreviation clause in paragraphs (1) and (2) of Article 1 of this Supplemental Agreement, the “Original Shareholders”
described in the Investment Agreement and its exhibits, and this Supplemental Agreement shall refer to “Guoping Dong and
Consulting Company”.

 

	Article 2	Article 1 (Reorganization)
of the Investment Agreement shall be revised as follows:	

 

 

		1.1	As one of the closing conditions set forth in Article 4 hereof, the Original Shareholders shall immediately implement the reorganization
specified in this Article (the “Reorganization”) after the execution of this Agreement.

 

		1.2	Content of the Reorganization

 

    	 

    	 	

    
 

		(1)	The Original Shareholders and Mickey Kindergarten will carry out the Reorganization in respect of Lvdu Early Learning Center.
Upon completion of the Reorganization, Lvdu Early Learning Center will become a branch of Mickey Kindergarten, and Mickey Kindergarten
will be interested in 100% of the capital contribution of Lvdu Early Learning Center.

 

		(2)	The ratios of equity interests held by the Original Shareholders and Mickey Kindergarten, respectively, in the Target Kindergartens
and Centers prior to or after the Reorganization are listed in the table below:

 

	Name of the Target

 Kindergartens and 

Centers	Name of 

Shareholders	Equity Ratio 

Prior to the 

Reorganization	Equity Ratio 

After the 

Reorganization
	Mickey

Kindergarten	Consulting Company	100%	100%
	Nanhu New District

Kindergarten	Consulting Company	100%	100%
	Nobel Kindergarten	Consulting Company	100%	100%
	American English 

Kindergarten	Consulting Company	100%	100%
	Lvdu Early Learning 

Center	Mickey Kindergarten	0%	100%
	Guoping Dong	100%	0%

 

		1.3	Requirements of the Reorganization

 

		(1)	The Reorganization shall fully comply with the laws and regulations of the country in which the Reorganization takes place
in all material respects.

 

		(2)	The Original Shareholders and Mickey Kindergarten shall complete all items under the content of the Reorganization as specified
in Article 1.2 above by September 3, 2012.

 

	Article 3	Article 2.2 of the Investment Agreement
shall be revised as follows:

 

		2.2	Acquisition

 

		(1)	Yuanbo Education will sign an equity transfer agreement (the “Equity Transfer Agreement”, please see Exhibit
3) with the Consulting Company to accept the transfer of 100% equity interest of the Target Kindergartens and Centers
from Consulting Company (the “Onshore Acquisition”).

 

    	 

    	 	

    
 

		(2)	The ratios of equity interests held by Yuanbo Education, Mickey Kindergarten, and the Original Shareholders, respectively,
in the Target Kindergartens and Centers prior to and after the completion of the Onshore Acquisition are listed in the table below:

 

 

	Name of the Target Kindergartens and 

Centers	Name of Shareholders	Equity Ratio 

Prior to the 

Onshore 

Acquisition	Equity Ratio 

After the 

Onshore 

Acquisition
	
        Mickey 

Kindergarten

        
	Yuanbo 

Education	0%	100%
	Consulting 

Company	100%	100%
	
        Nanhu New District

Kindergarten

        
	Yuanbo 

Education	0%	100%
	Consulting 

Company	100%	0%
	
        Nobel Kindergarten

        
	Yuanbo 

Education	0%	100%
	Consulting 

Company	100%	0%
	
        American English 

Kindergarten

        
	Yuanbo 

Education	0%	100%
	Consulting 

Company	100%	0%
	Lvdu Early Learning 

Center	Mickey 

Kindergarten	100%	100%

 

 

	Article 4	Article 3.2 of the Investment Agreement
shall be revised as follows:

 

		3.2	Acquisition Price

 

		The acquisition price shall be RMB14.5
million (the “Acquisition Price”), which will be paid by installments by Yuanbo Education into the account designated
by the Original Shareholders for receipt of payment according to the following requirements, and the proof of payment in relation
thereto shall be provided to the Original Shareholders:

 

    	 

    	 	

    
 

		(1)	The first installment of the Acquisition Price shall be RMB1.45 million, which will, within five working days from the execution
of this Agreement, be paid by Yuanbo Education to the account designated by Consulting Company.

