{"url_path":"/sec/lxeh/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1814067/0001213900-26-055168-index.html","accession_number":"0001213900-26-055168","cik":"0001814067","ticker":"LXEH","issuer_name":"Lixiang Education Holding Co. Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1814067/0001213900-26-055168-index.html","primary_entity_key":"0001814067","primary_entity_name":"Lixiang Education Holding Co. Ltd."},"word_count":3658,"has_tables":true,"body_markdown":"**UNITED STATES**\n\n**SECURITIES AND EXCHANGE\nCOMMISSION**\n\n**Washington, D.C. 20549**\n\n** **\n\n**FORM 20-F**\n\n** **\n\n**(Mark One)**\n\n☐ **REGISTRATION\nSTATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**OR**\n\n** **\n\n**☒ ANNUAL REPORT\nPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For the fiscal year ended\nDecember 31, 2025.**\n\n** **\n\n**OR**\n\n** **\n\n☐ **TRANSITION REPORT\nPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**OR**\n\n** **\n\n☐ **SHELL COMPANY\nREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**Date of event requiring\nthis shell company report _______**\n\n** **\n\n**For the transition period\nfrom _______ to _______**\n\n** **\n\n**Commission file number:\n001-39559**\n\n** **\n\n**Lixiang Education Holding\nCo., Ltd.**\n\n**(Exact name of Registrant\nas specified in its charter)**\n\n** **\n\n**N/A**\n\n**(Translation of Registrant’s\nname into English)**\n\n** **\n\n**Cayman Islands**\n\n**(Jurisdiction of incorporation\nor organization)**\n\n** **\n\n**No. 818 Hua Yuan\nStreet**\n\n**Liandu District, Lishui\nCity, Zhejiang Province, 323000**\n\n**People’s Republic\nof China**\n\n**(Address of principal\nexecutive offices)**\n\n** **\n\n**Zhifu Yang, Chief Financial\nOfficer**\n\n**Telephone: +86-578-2267142**\n\n**Email: irlxeh@lsmxjy.com**\n\n**No. 818 Hua Yuan\nStreet**\n\n**Liandu District, Lishui\nCity, Zhejiang Province, 323000**\n\n**People’s Republic\nof China**\n\n**(Name, Telephone, Email\nand/or Facsimile number and Address of Company Contact Person)**\n\n \n\n**Securities registered\nor to be registered pursuant to Section 12(b) of the Act:**\n\n** **\n\n**Title of Each Class**   **Trading Symbol**   **Name of Each Exchange On Which Registered**\n\n**American depositary shares, each representing one thousand Class A ordinary shares***   **LXEH**  \n**The Nasdaq Stock Market LLC**\n\n**(The Nasdaq Global Market)**\n\n**Class A ordinary shares, par value US$0.0001 per share****      \n**The Nasdaq Stock Market LLC**\n\n**(The Nasdaq Global Market)**\n\n** **\n\n*******Our American\ndepositary shares to Class A ordinary shares ratio is effective as of April 20, 2026.**\n\n** **\n\n********Not for trading, but only in connection with the listing on The Nasdaq Stock Market LLC of the American depositary shares.**\n\n** **\n\n**Securities registered or to be registered pursuant\nto Section 12(g) of the Act:**\n\n** **\n\n**None**\n\n**(Title of Class)**\n\n** **\n\n**SEC 1852 (12-23) Potential persons who are\nto respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid\nOMB control number.**\n\n \n\n**Securities for which\nthere is a reporting obligation pursuant to Section 15(d) of the Act:**\n\n** **\n\n**None**\n\n**(Title of Class)**\n\n \n\n \n\n \n\n \n\nIndicate the number of outstanding shares of\neach of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:\n\n \n\nAs of December 31, 2025, there were 1,916,667,000\nordinary shares outstanding, par value of US$0.0001 per share, including 1,871,667,000 Class A ordinary shares and 45,000,000 Class B\nordinary shares.\n\n \n\nIndicate by check mark if the registrant is a\nwell-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐  Yes ☒ No\n\n \n\nIf this report is an annual or transition report,\nindicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange\nAct of 1934. ☐ Yes ☒ No\n\n \n\nIndicate by check mark whether the registrant\n(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding\n12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing\nrequirements for the past 90 days. ☒ Yes ☐ No\n\n \n\nIndicate by check mark whether the registrant\nhas submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405\nof this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒\nYes ☐ No\n\n \n\nIndicate by check mark whether the registrant\nis a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large\naccelerated filer,” “accelerated filer,” and “emerging\ngrowth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒\n\n        Emerging growth company ☐\n\n \n\nIf\nan emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant\nhas elected not to use the extended transition period for complying with any new or revised financial accounting standards†\nprovided pursuant to Section 13(a) of the Exchange Act.  ☐\n\n \n\n†The\nterm “new or revised financial accounting standard” refers to any update issued\nby the Financial Accounting Standards Board to its Accounting Standards Codification after\nApril 5, 2012.\n\n \n\nIndicate by check mark whether the registrant\nhas filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial\nreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared\nor issued its audit report. ☐  Yes  ☒ No\n\n \n\nIf securities are registered pursuant to Section\n12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction\nof an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error\ncorrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s\nexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark which basis of accounting\nthe registrant has used to prepare the financial statements included in this filing:\n\n \n\nU.S. GAAP  ☒ International Financial Reporting Standards as issued Other ☐\n\n  by the International Accounting Standards Board ☐  \n\n \n\nIf “Other” has been checked in response\nto the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐  Item 17\n☐ Item 18\n\n \n\nIf this is an annual report, indicate by check\nmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No\n\n \n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY\nPROCEEDINGS DURING THE PAST FIVE YEARS)\n\n \n\nIndicate by check mark whether the registrant\nhas filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent\nto the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No\n\n \n\n \n\n \n\n \n\n \n\n \n\n**Table\nof Contents**\n\n \n\n \n \n**Page No.**\n\n \n \n \n\n[INTRODUCTION](#a_001)\n \nii\n\n[ENFORCEABILITY\nOF CIVIL LIABILITIES](#a_002)\n \niv\n\n[FORWARD-LOOKING\nINFORMATION](#a_003)\n \nv\n\n \n \n \n\n[PART\nI](#a_004)\n \n \n\n[ITEM\n1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#a_005)\n \n1\n\n[ITEM\n2. OFFER STATISTICS AND EXPECTED TIMETABLE](#a_006)\n \n1\n\n[ITEM\n3. KEY INFORMATION](#a_007)\n \n1\n\n[ITEM\n4. INFORMATION ON THE COMPANY](#a_008)\n \n82\n\n[ITEM\n4A. UNRESOLVED STAFF COMMENTS](#a_009)\n \n125\n\n[ITEM\n5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#a_010)\n \n125\n\n[ITEM\n6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#a_011)\n \n141\n\n[ITEM\n7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#a_012)\n \n148\n\n[ITEM\n8. FINANCIAL INFORMATION](#a_013)\n \n151\n\n[ITEM\n9. THE OFFER AND LISTING](#a_014)\n \n152\n\n[ITEM\n10. ADDITIONAL INFORMATION](#a_015)\n \n152\n\n[ITEM\n11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a_016)\n \n169\n\n[ITEM\n12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#a_017)\n \n169\n\n \n \n \n\n[PART\nII](#a_018)\n \n \n\n[ITEM\n13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#a_019)\n \n172\n\n[ITEM\n14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#a_020)\n \n172\n\n[ITEM\n15. CONTROLS AND PROCEDURES](#a_021)\n \n173\n\n[ITEM\n16. [RESERVED]](#a_022)\n \n175\n\n[ITEM\n16.A. AUDIT COMMITTEE FINANCIAL EXPERT](#a_023)\n \n175\n\n[ITEM\n16.B. CODE OF ETHICS](#a_024)\n \n175\n\n[ITEM\n16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#a_025)\n \n175\n\n[ITEM\n16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#a_026)\n \n175\n\n[ITEM\n16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#a_027)\n \n176\n\n[ITEM\n16.F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#a_028)\n \n176\n\n[ITEM\n16.G. CORPORATE GOVERNANCE](#a_029)\n \n177\n\n[ITEM\n16.H. MINE SAFETY DISCLOSURE](#a_030)\n \n178\n\n[ITEM\n16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#a_031)\n \n178\n\n[ITEM\n16.J. INSIDER TRADING POLICY](#a_032)\n \n178\n\n[ITEM\n16.K. CYBERSECURITIES](#a_033)\n \n178\n\n \n \n \n\n[PART\nIII](#a_034)\n \n \n\n[ITEM\n17. FINANCIAL STATEMENTS](#a_035)\n \n179\n\n[ITEM\n18. FINANCIAL STATEMENTS](#a_036)\n \n179\n\n[ITEM\n19. EXHIBITS](#a_037)\n \n179\n\n[SIGNATURES](#a_038)\n \n190\n\n \n\ni\n\n \n\n \n\n**INTRODUCTION**\n\n** **\n\nIn this annual report on\nForm 20-F, unless otherwise indicated or the context otherwise requires, references to:\n\n \n\n \n●\n“ADRs” refer to our American depositary\nreceipts that evidence our ADSs;\n\n \n\n \n●\n“ADSs” refer to our American depositary\nshares, each of which represents one thousand Class A ordinary shares;\n\n \n\n \n●\n“Beijing P.X.”