Document:

EX-10.17

 Exhibit 10.17 

Proxy Agreement for School’s Sponsor and Directors 

Zhejiang Lishui Mengxiang Education Development Co., Ltd. 

Liandu Foreign Languages School 
 the Kindergarten of Liandu
Foreign Languages School 
 Zhejiang Lishui Mengxiang Education Development Co., Ltd. 

and 
 Ye Fen 

Wei Biao 
 Ye Fang 

Ye Hong 
 Chen Guoliang 

Shi Jixing 
 and 

Zhejiang Mengxiang Consulting Services Co., Ltd. 

October 13, 2018 

  
 1 

 Table of Contents 

 

					
	 Article I. Definition and Interpretation
	  	 	4	 
		
	 Article II. Authorization and Entrustment
	  	 	5	 
		
	 Article III. Entrustment Transfer and Rights Succession
	  	 	8	 
		
	 Article IV. Continued Effectiveness of Authorization and Entrustment
	  	 	8	 
		
	 Article V. Representations and Warranties of the Parties
	  	 	9	 
		
	 Article VI. Amendment
	  	 	12	 
		
	 Article VII. Term
	  	 	12	 
		
	 Article IIX. Liability for Breach of Contract
	  	 	13	 
		
	 Article IX. Confidentiality
	  	 	13	 
		
	 Article X. Force Majeure
	  	 	14	 
		
	 Article XI. Changed Circumstances
	  	 	15	 
		
	 Article XII. Miscellaneous
	  	 	15	 

  
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 This Proxy Agreement for Directors (hereinafter referred to as “this Agreement”) is
made and entered into on October, 2018 by the following parties: 
 Party A: The sponsors of the Target School (as defined below), See Annex 1 (anyone of
the aforementioned civil entities are referred to as the “School’s Sponsor”). 
 Party B: The directors appointed by the School’s
Sponsor, See Annex 2 (anyone of the aforementioned civil entities are referred to as the “Appointed Directors”). 
 Party C:
the schools of the restricted and prohibited education held by the proposed Listing group (anyone of the aforementioned civil entities are referred to as the “Target Schools”). 

Party D: Zhejiang Mengxiang Consulting Services Co., Ltd., a wholly foreign-owned enterprise legally incorporated and existing under the laws of PRC; Unified
Social Credit Code: XXXXXX; Address: Building 20, No. 99, Xianglong Street, Shuige Industrial Zone (Lijing Ethnic Industrial Zone, Liandu District), Lishui City, Zhejiang Province (hereinafter referred to as “WFOE”). 

In this Agreement, School’s Sponsor, Appointed Directors and WFOE are collectively referred to as “Parties”, and each a
“Party”. 
 WHEREAS: 
 1. The
School’s Sponsor legally holds the corresponding sponsor’s equity interest of the Target Schools; in specific, (a) Zhejiang Lishui Mengxiang Education Development Co., Ltd. directly own 100% of the sponsor’s equity interest in
the Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School. 
 2. The School’s Sponsor of the Target Schools enjoy all
rights as the sponsor of the private school in accordance with the PRC laws and regulations and the articles of association of the school 
 3. The
School’s Sponsor shall appoint the directors as the representative of the sponsor to participate in the board of directors of the school, and shall enjoy all legal rights to deliberate and decide on the relevant issues of the school. 

4. The School’s Sponsor agree to irrevocably and specifically authorize and entrust WFOE or its designated person to exercise all rights as the
School’s Sponsor of the Target School on its behalf. Appointed Director severally and jointly agree to irrevocably and specifically authorize and entrust WFOE or its designated person to exercise all rights as the school’s directors of the
Target School on their behalf. Therefore, after friendly negotiation, the Parties reach an agreement on the entrustment of the rights of the School’s Sponsor and Appointed Director of the Target School as follows: 

  
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 Article I. Definition and Interpretation 

Within this Agreement, the following terms shall have the following meanings when used in this Agreement, unless otherwise stated or required: 

“Proposed Listing Company” means Lianwai Education Group Limited, a limited liability company incorporated under the laws of
the Cayman Islands on September 6, 2018. 
 “Lishui Mengxiang” means Zhejiang Lishui Mengxiang Education Development Co., Ltd, a
limited liability company incorporated under the laws of PRC on August 17, 2001. 
 “Lishui Mengxiang’s Shareholders” means
Ms. Ye Fen, Ms. Ye Fang and Ms. Ye Hong. 
 “Domestic Affiliates” means Zhejiang Lishui Mengxiang Education Development Co.,
Ltd. and the schools of the restricted and prohibited education held by Zhejiang Lishui Mengxiang Education Development Co., Ltd., including Liandu Foreign Languages School and the kindergarten of Liandu Foreign Languages School. 

“Contractual Agreements” means the following agreements signed by two or all parties among the shareholders of Lishui Mengxiang, Domestic
Affiliates, and WFOE, including: the Business Contractual Agreement, the Exclusive Call Option Agreement, the Equity Pledge Agreement, the Proxy Agreement for Shareholders, the Power of Attorney for Shareholders, the Proxy Agreement for
School’s Sponsor and Directors, the Exclusive Technical Service and Business Consulting Agreement, the Powers of Attorney for School’s Sponsor, the Power of Attorney for School Directors, the Loan Agreement, including the amendments to the
above agreements, and other agreements, contracts or instruments signed or issued from time to time by one or more Parties of to ensure the fulfillment of the above agreements and signed or recognized by WFOE in writing.

