Document:

EX-4.14

 Exhibit 4.14 

DATED:          AUGUST 28, 2018 

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

in favour of 
 KOOLEARN
TECHNOLOGY HOLDING LIMITED 
  
  

DEED OF NON-COMPETITION UNDERTAKINGS 

 
  

 CONTENTS 
  

							
	1.	  	DEFINITION AND INTERPRETATION	  	 	1	 
			
	2.	  	NON-COMPETITION UNDERTAKINGS	  	 	3	 
			
	3.	  	INVALIDITY	  	 	4	 
			
	4.	  	NOTICES	  	 	4	 
			
	5.	  	AMENDMENT AND WAIVER	  	 	5	 
			
	6.	  	GOVERNING LAW AND JURISDICTION	  	 	5	 

 THIS DEED is dated the          day of August 2018 (this
“Deed”) and made 
 By: 
  

	(1)	 New Oriental Education & Technology Group Inc., (the “New
Oriental”), a company incorporated under the laws of the Cayman Islands on 16 March 2006, the American depository shares of which are listed on the New York Stock Exchange (NYSE: EDU). 

in favour of: 
  

	(2)	 Koolearn Technology Holding Limited (the “Company”), an exempted company with limited
liability incorporated under the laws of the Cayman Islands on 7 February 2018. 

 WHEREAS: 

 

	(A)	 New Oriental is, as of the Effective Date, the Controlling Shareholder of the Company. 

 

	(B)	 New Oriental is principally engaged in the businesses of providing private educational services.

  

	(C)	 It is intended that the Company will be principally engaged in the provision of online education services.

  

	(D)	 Application will be made by the Company to the Stock Exchange for the listing of, and permission to deal in,
the Shares on the Main Board of the Stock Exchange (the “Proposed Listing”). 

  

	(E)	 New Oriental has agreed to execute this Deed in favour of the Company to facilitate the Proposed Listing.

 NOW THIS DEED WITNESSES AND IT IS HEREBY AGREED as follows: 

 

	1.	 DEFINITION AND INTERPRETATION 

 

	1.1	 In this Deed, the following expressions shall, unless the context otherwise requires, have the following
meanings: 

  

			
	 “associates”
	  	has the meaning ascribed to it under the Listing Rules
		
	 “Business Day”
	  	means any day (other than a Saturday or a Sunday) on which banks in Hong Kong are generally open for normal banking business
		
	 “Effective Date”
	  	means the date of this Deed
		
	 “Hong Kong”
	  	means the Hong Kong Special Administrative Region of the PRC
		
	 “Koolearn Group”
	  	means the Company, its subsidiaries and consolidated affiliate entities from time to time

  
 1 

			
	 “Listing Rules”
	  	means the Rules Governing the Listing of Securities on the Stock Exchange
		
	 “Minority Investment”
	  	means an investment in which an investor holds less than 50% of equity interests and less than 50% of the voting power in the investee after such an investment is made
		
	 “New Oriental Group”
	  	means New Oriental, its subsidiaries and consolidated affiliated entities from time to time excluding the Koolearn Group
		
	 “PRC”
	  	means the People’s Republic of China, excluding for the purposes of this Deed, Hong Kong Special Administrative Region of the PRC, the Macau Special Administrative Region of the PRC and Taiwan
		
	 “Relevant Period”
	  	 means the period commencing on the Effective Date and ending on the earlier of:

 
 (a)   the date on which the
Shares cease to be listed on the Stock Exchange, except for temporary suspension of trading of the Shares; and
  

(b)   the date falling 12 months after the date on which the New Oriental ceases to be the
Controlling Shareholder (as defined in the Listing Rules) of the Company.

