Document:

EX-10.12

 Exhibit 10.12 

Exclusive Call Option Agreement 

This Exclusive Call Option Agreement (hereinafter referred to as the “Agreement”), amended based on the Exclusive Call Option
Agreement dated February 5, 2018, was signed by the following parties on February 25, 2018 in Beijing of the People’s Republic of China: 
  

	Party A:	Purong (Beijing) Information Technology Co., Ltd., a wholly foreign-owned enterprise legally established and subsisting under the laws of the PRC with a unified social credit code of 91110108MA019R588L and a
registered address of 0807 & 0808, Floor 7, Block 1, 113 Zhichun Road, Haidian District, Beijing 

  

	Party B:	Sha Yunlong, Chinese citizens, ID no. is [                ] 

Xiao Yun, Chinese citizen, ID no. is [                ]

 Gao Liang, Chinese citizen, ID no. is
[                ] 
 Li Gang, Chinese citizen, ID no.
is [                ] 
 Tianjin Puxian Education and
Technology Limited Partnership, a limited partnership legally established and subsisting under the laws of the PRC with its unified social credit code of 91120222300648730X and the registered address at
223-1, 8 Xingfu Road, Dajianchang Town, Wuqing District, Tianjin. 
 Shanghai Trustbridge
Investment Management Co., Ltd, a limited liability company legally established and subsisting under the laws of the PRC with its unified social credit code of 9131011479447504XP and the registered address at Room 7504, No. 7, Lane 1028,
Fengdeng Road, Malu Town, Jiading District, Shanghai. 
 Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited
Partnership, a limited partnership legally established and subsisting under the laws of the PRC, with the unified social credit code of 91330206MA28YH3T6T and the registered address at Room 4005, No. 11 Office Building, Business Center,
Meishan Avenue, Beilun District. 
  

	Party C:	Puxin Education Technology Group Co., Ltd., a limited liability company legally established and subsisting under the laws of the PRC with its unified social credit code of 91110108317937192W and the registered
address at 05-535, 8th floor, 18 Zhongguancun Avenue, Haidian District, Beijing 

  
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 (Party A, Party B and Party C are individually referred to as “one party”, collectively referred
to as the “parties”.) 
 Whereas: 
 Party B
holds a total of 100% equity of Party C. All the above parties, upon amicable negotiations, hope to reach this Agreement in respect of the purchase by Party A or the third party designated by Party A of Party C’s equity held by Party B for
joint compliance. 
 The parties have reached a consensus and the following agreement: 

 

	1.	Exclusive call option 

  

	 	1.1	From the date of signing this Agreement, Party A shall be entitled at any time under the following circumstances to request Party B (subject to the specific requirements of Party A) to transfer all or part of 100%
equity of Party C held by Party B (hereinafter referred to as the “subject equity”) in accordance with the consideration as stipulated in Article 3 of this Agreement. Party B shall transfer the subject equity to Party A or a third
party designated by Party A at Party A’s request and complete the corresponding change of industrial and commercial registration: 

  

	 	(1)	Where the PRC laws and regulations permit Party A or a third party designated by Party A to hold all or part of the subject equity; or 

 

	 	(2)	Any other circumstances that Party A deems appropriate or necessary as far as legally permissible under the PRC laws and regulations. 

Party A’s call options under this Agreement are exclusive, unconditional and irrevocable. 

 

	 	1.2	All parties agree to be bound by the terms and conditions of this Agreement and Party A shall be entitled, at its own discretion, to exercise all or part of the exclusive call options and acquire all or part of the
subject equity without violating the then PRC laws. All parties further agree that Party A shall not be subject to any restriction on the time, method, quantity and frequency of exercising the exclusive call options as stipulated in this Agreement.

  
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	 	1.3	Subject to the terms and conditions of this Agreement, all parties agree that Party A may designate any third party to exercise its exclusive call option to purchase all or part of the subject equity without violating
the then PRC laws. Unless expressly prohibited by PRC laws, Party B shall not refuse to transfer all or part of the subject equity to the designated third party. 

  

	 	1.4	Party B shall not transfer the subject equity to any third party without the prior written consent of Party A before transferring all the subject equity to Party A or a third party designated by Party A in accordance
with the provisions of this Agreement, i.e. before Party B no longer holds any equity in Party C. Except for the Equity Pledge Agreement separately signed by Party A and Party B, Party B shall not pledge the subject equity to any third party or
impose any encumbrance on the subject equity. 

  

	 	1.5	Party B agrees that before transferring the subject equity to Party A by Party B, where Party B obtains dividends, bonuses or any assets distributed from Party C, subject to the compliance with the relevant PRC laws and
regulations, upon payment of the taxes as required by the relevant laws and regulations, Party B, as the shareholder of Party C, shall deliver such dividends, bonuses or any assets at no charge to Party A or a third party designated by Party A as
soon as possible not later than three days from the date of receiving such distributed proceeds. 

  

	2.	Procedures 

  

	 	2.1	Where Party A decides to exercise the exclusive call option pursuant to the provisions of Article 1.1 above, Party A shall issue a written notice (refer to the format as shown in Appendix III to this Agreement) to Party
B and state in the notice the proportion or quantity of the subject equity to be transferred, and the name and identity of the transferee. Party B and Party C shall provide all the necessary information and documents for the transfer of equity
interests within seven days from the date of the notification by Party A, including but not limited to the “Equity Transfer Contract” and “Letter of Consent” signed in accordance with the format stipulated in Appendices I and II
to this Agreement. 

  
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	 	2.2	Except the notice as set forth in Article 2.1 of this Agreement, Party A shall have no other conditions or procedures precedent or incidental to the exercise of the option right to purchase the subject equity.

  

	 	2.3	Party B shall instruct Party C to convene a shareholders’ meeting in time. At this meeting, a resolution to approve the transfer of the subject equity to Party A and / or the appointee by Party B shall be passed;

  

	 	2.4	Party B shall provide Party C with necessary and prompt coordination to assist Party C in completing the examination and approval formalities with the examination and approval authorities (if required by law) in
accordance with the applicable PRC laws and completing the equity transfer formalities with the administration for industry and commerce. 

  

	 	2.5	The date on which the exercise of exclusive call option is completed is the date on which all transfer formalities of the entire 100% equity in Party C has been completed in accordance with this Exclusive Call Option
Agreement. 