\nrefers to Beijing Pengxiang Xinrui Education Technology Co., Ltd. (北京鹏翔新睿教育科技有限公司),\na company incorporated under the laws of the PRC and a wholly-owned subsidiary of Lishui Mengxiang, formerly known as Beijing Pengxiang\nTianxia Education Technology Co., Ltd. (北京鹏翔天下教育科技有限公司)\nprior to August 2024;\n\n \n\n \n●\n“Beijing S.K.”\nrefers to Beijing Shangkun Education Technology Development Co., Ltd. (北京商鲲教育科技发展有限公司),\na company incorporated under the laws of the PRC;\n\n \n\n \n●\n“Beijing Xinxiang”\nrefers to Beijing Xinxiang Future Technology Development Co., Ltd. (北京心翔未来科技发展有限公司),\na company which was incorporated under the laws of the PRC with 43% equity interests held by Lishui Mengxiang, and was deregistered\nin June 2024;\n\n \n\n \n●\n“Beijing R.R.Z.”\nrefers to Beijing Renrenzhen Intelligent Technology Co., Ltd. (北京人人诊智能科技有限公司),\na company incorporated under the laws of the PRC holding 42% equity interests of Beijing Xinxiang until June 2024;\n\n \n\n \n●\n“CAGR” refers\nto compound annual growth rate;\n\n \n\n \n●\n“China”, “mainland\nChina” or the “PRC” refers to the People’s Republic of China, excluding, for the purposes of this annual\nreport on Form 20-F only, the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan,\nwhile the legal and operational risks associated with operating in China may also apply to operations in Hong Kong;\n\n \n\n \n●\n“Chuangmei Weiye”\nrefers to Beijing Chuangmei Weiye Enterprise Management Co., Ltd. (北京创美伟业企业管理有限公司),\na company incorporated under the laws of the PRC and a wholly-owned subsidiary of Beijing P.X. until November 9, 2023;\n\n \n\n \n●\n“Class A ordinary\nshares” refer to our Class A ordinary shares, par value US$0.0001 per share;\n\n \n\n \n●\n“Class B ordinary\nshares” refer to our Class B ordinary shares, par value US$0.0001 per share;\n\n \n\n \n●\n“Hainan Jiangcai”\nrefers to Hainan Jiangcai Vocational Skills Training School Co., Ltd. (海南匠才职业技能培训学校有限公司),\na company incorporated under the laws of the PRC and a wholly-owned subsidiary of Beijing P.X.;\n\n \n\n \n●\n“Hangzhou Youxi”\nrefers to Hangzhou Youxi Information Technology Co., Ltd (杭州柚溪信息技术有限公司),\na company incorporated under the laws of the PRC and a wholly-owned subsidiary of Liandu WFOE;\n\n \n\n \n●\n“Hong Kong”\nrefers to Hong Kong Special Administrative Region of the People’s Republic of China;\n\n \n\n \n●\n“Langfang School”\nrefers to Langfang City Rail Transit Technical School (廊坊市城轨交通技工学校),\na PRC school specialized in providing vocational education;\n\n \n\n \n●\n“Lianwai School”\nrefers to Liandu Foreign Language School (莲都外国语学校), comprising of Baiyun Campus\nand Yijing Campus—Featured Division, which was historically controlled and consolidated by Liandu WFOE through a series of\ncontractual arrangements but was deconsolidated on September 1, 2021;\n\n \n\n \n●\n“Liandu WFOE”\nrefers to Zhejiang Mengxiang Consultancy Services Co., Ltd. (浙江梦翔咨询服务有限公司),\na wholly foreign-owned enterprise incorporated under the laws of the PRC;\n\n \n\nii\n\n \n\n \n\n \n●\n“Lishui Mengxiang”\nrefers to Zhejiang Lishui Mengxiang Education Development Co., Ltd. (浙江丽水梦翔教育发展有限公司),\na company incorporated under the laws of the PRC and the sponsor of Qingtian International School (before its deconsolidation) and\nLishui International School;\n\n \n\n \n●\n\n“Lishui International School”\nrefers to Lishui Overseas Chinese Senior High School (丽水市华侨高级中学),\na PRC private educational school specialized in providing high school education;\n\n \n\n \n●\n“Lixiang,”\n“we,” “us,” “our company,” “the Company” and “our” refer to Lixiang Education\nHolding Co., Ltd. (formerly known as Lianwai Education Group Limited), an exempted company incorporated in the Cayman Islands with\nlimited liability, and its subsidiaries;\n\n \n \n \n\n \n●\n“Macau” refers\nto Macau Special Administrative Region of  the People’s Republic of China;\n\n \n\n \n●\n“Mengxiang Holdings”\nor “Controlling Shareholder” refers to, Mengxiang Holdings Limited, a British Virgin Islands company wholly-owned and\ncontrolled by Ms. Fen Ye;\n\n \n\n \n●\n“ordinary shares”\nrefer to our Class A ordinary shares and Class B ordinary shares;\n\n \n\n \n\n \n\n●\n“Qingtian International\nSchool” refers to Qingtian Overseas Chinese Experimental High School (青田华侨实验高级中学),\na PRC private educational school specialized in providing high school education, formerly known as Qingtian Overseas Chinese International\nSchool (青田县华侨国际学校) prior to February 2023;\n\n \n\n \n●\n“RMB” and “Renminbi” refer\nto the legal currency of China;\n\n \n\n \n●\n“SEC” refers\nto the United States Securities and Exchange Commission;\n\n \n\n \n●\n“school year”\nrefers to the periods from September of each calendar year to July of the following calendar year which consists of two semesters.