		
	 “Restricted Business”
	  	means the online education service business
		
	 “Shares”
	  	means shares in the capital of the Company or such other equity securities of the Company or any successor thereto which may exist after the date hereof
		
	 “Stock Exchange”
	  	means The Stock Exchange of Hong Kong Limited
		
	 “subsidiary”
	  	has the meaning ascribed to it under the Listing Rules

  

	1.2	 In this Deed where the context admits: 

 

	 	(a)	 any reference to a “person” includes any individual, company, corporation, firm partnership, joint
venture, association, organisation or trust (in each case, whether or not having separate legal personality) and references to any of the same shall include a reference to the others; 

 

	 	(b)	 references to statutory provisions shall be construed as references to those provisions as amended or re-enacted or as their application is modified by other provisions from time to time and shall include references to any provisions of which they are re-enactments (whether
with or without modification); 

  
 2 

	 	(c)	 references to “this Deed” or to any other agreement or document referred to in this Deed mean this
deed or such other agreement or document as amended, varied, supplemented, modified or novated from time to time, and include the schedules; and 

  

	 	(d)	 references to clauses are references to clauses of this Deed. 

 

	1.3	 The headings are inserted for convenience only and shall not affect the construction of this Deed.

  

	2.	 NON-COMPETITION UNDERTAKINGS 

 

	2.1	 New Oriental, for itself and on behalf of the other members of the New Oriental Group, hereby irrevocably and
unconditionally undertakes to the Company that at any time during the Relevant Period, New Oriental shall, and shall procure other members of the New Oriental Group not to, carry on, engage in or participate in Restricted Business within the PRC,
whether on its own account, with each other or in conjunction with or on behalf of any person. 

  

	2.2	 Notwithstanding the foregoing, the New Oriental Group shall not be prohibited from: 

 

	 	(a)	 making Minority Investments; and 

 

	 	(b)	 subject to paragraph 2.3 below, operating the Blingabc (外教直播) and Leci
(乐词) (collectively, “Excluded Businesses”); provided, however, if the New Oriental Group proposes to issue or transfer any equity securities (“Offered Shares”) of the Excluded Businesses to one or more
third parties, then the New Oriental Group shall notify the Company in advance and the Company shall have an option for a period of twenty days following receipt of the notice to elect to purchase all or any portion of the Offered Shares at the same
price and subject to the same terms and conditions as described in the notice. 

  

	2.3	 New Oriental further undertakes that the following subsidiaries shall, and that New Oriental shall procure the
relevant subsidiary to: 

  

	 	(a)	 Beijing Bilin New Oriental Education & Technology Company Limited (“Bilin
Education”): only offer and provide its products and services (including Blingabc) to students enrolled in New Oriental’s offline pre-school programs, and shall not offer any products and
services to students or customers outside of these programs. 

  
 3 

	 	(b)	 Leci Internet Technology (Beijing) Company Limited (“Leci Internet”): only offer
(i) language vocabulary learning products (such as the current subject-matter of Leci), and/or (ii) educational products in exclusive cooperation with, and made in collaboration with, Koolearn Group, and shall only be provided to students
enrolled in Koolearn Group’s courses. 

  

	3.	 INVALIDITY 

  

	3.1	 While the restrictions contained in this Deed are considered reasonable in all circumstances, it is recognised
that restrictions of the nature in question may fail for technical reasons unforeseen by the parties. Accordingly it is hereby agreed and declared that if any such restriction shall be adjudged to be void as going beyond what is reasonable in all
the circumstances for the protection of the interests of the Company, but would be valid if part of the wording thereof were deleted, the said restrictions shall apply with such modifications as may be necessary to make it valid and effective.

  

	3.2	 New Oriental hereby agrees that any failure by the Company to exercise or any delay by the Company in
exercising any right, power of privilege under this Deed shall not in any way impair or affect the exercise thereof or operate as a waiver thereof in whole or in part. 

 

	4.	 NOTICES 

  

	4.1	 Any notice (which term shall in Clause 4 include any other communication) required to be given under this Deed
or in connection with the matters contemplated by it shall, except where otherwise specifically provided, be in writing. 

  

	4.2	 Any such notice shall be addressed as provided in Clause 4.3 below and may be: 

 

	 	(a)	 personally delivered, in which case it shall be deemed to have been given upon delivery at the relevant
address; 

  

	 	(b)	 sent by pre-paid post within Hong Kong, in which case it shall be
deemed to have been given two (2) Business Days after the date of posting; or 

  

	 	(c)	 sent by pre-paid air mail from or to any place outside Hong Kong, in
which case it shall be deemed to have been given seven (7) Business Days after the date of posting. 