  

	3.	Transfer price  

  

	 	3.1	All parties confirm that, without violating the PRC laws and regulations, the subject equity shall be transferred at no charge or transferred at the lowest price permitted by the PRC laws and regulations. Where the
subject equity is to be transferred by installments or in stages, the amount of the corresponding transfer price shall be determined based on the specific transfer time and the proportion of subject equity to be transferred. 

 

	 	3.2	Where the subject equity is not transferred by way of free transfer, Party B agrees that, when Party A or a third party designated by Party A exercises its rights, the entire exercise price received thereof by Party B
shall be given as a gift at no charge to Party C or given as a gift in full amount to Party A or a third party designated by Party A at Party A’s request. 

  

	 	3.3	The taxes and expenses incurred due to the transfer of the subject equity (including the gift of the price) shall be borne by each party respectively pursuant to the law. Agreement otherwise made between the transferor
and the transferee shall be complied with. 

  
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	4.	Representation, guarantee and undertaking  

  

	 	4.1	Each party hereby represents and assures to the other party as follows: 

  

	 	(1)	The party has all the necessary rights, powers and authorization to sign this Agreement and fulfil all the obligations and responsibilities under this Agreement; 

 

	 	(2)	The Party has passed all necessary internal procedures for signing, delivering and performing this Agreement and has obtained all necessary internal and external authorizations and approvals; 

 

	 	(3)	This Agreement and each of the Equity Transfer Contracts for which the party is one of the parties, once signed, constitute or will constitute a legal, valid and binding obligation and be enforceable in accordance with
its terms; 

  

	 	(4)	Signing and performance of this Agreement shall not contravene, be in breach of or contrary to (i) any of the business licences of each party or any of the provisions of its articles of association, (ii) any
laws, rules, regulations, authorizations or approvals of any government agencies or departments applicable to each party, or (iii) any of the provisions of the contracts and agreements in which each party is a signatory or principal body;

  

	 	(5)	Party C does not have any outstanding debts except for debts incurred in its normal course of business, and debts which has been disclosed to Party A and agreed in writing by Party A, 

 

	 	(6)	Party C complies with all laws and regulations applicable to the acquisition of assets; and 

  

	 	(7)	No litigation, arbitration or administrative proceedings relating to the subject equity, Party C’s assets or Party C is pending or threatened. 

 

	 	4.2	Party B and Party C severally and jointly make further representations, guarantees and undertakings to Party A as follows: 

  

	 	(1)	On the effective date of this Agreement, Party B is a Chinese national or an entity established and validly subsisting under the PRC laws, which legally owns the entire equity of Party C and has full and effective
disposition rights over such equity. Party C’s registered capital has been fully paid up. Except for the pledges as stipulated in the “Equity Pledge Agreement” signed by each party and other rights agreed in writing by Party A, Party
B has no mortgage, pledge, guarantee or other third party rights in the equity of Party C owned by Party B, and shall not be liable to third parties for recourse; and no third party shall be entitled to demand the allotment, issue, sale, transfer or
conversion of any Party C’s equity under any option, conversion option, preemptive right or other agreement in such party’s favour; 

  
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	 	(2)	During the validity period of this Agreement, except for the pledges set forth in the “Equity Pledge Agreement” signed by all parties or with the prior written consent of Party A, Party B shall not transfer
any equity of Party C to any third party or grant any options, conversion rights, pre-emptive rights to any third party or sign other agreements with third parties to allot, issue, sell, transfer or convert
any of Party C’s equity or to set up any collateral, pledge or other form of guarantee or other third party rights and interests to such third parties, and to ensure that Party B shall not be liable to third parties for recourse;

  

	 	(3)	Without the prior written consent of Party A, other party / parties shall not supplement, change or amend Party C’s Articles of Association in any form, increase or decrease its / their registered capital, or
otherwise change its / their registered capital structure, unless otherwise stipulated in other agreements signed by all parties or except for amendments to be made as required by laws and regulations; 

 

	 	(4)	Without the prior written consent of Party A, no major contract shall be signed or the scope of business operation shall be changed; 

 

	 	(5)	Subject to the relevant PRC laws and regulations, Party B and Party C shall extend the operating period of Party C in accordance with the permitted period of operation of Party A, so as to make it equal to Party
A’s operating period or set and adjust the operating period of Party C at Party A’s request in accordance with the requirements of PRC laws; 

  

	 	(6)	Maintain the existence of Party C, obtain and maintain all the government permits and licences required of Party C to perform its business in accordance with sound financial and commercial standards and practices, and
conduct its business and deal with its business matters in a prudent and effective manner; 

  
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	 	(7)	During the validity period of this Agreement, Party B and Party C will use their best efforts to maintain and increase the value of Party C’s assets. Party B and Party C shall not terminate any material agreement
to which Party C is a party or shall not enter into any agreement that would affects Party C’s assets and financial position without the prior written consent of Party A. 

 

	 	(8)	Without the prior written consent of Party A, no debts shall be incurred, inherited, guaranteed or permitted, except for those payables incurred in the ordinary or usual course of business but not incurred by way of
borrowing; 

  

	 	(9)	Party C shall not merge with any entity or acquire or make foreign investments in any entity without the prior written consent of Party A; 

 

	 	(10)	Promptly notify Party A of all occurrences or possible occurrences of any litigation, arbitration, administrative investigation or conduct which may substantially affect Party C’s assets, business or income;

  

	 	(11)	Without the prior written consent of Party A, no dividend shall be distributed to shareholders in any form; 

  

	 	(12)	From the date of signing this Agreement, without the prior written consent of Party A, the party / parties shall not sell, transfer, license or otherwise dispose of any of Party C’s assets at any time or allow any
encumbrance of any assets, provided that Party C can prove that the disposal of the relevant assets or the encumbrances of the assets are treated as necessary for their daily business operations and the value of the assets involved in a single
transaction does not exceed RMB100,000; and 

  

	 	(13)	Unless required by the PRC laws, Party C shall not be dissolved or liquidated without the written consent of Party A. If Party C is liquidated or dissolved within the validity period of this Agreement, Party B and Party
C shall appoint Party A’s nominees to form a liquidation team to manage Party C’s property within the scope permitted by PRC laws and regulations. Party B confirms that when Party C is liquidated or dissolved, Party B agrees to deliver all
the remaining property obtained from liquidation of Party C in accordance with the PRC laws and regulations to Party A or a third party designated by Party A, regardless of whether the above-mentioned agreement of this Article is implemented or not.