\nThe first semester usually commences in September of each year and ends in January of the following year, while the second semester\nusually commences in March and ends in July of the following year;\n\n \n\n \n●\n“US$,” “U.S. dollars,”\n“$” and “dollars” refer to the legal currency of the United States;\n\n \n\n \n●\n“Variable Interest\nEntities” or “VIEs” refer to the PRC entities of which we have power to control the management, and financial and\noperating policies and have the right to recognize and receive substantially all the economic benefits and in which we have an exclusive\noption to purchase all or part of the equity interests and all or a portion of the assets at the minimum price possible to the extent\npermitted by PRC law (for  details regarding the changes of the VIEs, see “*Item 4. Information on the Company—A.\nHistory and Development of the Company.*”);\n\n \n\n \n●\n“Vocational Education\nServices Providers” refer to Langfang School and Hainan Jiangcai;\n\n \n\n \n●\n“Xianke” refers\nto Zhejiang Lishui Xianke Agricultural Products Distribution Co., Ltd. (浙江丽水鲜客农产品配送有限公司),\na company incorporated under the laws of the PRC and a wholly-owned subsidiary of Liandu WFOE; and\n\n \n\n \n●\n“Hebei Chuangxiang”\nrefers to Hebei Chuangxiang Enterprise Management Co., Ltd.(河北创翔企业管理有限公司),\na company incorporated under the laws of the PRC and a wholly-owned subsidiary of Beijing P.X.\n\n \n\n**Exchange Rate Information**\n\n \n\nOur and the VIEs’\nbusiness is conducted in China, all of our revenue is denominated in RMB and our financial records are maintained in RMB, our functional\ncurrency. Our reporting currency is RMB and this annual report on Form 20-F contains translations of RMB into U.S. dollars solely for\nthe convenience of the reader. The exchange rate used for translation on December 31, 2025 was US$1.00=RMB6.9931, representing the\ncertificated exchange rate published by the Federal Reserve Board. We make no representation that any Renminbi or U.S. dollar amounts\ncould have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, or at all. The PRC\ngovernment imposes controls over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign\nexchange and through restrictions on foreign trade.\n\n \n\niii\n\n \n\n \n\n**ENFORCEABILITY\nOF CIVIL LIABILITIES**\n\n** **\n\n**Cayman Islands**\n\n \n\nWe are incorporated under\nthe laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands because of certain\nbenefits associated with being a Cayman Islands exempted company, such as political and economic stability, an effective judicial system,\na favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support\nservices. However, the Cayman Islands has a less developed body of securities laws than the United States and provides significantly\nless protection for investors. In addition, Cayman Islands companies may not have standing to sue before the federal courts of the United\nStates.\n\n \n\nOur assets and operations\nare located in China. All of our directors, namely Ms. Fen Ye, Mr. Biao Wei, Mr. Zhaoxiang Wei, Mr. Guoliang Chen, Mr. Teck Yong Heng\nand Mr. Yan Kit Lee, and our officer, Mr. Zhifu Yang, reside within the PRC and Hong Kong, and a substantial portion of their assets\nare located outside the United States. As a result, it may be difficult for a shareholder to effect service of process upon us or these\npersons, or to bring actions or enforce judgments obtained in United States courts against us or them, based on the civil liability provisions\nof the securities laws of the United States or any state in the United States.\n\n \n\nWe have appointed Cogency\nGlobal Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.\n\n \n\nMaples and Calder (Hong\nKong) LLP, or Maples, our legal counsel as to the laws of the Cayman Islands has advised us that there is uncertainty as to whether the\ncourts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers\nthat are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of\nany state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or officers\nthat are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.