“Trustor” means the School’s Sponsor and the Appointed Directors. 

“Trustee” means WFOE that has been entrusted by the School’s Sponsor under Article II of this Agreement or a person designated by WFOE
under Article III of this Agreement. 

  
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 “China / PRC” means the People’s Republic of China (for the purposes of this
Agreement, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan). 
 Article II. Authorization and
Entrustment 
 1. The School’s Sponsor irrevocably and specially authorizes and entrusts WFOE to exercise the following rights of the School’s
Sponsor as the sponsors of the Target Schools, as permitted under PRC law, including but not limited to: 
  

	(a)	 To appoint and/or elect of directors of the Schools; 

 

	(b)	 To appoint and/or elect the supervisors of the Schools; 

 

	(c)	 To access the information about the operation conditions and financial conditions of the Schools;

  

	(d)	 To consult the resolutions, records, financial and accounting statements and reports of the board of
directors’ meetings of the Schools in accordance with the PRC laws; 

  

	(e)	 To obtain reasonable returns from the School’s Sponsor in accordance with the PRC laws;

  

	(f)	 To obtain the remaining property of the School after the liquidation in accordance with the PRC laws;

  

	(g)	 To transfer the interests of the School’s Sponsor in accordance with the PRC laws; 

 

	(h)	 To select the profitability and non-profitability of the characteristic
of the Schools in accordance with the PRC laws, regulations or regulatory documents; and 

  

	(i)	 Any other rights of the School’s Sponsor provided by other applicable laws and regulations of the PRC and
the articles of association of the Schools (as amended from time to time). 

 2. Appointed Directors irrevocably and specially authorizes
and entrusts WFOE to exercise the following rights of Appointed Directors as the directors of the Target Schools, as permitted under PRC laws, including but not limited to: 

  
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 (a) acting as the agent of the School’s Sponsor to attend the board meeting of the Target School; 

(b) exercise the voting rights on behalf of the School’s Sponsor for all matters requiring discussion and resolution of the board of directors (including
but not limited to appointment and dismissal of the principal; amendment to the articles of association of the School and amendment to the rules and regulations of the School; formulation of operation strategy, investment plan and development plan
of the School, approval of annual work plan of the School; raising of school-running funds, examination and verification of budget and final accounts of the School; determination of the fixed quotas and salary standards for the staff of the School;
decision on distribution of reasonable returns to the sponsor of the School (if applicable); decision on the division, merger, termination of the School, change in the sponsor and other matters of the School; appointment and appointment of the
members of the liquidation team of the Target School and/or their proxies, approval of the liquidation plan and liquidation reports, etc.); 
 (c)
propose to convene a board meeting of the Target School; 
 (d) sign the board meeting minutes, board meeting resolutions or other legal documents that the
Appointed Directors has the right to sign as the director of the Target School; 
 (e) instruct the legal representative, the financial, business and
administrative chiefs, etc. of the Target School to act in accordance with the Trustee’s intention ; 
 (f) exercising other rights of the director
and directors’ voting rights under the Target School’s articles of association (including any other directors’ voting rights as stipulated in the amended articles of association); 

(g) handle legal procedures containing registration, examination and approval and license of schools at the competent departments of government; and 

(h) any other rights of the director as pursuant to the applicable PRC laws, regulations and the Target School’s articles of association (and its
amendments from time to time). 
 3. The Trustee’s exercise of the rights in the foregoing paragraph 1 and 2 does not require prior advice or consent
from the Trustor. 

  
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 4. The Trustor agrees issue to WFOE separately a power of attorney in the form of Annex 4 and 5 to this
Agreement that at the time of signing this Agreement, which is an integral part of this Agreement. The School’s Sponsor will provide sufficient assistance in the exercise of the entrustment rights of the Trustee, including but not limited
to the timely signing of the board of directors’ resolutions or other relevant legal documents of the Target School as requested by the Trustee when necessary (e.g., to meet the documents requirements of the government department to approve,
register, and file) and implement all actions reasonably necessary. 
 5. For the purpose of exercising the entrustment rights under this Agreement, WFOE
and/or WFOE’s designee has the right to access relevant information of the Target School’s including but not limited to operations, business, customers, finances, employees, etc., and to consult the relevant information of the Target
School. The Trustee shall make the Target School provide fully cooperation. 
 6. WFOE guarantees that the Trustee will perform its fiduciary duties in
accordance with the laws and the articles of association of the Target School within the scope of authorization as stipulated in this Agreement, and ensure that the proceedings, voting methods and contents of the relevant board meeting do not
violate laws, administrative regulations or the Target School’s articles of association; the School’s Sponsor will recognize and bear the corresponding responsibility for any legal consequences arising from the exercise of the
abovementioned entrustment rights by the Trustee.
 7. In any event, WFOE shall not be required to assume any responsibility or make any economic or
other kind of compensation for the Target School, the Trustor or any third parties in relation to the exercise of the entrustment rights under this Agreement by it and/or its designated trustee. 