  
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	5.	Applicable law and dispute resolution 

  

	 	5.1	Applicable law 

 The laws of the People’s Republic of China shall apply to the signing,
validity, interpretation, performance, amendment and termination of this Agreement and the resolution of disputes under this Agreement. 
  

	 	5.2	Method of dispute resolution 

 Any dispute that may arise during the performance of this
Agreement shall be settled through amicable negotiations by all parties involved. Where the negotiation fails, either party may submit the dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with
the prevailing arbitration rules of such arbitration institution. The place of arbitration is Beijing, the arbitration language is Chinese, and the arbitral award is final and binding on all parties. Except for the part that is being submitted to
arbitration, the rest of this Agreement shall remain in force. The validity of this Article is not subject to the impact from the change, cancellation or termination of this Agreement. 

 

	6.	Liability for default 

  

	 	6.1	Where a party fails to fulfil any of its obligations under this Agreement or any representations or guarantees of such party under this Agreement are substantially untrue or inaccurate, such Party shall be in breach of
this Agreement and shall be liable for compensation of all losses of other parties. 

  

	 	6.2	Regardless of whether this Agreement is changed, cancelled or terminated, these terms are legally binding. 

  

	7.	Termination 

  

	 	7.1	This Agreement shall enter into force on the date of signing by all parties and shall not be terminated until Party A or the third party designated by it exercises the option pursuant to the Agreement and acquires the
entire 100% equity in Party C, or until 30 days after the date Party A issues a written notice to the other parties regarding the cancellation of the Agreement. Subject to the laws and regulations, when the Agreement is cancelled, Party B shall
repay in full the transfer price (if any) paid by Party A or the third party designated by it. 

  
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	 	7.2	Unless otherwise provided by laws, neither Party B nor Party C shall have the right to terminate or rescind this Agreement in any case. 

 

	8.	Notice 

  

	 	8.1	All notices and other communications required or permitted to be made pursuant to this Agreement shall be sent either by hand or by postage prepaid registered mail, courier service or facsimile to the following address
of such party. An acknowledgement receipt shall be sent for each notice via email. The date on which such notices are deemed to be validly served shall be determined as follows: 

 

	 	8.1.1	Notices sent by hand delivery, courier service or postage prepaid registered mail shall be deemed to be validly served on the day of delivery or rejection at the specified recipient address of the notice.

  

	 	8.1.2	Notices, if sent by facsimile, shall be deemed to be validly served on the day of successful transmission (as proved by the automatically generated transmission confirmation). 

 

	 	8.2	For the purpose of notification, the addresses of all parties are as follows: 

 Party A:

  

	 	Address:	0807 & 0808, Floor 7, Block 1, 113 Zhichun Road, Haidian District, Beijing 

  

	 	Recipient:	Tan Chunxiang 

  

	 	Tel:	010-82605578 

  

	 	Party B:	Party B other than Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership and Shanghai Trustbridge Investment Management Co., Ltd. 

 

	 	Address:	Floor 16, Chuangfu Building, 18 Danleng Street, Haidian District, Beijing 

  

	 	Recipient:	Tan Chunxiang 

  

	 	Tel:	010-82605578 

  
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	 	Party B:	Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership and Shanghai Trustbridge Investment Management Co., Ltd. 

 

	 	Address:	No. 655 Haike Road, Pudong New Area, Shanghai 

  

	 	Recipient:	Lin Ning 

  

	 	Tel:	8621-50106188 

  

	 	Party C:	

  

	 	Address:	Unit 05-535, 8 Floor, 18 Zhongguancun Avenue, Haidian District, Beijing 

  

	 	Recipient:	Tan Chunxiang 

  

	 	Tel:	010-82605578 

  

	 	8.3	Any party may change the recipient address of its notice at any time by giving notice to other parties in accordance with the provisions of this Article. 

 

	9.	Confidentiality 

 All parties confirm that any oral or written information
exchanged by them for the purposes of this Agreement is confidential. Each party shall keep all such information confidential and shall not disclose any relevant information to any third party without the prior written consent of the other parties,
except where: (a) the public is aware of or will be aware of such information (But this is not due to public disclosure by one of the parties receiving the information); (b) information required to be disclosed by applicable laws or the rules
or provisions of any stock exchange; or (c) information required to be disclosed by either party to its legal adviser or financial adviser as to the transactions stipulated under this Agreement and the legal adviser or financial adviser is also
subject to the confidentiality obligations similar to the obligations set forth in this Article. The disclosure of any confidential information by a staff member or agency employed by either party shall be deemed to be such party’s disclosure
of such confidential information and such party shall be legally liable for any violation of this Agreement. This Article shall remain in force irrespective of whether this Agreement is terminated for any reason. 

 

	10.	Further assurance  

 All parties agree to promptly sign documents necessary or
conducive to them for the purpose of implementation of various provisions and purposes of this Agreement and take further action that is necessary or conducive to them for the purpose of implementation of various provisions and purposes of this
Agreement. 

  
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	11.	Others 

  

	 	11.1	Revision, change and supplement 

 Any amendments, changes and supplements to this Agreement
must be signed in writing by all the parties. 
  

	 	11.2	Title 

 The title of this Agreement is for readability only and shall not be used to interpret,
explain or otherwise affect the meaning of the provisions of this Agreement. 
  

	 	11.3	Language 

 This Agreement is prepared in Chinese in quadruplicate. Each copy has the same legal
effect. 
  

	 	11.4	Divisibility 

 In the event that one or more of the provisions of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any law or regulation, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. All parties shall, through bona
fide negotiations, seek to replace such invalid, illegal or unenforceable provisions with valid provisions permitted by laws and within the maximum extent of expectations of all parties, and the economic effect resulting from such valid provisions
shall be similar to the economic effect resulting from such invalid, illegal or unenforceable provisions as much as possible. 
  

	 	11.5	Successor 

 This Agreement shall be binding and conducive to the respective successors of the
parties and to the transferee(s) permitted by such parties. 

  
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	 	11.6	Force majeure 

 A force majeure event means any event unforeseen by any party at the time of
signing this Agreement that cannot be avoided, controlled and overcome (including but not limited to earthquake, typhoon, flood, fire, strike, war or riot, etc.). 