 

		(2)	The second installment of the Acquisition Price shall be RMB7.385 million, which will, within five working days after the Completion
Date for Closing Conditions (as defined in Article 5.1 hereof), be paid by Yuanbo Education to the account designated by Consulting
Company.

 

		(3)	The third installment of the Acquisition Price shall be RMB3.165 million, which will, within five working days after the Formal
Closing Date as agreed upon by the parties hereto (as defined in Article 5.1 hereof), be paid by Yuanbo Education to the account
designated by Consulting Company.

 

		(4)	The fourth installment of the Acquisition Price shall be RMB2.5 million. After an adjustment is made pursuant to the valuation
adjustment clause in Article 3.3 hereof, the fourth installment will, within ten working days from the expiration of the Valuation
Adjustment Period stipulated herein (as defined in Article 3.3 hereof) and the issue of an audit report, be paid by Yuanbo Education
to the account designated by Consulting Company.

 

	Article 5	If Yuanbo Education
makes payment to the Original Shareholders of Consulting Company pursuant to paragraph (1) of Article 3.2 of the Investment Agreement
on August 10, 2012, it shall be deemed to have completed its obligation to make payment to the account designated by Consulting
Company as required in paragraph (1) of Article 3.2 of the revised Investment Agreement.

 

	Article 6	Paragraphs (2)
and (3) of Article 3.3 of the Investment Agreement shall be revised as follows:

 

		(2)	If the Annual Increase of NPAT during the Valuation Adjustment Period ranges from 25% to 40% (both figures exclusive) or RMB1,354,166
to RMB1,516,666, the actual amount payable of the fourth installment of the Acquisition Price = RMB2.5 million x (the Annual Increase
of NPAT during the Valuation Adjustment Period – 25%) ÷ 15%, will be paid by Yuanbo Education to the account designated
by Consulting Company;

 

		(3)	If the Annual Increase of NPAT during the Valuation Adjustment Period equals to or exceeds 40% or RMB1,516,666, the fourth
installment of the Acquisition Price will be paid in full by Yuanbo Education to the account designated by Consulting Company.

 

	Article 7	Paragraph (1)
of Article 4.1 of the Investment Agreement shall be revised as follows:

 

    	 

    	 	

    
 

		(1)	The Original Shareholders should have transferred to outside parties or deregistered any other kindergartens or centers over
or in which they have a direct or indirect control and interest (other than the Target Kindergartens and Centers), or other companies
or organizations whose business is in competition with any principal business of the Target Kindergartens and Centers;

 

	Article 8	In paragraph
(4) of Article 4.1 of the Investment Agreement, “(4) Consulting Company should be the investor
and founder recorded in the latest articles of association of the Target Kindergartens and Centers, and such record should be consistent
with the relevant information set forth in the Permit for Operation of Schools and the Registration Certificate of Private
Non-Enterprise Entities (Legal Person) of all early childhood educational institutions;...”

shall be revised as follows:

“(4) Yuanbo Education should be the investor and
founder recorded in the latest articles of association of the Target Kindergartens; Mickey Kindergarten should be the investor
and founder recorded in the latest articles of association of Lvdu Early Learning Center, and such records should be consistent
with the relevant information set forth in the Permit for Operation of Schools and the Registration Certificate of Private
Non-Enterprise Entities (Legal Person) of all early childhood educational institutions;...”

 

	Article 9	Paragraph
(5) of Article 4.1 of the Investment Agreement shall be revised as follows:

 

		(5)	The Original Shareholders should have provided Yuanbo Education with a business plan and financial
budget of the Target Kindergartens and Centers for 12 months after the closing, and should have obtained an approval from
Yuanbo Education;

 

	Article 10	Paragraph (8)
of Article 4.1 of the Investment Agreement shall be revised as follows:

 