8. The School’s Sponsor agrees to indemnify and undue any damage suffered or owed by WFOE from its and/or its designated trustee’s exercise of the
entrustment right, including but not limited to any third party’s suit, recovery, arbitration, claims or any loss caused by the administrative investigation or punishment. However, if the loss is caused by the Trustee’s intentional or
gross negligence, the loss will not be compensated. 

  
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 Article III. Entrustment Transfer and Rights Succession 

1. The Trustor irrevocably agrees that WFOE shall have the right to appoint and delegate the rights of WFOE to WFOE’s directors or its designee in
accordance with Article II of this Agreement without prior notice to the Trustor or with the consent of the Trustor. The director authorized by WFOE or its designee shall be deemed as the Trustee under this Agreement and shall have all the
rights set forth in Article II of this Agreement. WFOE reserves the right to replace the foregoing designated person at any time with prior notice to the Trustor. 

2. The Trustor irrevocably agrees that the successor or liquidator succeeding the rights of any relevant civil rights due to the division, merger,
liquidation or any other reason of WFOE shall have the right to replace WFOE to exercise all rights under this Agreement. 
 Article IV. Continued
Effectiveness of Authorization and Entrustment 
 1. The School’s Sponsor irrevocably agrees that the authorizations and entrustments contained in
this Agreement, including but not limited to Article II and III of this Agreement, shall not be invalidated, revoked, impaired or undergone other similar adverse changes due to the increase, decrease, merger and other similar events of the
School’s Sponsor interest in the Target School, except WFOE agrees in writing and / or confirms that the School’s Sponsor no longer holds any sponsor’s equity interest of the Target School. 

2. The School’s Sponsor irrevocably agrees that the authorizations and entrustments contained in this Agreement, including but not limited to Article II
and III of this Agreement shall not be invalidated, revoked, impaired or undergone other similar adverse changes due to the division, merger, bankruptcy, reorganization, liquidation and other similar events of the School’s Sponsor. 

  
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 3. The School’s Sponsor irrevocably agrees that this Agreement is an integral part of
sponsor’s equity interest in the Target School, and any legal and/or contractual successor, assignee, agent or other similar person of the School’s Sponsor obtains and/or the exercise of the sponsor’s equity interest /rights of the
Target School, will be deemed as agree to and assume the rights and obligations under this Agreement. 
 4. The Appointed Directors irrevocably agree that
the authorizations and entrustments contained in this Agreement, including but not limited to Article II and III of this Agreement, shall not be invalidated, revoked, impaired or undergone other similar adverse changes due to the incapacity, limited
capacity, death, divorce or other similar events of the School’s Sponsor, except where the Appointed Directors ceases a director of the Target School with the written consent and/or confirmation of WFOE. 

5. The School’s Sponsor and the Appointed Directors irrevocably agree that this Agreement is an integral part of the Appointed Directors’ duties in
the Target School, and any legal and/or contractual successor, assignee, agent or other similar person obtains and exercises the directors’ rights of the Target School, will be deemed as agree to and assume the rights and obligations under this
Agreement. 
 Article V. Representations and Warranties of the Parties 

1. The School’s Sponsor is duly established and validly existing and has the ability to bear civil liability. 

2. The School’s Sponsor have the right to sign and perform this Agreement, and it has obtained all necessary and appropriate approvals and
authorizations for the signing and performance of this Agreement. 
 3. As of the effective date hereof, the School’s Sponsor is the legal owner of the
equities of the Target School held by it , there is no outstanding dispute concerning the School’s Sponsor interests, and the Trustee can fully exercise the rights of School’s Sponsor authorized and entrusted by the School’s Sponsor
according to this Agreement. 

  
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 4. Except as disclosed to WFOE or the encumbrances and the rights restrictions set on the equity as a result
of the Contractual Agreements, the School’s Sponsor interest does not have any other encumbrances or rights restrictions to the Target School. 

5. This agreement shall be duly signed by the School’s Sponsor and constitutes a legal, valid and binding obligation to the School’s Sponsor
from the effective date of this Agreement. 
 6. The signing and performance of this Agreement by the School’s Sponsor will not violate any PRC
laws and regulations, court judgment or arbitral award, any administrative agency’s decision, approval, permission or any other agreement that it is a party and has binding effect on the assets held by it, and will not result in any suspension,
revocation, confiscation or failure to renew after expiration of the applicable approval and license of the government departments. 
 7. There is no
litigation, arbitration or other judicial or administrative procedures that have occurred and have not yet been settled, which will affect the ability of the School’s Sponsor to perform its obligations under this Agreement, and no one threats
to take the forgoing actions as known to the School’s Sponsor. 
 8. The Appointed Directors are PRC civil entities with full and independent legal
capacity to enter into this Agreement and enjoy rights, perform obligations and assume liabilities under this Agreement. 
 9. As of the effective date
hereof, the Appointed Directors are the legal directors of the Target School. There is no outstanding dispute concerning the Appointed Directors interests, and the Trustee can fully exercise the Appointed directors’ rights authorized and
entrusted by the School’s Sponsor according to this Agreement. 
 10. Except for the rights restrictions set on the equity as a result of the
Contractual Agreements, there is no other encumbrances or rights restrictions to the rights of the Appointed Directors. 