In view of the fact that the force majeure event affects the performance of this Agreement, in the event of force majeure, the party shall
forthwith (i) notify the remaining parties in the form of telegraph, facsimile or other electronic means and submit the written evidence of force majeure within fifteen (15) working days; (ii) take all reasonable and possible measures
to eliminate or mitigate the effects of force majeure event and to resume the fulfillment of its obligations upon the elimination or mitigation of the effects of force majeure event. 

 

	 	11.7	Abstention 

 Either party may abstain from voting on the terms and conditions of this Agreement
but such abstention must be in writing and signed by all parties. Abstention by either party of breach of contract by the other parties under certain circumstances shall not be regarded as abstention by such party in similar case of breach of
contract under other circumstances. 
  

	 	11.8	Remaining in force 

 Any obligations arising from this Agreement or expired prior to the expiry
or early termination of this Agreement shall remain in force upon expiry or early termination of this Agreement. 
  

	 	11.9	Complete contract 

 Except for written amendments, supplements or changes made upon the signing
of this Agreement, this Agreement, once signed, constitutes the complete agreement reached between the parties to this Agreement in respect of the transactions under this Agreement and shall supersede any and all oral or written undertakings,
memorandums, agreements or any other documents previously made in respect of the subject matter of this Agreement. 
 (The remainder of this
page is intentionally left blank.) 

  
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 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party A: Purong (Beijing) Information Technology Co., Ltd. (Seal) 

Authorized representative (signature): /s/ Sha Yunlong 

/s/ Seal of Purong (Beijing) Information Technology Co., Ltd. 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party B:     

ShaYunlong 
 Signature: /s/ Sha Yunlong 

Xiao Yun 
 Signature: /s/ Sha Yunlong 

Gao Liang 
 Signature: /s/ Sha Yunlong 

Li Gang 
 Signature: /s/ Sha Yunlong 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party B: 

Tianjin Puxian Education and Technology Limited Partnership (Seal) 

Authorized representative (signature): /s/ Sha Yunlong 

/s/ Seal of Tianjin Puxian Education and Technology Limited Partnership 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party B: 
 Ningbo
Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership (Seal) 
 Authorized representative (signature): /s/ Wu Zhiguang

 /s/ Seal of Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party B: 

Shanghai Trustbridge Investment Management Co., Ltd. (Seal) 

Authorized representative (signature): /s/ Li Shujun 
 /s/
Seal of Shanghai Trustbridge Investment Management Co., Ltd. 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party C: Puxin Education Technology Group Co., Ltd. (Seal) 

Authorized representative (signature): /s/ Sha Yunlong 

/s/ Seal of Puxin Education Technology Group Co., Ltd. 

 Appendix I 

Equity Transfer Contract 

This Equity Transfer Contract (hereinafter referred to as “this Contract”) was entered into by the following parties this
         day of             , 20         in
[                ] Municipality in China: 
 Transferor:
    [                ] 
 Transferee:
    [                ] 
 Upon amicable
negotiations, the above two parties have reached an agreement on equity transfer as follows: 
 1. The transferor agrees to transfer the
[                ] % equity (the “subject equity”) of Puxin Education Technology Group Co., Ltd. held by it to the transferee in RMB Yuan, and the transferee
agrees to assign such subject equity. 
 2. Upon completion of the transfer of the subject equity, the transferor no longer has the
shareholders’ rights of the subject equity and the shareholders’ obligation to undertake the subject equity. The transferee has the shareholders’ rights of the subject equity and the shareholders’ obligation to undertake the
subject equity. 
 3. For matters not covered in this Contract, both parties may sign a supplementary agreement. 

4. This Contract shall come into effect from the date of signing by both parties. 

5. This Contract is in quadruplicate. Each party holds a copy and other copies are used for industrial and commercial change. 

Transferor: [                ]     

Signature:     
 Transferee:
[                ] 
 Signature: 

 Appendix II 

Letter of Consent 
 To: Purong (Beijing)
Information Technology Co., Ltd.     
 As a shareholder of Puxin Education Technology Group Co., Ltd. (the “Company”), I
hereby agree and confirm as follows: 
  

	 	1.	Agree and accept all terms and conditions of the “Exclusive Call Option Agreement” signed by the Company and myself with Purong (Beijing) Information Technology Co., Ltd. (“WFOE”) this
        day of             , 20        , and take all actions to assist WFOE in the transfer of relevant
equity interests when exercising the exclusive call option over the Company’s equity in WFOE pursuant to the provisions of such agreement. 

  

	 	2.	Agree other shareholders of the Company to transfer the Company’s equity held by them to WFOE or its designated third party, and I abstain from the preemptive right. 

 

	 	3.	Agree that when other shareholders of the Company transfer the Company’s equity held by them to WFOE or its designated third party, I will sign or provide the necessary documents for the purpose of the equity
transfer. 

 Sincerely, 

  [                ] 

Signature: 

 Appendix III 

Exercise Notice 
 To: All shareholders of Puxin
Education Technology Group Co., Ltd.; and / or Puxin Education Technology Group Co., Ltd. 
 In view of the signing of an “Exclusive Call Option
Agreement” this          day of             , 20         between the Company and you, it is agreed that,
subject to the conditions permitted by the relevant PRC laws and regulations, you shall, pursuant to the requirements of the Company, sell to the Company or the transferee designed by the Company all or part of the equity interest in Puxin Education
Technology Group Co., Ltd. held by you. 
 Accordingly, the Company hereby issues this notice to you as follows: 

The Company hereby requires the exercise of the option under the “Exclusive Call Option Agreement” for the purchase of the equity held by you,
accounting for [    ]% of registered capital of Puxin Education Technology Group Co., Ltd. (“equity to be transferred”), by the Company / the transferee designated by the Company at a price of RMB
[    ] yuan. Please, upon receipt of this notice, immediately handle the necessary formalities for the sale of all the equity to be transferred to the Company / the transferee designated by the Company pursuant to the agreement
of the “Exclusive Call Option Agreement”. 
 Purong (Beijing) Information Technology Co., Ltd. (Seal) 