  

	4.3	 The address and other details of the parties referred to in this Deed are: 

  
 4 

							
	 To the Koolearn Group
	  				  	
			
	 Address
	  	 	:	 	  	 18/F, New Oriental South Building
 No. 2,
Haidian East Third Road
 Haidian District
 Beijing,
China

	 Email
	  	 	:	 	  	anpengyu@koolearn-inc.com
	 Attention
	  	 	:	 	  	An Pengyu
			
	 To the New Oriental Group
	  				  	
			
	 Address
	  	 	:	 	  	 17F, New Oriental South Building,
 No.2, Haidian
East Third Road,
 Haidian District,
 Beijing,
China

	 Email
	  	 	:	 	  	mafengjiao3@xdf.cn
	 Attention
	  	 	:	 	  	Ma Fengjiao

  

	4.4	 Any party to this Deed may notify the other parties of any change to the address or any of the other details
specified in Clause 4.3, provided that such notification shall only be effective on the date specified in such notice or five (5) Business Days after the notice is given, whichever is later. 

 

	5.	 AMENDMENT AND WAIVER 

 

	5.1	 No modification, waiver, amendment, discharge or change of this Deed shall be valid unless the same is
evidenced by a written instrument, executed by the party against which such modification, waiver, amendment, discharge or change is sought. 

  

	6.	 GOVERNING LAW AND JURISDICTION 

 

	6.1	 This Deed shall be governed by, and construed in accordance with, the laws of Hong Kong. 

 

	6.2	 Each party to this Deed irrevocably submits to the non-exclusive
jurisdiction of the courts of Hong Kong and waives any objections to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum. 

[Remainder of page intentionally left blank] 

  
 5 

 IN WITNESS WHEREOF THIS DEED HAS BEEN DULY EXECUTED UNDER SEAL ON THE DATE STATED ABOVE 

 

					
	 SIGNED, SEALED AND DELIVERED

as a deed in the name of

New Oriental Education & Technology

Group Inc.

acting by YU Minhong its duly authorised

representative with authority of the board

in the presence of:
	 	 )

)
 )

)
 )

)
 )
	  	                                      
  

  

							
	 /s/ Zhihui Yang

                     
                            

Name: Zhihui Yang
 Title: Chief Financial Officer
	  		 	 /s/ Authorised Representative

                     
                        
 Authorised
Representative
	 	

 ACKNOWLEDGED AND ACCEPTED BY 

 

	
	Koolearn Technology Holding Limited
	  
 /s/ Authorized PersonEX-4.15

 Exhibit 4.15 

Equity Pledge Agreement 
 This Equity
Pledge Agreement (hereinafter referred to as this “Agreement”) is entered into by and among the following parties in Beijing on May 10, 2018: 
  

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

  

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

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

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

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

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

 Tianjin Xuncheng Jiuyue Technology Partnership (L.P.), a limited partnership
enterprise duly incorporated and validly existing within the territory of PRC with its uniform social credit code of 91120222MA05P29199 and its registered address at Suite 1109, Integrated Office Building, Beijing-Tianjin Electronic Commerce
Industrial Park, Wuqing District, Tianjin; 
 Tianjin Xuncheng Shiyue Technology Partnership (L.P.), a limited partnership enterprise
duly incorporated and validly existing within the territory of PRC with its uniform social credit code of 91120222MA05N0621A and its registered address at Suite 1110, Integrated Office Building, Beijing-Tianjin Electronic Commerce Industrial Park,
Wuqing District, Tianjin; 
 Tianjin Xuncheng Shieryue Technology Partnership (L.P.), a limited partnership enterprise duly
incorporated and validly existing within the territory of PRC with its uniform social credit code of 91120222MA06H0486G and its registered address at Suite 1107, Integrated Office Building, Beijing-Tianjin Electronic Commerce Industrial Park, Wuqing
District, Tianjin; 
 Tianjin Xuncheng Shisanyue Technology Partnership (L.P.), a limited partnership enterprise duly incorporated and
validly existing within the territory of PRC with its uniform social credit code of 91120222MA06G95810 and its registered address at Suite 1111, Integrated Office Building, Beijing-Tianjin Electronic Commerce Industrial Park, Wuqing District,
Tianjin; 
 (The foregoing enterprises listed as Party B are all of the existing shareholders of Party C, with their contributions to and
shares in Party C’s registered capital as set forth in Appendix I.) 
  