  
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 11. This agreement shall be duly signed by the Appointed Directors and constitutes a legal, valid and
binding obligation to the Appointed Directors. 
 12. The signing and performance of this Agreement by the Appointed Directors will not violate any PRC laws
and regulations, court judgment or arbitral award, any administrative agency’s decision, approval, permission or any other agreement that it is a party and has binding effect on it. 

13. There is no litigation, arbitration or other judicial or administrative procedures that have occurred and have not yet been settled, which will affect the
Appointed Directors’ ability to perform its obligations under this Agreement, and no one threats to take the forgoing actions as known to the Appointed Directors. 

14. WFOE is an independent legal person legally established and validly existing, and has the ability to bear civil liability externally. 

15. WFOE has the right to sign and perform this Agreement, and it has obtained all necessary and appropriate approvals and authorizations for the signing and
performance of this Agreement. 
 16. This Agreement constitutes the legally valid and enforceable obligation to WFOE from the effective date of this
Agreement. 
 17. The signing and performance of this Agreement by WFOE does not violate any Chinese laws and regulations, court judgment or arbitral award,
any administrative agency’s decision, approval, permission or any other agreement that it is a party and has binding effect on the assets held by it, and will not result in any suspension, revocation, confiscation or failure to renew after
expiration of the applicable approval and license of the government departments. 
 18. There is no litigation, arbitration or other judicial or
administrative procedures that have occurred and have not yet been settled, which will affect WFOE’s ability to perform its obligations under this Agreement, and no one threats to take the forgoing actions as far as known to WFOE. 

  
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 Article VI. Amendment 

1. Through negotiations among the Parties and approved by the shareholder (or shareholders’ meeting) of WFOE, the Parties may modify or supplement
this Agreement and take all necessary steps and actions, and bear the corresponding expenses, so that any modification or supplement can be legally valid.

2. If the Stock Exchange of Hong Kong Ltd. (hereinafter referred to as “HKEX”) or other regulatory authorities make any amendments to this
Agreement, or listing rules or relevant requirements of HKEX produce any changes related to this Agreement, the Parties shall revise this Agreement accordingly. 

Article VII. Term 
 1. This Agreement shall become
effective upon the signing of this Agreement by the Parties. This agreement is valid for the entire period of the Target Schools’ operating period and for the period of renewal according to PRC laws, and shall automatically terminated once WFOE
has purchased all equities of the shareholders of Domestic Affiliates directly or indirectly held by Lishui Mengxiang’s Shareholders in accordance with the Exclusive Call Option Agreement entered into among the Lishui Mengxiang’s
Shareholders, Domestic Affiliates and WFOE on the same date of this Agreement. 
 2. WFOE may terminate this Agreement unilaterally after thirty
(30) days’ notice. Unless otherwise stipulated by law, in any case, none of the School’s Sponsor, the Appointed Directors and the Target Schools shall have the right to terminate or dissolve this Agreement unilaterally. 

3. For the avoidance of doubt, according to the Exclusive Call Option Agreement, if the PRC laws and regulations permit WFOE and/or other foreign or overseas
entities designated by the Proposed Listing Company to directly hold part or all of the equity and/or sponsor’s equity interest of Domestic Affiliates, and conduct restricted/prohibited business such as Private Education business through
Domestic Affiliates, WFOE shall issue a notice of equity purchase within the fastest possible time, and the equity purchaser shall purchase the amount of (direct and indirect) equity from the Lishui Mengxiang’s Shareholders no less than the
maximum amount of equity permitted to be held by WFOE and/or other foreign or overseas entities designated by the Proposed Listing Company in Domestic Affiliates under the laws of PRC at that time. This Agreement shall automatically terminate when
the equity purchasers have fully exercised their options to purchase all the (direct and indirect) equities held by Lishui Mengxiang’s Shareholders in Domestic Affiliates in accordance with the Exclusive Call Option Agreement.

  
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 Article IIX. Liability for Breach of Contract 

1. Any party who violates the provision under this Agreement which may result in the unenforceable of all or part of this Agreement, the defaulting Party shall
be liable for the breach and compensate the other Party for the losses (including the legal fees and attorneys’ fees arising thereof). 
 Article
IX. Confidentiality 
 1. The Parties acknowledge and determine that any oral or written information exchanged with respect to this Agreement is
confidential. All parties shall keep all such information confidential and shall not disclose any relevant information to any third party without the prior written consent of other parties, except in the following cases: 

a) The public is aware of or will be aware of such information (not disclosed to the public by the recipients without permission); 

b) Information required to be disclosed in accordance with the applicable laws and regulations, or the rules and regulations of stock exchange; 

c) Information required to be disclosed by any party to its legal or financial adviser for the transactions described in this Agreement, and the legal or
financial adviser is also subject to confidentiality obligations similar to these terms. 
 d) to disclose accordance with the relevant HongKong Listing
rules. 

  
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 2. The leak of confidential information by the staff or the institution it employs shall be deemed to be the
leak of confidential information of such Party, and such Party shall be liable for breach in accordance with this Agreement. 
 3. The Parties agree
this Article XI of this Agreement will continue to be effective irrespective of whether this Agreement is invalid, altered, dissolved, terminated or not operational. 