Authorized representative (Signature): __________________ 

Date:EX-10.13

 Exhibit 10.13 

Equity Pledge Agreement 

This Equity Pledge Agreement (hereinafter referred to as the “Agreement”), amended based on the Equity Pledge Agreement dated
February 5, 2018, was signed by the following parties on February 25, 2018 in Beijing of the People’s Republic of China: 
  

	Party A:	Purong (Beijing) Information Technology Co., Ltd. , a wholly foreign-owned enterprise legally established and subsisting under the laws of the PRC with a unified social credit code of 91110108MA019R588L and a
registered address of 0807 & 0808, Floor 7, Block 1, 113 Zhichun Road, Haidian District, Beijing 

  

	Party B:	Sha Yunlong, Chinese citizens, ID no. is [                ] 

Xiao Yun, Chinese citizen, ID no. is [                ]

 Gao Liang, Chinese citizen, ID no. is
[                ] 
 Li Gang, Chinese citizen, ID no.
is [                ] 
 Tianjin Puxian Education and
Technology Limited Partnership, a limited partnership legally established and subsisting under the laws of the PRC with the unified social credit code of 91120222300648730X and the registered address at
223-1 8 Xingfu Road, Dajianchang Town, Wuqing District, Tianjin. 
 Shanghai Trustbridge
Investment Management Co., Ltd., a limited liability company legally established and subsisting under the laws of the PRC with its unified social credit code of 9131011479447504XP and the registered address at Room 7504, No. 7, Lane 1028,
Fengdeng Road, Malu Town, Jiading District, Shanghai. 
 Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited
Partnership, a limited partnership legally established and subsisting under the laws of the PRC, with the unified social credit code of 91330206MA28YH3T6T and the registered address at Room 4005, No. 11 Office Building, Business Center,
Meishan Avenue, Beilun District. 
  

	Party C:	Puxin Education Technology Group Co., Ltd., a limited liability company legally established and subsisting under the laws of the PRC with the unified social credit code of 91110108317937192W and the registered
address at 05-535, 8th floor, 18 Zhongguancun Avenue, Haidian District, Beijing 

  
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 (Party A, Party B and Party C are individually referred to as “one party”, collectively referred
to as the “parties”.) 
 Whereas : 
  

	(1)	Party A, Party B and Party C have respectively signed the agreements as set out in Appendix I to this Agreement (hereinafter collectively referred to as the “Master Contract”); and

  

	(2)	Party B holds a total of 100% equity of Party C; Party B intends to pledge its own 100% equity of Party C to Party A unconditionally, as the guarantee for performance of all the obligations under the Master Contract by
Party B, Party C and Party C’s subsidiaries. Party A also agrees to accept the above-mentioned guarantee interests (hereinafter referred to as the “pledge”). 

In view of this, the three parties, namely Party A, Party B and Party C have, upon amicable negotiations, reached the following agreements for joint
compliance: 
 1. Pledge 
 Party B agrees to
unconditionally and irrevocably pledge all of its own 100% equity of Party C (hereinafter referred to as “pledged equity”) to Party A, as the guarantee for performance of all the obligations under the Master Contract by Party B and
Party C. 
 2. Scope of guarantee 
 The guarantee of
pledged equity under this Agreement covers all the obligations of Party B and Party C under the Master Contract (including but not limited to any monies, dividends, bonuses or any assets, liquidated damages, damages due but not paid to Party A etc.)
and the expenses incurred for realizing main creditor’s rights and pledges, as well as all other related costs, but not limited to the amount of secured creditor’s rights as recorded in the administration for industry and commerce. 

  
 2 

 3. Pledge period and cancellation of the pledge 

3.1 The pledge of equity under this Agreement has been established since its registration with the administration for industry and commerce to which Party C
belongs, and terminated until all of the Master Contract has been fulfilled, lapsed or terminated (whichever is later), and all the secured debts agreed in Article 2 have been settled. All parties jointly confirm that, for the purpose of
handling the industrial and commercial registration formalities for the pledge of equity, all parties shall submit this Agreement or an equity pledge contract (hereinafter referred to as the “Industrial and Commercial Registration Pledge
Contract”), which is signed in the form required by the administration for industry and commerce of the place where Party C is located and truly reflects the pledge information under this Agreement. For matters not stipulated in the Industrial
and Commercial Registration Pledge Contract, this Agreement shall prevail. During the term of the pledge, if Party B or Party C fails to fulfil any of its obligations under the Master Contract, or in the event of occurrence of any default as
stipulated in Article 6.1 of this Agreement, Party A shall have the right but not be obliged to dispose of the pledged equity in accordance with the provisions of this Agreement. 

3.2 After all of the Master Contract has been fulfilled, lapsed or terminated (whichever is later), and Party B and/or Party C fully and completely fulfilled
all of the contractual obligations under the Master Contract and all the secured debts agreed in Article 2 of this contract have been settled, Party A shall, at the request of Party B, terminate the pledge of equity under this Agreement, and
cooperate with Party B in handling the registration cancellation of the pledge of equity registered in the register of shareholders of Party C and in the administration for industry and commerce. The expenses arising from cancellation of the pledge
of equity shall be borne by Party C. 
 4. Pledge registration and custody of pledge record 

 

	 	4.1	Party B and Party C undertake to Party A that Party B and Party C will (i) record the pledge of equity under this Agreement on the register of shareholders of Party C as set out in Appendix II at the date of
signing this Agreement and deliver the register of shareholders recording the pledge of equity to Party A for its custody; (ii) within thirty (30) working days from the date of signing this Agreement or within the fastest time limit as may
be practicable, file record of the registration of the aforementioned pledge of equity with the relevant industrial and commercial registration authorities, and obtain a written certificate of registration filing from such registration authorities.
Subject to the other provisions of this Agreement, during the term of this Agreement, Party C’s register of shareholders shall be kept by Party A or its designated officers, except for the registration and amendments necessary for the operation
of Party C. 

  
 3 

	 	4.2	Party B and Party C further undertake that after the signing of this Agreement, Party B may increase capital contribution to Party C with the prior consent of Party A, provided that the equity arising from any increase
in Party C’s equity by Party B is part of the pledged equity under this Agreement. Party B and Party C are obliged to make any necessary amendments to the register of shareholders and the amount of their capital contribution in the relevant
company immediately after completion of the relevant capital increase and fulfil the pledge registration procedures stipulated in Article 4.1. 

