> l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1Courier New1Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)**_($* #,##0_);_($* (#,##0);_($* ""_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* ""_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* ""??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* ""??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)60%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0) + ) , * Ј ~~ ؈ ~~#؈ ~~"؈ ~~ ؈ ~~7#܈ ~~8#܈ ~~9"܈ ~~9#܈ ~~83ffff̙̙3f3fff3f3f33333f33&9Neither the Securities and Exch+TABLE OF CONTENTSCTABLE OF CONTENTS (1)&@\SUMMARY CONSOLIDATED FINANCIAL %,SUMMARY CONSOLIDATED FINAN (1)&MARKET PRICE INFORMATION FOR THGCAPITALIZATION %EXCHANGE RATE INFORMATION&GSummary Consolidated Income Dat&>Summary Consolidated Income (1)Revenues"Cost of RevenuesROperating Expenses~Results of Operations&sSelected Quarterly Results of O!MNonGAAP Financial Measures%NonGAAP Financial Measures (1)%Cash Flows and Working Capital1Contractual Obligations Holding Company Structure$t
Holding Company Structure (1)$w'Holding Company Structure (2)ASharebased Compensation"qWOur Learning Center Network!pSelfowned Learning Centers/ Employees&Directors and Executive Officerc2016 ESOP Plan&2PRINCIPAL AND SELLING SHAREHOLDUNDERWRITING2UNDERWRITING (1)&+EXPENSES RELATED TO THIS OFFERI&NAINDEX TO CONSOLIDATED FINANCIAL&YINDEX TO UNAUDITED INTERIM COND&[pexcept for number of shares and&]except for number of shares (1)&except for number of shares (2)&except for number of shares (3)&.CONSOLIDATED STATEMENTS OF CHAN&XCONSOLIDATED STATEMENTS OF (1)&[CONSOLIDATED STATEMENTS OF (2)&LCONSOLIDATED STATEMENTS OF CASH& CONSOLIDATED STATEMENTS OF (1)&except for number of shares (4)&5except for number of shares (5)&cexcept for number of shares (6)%هThe VIE arrangements Continued%GThe VIE arrangements Conti (1)Property and equipmentIntangible assets#~Acquisition of Edge Business&except for number of shares (7)&)except for number of shares (8)&Dexcept for number of shares (9)&``except for number of share (10)&
except for number of share (11)&hexcept for number of share (12)&iexcept for number of share (13)
PRCPRC (1)PRC (2)& except for number of share (14)&qC except for number of share (15)&[ except for number of share (16)&%w except for number of share (17)& except for number of share (18)& except for number of share (19)&v except for number of share (20)& except for number of share (21) Modification of options&
Modification of options Continu&E$
except for number of share (22)";
Operating lease commitmentsQ
Contingencies Continuedj
Condensed Balance Sheets&
Condensed Statements of Compreh
Statements of Cash Flows&
except for number of share (23)&Fexcept for number of share (24)&Eexcept for number of share (25)yCOMPREHENSIVE INCOME&UNAUDITED INTERIM CONDENSED CON&6UNAUDITED INTERIM CONDENSED (1)&except for number of share (26)& except for number of share (27)&8Adoption of New Revenue Recogni&KQexcept for number of share (28)&iexcept for number of share (29)&except for number of share (30)&except for number of share (31)&except for number of share (32)&hexcept for number of share (33)&mexcept for number of share (34)&
except for number of share (35)&(
except for number of share (36)&7
except for number of share (37)&K
except for number of share (38)&^b
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Operating lease commitments (1)&
except for number of share (41)&
except for number of share (42)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??eTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)!MARKET PRICE INFORMATION FOR THCAPITALIZATIONEXCHANGE RATE INFORMATION!Summary Consolidated Income Dat!Summary Consolidated Income (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }1}$ }}
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!RISE Education Cayman Ltd
424B4
06/07/2018jbNeither the Securities and Exchange Commission nor any state securities commission has approved or Per ADS
Total
Offering price
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US$~
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.&Underwriting discounts and commissionsUS$?US$~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??e!Neither the Securities and ExchTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)!MARKET PRICE INFORMATION FOR THCAPITALIZATIONEXCHANGE RATE INFORMATION!Summary Consolidated Income Dat!Summary Consolidated Income (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }:}$ }}$
!RISE Education Cayman Ltd
424B4
06/07/2018TABLE OF CONTENTS Page
Prospectus Summary
~
+#Summary Consolidated Financial Data~
*Risk Factors~
2.