		(8)	The Target Kindergartens and Centers or Yuanbo Education should have entered into the Labor Contract, Non-Competition
Agreement and Enterprise Confidentiality Contract, the contents of which are the same as those listed in Exhibit 5,
and any similar agreement as recognized by Yuanbo Education with the key personnel of the Target Kindergartens and Centers as listed
in Exhibit 1, and such key personnel should have issued to Yuanbo Education a letter of undertaking,
which shall include the following undertakings: a) unless his/her resignation has been approved by Yuanbo Education or a separate
arrangement is made by Yuanbo Education, he/she shall continue to seek profits for the Target Kindergartens and Centers within
three years after the completion of change of registration with the department in charge of industrial and commercial administration.
In particular, Mr. Jianyu Wu, the original chief headmaster of kindergartens, shall continue to seek profits for the Target Kindergartens
and Centers within eight years after the completion of change of registration with the department in charge of industrial and commercial
administration; b) unless with the written approval of Yuanbo Education, he/she shall not engage in any business that is in competition
with Yuanbo Education within two years after his/her departure from the Target Kindergartens and Centers;

 

    	 

    	 	

    
 

	Article 11	Paragraph (10)
of Article 4.1 of the Investment Agreement shall be revised as follows:

 

		(10)	From the date of this Agreement (including the execution date) to the Completion Date for Closing
Conditions, all representations and warranties made by the Original Shareholders, and the Target Kindergartens and Centers in Exhibit 4
should continue to be true, complete and accurate, and they should perform the representations and warranties stipulated in Exhibit 4,
and should not act in breach of Exhibit 4;

 

	Article 12	Paragraph (13)
of Article 4.1 of the Investment Agreement shall be revised as follows:

 

		(13)	Prior to the Completion Date for Closing Conditions (including the Completion Date for Closing Conditions), the Original Shareholders,
and the Target Kindergartens and Centers should have fully performed and complied with the conditions, obligations and undertakings
that shall become effective prior to or on the Completion Date for Closing Conditions as stipulated herein, respectively;

 

	Article 13	Article 4.2 of the Investment Agreement
shall be revised as follows:

 

 

4.2
If the Original Shareholders fail to complete the closing conditions by September 10, 2012, Yuanbo
Education shall be (but not necessarily be) entitled to any rights described below: (a) issuing a letter to approve the extension
of the period for the completion of closing conditions; (b) waiving one or more of the closing conditions and also proposing any
new closing conditions or modifying the original closing conditions; or (c) terminating this Agreement and also demanding the
Original Shareholders to refund to Yuanbo Education any Investment Consideration paid by it pursuant to Article 8.4(2) hereof.

 

	Article 14	Article 5.1 of the Investment Agreement
shall be revised as follows:

 

5.1
The parties hereto agree that the Completion Date for Closing Conditions shall be the date on which
all the closing conditions have been satisfied (subject to the completion of the last closing condition) or on the fifth working
days after a waiver is obtained from Yuanbo Education, and such date shall occur before September 10, 2012 (or such other date
as otherwise determined by Yuanbo Education). The confirmation of closing conditions will take place in Jiaxing, Zhejiang Province,
on the Completion Date for Closing Conditions. The parties hereto agree that the Original Shareholders shall assist Yuanbo Education
in managing the Target Kindergartens as required by Yuanbo Education after the Completion Date for Closing Conditions, and shall
complete the formal closing on November 1, 2012 (the “Formal Closing Date”). The formal closing will take place
in Jiaxing, Zhejiang Province, on the Formal Closing Date.

 

    	 

    	 	

    
 

	Article 15	Article 6.4 of the Investment Agreement
shall be revised as follows:

 

6.4
The Original Shareholders and the Target Kindergartens and Centers shall solely bear all taxes and
expenses arising from the transactions contemplated hereunder that shall be borne by them, respectively; the Original Shareholders
and the Target Kindergartens and Centers shall bear all risks and liabilities in a tax audit and investigation or in any circumstance
arising from any payment of taxes and expenses that shall be borne by them, including without limitation, the administrative punishments
and economic losses in relation thereto; if Yuanbo Education suffers any loss in a tax audit and investigation or in any circumstance
due to any payment of taxes and expenses that shall be borne by the Original Shareholders, the Original Shareholders undertake
to make compensation to Yuanbo Education for all losses suffered by it arising therefrom, and pay such compensation to Yuanbo
Education within five days after the occurrence of such losses; if the Original Shareholders do not perform the aforesaid, Yuanbo
Education shall have the right to deduct directly from the interests to which the Original Shareholders is entitled under this
Agreement and any exhibits hereto any equivalent amount or interest as compensation.