  

	 	4.3	All expenses and actual expenses related to this Agreement, including but not limited to registration fee, production costs, stamp duty and any other taxes, fees, etc., shall be borne by Party A in accordance with the
provisions of the relevant laws and regulations. 

  

	 	4.4	During the period of pledge stipulated in this Agreement, Party B shall deliver the certificate of capital contribution to Party A for its custody within one week after the signing of this Agreement. Party A shall keep
such document for the entire period of the pledge stipulated in this Agreement. During the period of the pledge, Party A shall have the right to receive dividends arising from the pledged equity. 

5. Undertaking and guarantee of Party B and Party C 

Party B and Party C shall severally and jointly undertake and guarantee to Party A as follows: 

 

	 	5.1	Party B is the legal owner of the pledged equity and there is no dispute over the ownership of the relevant pledged equity that has been or may have occurred. Party B has the right to dispose of pledged shares and any
part thereof, and such right of disposal shall not be restricted by any third party. 

  

	 	5.2	Except for this Agreement and the “Exclusive Call Option Agreement” signed by all the related parties, Party B has not set any other pledge or third party rights on the pledged shares. 

  
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	 	5.3	Party B and Party C fully understand the contents of this Agreement. The signing and performance of this Agreement are voluntary and all the representations are true. Party B and Party C have taken all necessary
measures at Party A’s reasonable request, obtained all internal authorization necessary for signing and performing this Agreement, signed all the necessary documents and obtained the consent and approval of government departments and third
parties (if involved) to ensure that the pledge of equity under this Agreement is lawful and valid. 

  

	 	5.4	The signing, delivery and performance of this Agreement shall not (i) cause a violation of any relevant PRC law; (ii) contradict with Party C’s Articles of Association or any other organizational
documents; (iii) cause a breach of any contract or document to which it is a party or is bound; or constitute a breach of contract under any contract or document to which it is a party or is bound; (iv) cause a breach of any permission or
approval granted to either party and (or) any conditions which continue to be valid; or (v) cause termination or revocation of any permission or approval granted to either party or imposition of additional conditions on either party.

  

	 	5.5	During the duration of this Agreement, Party B shall not transfer the pledged equity without the prior written consent of Party A. No other person shall be authorized to exercise any rights and interests, options or
other rights in connection with the pledged equity, and shall not establish or allow the existence of any third party guarantee interest in respect of the pledged equity or dispose of the pledged equity in any other manner that may affect Party
A’s pledge. 

  

	 	5.6	During the duration of this Agreement, Party B and Party C shall comply with and implement the provisions of all laws and regulations of the People’s Republic of China pertaining to the pledge of rights. Upon
receipt of the notice, order or recommendation issued by the relevant competent authorities on pledged equity and / or pledges under this Agreement, Party B and Party C shall present the above-mentioned notice, order or recommendation to Party A
within five working days, at the same time comply with the above-mentioned notice, order or recommendation, or propose objection opinions and representation on the above-mentioned matter at Party A’s reasonable request or with the written
consent of Party A. 

  
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	 	5.7	Party B and Party C will not implement, procure or permit the other party to commit any act that may derogate, endanger or otherwise impair the value of pledged equity or Party A’s pledge. Party B and Party C shall
notify Party A in writing within five working days from the date of knowing any event and action that may affect the value of pledged equity or Party A’s pledge. Party A shall not be held accountable for any reduction in the value of pledged
equity and neither Party B nor Party C shall have any right to make any claim or any request in any form against Party A. 

  

	 	5.8	Subject to the provisions of the relevant PRC laws and regulations, the pledge of equity under this Agreement is a continuous guarantee and will remain in full force and effect for the duration of this Agreement even if
neither Party B nor Party C is insolvent, liquidated, incapacitated or has incurred any change of organization or status, or any offsetting of funds between the parties, or any other event, the pledge of equity under this Agreement will not be
affected. 

  

	 	5.9	For the purpose of the implementation of this Agreement, Party A shall have the right to dispose of the pledged equity in the manner provided in this Agreement and Party A shall, at the time of exercising its right in
accordance with the terms of this Agreement, not be subject to interruption or prejudice arising from legal proceedings made by Party B or Party C or successors of Party B or Party C, or trustees of Party B or Party C or any other person.

  

	 	5.10	For the purpose of protecting or improving the guarantee provided by this Agreement for performance of the obligation under the Master Contract by Party B and Party C, Party B and Party C will sign honestly and procure
other parties interested in the pledged equity to sign all rights certificates, contracts relating to the implementation of this Agreement at Party A’s request, and / or perform and procure other interested parties to perform any act relating
to the implementation of this Agreement at Party A’s request, and facilitate the exercise of Party A’s rights and authorization entitled under this Agreement 

 

	 	5.11	For the purpose of protecting the interests of Party A, Party B and Party C will comply with and perform all the guarantees, undertakings, agreements, representations and conditions. Party B and / or Party C shall
compensate Party A for any damages suffered by Party A if Party B and / or Party C fails to perform or fully perform its guarantees, undertakings, agreements, representations and conditions. 

  
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 6 Rights exercise events and pledge execution 

 

	 	6.1	Where any of the following events occurs (hereinafter referred to as “rights exercise events”), Party A may, in the case that the relevant PRC laws and regulations permit, opt to request Party B or Party C to
forthwith and fully fulfill all of their obligations under this Agreement, and the pledge established under this Agreement can also be executed immediately: 

  

	 	(a)	Where Party B or Party C violates any of its material obligations or undertakings and guarantee under this Agreement, or its undertakings and guarantee under this Agreement are materially untrue; 

 

	 	(b)	Where Party B or Party C violate(s) any material obligations or undertakings and guarantee under their respective Master Contract, or its undertakings and guarantee under the Master Contract are materially untrue;

  

	 	(c)	Where one or more of any obligations of Party B or Party C under this Agreement or the Master Contract are deemed to be unlawful or invalid transactions; 

 

	 	(d)	Where Party C or the subsidiaries or subordinate schools of Party C (hereinafter referred to as “Party C’s subsidiaries”) cease(s) or is / are dissolved, or is / are ordered to suspend business, dissolve
or go bankrupt; 

  

	 	(e)	Where Party B and / or Party C or Party C’s subsidiaries involve(s) any dispute, litigation, arbitration, administrative proceeding or any other legal proceedings or government inquiry, action or investigation for
which Party A reasonably believes to have a material adverse effect on: (i) the ability of Party B to fulfil its obligations under this Agreement or the Master Contract, or (ii) the ability of Party C to fulfil its obligations under this
Agreement or the Master Contract; or 

  

	 	(f)	Any other circumstances under which pledged equity may be disposed of under applicable laws and regulations. 