Article X. Force Majeure 
 1. If the liability of the
Parties under this Agreement shall not be fulfilled due to the event of force majeure, and the liabilities under this Agreement will be waived within the scope of force majeure. For the purposes of this Agreement, force majeure events include
only natural disasters, storms, tornadoes and other weather conditions, strikes, closures/shutdowns or other industry issues, wars, riots, conspiracy, enemy acts, terrorist acts or violent acts of criminal organizations, blockades, serious illnesses
or plagues, earthquakes or other crustal movements, floods and other natural disasters, bomb explosions or other explosions, fires, accidents, or government actions that result in failure to comply this Agreement. 

2. In the event of a force majeure event, the Party affected by the force majeure event shall endeavor to reduce and remove the effects of the force
majeure event and assume the responsibility of performing the delayed and blocked obligations under the Agreement. After the event of force majeure is lifted, the Parties agree to continue to perform this Agreement as far as possible. 

3. In the event of a force majeure event that may result in delays, prevention or threats to delay or prevent the performance of this Agreement, the
relevant Parties shall notify the other Parties in writing and provide all relevant information. 

  
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 Article XI. Changed Circumstances 

1. As supplement and without contravention of other terms of Contractual Agreements, if at any time, due to the enactment or revision of any PRC laws,
regulations or rules, or due to the amendment of the interpretation or application of such laws, regulations or rules, or due to changes in the registration process, that WFOE believes that the maintenance of this Agreement in force or the
acceptance of the right granted in the manner stipulated in this Agreement become illegal or violate such laws, rules and regulations, Trustee and the Target School shall immediately, in accordance with WFOE’s written instructions and the
reasonable requirements of WFOE, take the action and/or sign any agreement or other document, in order to: 
 a) keep this Agreement valid; and/or 

b) fulfill the intent and purpose of this Agreement by the way prescribed in this Agreement or by other means.

Article XII. Miscellaneous 
 1. The parties agree that
WFOE has the right to appoint other entities recognized by the Proposed Listing company (such as foreign-invested enterprises established by the Proposed Listing company in China) to sign and enforce the agreements which are similar to the
Contractual Agreements. The other parties of this Agreement shall give fully Cooperation and support. This agreement will automatically terminate from the date when the abovementioned agreements take effect. 

2. The conclusion, validity, interpretation, performance, modification and termination of this Agreement and the resolution of disputes shall be in accordance
with PRC laws. 

  
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 3. Any dispute or claim arising out of or in connection with this Agreement or the performance,
interpretation, breach, termination or validity of this Agreement shall be settled through friendly negotiation. The negotiation shall begin after the written negotiation request for a specific statement of the dispute or claim has been sent to
the other Party. If the dispute cannot be resolved within thirty (30) days of the delivery of the above notice, either party shall have the right to submit the dispute to arbitration for settlement. The parties agree to submit the dispute
to the China International Economic and Trade Arbitration Commission in Beijing for an arbitral award in accordance with the arbitration rules in force at that time. The arbitral award is final and is legally binding on all parties. The
arbitration commission shall have the power to award compensation or to compensate WFOE for any loss caused to it by any other party’s breach in respect of the sponsors’ equity interest, property interest or other assets, or to issue
corresponding injunctions (for the need of conducting business or compulsory transfer of assets), or adjudication of the dissolution and liquidation of the Target Schools and the School’ Sponsor. After the arbitration award takes effect, any
Party has the right to apply to the court with jurisdiction to enforce such an arbitration award. 
 After the arbitration award becomes effective, either
party shall have the right to apply to the court having jurisdiction for enforcement of the arbitration award. 
 4. At the request of a party to the
dispute, a court of competent jurisdiction has the power to grant temporary relief, such as withholding or freezing the equity interest, property interest or other assets judgment or order of the defaulting party. In addition to the courts in China,
the courts in Hong Kong, the courts in the Cayman Islands, the courts in the place where the major assets of the Proposed Listing company are located, and the courts in the place where the major assets of Domestic Affiliates are located shall also
be deemed to have jurisdiction for the above purposes. During the arbitration, the parties hereto shall continue to perform their other obligations hereunder except for the matters in dispute submitted for arbitration. 

5. Any rights, powers and remedies given to the Parties under any provision of this Agreement shall not exclude any other rights, powers or remedies that the
Party may have in accordance with the law and other terms of this Agreement, and that the rights, powers and remedies and the exercising of such rights, powers and remedies by one Party does not exclude the exercise of other rights, powers and
remedies available to such Party. 
 6. A Party’s failure to exercise or delay of the exercise of any of its rights, powers and remedies (hereinafter
referred to as “Rights of Such Party”) under this Agreement or the laws will not result in the waiver of the Rights of Such Party, and any single or partial waiver of the Rights of Such Party does not exclude the Party’s
exercise of the Rights of Such Party in other ways and the exercise of other Rights of Such Party. 
 7. The headings of each article of this agreement are
for index purposes only and in no event shall such headings be used or affect the interpretation of the provisions of this agreement. 

  
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 8. Each of the terms of this Agreement may be divided and independent of each other term. If at any time any
one or more of the terms of this Agreement become invalid, illegal or unenforceable, the validity, legality and enforceability of other provisions of this Agreement shall not affected. 

9. This Agreement is binding on the legal successors and assignees of the Parties. 

10. This agreement is drafted in Chinese language in ten counterparts, each of which shall be held each Party to this Agreement and has the same legal effect.