 

	Article 16	Article 6.7 of the Investment Agreement
shall be revised as follows:

 

6.7
If the closing is effected on the terms and conditions of this Agreement and any exhibits hereto, then
the Completion Date for Closing Conditions specified herein shall be the settlement date for transactions of the Target Kindergartens
and Centers, and Yuanbo Education shall be entitled to all incomes generated by the Target Kindergartens and Centers from the
Completion Date for Closing Conditions and assume all debts and liabilities incurred by the Target Kindergartens and Centers from
the Completion Date for Closing Conditions. The Original Shareholders shall expressly list out all major debts and liabilities
that shall be undertaken or assumed by the Original Shareholders prior to or after the Completion Date for Closing Conditions
pursuant to Article 6.2 hereof, and the specific amount of incomes or debts and liabilities shall be determined on the basis of
an audit conducted by the accounting firm appointed by Yuanbo Education that has the qualification to conduct audits for listing
purposes.

 

	Article 17	Paragraph (3)
of Article 8.3 of the Investment Agreement shall be revised as follows:

 

		(3)	If the Reorganization cannot be completed by September 3, 2012, Yuanbo Education shall be entitled
to discharge this Agreement;

 

	Article 18	Paragraph (4)
of Article 8.3 of the Investment Agreement shall be revised as follows:

 

		(4)	If the closing cannot be completed by September 10, 2012, Yuanbo Education shall be entitled to
discharge this Agreement;

 

    	 

    	 	

    
 

	Article 19	The Equity Transfer
Agreement, which is Exhibit 3 to the Investment Agreement dated August 2, 2012 by and among Yuanbo Education, Consulting Company,
Investment Company and Guoping Dong, will be repealed. Yuanbo Education and Consulting Company will sign a new Equity Transfer
Agreement after the execution of this Supplemental Agreement, which will be attached to the Investment Agreement as Exhibit 3.

 

	Article 20	Certain provisions
in Exhibit 4 (“Representations and Warranties”) to the Investment Agreement shall be revised as follows:

 

		(1)	In Article 2 of Exhibit 4 (Representations and Warranties), “Representations and Warranties by the Original Shareholders
and Consulting Company” shall be revised to “Representations and Warranties by the Original Shareholders and the Target
Kindergartens and Centers”, all representations and warranties involving “the Original Shareholders and Consulting
Company” as described in this Article shall be revised to those representations and warranties involving “the Original
Shareholders and the Target Kindergartens and Centers”.

 

		(2)	In Article 2 of Exhibit 4 (Representations and Warranties), all representations and warranties involving “the Original
Shareholders, as well as Consulting Company, Investment Company, and Guoping Dong” or involving “the Original Shareholders
and Consulting Company, Investment Company, and Guoping Dong”, or involving “the Original Shareholders, Consulting
Company, Investment Company, Guoping Dong” shall be revised to those representations and warranties involving “the
Original Shareholders and the Target Kindergartens and Centers”.

 

	Article 21	Given the requirements
of Article 2 of this Supplemental Agreement, paragraph (2) of Article 2.17 in Exhibit 4 (Representations and Warranties) to the
Investment Agreement shall be revised as follows:

 

		(2)	After the Original Shareholders complete all items under the Reorganization as prescribed in Article
1.2 hereof, Consulting Company will directly or indirectly own 100% of the founder’s and investor’s interest in all
of the Target Kindergartens and Centers, and will have the right to legally and validly obtain reasonable return from the Target
Kindergartens and Centers.

 

	Article 22	The contact
details of the Target Kindergartens and Centers will be added to Article 12.1 of the Investment Agreement as follows:

 

Mickey Kindergarten, Nanhu New District Kindergarten and
American English Kindergarten

Contact Person: Xinfang Yu

Contact Telephone No.: 0573-88112888

Contact Address: Mickey Kindergarten: Within the zone of Kangju
Yuan, Wenhua Road, Tongxiang

Nanhu New District Kindergarten: East side of the crossroad
of Nanxi Road and Shuangxi Road, Jiaxing

American English Kindergarten: No. 606 Dongfang Road, Zhendong New District, Tongxiang

 

Nobel Kindergarten

Contact Person: Xiaolan Fei

Contact Telephone No.: 0573-89971118

Contact
Address: No. 472 Dongfang Road, Jiaxing

 

Lvdu Early Learning Center

Contact Person: Guoping Dong

Contact Telephone No.: 0573-88106263

Contact Address: Within
the zone of Lvdu Jingyuan, Xiaochang Road, Wutong Street, Tongxiang