  

	 	6.2	Where any of the above-mentioned rights exercise events occurs, Party A or a third party designated by Party A may, in accordance with the relevant PRC laws and regulations, purchase whole or part of the pledged equity
at the lowest price permitted by the laws or designate other parties to purchase whole or part of the pledged equity at the lowest price permitted by the laws, or auction or sell whole or part of the pledged equity and execute the pledge by way of
priority of compensation from the proceeds from auction or sale. Party A may forthwith execute the pledge under this Agreement without first exercising any other guarantee or right, or by taking other measures or procedures against Party B and / or
Party C or any other party, or by first making other default relief. 

  
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	 	6.3	Party B and Party C shall, at the request of Party A, take all legal and appropriate actions required by Party A to ensure that Party A could execute the pledge pursuant to this Agreement. For this purpose, Party B and
Party C shall sign all the documents and materials reasonably requested by Party A, and shall implement and handle all acts and matters that Party A reasonably requires. 

7. Transfer 
  

	 	7.1	Party B and Party C shall not be entitled to make a gift of or transfer any of their rights or obligations under this Agreement to any third party without the prior written consent of Party A, except for Party A who
obtains the pledged equity directly or indirectly under the “Exclusive Call Option Agreement”. 

  

	 	7.2	This Agreement is binding on both Party B and its successors and is valid for Party A and each successor and assignee. 

  

	 	7.3	Party A may at any time transfer all or any of its rights and obligations under the Master Contract to its designees (which may be natural persons / legal persons), in which case the assignee shall be entitled to and
undertake the rights and obligations to be entitled and undertaken by Party A under this Agreement, and shall be the same as those to be entitled and undertaken by any party to this Agreement. When Party A transfers the rights and obligations under
the Master Contract, at Party A’s request, Party B and / or Party C or any Party C’s subsidiaries shall transfer and execute the relevant agreements and documents (including but not limited to the new equity pledge agreement signed by the
assignee of the format and content consistent to this Agreement). 

  

	 	7.4	In case of the change of Party A to this Agreement in consequence of the above Party A’s transfer, the new pledge parties shall re-sign the Equity Pledge Agreement. Party B
and Party C shall assist the transferee in handling all the change formalities for equity pledge registration (if applicable). 

  
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 8. Confidentiality 

The entire terms of this Agreement and this Agreement itself are confidential. All parties shall not disclose such information to any third
party other than senior officers, directors, employees, agents and professional advisers of the parties and their affiliates, except that there is a need for all parties to disclose the information or content of this document to the government, the
public or shareholders in accordance with legal requirements or the requirements of the relevant securities trading institutions or to submit such document to the relevant authorities for the record. 

Regardless of whether this Agreement is changed, canceled or terminated, this term is legally binding. 

9. Liability for default 
  

	 	9.1	Where a party fails to fulfil any of its obligations under this Agreement or any representations or guarantees of such party under this Agreement are substantially untrue or inaccurate, such Party shall be in breach of
this Agreement and shall be liable in full for compensation of other Party’s actual economic losses; this Article 9 shall not hinder Party A from any other rights under this Agreement. 

 

	 	9.2	Regardless of whether this Agreement is changed, canceled or terminated, this term is legally binding. 

 10.
Force majeure 
 A force majeure event means any event unforeseen by any party at the time of signing this Agreement that cannot be
avoided, controlled and overcome (including but not limited to earthquake, typhoon, flood, fire, strike, war or riot, etc.). 
 In view of
the fact that the force majeure event affects the performance of this Agreement, in the event of force majeure, the party shall forthwith (i) notify the remaining parties in the form of telegraph, facsimile or other electronic means and submit
the written evidence of force majeure within fifteen (15) working days; (ii) take all reasonable and possible measures to eliminate or mitigate the effects of force majeure event and to resume the fulfillment of its obligations upon the
elimination or mitigation of the effects of force majeure event. 

  
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 11. Changes in agreement parties 

Where Party B no longer holds any shares in Party C, Party B shall automatically be deemed as Party B ceasing to be a party to this Agreement.
Where any third party becomes a shareholder of Party C, Party A and Party C shall use their best endeavors to urge the third party to become one of Party B to this Agreement as soon as possible by signing the appropriate legal documents. 

12. Termination 
 Party B and / or Party C
shall not be entitled to terminate this Agreement under any circumstance without the written consent of Party A. 
 Unless this Agreement has
been terminated in accordance with these terms, Party A shall, at Party B’s request, lift the pledge of pledged equity under this Agreement as soon as reasonably practicable after Party B and Party C have fully and completely fulfilled all
their contractual obligations and settled all the secured debts, and cooperate with Party B to cancel the registration of the pledge of equity made in the register of shareholders of Party C and handle the pledge deregistration with the relevant
administration for industry and commerce. 
 13. Supplementary provisions 
  

	 	13.1	This Agreement is governed by the laws of PRC in all respects. Any dispute that may arise during the performance of this Agreement shall be settled through amicable negotiations by all parties involved. Where the
negotiation fails, either party may submit the dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with the prevailing arbitration rules of such arbitration institution. The place of arbitration is
Beijing, the arbitration language is Chinese, the arbitral award is final and binding on all parties. Except for the part that is being submitted to arbitration, the rest of this Agreement shall remain in force. The validity of this Article is not
subject to the impact from the change, cancellation or termination of this Agreement. 

  
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	 	13.2	This Agreement shall enter into force on the date of signing by all parties and the pledge under this Agreement shall be established from the date on which it is registered in the administration for industry and
commerce to which Party C belongs. Unless Party A executes the pledge in accordance with this Agreement within the validity period of this Agreement, this Agreement shall not be terminated until all of the Master Contract has been fulfilled, lapsed
or terminated and all the secured debts agreed in Article 2 have been settled, or all parties have engaged in any written agreement to revoke this agreement (whichever is later). 