 (Signature Page Follows) 

  
 17 

 (This page is the signature page of the Proxy Agreement for the School’s Sponsor and Directors, and
is left blank intentionally.) 
  

			
	Zhejiang Lishui Mengxiang Education Development Co., Ltd. (seal)
		
		 	Signature of legal representative/authorized representative:
		
		 	 /s/

	
	Liandu Foreign Languages School (seal)
		
		 	Signature of legal representative/authorized representative:
		
		 	 /s/

	
	The Kindergarten of Liandu Foreign Languages School (seal)
		
		 	Signature of legal representative/authorized representative:
		
	  	 	 /s/

	
	Zhejiang Mengxiang Consulting Service Co., Ltd. (seal)
		
		 	Signature of legal representative/authorized representative:
		
		 	 /s/

  
 18 

							
	Number	  	School	  	 Appointed

Director
	  	Signature
				
	1.	  	Liandu Foreign Languages School	  	 Chen Guoliang
  

Ye Hong
  

Ye Fang
  

Ye Fen
  

Wei Biao
	  	
				
	2.	  	The Kindergarten of Liandu Foreign Languages School	  	 Wei Biao
  

Ye Fang
  

Shi Jixing
	  	

  
 19 

 Annex 1: The School’s Sponsor 

 

							
	Number	  	Target School	  	School’s Sponsor	  	The Ratio of the sponsor
interests
				
	1.	  	Liandu Foreign Languages School	  	Zhejiang Lishui Mengxiang Education Development Co., Ltd.	  	100%
				
	2.	  	The Kindergarten of Liandu Foreign Languages School	  	Zhejiang Lishui Mengxiang Education Development Co., Ltd.	  	100%

  
 20 

 Annex 2: Appointed Directors 

 

							
	No.	  	School	  	School’s Sponsor	  	Appointed Directors
				
	1	  	Liandu Foreign Languages School	  	Zhejiang Lishui Mengxiang Education Development Co., Ltd.	  	Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang
				
	2	  	The Kindergarten of Liandu Foreign Languages School	  	Zhejiang Lishui Mengxiang Education Development Co., Ltd.	  	Wei Biao, Ye Fang, Shi Jixing

  
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 Annex 3: Target School 

 

					
	No.	  	Target School	  	 The Ratio of Direct and Indirect

rights of Lishui Mengxiang

			
	1	  	Liandu Foreign Languages School	  	100%
			
	2	  	The Kindergarten of Liandu Foreign Languages School	  	100%

  
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 Annex 4: Sample Power of Attorney for the School’s Sponsor 

Power of Attorney for the School’s Sponsor 

This Power of Attorney is made by Zhejiang Lishui Mengxiang Education Development Co., Ltd. (Unified Social Credit Code: XXXXXX) on October, 2018 and
issued to Zhejiang Mengxiang Consulting Service Co., Ltd. (the “Trustee”). 
 The Company, Zhejiang Lishui Mengxiang Education
Development Co., Ltd., hereby grant to the Trustee a special power of attorney, authorizing the Trustee to exercise, as proxy of the company and on behalf of the company, the following rights enjoyed by the company in capacity of the company as
a sponsor of Liandu Foreign Languages School/the Kindergarten of Liandu Foreign Languages School (the “School”), including but not limited to: 
  

	(1)	 To appoint and/or elect of directors of the School; 

 

	(2)	 To appoint and/or elect the supervisor of the School; 

 

	(3)	 To access the information about the operation conditions and financial conditions of the School;

  

	(4)	 To consult the resolutions, records, financial and accounting statements and reports of the board of
directors’ meetings of the School in accordance with law; 

  

	(5)	 To obtain reasonable returns from the School’s Sponsor in accordance with law; 

 

	(6)	 To obtain the remaining property of the School after the liquidation in accordance with the law;

  

	(7)	 To transfer the School’s Sponsor interests in accordance with the law; 

 

	(8)	 To make a selection regarding the profitability and non-profitability
of the characteristic of the School in accordance with the laws, regulations or regulatory documents of the PRC; and 

  

	(9)	 Any other rights of the School’s Sponsor provided by other applicable laws and regulations of the PRC and
the Articles of Association of the School (as amended from time to time). 

  
 23 

 Proxy shall have the right to designate, and delegate such authority granted to proxy, to the proxy’s
directors or individuals designated by him/her. 
 If the Trustee’s civil rights are inherited or succeeded by the Successor or the liquidator due to
division, merger, liquidation and other reasons of the Trustee, the successor or the liquidator shall have the right to exercise all the above rights in place of the Trustee. 

The company irrevocably agrees that the authorization and entrustment recorded in this Letter of Authorization shall not be invalid, cancelled, impaired or
undergo other similar adverse change due to the increase, decrease or consolidation of the Company’s Sponsor Interests in the School or other similar events, except for the trustee’s written consent and/or confirmation that the Company no
longer hold the sponsor interest for the school. 
 The company irrevocably agrees that the authorization and entrustment recorded in this Power of Attorney
shall not be invalid, revoked, reduced or undergo any other similar adverse change due to the division, merger, bankruptcy, restructuring, dissolution, liquidation or other similar events of the Company. Such written authorization shall be an
integral part of the sponsor’s rights and interests of the Company in the school. Any acquisition and/or exercise of the sponsor’s rights and interests by any legal and/or contractual successors, assignees, agents or other similar persons
of the Company shall be deemed as an agreement to and an undertaking of the rights and obligations hereunder. 
 This Power of Attorney is a part of the
Proxy Agreement for School’s Sponsor and Directors, and matters not mentioned herein, including but not limited to, the applicable laws, the dispute resolution, the validity term, and the definitions and interpretations, are governed by the
relevant provisions of the Proxy Agreement for School’s Sponsor and Directors. 
 Hereby authorize. 