\n\n \n\nMaples has informed us that\nalthough there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States\n(and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), a judgment obtained\nin such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of\nthe merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided\nsuch judgment (a) is given by a foreign court of competent jurisdiction, (b) imposes on the judgment debtor a liability to\npay a liquidated sum for which judgment has been given, (c) is final, (d) is not in respect of taxes, a fine or a penalty;\n(e) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy\nof the Cayman Islands. However, there is uncertainty with regard to Cayman Islands law on whether judgments of courts of the United States\npredicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state\nwill be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of\nthe Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company, such as our company. Because such a determination\nin relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws has not yet been made by\na court of the Cayman Islands, it is uncertain whether such judgments would be enforceable in the Cayman Islands. A Cayman Islands court\nmay stay enforcement proceedings if concurrent proceedings are being brought elsewhere.\n\n** **\n\n**PRC**\n\n \n\nThere is uncertainty as\nto whether the courts of China would:\n\n \n\n \n●\nrecognize or enforce judgments\nof United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities\nlaws of the United States or any state in the United States; or\n\n \n\n \n●\nentertain original actions\nbrought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United\nStates or any state in the United States.\n\n \n\nAs advised by our PRC legal\ncounsel, Beijing DeHeng Law Offices, the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures\nLaw. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based\neither on treaties between China and the jurisdiction where the judgment is made or on principles of reciprocity between jurisdictions.\nChina does not have any treaties or other form of reciprocity with the United States that provide for the reciprocal recognition and\nenforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign\njudgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national\nsovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment\nrendered by a court in the United States.\n\n \n\niv\n\n \n\n \n\n**FORWARD-LOOKING\nINFORMATION**\n\n \n\nThis annual report on Form 20-F\ncontains forward-looking statements that reflect our current expectations and views of future events. These statements are made under\nthe “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking\nstatements by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,”\n“estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,”\n“continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations\nand projections about future events and financial trends that we believe may affect our financial condition, results of operations, business\nstrategy and financial needs. These forward-looking statements include, but are not limited to:\n\n \n\n \n●\nour goals and strategies;\n\n \n\n \n●\nour future business development,\nfinancial condition and results of operations;\n\n \n\n \n●\nthe trends in, expected\ngrowth, market size and student enrollment in the education industry, in China;\n\n \n\n \n●\nexpected changes in our\nrevenue, costs or expenditures;\n\n \n\n \n●\ncompetition in our industry;\n\n \n\n \n●\nrelevant government policies\nand regulations relating to our industry;\n\n \n\n \n●\ngeneral economic and business\nconditions in China; and\n\n \n\n \n●\nthe development of COVID-19\npandemic in the PRC and globally.\n\n \n\nWe would like to caution\nyou not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk\nfactors disclosed in “*Item 3. Key Information—D. Risk Factors*.” Those risks are not exhaustive. We operate in\nan evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor\ncan we assess the impact of all factors on our and the VIEs’ business or the extent to which any factor, or combination of factors,\nmay cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update\nor revise the forward-looking statements except as required under applicable law. You should read this annual report on Form 20-F\nand the documents that we reference in this annual report on Form 20-F completely and with the understanding that our actual future\nresults may be materially different from what we expect.\n\n \n\nv\n\n \n\n \n\n**PART I**"}