 

	 	13.3	All parties agree that this Agreement shall be implemented to the extent permitted by law. Where any of the terms of this Agreement or any part of a term is deemed illegal, invalid or unenforceable by any competent
authority or court have jurisdiction, such unlawful, invalid or unenforceable terms shall not be prejudice to any other terms of this Agreement or other parts of such terms. Other terms or other parts of such terms shall remain in full force and
each party shall use its best endeavors to amend such illegal, invalid or unenforceable terms for the purpose of achieving the original terms. 

  

	 	13.4	This Agreement is prepared in Chinese quadruplicate. Party A and Party B as well as Party C each own one copy respectively. The remaining original copy shall be submitted to the relevant industrial and commercial
registration authorities for record filing and registration or retained by Party A. All parties confirmed that all parties may sign separate agreements that meet format requirements of the industrial and commercial authorities for the registration
under any request from the industrial and commercial registration authorities, but the substance of such agreements shall be consistent with this Agreement. Any inconsistency in content between such agreements and this Agreement, whether or not such
agreements are signed later than this Agreement, shall be subject to this Agreement. 

  

	 	13.5	Upon signing this Agreement, it shall supersede any prior undertakings, memorandums, agreements or any other documents previously made in respect of the subject matter of this Agreement. 

 

	 	13.6	Any amendment or supplement to this Agreement must be made in writing and shall be effective only after all parties to this Agreement have signed it in effect. 

(The remainder of this page is intentionally left blank) 

  
 11 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party A: Purong (Beijing) Information Technology Co., Ltd. (Seal) 

Authorized representative (signature): /s/ Sha Yunlong 

/s/ Seal of Purong (Beijing) Information Technology Co., Ltd. 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party B: 

ShaYunlong 
 Signature: /s/ Sha Yunlong 

Xiao Yun 
 Signature: /s/ Sha Yunlong 

Gao Liang 
 Signature: /s/ Sha Yunlong 

Li Gang 
 Signature: /s/ Sha Yunlong 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party B: 

Tianjin Puxian Education and Technology Limited Partnership (Seal) 

Authorized representative (signature): /s/ Sha Yunlong 

/s/ Seal of Tianjin Puxian Education and Technology Limited Partnership 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party B: 
 Ningbo
Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership (Seal) 
 Authorized representative (signature): /s/ Wu Zhiguang

 /s/ Seal of Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party B: 

Shanghai Trustbridge Investment Management Co., Ltd. (Seal) 

Authorized representative (signature): /s/ Li Shujun 
 /s/ Seal of
Shanghai Trustbridge Investment Management Co., Ltd. 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties or their authorized representatives hereto as
of the date first above written. 
 Party C: Puxin Education Technology Group Co., Ltd. (Seal) 

Authorized representative (signature): /s/ Sha Yunlong 

/s/ Seal of Puxin Education Technology Group Co., Ltd. 

 Appendix I Master Contract List 

 

	1.	“Exclusive Call Option Agreement” signed on February 25, 2018 between Purong (Beijing) Information Technology Co., Ltd., Sha Yunlong, Xiao Yun, Gao Liang, Li Gang, Tianjin Puxian Education Technology
Partnership Limited, Shanghai Trust Bridge Partners Investment Management Co., Ltd., Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Partnership Limited and Puxin Education Technology Group Co., Ltd. 

 

	2.	“Exclusive Management Services and Business Cooperation Agreement” signed on February 25, 2018 between Purong (Beijing) Information Technology Co., Ltd. , Sha Yunlong, Xiao Yun, Gao Liang, Li Gang,
Tianjin Puxian Education and Technology Limited Partnership, Shanghai Trustbridge Investment Management Co., Ltd , Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership and Puxin Education Technology Group Co., Ltd.

  

	3.	“Power of Attorney” issued on February 25, 2018 by Sha Yunlong 

  

	4.	“Power of Attorney” issued on February 25, 2018 by Xiao Yun 

  

	5.	“Power of Attorney” issued on February 25, 2018 by Gao Liang 

  

	6.	“Power of Attorney” issued on February 25, 2018 by Li Gang 

  

	7.	“Power of Attorney” issued on February 25, 2018 by Tianjin Puxian Education Technology Limited Partnership 

  

	8.	“Power of Attorney” issued on February 25, 2018 by Shanghai Trustbridge Investment Management Co., Ltd 

  

	9.	“Power of Attorney” issued on February 25, 2018 by Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership 

 

	10.	“Power of Attorney” issued on February 25, 2018 by Puxin Education Technology Group Co., Ltd. 

  

	11.	“Loan agreement” signed on February 5, 2018 between Purong (Beijing) Information Technology Co., Ltd. and Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership 

 Appendix II Register of Shareholders 

Register of shareholders of Puxin Education Technology Group Co., Ltd. 

 

							
	 Name of

shareholder
	  	Capital
contribution
(’0,000 RMB)	  	Ratio of
capital
contribution	  	 Pledge of equity

	 Sha Yunlong
	  	3,212.15	  	64.243%	  	64.243% equity have been pledged to Purong (Beijing) Information Technology Co., Ltd.
				
	 Xiao Yun
	  	57.00	  	1.140%	  	1.140% equity have been pledged to Purong (Beijing) Information Technology Co., Ltd.
				
	 Gao Liang
	  	284.90	  	5.698%	  	5.698% equity have been pledged to Purong (Beijing) Information Technology Co., Ltd.
				
	 Li Gang
	  	170.95	  	3.419%	  	3.419% equity have been pledged to Purong (Beijing) Information Technology Co., Ltd.
				
	 Tianjin Puxian Education and Technology Limited Partnership
	  	911.65	  	18.233%	  	18.233% equity have been pledged to Purong (Beijing) Information Technology Co., Ltd.
				
	 Shanghai Trustbridge Investment Management Co., Ltd.
	  	181.675	  	3.6335%	  	3.6335% equity have been pledged to Purong (Beijing) Information Technology Co., Ltd.
				
	 Ningbo Meishan Bonded Port Area Zhimei Phase V Equity Investment Limited Partnership
	  	181.675	  	3.6335%	  	3.6335% equity have been pledged to Purong (Beijing) Information Technology Co., Ltd.

 (This page is the signature page of the Register of Shareholders of Puxin Education Technology Group Co., Ltd.)

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

Authorized representative (Signature): /s/ Sha Yunlong 

/s/ Seal of Puxin Education Technology Group Co., Ltd. 
 Date: 25th day of February, 2018

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