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

 (Party A, Party B and Party C are hereinafter referred to as a “Party” individually, and collectively as the
“Parties.”) 
 WHEREAS: 
  

	(1)	 Party A, Party B and Party C as well as the subsidiaries in which Party C holds 100% equity interest
(hereinafter collectively referred to as the “Subsidiaries”, with the list of the Subsidiaries as set forth in Appendix II, which shall be subject to change based on any change in Party C’s external investment after the execution of
this Agreement) have respectively executed the agreements as set forth in Appendix III hereto (hereinafter the “Main Contracts”); 

  

	(2)	 Party B holds a total of 100% equity interest in Party C. Party B intends to unconditionally and irrevocably
pledge the equity interest held by it in Party C to Party A as security for the performance of all the obligations under the Main Contracts by Party B, Party C and the Subsidiaries of Party C, and Party A agrees to accept the foregoing security
interests (hereinafter “Pledge Rights”). 

 NOW, THEREFORE, intending to be legally bound, Party A, Party B, and Party C hereby agree as follows
upon friendly negotiation: 
  

	1.	 Pledge 

Party B agrees to unconditionally and irrevocably pledges to Party A on a preferential basis the 100% equity interest held by it in Party C and the equity
interest derived from the new contributions made by Party B to Party C’s registered capital under Article 4.2, including any dividends and bonus arising from such equity interest (hereinafter the “Pledged Equity”), as security for the
performance of all their obligations under the Main Contracts by Party B, Party C and the Subsidiaries of Party C. 
  

	2.	 Scope of Security 

The scope of the pledge security hereunder shall cover all the obligations of Party B, Party C and Party C’s Subsidiaries under the Main Contract
(including but not limited to any amounts payable but unpaid to Party A, liquidated damages and indemnities, etc.), expenses for realizing the main creditor’s rights and Pledge Rights as well as all other relevant expenses. 

If the competent industry and business administration requires the amount of the main creditor’s rights to be specified in the course of equity pledge
registration,, then, only for the purpose of handling such equity pledge registration, the Parties agree that the creditor’s rights under the Main Contracts to be registered shall include the principal amount of RMB5 million as well as any
and all liquidated damages and indemnities under relevant contracts. The Parties further acknowledge that the provision of the foregoing specific amount for the purpose of handling the equity pledge registration shall not impair or restrict any
rights and interests enjoyed by Party A under the relevant Main Contracts and this Equity Pledge Agreement. 
  

	3.	 Term of Pledge 

The Equity Pledge under this Agreement shall commence as of the date it is registered with the industrial and commercial administration having jurisdiction on
Party C, and shall terminate when all the Main Contracts have been performed, cease to be valid or terminate (whichever is the latest). If, during the term of pledge, Party B, Party C or Party C’s Subsidiaries fail to perform any of their
obligations under any Main Contract, or in any of the Right Exercise Event under Article 6.1 hereof, then Party A shall have the right to dispose of the Pledged Equity as set forth in this Agreement. 

	4.	 Registration 

  

	4.1	 Party B and Party C undertake to Party A that Party B and Party C will (i) record the Equity Pledge
hereunder on Party C’s register of shareholders on the date of execution of this Agreement, and deliver Party B’s equity interest and capital contribution certificate relating to Party C to Party A for custody upon the Equity Pledge is
recorded in the register of shareholders, and (ii) register the foregoing Equity Pledge with the competent industrial and commercial registration authorities for the record, obtain a written registration certificate from authorities and deliver
the certificate to Party A within thirty (30) working days after the date of execution of this Agreement or any other feasible period. Subject to any other provisions of this Agreement, Party C’s register of shareholders shall be kept in
custody by Party A or its designated personnel during the term of this Agreement, unless for any registration and amendments necessary for conducting Party C’s and its Subsidiaries’ business activities,. 

 

	4.2	 Party B and Party C further undertake that, Party A may make additional contributions to Party C’s
registered capital with Party A’s prior consent upon execution of this Agreement,, provided that any equity interest arising from any new contributions made by Party B to Party C’s registered capital shall constitute part of the Pledged
Equity under this Agreement. Party B and Party C shall have the obligation to make necessary amendments to the relevant company’s register of shareholders and the amounts of shareholder contributions forthwith upon completion of the relevant
capital increase, and carry out the procedures for the pledge as set forth in Article 4.1. 