&Special Note Regarding ForwardLooking
~
$Statements and Industry DataUse of Proceeds~
Dividend Policy~
%Market Price Information for the ADSs~
Capitalization~
!Exchange Rate Information~
+#Enforceability of Civil Liabilities~
'Corporate History and Structure~
,$Selected Consolidated Financial Data~
,$Management?s Discussion and Analysis~
80of Financial Condition and Results of OperationsOur Industry~
jBusiness~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D lsg+Fp#s'oNvjB=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??e!Neither the Securities and ExchTABLE OF CONTENTS!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)!MARKET PRICE INFORMATION FOR THCAPITALIZATIONEXCHANGE RATE INFORMATION!Summary Consolidated Income Dat!Summary Consolidated Income (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }I;}$ }U}$
!RISE Education Cayman Ltd
424B4
06/07/2018TABLE OF CONTENTS Page
Regulation
~
Management~
*"Principal and Selling Shareholders~
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Related Party Transactions
~
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$Description of Share Capital~
21)Description of American Depositary Shares~
Z'Shares Eligible for Future Sale~
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Legal Matters~
Experts~
1)Where You Can Find Additional Information~
2*Index to Consolidated Financial StatementsF191Index to Unaudited Interim Condensed ConsolidatedF1Financial Statements$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@C Dsg+gUKWB~=PF0*8X>
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }7}$ }
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!!!!!!!!!!!!!!!!!!!!RISE Education Cayman Ltd
424B4
06/07/2018+#SUMMARY CONSOLIDATED FINANCIAL DATA
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424B4
06/07/2018+#SUMMARY CONSOLIDATED FINANCIAL DATA
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??e!Neither the Securities and ExchTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)CAPITALIZATIONEXCHANGE RATE INFORMATION!Summary Consolidated Income Dat!Summary Consolidated Income (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }8}$ }
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!RISE Education Cayman Ltd
424B4
06/07/2018%MARKET PRICE INFORMATION FOR THE ADSs Period Trading Price (US$)
High
Low
Annual High and Low\(1@#@+#Fiscal 2017 (from October 20, 2017)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??e!Neither the Securities and ExchTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)!MARKET PRICE INFORMATION FOR THEXCHANGE RATE INFORMATION!Summary Consolidated Income Dat!Summary Consolidated Income (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }8}$ }
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!RISE Education Cayman Ltd
424B4
06/07/2018CAPITALIZATION As of March 31, 2018
Actual
RMBUS$Longterm loan~
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!RISE Education Cayman Ltd
424B4
06/07/2018!EXCHANGE RATE INFORMATION
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424B4
06/07/2018( Summary Consolidated Income Data
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424B4
06/07/20180(Selected Quarterly Results of Operations
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424B4
06/07/2018#NonGAAP Financial Measures
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424B4
06/07/2018#NonGAAP Financial Measures
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424B4
06/07/2018&Cash Flows and Working Capital
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424B4
06/07/2018Contractual Obligations March 31, 2018
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424B4
06/07/2018!Holding Company Structure
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!RISE Education Cayman Ltd
424B4
06/07/2018!Holding Company Structure
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!RISE Education Cayman Ltd
424B4
06/07/2018!Holding Company Structure
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Our Hong Kong subsidiaries
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Our Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }0.}$ }y}$
!RISE Education Cayman Ltd
424B4
06/07/2018 Sharebased Compensation As of March 31, 2018 %
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }$}$ }$}$ }$}
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!RISE Education Cayman Ltd
424B4
06/07/2018#Our Learning Center Network
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center Network Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }*}$ }U5
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!RISE Education Cayman Ltd
424B4
06/07/2018#Selfowned Learning Centers+ #6 months to 1 year prior to opening 4 ,????Seek suitable site and negotiate leasing
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3+????Initiate regulatory approval procedures!2 months prior to opening1)????Begin designing and remodeling centerinterior0(????Hire principal and other supervisors1)????Begin hiring teachers and other staff0(????Conduct market research to formulatemarketing plan 1 month prior to opening3+????Begin team building process and teachertraining&????Advertising and promotions????Technology checksDlui]9~,GR:= !"#$%&'( !Opening!!????Opening ceremony""###%????Enroll students and begin classes$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/H<0=PF0*8X>
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!RISE Education Cayman Ltd
424B4
06/07/2018 Employees
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }'}$ }}$ }m)
!RISE Education Cayman Ltd
424B4
06/07/2018( Directors and Executive Officers( Directors and Executive Officers Age Position/Title
Lihong Wang~
Chairwoman
Zhongjue Chen
~
Director
Yiding Sun~
)!Director, Chief Executive OfficerJiandong Lu~
Director Yong Chen~
DirectorChelsea Qingyan Wang~
Chief Financial OfficerSally Xue Yuan~
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!RISE Education Cayman Ltd
424B4
06/07/20182016 ESOP Plan
Name Ordinary Shares (1) Price (US$/Share)
Date of Grant
Date of Expiration
UnderlyingOutstandingAwards Granted
Chelsea Qingyan Wang
*
ףp=
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May 20, 2016
May 19, 2020
*
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November 1, 2017
October 1, 2024Sally Xue Yuan *
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April 6, 2016
October 1, 2024 *
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November 1, 2017
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP PlanUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }I;}$ }y}$ }U}
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!RISE Education Cayman Ltd
424B4
06/07/2018*"PRINCIPAL AND SELLING SHAREHOLDERS
Ordinary Shares
Ordinary Shares being Ordinary Shares
Beneficially Owned
Sold In This Offering
Beneficially OwnedPrior to This Offering
After This OfferingNumber% ?
