> 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 ~~ ؈ ~~#؈ ~~"؈ ~~ ؈ ~~8#܈ ~~9"܈ ~~7#܈ ~~9#܈ ~~7"܈ ~~83ffff̙̙3f3fff3f3f33333f33&Neither the Securities and Exch*TABLE OF CONTENTS"BTABLE OF CONTENTS (1)&YSUMMARY CONSOLIDATED FINANCIAL %ʯSUMMARY CONSOLIDATED FINAN (1)0CAPITALIZATION[
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except for number of share (19)&GW
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UNAUDITED INTERIM CONDENSED CON&UNAUDITED INTERIM CONDENSED (1)&;except for number of share (23)&aexcept for number of share (24)&6except for number of share (25)&uexcept for number of share (26)&except for number of share (27)&except for number of share (28)& except for number of share (29)&
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??aTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)CAPITALIZATION
DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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 ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)!Operating lease commitments (1)Contingencies (1)!except for number of share (38)U }1}$ }}$ }}$
!RISE Education Cayman Ltd
424B4
10/20/2017jbNeither the Securities and Exchange Commission nor any state securities commission has approved or Per ADS
Total %
Initial public offering price
US$14.50
US$159,500,000
.&Underwriting discounts and commissionsUS$1.015
US$11,165,000~
(
Proceeds, before expenses, to us
US$12.267
US$61,335,000
1)Proceeds, before expenses, to the sellingUS$14.50
US$87,000,000shareholders$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,:."JT^=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??a!Neither the Securities and ExchTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)CAPITALIZATION
DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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 ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
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!RISE Education Cayman Ltd
424B4
10/20/2017TABLE OF CONTENTS Page
Prospectus Summary
~
+#Summary Consolidated Financial Data~
*Risk Factors~
2.
&Special Note Regarding ForwardLooking
~
$Statements and Industry DataUse of Proceeds~
Dividend Policy~
Capitalization~
Dilution~
!Exchange Rate Information~
+#Enforceability of Civil Liabilities~
'Corporate History and Structure~
,$Selected Consolidated Financial Data~
,$Management?s Discussion and Analysis~
80of Financial Condition and Results of OperationsOur Industry~
j$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B0 Xsg+Fp#D/k/=PF0*8X>
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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 ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)!Operating lease commitments (1)Contingencies (1)!except for number of share (38)U }2}$ }$}$
!RISE Education Cayman Ltd
424B4
10/20/2017TABLE OF CONTENTS Page
Business
~
Regulation~
Management~
*
"Principal and Selling Shareholders
~
"Related Party Transactions~
"$Description of Share Capital~
&1)Description of American Depositary Shares~
N'Shares Eligible for Future Sale~
~Taxation~
Underwriting~
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Legal Matters~
Experts~
1)Where You Can Find Additional Information~
2*Index to Consolidated Financial StatementsF1$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@ Dsg+i!iK\e=PF0*8X>
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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)
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!RISE Education Cayman Ltd
424B4
10/20/2017+#SUMMARY CONSOLIDATED FINANCIAL DATA
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!RISE Education Cayman Ltd
424B4
10/20/2017+#SUMMARY CONSOLIDATED FINANCIAL DATA
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)
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PRC ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)!Operating lease commitments (1)Contingencies (1)!except for number of share (38)U }8}$ }
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!RISE Education Cayman Ltd
424B4
10/20/2017CAPITALIZATION
As of June 30, 2017
Actual
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424B4
10/20/2017DILUTION Per Ordinary Per ADS
Share%Initial public offering priceUS$@US$@3+Net tangible book value as of June 30, 2017US${GzԿUS${Gz3
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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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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 ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)!Operating lease commitments (1)Contingencies (1)!except for number of share (38)U }}$ }}$ }$}$}
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!RISE Education Cayman Ltd
424B4
10/20/2017DILUTION
! Ordinary Shares Purchased
Total Consideration
Average Price Average
per Ordinary
Price perNumberPercent
Amount
Percent
ShareADS7/(US$, except for share numbers and percentages)
Existing shareholders
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DILUTIONDILUTION (1)!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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 ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)!Operating lease commitments (1)Contingencies (1)!except for number of share (38)U }}$ }}$ }}
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!RISE Education Cayman Ltd
424B4
10/20/2017!EXCHANGE RATE INFORMATION
Noon Buying Rate
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINAN (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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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 ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)!Operating lease commitments (1)Contingencies (1)!except for number of share (38)U }6}$ }
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!RISE Education Cayman Ltd
424B4
10/20/2017,$SELECTED CONSOLIDATED FINANCIAL DATA
' For the Year Ended December 31,
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Ended June 30,~
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RMBRMB
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424B4
10/20/2017,$SELECTED CONSOLIDATED FINANCIAL DATA
As of December 31,
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~
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US$
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Total current assets~
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424B4
10/20/2017#NonGAAP Financial Measures
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424B4
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424B4