  

	4.3	 The pledgee shall be liable for any expenses and actual costs incurred in relation to this Agreement, including
but not limited to registration fees, cost of production, stamp duty and any other taxes and fees pursuant to relevant laws and regulations. 

  

	5.	 Undertakings and Warranties by Party B and Party C 

Party B and Party C hereby separately and jointly undertake and warrant to Party A that: 

 

	5.1	 Party B is the legal owner of the Pledged Equity and is free from any existing or potential ownership dispute
in relation to the Pledged Equity; Party B has the right to dispose of the Pledged Equity or any portion thereof, and such right of disposal is not subject to any restriction by third parties. 

 

	5.2	 Other than this Agreement and the Exclusive Purchase Option Agreement executed by and among the Parties, Party
B has not created any other encumbrances or third-party rights on the Pledged Equity. 

  

	5.3	 Party B and Party C fully understand the contents of this Agreement and voluntarily execute and perform this
Agreement based on their true intent. Party B and Party C have, at Party A’s reasonable request, taken all necessary measures and obtained all internal authority necessary for the execution and performance of this Agreement, and have executed
all necessary documents in order to ensure lawfulness and validity of the equity pledge under this Agreement. 

	5.4	 During the existence of this Agreement, without Party A’s prior written consent, Party B may not transfer
the Pledged Equity, nor authorize any other persons to exercise any rights and interests relating to the Pledged Equity, options or any other rights relating thereto, nor create or allow the existence of any third-party security interests, nor
dispose of the Pledged Equity in any other manner that may affect Party A’s Pledge Rights. 

  

	5.5	 During the existence of this Agreement, Party B and Party C shall comply with and carry out any laws and
regulations of the PRC regarding pledge of rights, and shall show the foregoing notice, instruction or proposal to Party A within five working days after receipt of any notice, instruction or proposal sent from any relevant authorities with respect
to the pledged equity and/or the pledge under this Agreement. Meanwhile, Party B and Party C shall comply with the foregoing notice, instruction or proposal, or raise objection to or make any representations against the foregoing provisions under
the reasonable request or written consent of Party A. 

  

	5.6	 Party B and Party C will not carry out, nor cause or allow any other party to carry out, any act that may
impair, endanger or otherwise damage the value of the Pledged Equity or Party A’s Pledge Rights. Party B and Party C shall send a written notice to Party A within five working days after they become aware of any incidents or acts that may
affect the value of the Pledged Equity or Party A’s Equity Rights. Party A shall not be liable for any diminution of the value of the Pledged Equity, and neither Party B nor Party C shall have the right of recourse or make any claims against
Party A. 

  

	5.7	 To the extent compliant with the relevant laws and regulations of PRC, the Equity Pledge under this Agreement
shall maintain full validity during the existence of this Agreement. The Equity Pledge hereunder will not be affected in any manner even though Party B or Party C becomes insolvent, is liquidated, loses its capacity of act, or undergoes
organizational or status changes, or in the event of any fund offset between the parties, or in any other event. 

  

	5.8	 For the performance of this Agreement, Party A shall have the right to dispose of the Pledged Equity in the
method as set forth herein, and, in exercising its rights pursuant to this Agreement, Party A shall not be subject to any interruption or nuisance arising from any judicial proceedings brought by Party B or Party C, any successors or designees of
Party B or Party C, and any other person. 

  

	5.9	 To protect or strengthen the security provided by this Agreement for the performance of the obligations under
the Main Contracts by Party B, Party C and the Subsidiaries, Party B and Party C will execute in good faith and procure other interested parties in the Pledged Equity to execute any title deeds or contracts as requested by Party A in relation to the
performance of this Agreement, and/or perform and procure other interested parties to perform any acts as requested by Party A in relation to the performance of this Agreement, and facilitate the exercise of Party A’s rights and authority as
granted under this Agreement. 