Number
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%Directors and Executive Officers: (1)
Yiding Sun~
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P?Chelsea Qingyan Wang * *
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P?Chelsea Qingyan Wang * *
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }0.}$ }y}$
!RISE Education Cayman Ltd
424B4
06/07/2018UNDERWRITING Underwriter Number of ADSs .
&Morgan Stanley & Co. International plc
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??e!Neither the Securities and ExchTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)!MARKET PRICE INFORMATION FOR THCAPITALIZATIONEXCHANGE RATE INFORMATION!Summary Consolidated Income Dat!Summary Consolidated Income (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITING!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }0}$ }}}$ }}} $ }
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!RISE Education Cayman Ltd
424B4
06/07/2018UNDERWRITING
Per ADS
Total
Without
With
Without
With
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overallotment
overallotment.&Underwriting discounts and commissionsUS$?US$?
US$~
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }a/}$ }}}$
!RISE Education Cayman Ltd
424B4
06/07/2018)!EXPENSES RELATED TO THIS OFFERING SEC registration fee US$~
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Accounting fees and expenses
US$~
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }7}$ }}$
!RISE Education Cayman Ltd
424B4
06/07/20182*INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page /
'Report of independent registered public
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31, 2016 and 20170(Consolidated statements of (loss)/incomeF53+for the years ended December 31, 2015, 2016and 20170(Consolidated statements of comprehensiveF62*(loss)/income for the years ended December31, 2015, 2016 and 2017%Consolidated statements of changes inF7F90(shareholders? equity for the years ended( December 31, 2015, 2016 and 2017%Consolidated statements of cash flows F10F113+for the years ended December 31, 2015, 2016and 20176.Notes to the consolidated financial statements F12F49$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/DlrfZNx]l5!a/qeY1=PF0*8X>
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }6}$ }}$
!RISE Education Cayman Ltd
424B4
06/07/2018NFINDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page 
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424B4
06/07/20187/except for number of shares and per share data)
As at December 31,
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!RISE Education Cayman Ltd
424B4
06/07/20187/except for number of shares and per share data)
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~
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424B4
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424B4
06/07/2018A9CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY
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424B4
06/07/2018MECONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Continued)
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424B4
06/07/2018MECONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Continued)
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06/07/2018%CONSOLIDATED STATEMENTS OF CASH FLOWS
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!RISE Education Cayman Ltd
424B4
06/07/20187/except for number of shares and per share data) Name Date of Place of
Percentage Principal activity
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July 29, 2013Cayman Islands100%Investment holding
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June 19, 2013Cayman Islands100%Investment holding,$Rise IP (Cayman) Limited (?Rise IP?)
July 24, 2013Cayman Islands100%Educational consulting:2Edge Franchising Co., Limited (?Edge Franchising?)March 16, 2016 Hong Kong100%Educational consulting0(Bain Capital Rise Education (HK) Limited
June 24, 2013 Hong Kong100%Educational consulting(?Rise HK?)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D}lmaUIBoZ{l=PF0*8X>
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }6}$ }a}$ }}
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!RISE Education Cayman Ltd
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Name Date of Place of
Percentage
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Educational consulting/'Consulting Co., Ltd. (?Rise Tianjin? or?WFOE?)