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424B4
10/20/2017Contractual Obligations
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424B4
10/20/2017!Holding Company Structure
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424B4
10/20/2017!Holding Company Structure
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424B4
10/20/2017!Holding Company Structure
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424B4
10/20/2017 Sharebased Compensation As of December 31,
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!RISE Education Cayman Ltd
424B4
10/20/2017'Fair Value of Our Share Options As of December 31, 2016
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!Expected volatility range48.1%50.7%"Suboptimal exercise factorffffff@5
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424B4
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424B4
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!RISE Education Cayman Ltd
424B4
10/20/2017( Directors and Executive Officers( Directors and Executive Officers Age Position/Title
Lihong Wang~
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Zhongjue Chen
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Yiding Sun~
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Director Yong Chen~
DirectorChelsea Qingyan Wang~
Chief Financial OfficerSally Xue Yuan~
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424B4
10/20/2017 ESOP Plan
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October 1, 2024Chelsea Qingyan Wang *
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!RISE Education Cayman Ltd
424B4
10/20/2017UNDERWRITING Underwriter Number of ADSs .
&Morgan Stanley & Co. International plc
~
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*"Credit Suisse Securities (USA) LLC~
UBS Securities LLC~
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITING!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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)
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ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)!Operating lease commitments (1)Contingencies (1)!except for number of share (38)U }0.}$ }}
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!RISE Education Cayman Ltd
424B4
10/20/2017UNDERWRITING
Per ADS
Total
Without
With
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)
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!RISE Education Cayman Ltd
424B4
10/20/2017)!EXPENSES RELATED TO THIS OFFERING SEC registration fee US$~
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'Financial Industry Regulatory Authority
US$~
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'
Printing and engraving expenses
US$~
$Accounting fees and expensesUS$~
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)
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!RISE Education Cayman Ltd
424B4
10/20/20172*INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page /
'Report of Independent Registered Public
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!RISE Education Cayman Ltd
424B4
10/20/2017FINANCIAL STATEMENTS Page 
%Audited consolidated balance sheet as
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2*of December 31, 2016 and unaudited interim,$condensed consolidated balance sheet
as of June 30, 20170(Unaudited interim condensed consolidatedF47/'statements of income for the six months$ended June 30, 2016 and 20170(Unaudited interim condensed consolidatedF48.&statements of comprehensive income for3+the six months ended June 30, 2016 and 20170(Unaudited interim condensed consolidated F49F503+statements of cash flows for the six months$ended June 30, 2016 and 20170(Notes to the unaudited interim condensed F51F65%consolidated financial statements for3+the six months ended June 30, 2016 and 2017$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0pd(T$jBq8=PF0*8X>
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!RISE Education Cayman Ltd
424B4
10/20/20177/except for number of shares and per share data)
As at December 31,
Notes
~
~
~
~
RMB
RMB
US$ASSETS
Current assets:
!Cash and cash equivalents~
~
'
~
Restricted cash~
I
~
~
z&Shortterm investments~
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?
?Inventories~
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~
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,$Prepayments and other current assets~
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Total current assets~
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~
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Noncurrent assets:
#Property and equipment, net~
~
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~
f
~
jIntangible assets, net~
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Goodwill~
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~
(Deferred tax assets~
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~
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n Other noncurrent assets~
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~
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Total noncurrent assets~
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~
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Total assets~
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D,lmaUI}p3Rl:Ka !"#$%&'()*+,./0123
,!$LIABILITIES AND SHAREHOLDERS? EQUITY!!!!!!!!! !
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*i*+Income taxes payable++~
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PRC ContinuedPRC Continued (1)PRC Continued (2)!except for number of share (14)!except for number of share (15)!except for number of share (16)!except for number of share (17)!except for number of share (18)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!except for number of share (28)!except for number of share (29)!except for number of share (30)!except for number of share (31)!except for number of share (32)!except for number of share (33)!except for number of share (34)!except for number of share (35)!except for number of share (36)!except for number of share (37)!Operating lease commitments (1)Contingencies (1)!except for number of share (38)U }8}$ }$}$ }
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3
!RISE Education Cayman Ltd
424B4
10/20/20177/except for number of shares and per share data)
As at December 31,
Notes
~
~
~
~
RMB
RMB
US$6.Noncurrent liabilities (including noncurrent
0
(liabilities of the VIEs without recourse0(to the Company amounting to RMB6,510 and1)RMB4,271 (US$630) as of December 31, 2015and 2016, respectively)Longterm loan~
* ?