  

	5.10	 To ensure the interests of Party A, Party B and Party C shall comply with and carry out all warranties,
undertakings, agreements, representations and conditions made in this agreement. If Party B and/or Party C fail to perform or fully perform their/its warranties, undertakings, agreements, representations or conditions and thus cause damage to Party
A, Party B and/or Party C shall compensate for any losses sustained by Party A thereby. 

	6.	 Right Exercise Event and Exercise of the Pledge Rights 

 

	6.1	 In any of the following events (hereinafter “Right Exercise Event”) and to the extent permitted by
relevant laws and regulations of PRC, Party A may elect to request Party B or Party C to promptly and fully perform all its obligations under this Agreement, and the Pledge Rights under this Agreement may be exercised forthwith.

  

	 	(a)	 Any representation, warranty or covenant made by Party B, Party C or any of Party C’s Subsidiaries under
this Agreement or the Main Contracts is in any aspect inconsistent, incorrect or untrue, or is no longer true or correct, or Party B, Party C or any of Party C’s Subsidiaries breaches or fails to comply with any obligation for which it is
liable under this Agreement or the Main Contracts, or any undertaking or warranty it has made; or 

  

	 	(b)	 Any one of more than one obligations of Party B, Party C or any of Party C’s Subsidiaries under this
Agreement of any Main Contract is deemed as unlawful or invalid transaction; or 

  

	 	(c)	 Party B or Party C seriously breaches its obligations under this Agreement. 

 

	6.2	 Upon the occurrence of any of the foregoing Right Exercise Event, Party A may exercise the Pledge Rights by
purchasing the Pledged Equity at the lowest price permitted under PRC laws pursuant to relevant laws and regulations of PRC, designating any other party to purchase the Pledged Equity at the lowest price permitted under PRC laws, auctioning or
selling all or part of the Pledged Equity and receiving the proceeds from such auction or sale on a preferential basis. Party A is not required to exercise other guarantees or rights, or taking other measures or proceedings against Party B and/or
Party C or any other persons before exercising the Pledge Rights under this Agreement. 

  

	6.3	 Party B and Party C shall, at Party A’s request, take all lawful and appropriate actions requested by
Party A to enable Party A to exercise its Pledge Rights under this Agreement. For such purpose Party B and Party C shall execute all documents and materials reasonably requested by Party A and perform and handle all acts and matters reasonably
requested by Party A. 

  

	7.	 Transfer 

  

	7.1	 Unless with Party A’s prior written consent, neither Party B nor Party C shall have the right to assign or
transfer any of its rights and obligations under this Agreement to any third party, provided that Party A may directly or indirectly obtain the Pledged Equity pursuant to the Exclusive Purchase Option Agreement. 

	7.2	 This Agreement shall be binding on Party B and its successors, and shall inure to the benefits of Party A and
each of its successors and assigns. If Party B ceases to have its legal personality due to its merger, division, dissolution, termination, closure, liquidation or any other reason, or in the event of any circumstance that may affect Party B to
exercise its rights as the shareholder of Party C, then any of Party B’s successors, administrators or liquidators shall cooperate with other parties to this Agreement in making necessary arrangements and executing all necessary documents to
prevent such successors, administrators or liquidators from damaging or hindering the performance of this Agreement. 

  

	7.3	 Party A may, at any time, transfer any and all its rights and obligations under the Main Contracts to its
designee (either natural person or legal person), in which circumstance the transferee shall enjoy and assume the rights and obligations enjoyed and assumed by Party A under this Agreement, as if it were one party to this Agreement. When Party A
intends to transfer its rights and obligations under the Main Contracts, Party B and/or Party C shall, at Party A’s request, execute relevant agreements and documents with respect to such transfer (including but not limited to the execution of
a new equity pledge agreement with the transferee which shall be identical with this Agreement in both form and substance). 

  

	7.4	 In the event of any change to Party A to this Agreement due to the foregoing transfer by Party A, the parties
to the new pledge shall execute a new equity pledge agreement, and Party B and Party C shall assist the transferee in handling all formalities for the changes to the equity pledge registration (if applicable). 