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July 14, 2009PRC
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06(Shanghai Boyu Investment Management Co.,666January 29, 20126666PRC66 6
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!RISE Education Cayman Ltd
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06/07/20187/except for number of shares and per share data) Name Date of Place of
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March 8, 2010PRC ?Educational consultingConsulting Co., Ltd.services0(Shanghai Huangpu District RISE Immersion
June 17, 2011PRC ?Language education'Subject English Training School,$Guangzhou Ruisi Education TechnologyAugust 17, 2012PRC ?Training servicesDevelopment Co., Ltd.0(Guangzhou Yuexiu District RISE ImmersionApril 29, 2014PRC ?Language education'Subject English Training School0(Guangzhou Haizhu District RISE ImmersionDecember 8, 2014PRC ?Language education/'Subject English Training SchoolChigang0(Guangzhou Tianhe District RISE Immersion
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424B4
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424B4
06/07/2018Property and equipment Electronic equipment 3 years
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!RISE Education Cayman Ltd
424B4
06/07/2018Intangible assets Category Estimated Useful Life
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424B4
06/07/2018$Acquisition of Edge Business RMB US$
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424B4
06/07/20187/except for number of shares and per share data)
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424B4
06/07/20187/except for number of shares and per share data)
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424B4
06/07/20187/except for number of shares and per share data)
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06/07/20187/except for number of shares and per share data)
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424B4
06/07/20187/except for number of shares and per share data)% Balance as of January 1, 2016 ~
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424B4
06/07/20187/except for number of shares and per share data)
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424B4
06/07/20187/except for number of shares and per share data) US$
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!RISE Education Cayman Ltd
424B4
06/07/20187/except for number of shares and per share data)
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!RISE Education Cayman Ltd
424B4
06/07/20187/except for number of shares and per share data)
Loan granted Principal
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424B4
06/07/20187/except for number of shares and per share data)
Loan granted Principal
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424B4
06/07/20187/except for number of shares and per share data)
As at December 31,
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06/07/20187/except for number of shares and per share data)
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424B4
06/07/2018Modification of options
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424B4
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options ContinuOperating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }*}$ }}$ }
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!RISE Education Cayman Ltd
424B4
06/07/20187/except for number of shares and per share data) For the year ended
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Contingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)!except for number of share (42)U }}$ }
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424B4
06/07/2018#Operating lease commitments RMB US$ ~
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#
!RISE Education Cayman Ltd
424B4
06/07/2018!Contingencies (Continued) Foreign currency
translation adjustmentsRMB%Balance as of January 1, 2015~
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!RISE Education Cayman Ltd
424B4
06/07/2018 Condensed Balance Sheets
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!RISE Education Cayman Ltd
424B4
06/07/2018;3Condensed Statements of Comprehensive (Loss)/Income
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424B4
06/07/2018 Statements of Cash Flows
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!RISE Education Cayman Ltd
424B4
06/07/20187/except for number of shares and per share data)
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424B4
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!RISE Education Cayman Ltd
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06/07/2018COMPREHENSIVE INCOME
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424B4
06/07/2018IAUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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06/07/20187/except for number of shares and per share data)
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06/07/20187/except for number of shares and per share data)
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06/07/20187/except for number of shares and per share data)
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06/07/20187/except for number of shares and per share data)
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RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!except for number of share (41)!except for number of share (42)U }*}$ }
}$ }}$
!RISE Education Cayman Ltd
424B4
06/07/2018#Operating lease commitments RMB US$ +
#Nine months ended December 31, 2018
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??e!Neither the Securities and ExchTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)!MARKET PRICE INFORMATION FOR THCAPITALIZATIONEXCHANGE RATE INFORMATION!Summary Consolidated Income Dat!Summary Consolidated Income (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (42)U }1}$ }}$
!RISE Education Cayman Ltd
424B4
06/07/20187/except for number of shares and per share data) RMB '
Balance as of December 31, 2016
~
1)Foreign currency translation adjustments,~
net of tax of nil
$Balance as of March 31, 2017~
"'Balance as of December 31, 2017~
q1)Foreign currency translation adjustments,~
net of tax of nil$Balance as of March 31, 2018~
*uUS$$Balance as of March 31, 2018~
Nd$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BXmaUI
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??e!Neither the Securities and ExchTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)!MARKET PRICE INFORMATION FOR THCAPITALIZATIONEXCHANGE RATE INFORMATION!Summary Consolidated Income Dat!Summary Consolidated Income (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased CompensationOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer2016 ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL!INDEX TO UNAUDITED INTERIM COND!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6) The VIE arrangements Continued The VIE arrangements Conti (1)Property and equipmentIntangible assetsAcquisition of Edge Business!except for number of shares (7)!except for number of shares (8)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)PRC PRC (1) PRC (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)!except for number of share (19)!except for number of share (20)!except for number of share (21)Modification of options!Modification of options Continu!except for number of share (22)Operating lease commitmentsContingencies ContinuedCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (23)!except for number of share (24)!except for number of share (25)COMPREHENSIVE INCOME!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (26)!except for number of share (27)!Adoption of New Revenue Recogni!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!except for number of share (38)!except for number of share (39)!except for number of share (40)!Operating lease commitments (1)!except for number of share (41)U }y#}$ }
}$
!RISE Education Cayman Ltd
424B4
06/07/20187/except for number of shares and per share data) RMB %
Balance as of January 1, 2018
~
Net loss~
Ending balance
~
US$$Balance as of March 31, 2018~
j$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4maUI
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