  
 24 

 Entrustor (Signature/Seal): 

YY/MM/DD 

  
 25 

 Annex 5: Sample Power of Attorney for School Directors 

Power of Attorney for School Directors 

This Power of Attorney is made by
                 (ID Card
No.:                ) on October        , 2018 and issued to
Zhejiang Mengxiang Consulting Service Co., Ltd. (the “Trustee”). I, hereby grant to the Trustee a special power of attorney, authorizing the Trustee to exercise or to delegate, as my proxy and on my behalf, the following rights
enjoyed by myself in my capacity as a director of                  (the “School”), including but not limited to: 

(1) To attend the board meeting of the school as my proxy; 
 (2)
To exercise voting rights on behalf of myself on all matters discussed and resolved by the Board of Directors of the School (including but not limited to appointment and dismissal of the Principal; amendment to the School Articles of Association and
school rules and regulations; formulation of development plans and approval of annual work plans; raising of school-running funds, examination and approval of budgets and final accounts; decision on the staffing quota and salary standards of the
teachers and staff members; decision on the division, merger, termination of the School, change of the sponsors and other matters; appointment and appointment of the members of the liquidation team of the Target School and/or their proxies, approval
of liquidation plans and liquidation reports, etc.); 
 (3) To propose to hold the board meeting of the School; 

(4) To execute any minutes of the board meeting, the board resolutions or other instruments which I, in my capacity as a director of the School, have the right
to execute; 
 (5) To instruct the legal representative, financial, business, administrative and other responsible persons of the school to act in accordance
with the intentions of the Trustee; 
 (6) To exercise other directors’ rights and voting rights under the Articles of Association of the School
(including such other director’s voting rights as provided after amendment to such Articles of Association); 
 (7) To complete legal procedures such as
the registration, examination and approval and license of the Target School with the education authority, civil affairs authority or other competent governmental authorities; and 

(8) Any other rights of the Directors provided by applicable laws and regulations of the PRC and the Articles of Association of the School (as amended from
time to time). 
 Proxy shall have the right to designate, and delegate such authority granted to proxy, to the proxy’s directors or individuals
designated by him/her. 

  
 26 

 If the Trustee’s civil rights are inherited or succeeded by the Successor or the liquidator due to
division, merger, liquidation and other reasons of the Trustee, the successor or the liquidator shall have the right to exercise all the above rights in place of the Trustee. 

I irrevocably agree that the authorizations and delegations set out herein shall not be held to be invalid, voidable, impaired or otherwise adversely affected
by my incapacity, limited capacity, death or other similar events, provided that with the written consent and/or confirmation of the Trustee I shall no longer serve as a director of the School. 

This Power of Attorney is a part of the Proxy Agreement for School’s Sponsor and Directors, and matters not mentioned herein, including but not limited
to, the applicable laws, the dispute resolution, the validity term, and the definitions and interpretations, are governed by the relevant provisions of the Proxy Agreement for School’s Sponsor and Directors. 

Hereby authorize. 
 Entrustor (Signature /Seal): 

YY/MM/DD 

  
 27EX-10.18

 Exhibit 10.18 

The Supplemental Agreement of the Proxy Agreement for 

School’s Sponsor and Directors 

Zhejiang Lishui Mengxiang Education Development Co., Ltd. 

Liandu Foreign Languages School 
 the Kindergarten of Liandu
Foreign Languages School 
 And 
 Ye Fen 

Wei Biao 
 Ye Fang 

Ye Hong 
 Chen Guoliang 

Shi Jixing 
 And 

Zhejiang Mengxiang Consulting Services Co., Ltd. 

November 29, 2018 

  
 1 

 This Supplemental Agreement of the Proxy Agreement for School’s Sponsors and Directors (hereinafter
referred to as “this Supplemental Agreement”) was signed by the following parties on November 29, 2018: 
 Party A: Zhejiang Lishui
Mengxiang Education Development Co., Ltd.. 
 Party B: Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang, Shi Jixing. 

Party C: Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School. 

Party D: Zhejiang Mengxiang Consulting Services Co., Ltd., a wholly foreign-owned enterprise legally incorporated and existing under the laws of PRC; Unified
Social Credit Code: XXXXXX; Address: Building 20, No. 99, Xianglong Street, Shuige Industrial Zone (Lijing Ethnic Industrial Zone), Liandu District, Lishui City, Zhejiang Province (hereinafter referred to as “WFOE”). 

Zhejiang Lishui Mengxiang Education Development Co., Ltd., Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang, Shi Jixing, Liandu Foreign Languages School, the
Kindergarten of Liandu Foreign Languages School and the WFOE shall be referred to individually as a “Party” and collectively as the “Parties”. 