 

	8.	 Confidentiality 

All terms of this Agreement and this Agreement itself shall be confidential information, and neither party may disclose the same to any third party, unless to
any officer, director, employee, agent or professional consultant related to this project, provided that either party may disclose any information relating to this document under the request of any government, stock exchange or relevant regulatory
agency, the public or shareholders as required by laws, or file this document with any relevant agency for the record. 
 This provision shall be legally
valid regardless of whether this Agreement is altered, terminated or expired. 
  

	9.	 Liability for Breach of Contract 

If either party fails to perform any of its obligations under this Agreement, or any of such party’s representations or warranties under this Agreement is
materially untrue or inaccurate, then such party shall constitute a breach of this Agreement and shall make full compensation for any economic losses actually sustained by the other party. 

	10.	 Miscellaneous 

 

	10.1	 This Agreement shall be governed by PRC laws in all respects. Any dispute arising from the performance of this
Agreement shall be resolved by the Parties through friendly consultation. If such consultation is unsuccessful, the dispute shall be submitted to China International Economic and Trade Arbitration Commission (CIETAC) for arbitration in accordance
with the then valid arbitration rules of CIETAC to be conducted in Beijing in Chinese. The arbitration award shall be final and binding to all parties. The remaining parts of this Agreement other than the part submitted for arbitration shall remain
valid. Subject to relevant provisions of PRC laws, the arbitrators may issue injunctive relief with respect to Party C’s equity interest or assets (e.g., conduct of business activities or compulsory asset transfer), take interim remedial
measures, or order liquidation of Party C through arbitration. Subject to relevant provisions of PRC laws, pending the constitution of the arbitral tribunal or on an appropriate occasion, the court having competent jurisdiction (including any court
in Hong Kong, the place of incorporation of Party A’s affiliate listed or to be listed, the place of incorporation of Party C, or the place of incorporation of its affiliate listed or to be listed, or the place where Party C’s major assets
are located). Upon the effectiveness of the arbitration award, either party shall have the right to apply for enforcement of the arbitration award with the foregoing court having competent jurisdiction. 

 

	10.2	 This Agreement shall be effective as of the date on which it is signed by the Parties’ duly authorized
representatives, and the Pledge under this Agreement shall be created on the date it is registered with the industrial and commercial administration having jurisdiction on Party C. Unless Party A exercises the Pledge Rights during the term of this
Agreement pursuant to this Agreement, this Agreement shall terminate when all the Main Contracts are fully performed, cease to be valid or are terminated, or 30 days after Party A sent a written notice of terminating this Agreement to the other
parties (whichever is the later). 

  

	10.3	 The Parties acknowledge that this Agreement shall be enforced to the extent permitted by law. If any provision
or any part of a provision of this Agreement is held by any authorities or court having competent jurisdiction to be illegal, invalid or unenforceable, then such illegality, invalidity or unenforceability shall not affect the effectiveness of
remaining provisions or other parts of the provision of this Agreement which shall remain in full force and effect, and the Parties shall make their utmost efforts to amend such illegal, invalid or unenforceable provisions to realize the purpose of
the original provisions. 

  

	10.4	 As the holding company of Party A will be subject to the Rules Governing the Listing of Securities on the Stock
Exchange of Hong Kong Limited (hereinafter the “Listing Rules”) and relevant listing policies, decisions and guidelines after being listed, if the transaction under this Agreement fails to comply with the Listing Rules, listing policies,
decisions or guidelines, then, to the reasonable and feasible extent not inconsistent with PRC laws, the Parties to this Agreement shall amend this Agreement based on the laws, regulations or regulator opinions issued by the Stock Exchange of Hong
Kong or other regulatory authorities to make this Agreement comply with the Listing Rules, listing policies, and relevant decisions and guidelines. 

	10.5	 This Agreement shall be written in Chinese and made in twelve counterparts, one of which shall be held by Party
A, Party B’s Subsidiaries, and Party C respectively, and one of which shall be filed with the competent registration authorities for the record. 

  

	10.6	 This Agreement and its appendices shall constitute the entire agreement concerning the transaction under this
Agreement, and shall supersede any and all communications, commitments, understandings or other discussions made with respect to the subject matter hereunder orally or in writing. 

 

	10.7	 Any amendment or supplement to this Agreement shall be made in written form, and may be effective only after it
is validly signed by the Parties to this Agreement. 