 

    	 

    	 	

    
 

	Article 23	Miscellaneous

 

		(1)	This Supplemental Agreement is an integral part of the Investment Agreement. Except as amended by this Supplemental Agreement,
the other provisions of the Investment Agreement (including its exhibits) shall remain unchanged;

 

		(2)	This Supplemental Agreement shall become effective once it is signed by the respective legal representatives or authorized
representatives of the parties or the parties themselves;

 

		(3)	This Agreement is executed in 14 originals. Yuanbo Education shall keep 2 originals and the other signatories shall each keep
one original. All of them shall have the same legal effect.

  

(The remainder of this page is intentionally left blank.)

 

 

    	 

    	 	

    

 

[This page, which is intentionally left blank, is the signature
page of the Supplemental Agreement (I) to the Investment Agreement for Yuanbo Education.]

 

IN WITNESS WHEREOF, each of the parties hereto have caused this
Supplemental Agreement to be duly executed by their respective duly authorized representatives on the day first above written.

  

Shanghai Yuanbo Education Information Consulting Corporation
Ltd. (Chop)

[Chop of Shanghai Yuanbo Education Information Consulting Corporation Ltd. is affixed]

 

Signed by Authorized Representative: /s/
Li Cao                         

 

    	 

    	 	

    
 

[This page, which is intentionally left blank,
is the signature page of the Supplemental Agreement (I) to the Investment Agreement for the shareholders of Consulting Company
and the Target Kindergartens and Centers.]

 

IN WITNESS WHEREOF, each of the parties hereto have caused this
Supplemental Agreement to be duly executed by their respective duly authorized representatives on the day first above written.

  

Zhejiang Fengming Chemical Fiber Co., Ltd. (Chop)

[Chop of Zhejiang Fengming Chemical Fiber Co., Ltd.is affixed]

 

Authorized Representative: /s/ Xinfang Yu                                   

  

Daoyue Sun (with ID card number: 350122197102071615)

 

Signature: /s/ Daoyue Sun                                                                

 

 

Guoping Dong (with ID card number: 33042519790312001X)

 

Signature: /s/ Guoping Dong                                                            

 

 

Changlin Fei (with ID card number: 330425195708182910)

 

Signature: /s/ Changlin Fei                                                                

  

Tongxiang Fengming Fukang Cultural and Industrial Investment
Co., Ltd. (Chop)

[Chop of Tongxiang Fengming Fukang Cultural and Industrial Investment Co., Ltd. is affixed]

 

Signed by Authorized Representative: /s/ Xinfang Yu               

  

Daidaikang Enterprise Management and Consulting Co., Ltd.
(Chop)

[Chop of Daidaikang Enterprise Management and Consulting Co., Ltd. is affixed]

 

Signed by Authorized Representative: /s/ Xinfang Yu                

 

    	 

    	 	

    
 

[This page, which is intentionally left blank, is the signature
page of the Supplemental Agreement (I) to the Investment Agreement for the Target Kindergartens and Centers.]

 

IN WITNESS WHEREOF, each of the parties hereto
have caused this Supplemental Agreement to be duly executed by their respective duly authorized representatives on the day first
above written.

 

Daidaikang Mickey Kindergarten (Chop)

[Chop of Daidaikang Mickey Kindergarten is affixed]

 

Signed by Authorized Representative: /s/ Xinfang Yu                

  

Daidaikang Nanhu New District Kindergarten (Chop)

[Chop of Daidaikang Nanhu New District Kindergarten is
affixed]

 

Signed by Authorized Representative: /s/ Xinfang Yu                

  

Daidaikang Nobel Kindergarten (Chop)

[Chop of Daidaikang Nobel Kindergarten is affixed]

Signed by Authorized Representative: /s/ Xiaolan Fei                 

  

Daidaikang American English Kindergarten (Chop)

[Chop of Daidaikang American English Kindergarten is
affixed]

 

Signed by Authorized Representative: /s/ Xinfang Yu                

 

 

Daidaikang Lvdu Early Learning Center (Chop)

[Chop of Daidaikang Lvdu Early Learning Center is affixed]

 

Signed by Authorized Representative: /s/ Guoping Dong

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]