Considering the Kindergarten of Liandu Foreign Languages School is no longer listed in the domestic affiliates of the proposed listing, the Parties agree as
follows through negotiation: 
 1. The Parties unanimously agree that, from the date hereof, the Kindergarten of Liandu Foreign Languages
School shall cease to be a party to the Proxy Agreement for School’s Sponsor and Directors (the “Original Proxy Agreement for School’s Sponsor and Directors”) executed by the Parties on October 13, 2018, and the
Original Proxy Agreement for School’s Sponsor and Directors should not be legally binding to the Kindergarten of Liandu Foreign Languages School. 

(1) Whereas Clause 1 of the Original Proxy Agreement for School’s Sponsor and Directors is revised as follows: the School’s Sponsor
shall hold the corresponding sponsor’s equity interest legally, in specific: Zhejiang Lishui Mengxiang Education Development Co., Ltd. holds 100% of the sponsor’s equity interest directly in Liandu Foreign Languages School pursuant to the
law. 

  
 2 

 (2) The definition of the “Domestic Affiliates” listed in the Article I of the
Original Proxy Agreement for School’s Sponsor and Directors is revised as follow: “Domestic Affiliates” means Zhejiang Lishui Mengxiang Education Development Co., Ltd and the schools of the restricted and prohibited education
held by Zhejiang Lishui Mengxiang Education Development Co., Ltd, including Liandu Foreign Languages School. 
 (3) Annex 1 of the Original
Proxy Agreement for School’s Sponsor and Directors is revised as follow: 
  

							
	 No.
	  	 Target School
	  	 School’s Sponsor
	  	 The ratio of sponsor

interests

	1	  	Liandu Foreign Languages School	  	Zhejiang Lishui Mengxiang Education Development Co., Ltd.	  	100%

 (4) Annex 2 of the Original Proxy Agreement for School’s Sponsor and Directors is revised as
follow: 
  

							
	 No.
	  	 School
	  	 School’s Sponsor
	  	 Appointed Directors

	1	  	Liandu Foreign Languages School	  	Zhejiang Lishui Mengxiang Education Development Co., Ltd.	  	Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang

  
 3 

 (5) Annex 3 of the Original Proxy Agreement for School’s Sponsor and Directors is
revised as follow: 
  

					
	 No.
	  	 Target School
	  	 The Ratio of Direct and Indirect

rights of Lishui Mengxiang

	1	  	Liandu Foreign Languages School	  	100%

 (6) The Kindergarten of Liandu Foreign Languages School shall be deleted from the Annex 4 of the
Original Proxy Agreement for School’s Sponsor and Directors. And Zhejiang Lishui Mengxiang Education Development Co., Ltd. shall re-execute the Power of Attorney for The School’s Sponsor (hereinafter
referred to as “the New Power of Attorney for the School’s Sponsor”, See Annex 1 hereto.) on the date hereof. The Power of Attorney for The School’s Sponsor signed by Zhejiang Lishui Mengxiang Education Development Co.,
Ltd. on October 13, 2018 shall be invalid as of the date when the New Power of Attorney for The School’s Sponsor is signed. 
 (7)
The New Power of Attorney for Director (hereinafter referred to as “the New Power of Attorney for Director”, see Annex 2 hereto.) shall be signed by Ye Fen, Wei Biao, Ye Fang, Ye Hong, and Chen Guoliang. The Power of Attorney for
Director signed by Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang and Shi Jixing on October 13, 2018 shall be invalid as of the date when the New Power of Attorney for Director is signed. 

2. The Parties agree that the Original Proxy Agreement for School’s Sponsors and Directors shall continue to be valid for all Parties
except the Kindergarten of Liandu Foreign Languages School. 
 3. This Supplemental Agreement shall take effect immediately upon being
executed by the Parties. This Supplemental Agreement shall be a part of the Original Proxy Agreement for School’s Sponsor and Directors. In case of any inconsistency between the Original Proxy Agreement for School’s Sponsor and Directors
and this Supplemental Agreement, this Supplemental Agreement shall prevail. 
 4. The governing law and dispute resolution clauses of this
Supplemental Agreement are the same as the Original Proxy Agreement for School’s Sponsor and Directors. 
 5. This Supplemental
Agreement is drafted in Chinese language in ten counterparts, each of which shall be held each Party to this Agreement and has the same legal effect. 

(Signature Pages Follow) 

  
 4 

 (This page is the Signature Page of the Supplemental Agreement of the Proxy Agreement for
School’s Sponsor and Directors, and is left blank intentionally.) 
  

	
	Zhejiang Lishui Mengxiang Education Development Co., Ltd. (seal)
	
	Signature of legal representative/authorized representative:
	
	 /s/

  

	
	Liandu Foreign Languages School (seal)
	
	Signature of legal representative/authorized representative:
	
	 /s/

  

	
	The Kindergarten of Liandu Foreign Languages School (seal)
	
	Signature of legal representative/authorized representative:
	
	 /s/

	
	Zhejiang Mengxiang Consulting Service Co., Ltd. (seal)
	
	Signature of legal representative/authorized representative:
	
	 /s/

  

			
	 Directors
	  	Signature
	Ye Fen	  	
	Wei Biao	  	
	Ye Fang	  	
	Ye Hong	  	
	Chen Guoliang	  	
	Shi Jixing	  	

  
 5

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