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 Party A: Beijing Dexin Dongfang Network Technology Co., Ltd. (seal) 

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

 (The remainder of this page is intentionally left blank; execution page of the Equity Pledge Agreement only)

 Party B: New Oriental Education Technology Group Limited (Beijing) (Seal) 

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

 (The remainder of this page is intentionally left blank; execution page of the Equity Pledge Agreement only)

 Party B: Linzhi Tencent Technology Co., Ltd. (seal) 
 /s/
seal 
 Signed by the Legal Representative or Authorized Representative: 

 (The remainder of this page is intentionally left blank; execution page of the Equity Pledge Agreement only)

 Party B: 
 Tianjin Xuncheng Yiyue Technology Partnership
(L.P.) (seal) 
 /s/ seal 
 Signed by the Legal Representative
or Authorized Representative: 
 /s/ the Legal Representative or Authorized Representative 

Tianjin Xuncheng Luyue Technology Partnership (L.P.) (seal) 
 /s/
seal 
 Signed by the Legal Representative or Authorized Representative: 

/s/ the Legal Representative or Authorized Representative 

Tianjin Xuncheng Bayue Technology Partnership (L.P.) (seal) 
 /s/
seal 
 Signed by the Legal Representative or Authorized Representative: 

/s/ the Legal Representative or Authorized Representative 

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

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

 (The remainder of this page is intentionally left blank; execution page of the Equity Pledge Agreement only)

 Party B: 
 Tianjin Xuncheng Shiyue Technology Partnership
(L.P.) (seal) 
 /s/ seal 
 Signed by the Legal Representative
or Authorized Representative: 
 /s/ the Legal Representative or Authorized Representative 

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

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

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

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

 (The remainder of this page is intentionally left blank; execution page of the Equity Pledge Agreement only)

 Party C: Beijing New Oriental-Xuncheng Network Technologies Co., Ltd. (seal) 

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

 Appendix I: Party B 

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

 

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

 Appendix II: List of the Subsidiaries 

 

			
	 No
	  	 Name

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

 Appendix III: List of the Main Contracts 

 

	1.	 The Exclusive Management Consultancy and Cooperation Agreement entered into by and among Beijing Dexin Dongfang
Network Technology Co., Ltd., Beijing New Oriental-Xuncheng Network Technology Co., Ltd. and its subsidiaries, and all the shareholders of Beijing New Oriental-Xuncheng Network Technology Co., Ltd. on May 10, 2018; 

 

	2.	 The Exclusive Option Agreement entered into by and among Beijing Dexin Dongfang Network Technology Co., Ltd.,
Beijing New Oriental-Xuncheng Network Technology Co., Ltd. and all its shareholders on May 10, 2018; 

  

	3.	 The Power of Attorney respectively issued by New Oriental Education Technology Group Limited, Linzhi Tencent
Technology Co., Ltd., Tianjin Xuncheng Yiyue Technology Partnership (L.P.), Tianjin Xuncheng Luyue Technology Partnership (L.P.), Tianjin Xuncheng Bayue Technology Partnership (L.P.), Tianjin Xuncheng Jiuyue Technology Partnership (L.P.), Tianjin
Xuncheng Shiyue Technology Partnership (L.P.), Tianjin Xuncheng Shieryue Technology Partnership (L.P.), Tianjin Xuncheng Shisanyue Technology Partnership (L.P.) and Beijing New Oriental-Xuncheng Network Technology Co., Ltd. on May 10, 2018;

  

	4.	 The Letter of Undertaking jointly issued by Beijing Century Friendship Education Investment Co., Ltd., Yu
Minhong and Li Bamei on May 10, 2018; and 

  

	5.	 The Letter of Undertaking respectively issued by Tianjin Xuncheng Yiyue Technology Partnership (L.P.), Tianjin
Xuncheng Luyue Technology Partnership (L.P.), Tianjin Xuncheng Bayue Technology Partnership (L.P.), Tianjin Xuncheng Jiuyue Technology Partnership (L.P.), Tianjin Xuncheng Shiyue Technology Partnership (L.P.), Tianjin Xuncheng Shieryue Technology
Partnership (L.P.), and Tianjin Xuncheng Shisanyue Technology Partnership (L.P.) on May 10, 2018.

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