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%Total noncurrent liabilities~
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Shareholders? equity:
7/Ordinary shares (US$0.01 par value; 200,000,000~
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~
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424B4
10/20/201791CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
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July 29, 2013Cayman Islands
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June 19, 2013Cayman Islands
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July 24, 2013Cayman Islands
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10/20/20177/except for number of shares and per share data) Name Date of Place of
Percentage Principal activity
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July 20, 2009PRC ?Language educationSchool/'Beijing Xicheng District RISE ImmersionFebruary 5, 2010PRC ?Language education'Subject English Training School1)Beijing Dongcheng District RISE Immersion
July 30, 2010PRC ?Language education'Subject English Training School0(Beijing Tongzhou District RISE ImmersionApril 19, 2011PRC ?Language education'Subject English Training SchoolDilmaUIBoZMCu9Ua6 ! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 8 9 : ; < .!&Beijing Daxing District RISE Immersion!!March 31, 2013!!PRC! !?!!Language education'"Subject English Training School#####4$,Beijing Fengtai District Step Ahead Training$$February 28, 2012$$PRC$ $?$$Language education%School&&&&&0'(Shanghai Boyu Investment Management Co.,''January 29, 2012''PRC' '?''Language education(Ltd.)))))0*(Shanghai Riverdeep Education Information**
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10/20/20177/except for number of shares and per share data) Name Date of Place of
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!RISE Education Cayman Ltd
424B4
10/20/2017Intangible assets Category Estimated Useful Life
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424B4
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424B4
10/20/2017Modification of options
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424B4
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424B4
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424B4
10/20/2017
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424B4
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!RISE Education Cayman Ltd
424B4
10/20/20177/except for number of shares and per share data)
As of
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!RISE Education Cayman Ltd
424B4
10/20/20177/except for number of shares and per share data)
! Six months ended June 30,
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10/20/20177/except for number of shares and per share data)
Name Date of establishment Place of
Percentage
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.&RISE Education Cayman III Ltd (?Cayman
July 29, 2013Cayman Islands
100%
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.&RISE Education Cayman I Ltd (?Cayman?)
June 19, 2013Cayman Islands
100%
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,$Rise IP (Cayman) Limited (?Rise IP?)
July 24, 2013Cayman Islands
100%
Educational
consulting
0(Bain Capital Rise Education (HK) Limited
June 24, 2013 Hong Kong
100%
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consulting
,$Rise (Tianjin) Education InformationAugust 12, 2013PRC
100%
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consulting?WFOE?)
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10/20/20177/except for number of shares and per share data)
Name Date of establishment Place of
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4,Beijing Haidian District Step Ahead TrainingSeptember 18, 2008PRC
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/'Beijing Shijingshan District Step Ahead
July 14, 2009PRC
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DlmaUI}pP:y]K !"#$%&'()*+,./012345671 )Beijing Dongcheng District RISE Immersion
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!RISE Education Cayman Ltd
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10/20/20177/except for number of shares and per share data) Name Date of establishment Place of
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!RISE Education Cayman Ltd
424B4
10/20/20177/except for number of shares and per share data)
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424B4
10/20/20177/except for number of shares and per share data)
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!RISE Education Cayman Ltd
424B4
10/20/20177/except for number of shares and per share data)
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424B4
10/20/20177/except for number of shares and per share data) US$
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424B4
10/20/20177/except for number of shares and per share data)
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424B4
10/20/20177/except for number of shares and per share data)
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424B4
10/20/20177/except for number of shares and per share data)
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)
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PRC ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)Contingencies (1)!except for number of share (38)U }m)}$ }}$ }}$
!RISE Education Cayman Ltd
424B4
10/20/2017#Operating lease commitments RMB US$ *
"Six months ended December 31, 2017
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??a!Neither the Securities and ExchTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)CAPITALIZATION
DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (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 Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!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)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!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 ContinuedPRC Continued (1)PRC Continued (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)Modification of options!Modification of options ContinuOperating lease commitments
ContingenciesCondensed Balance Sheets!Condensed Statements of ComprehStatements of Cash Flows!except for number of share (19)!except for number of share (20)!except for number of share (21)!except for number of share (22)!UNAUDITED INTERIM CONDENSED CON!UNAUDITED INTERIM CONDENSED (1)!except for number of share (23)!except for number of share (24)!except for number of share (25)!except for number of share (26)!except for number of share (27)!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)!Operating lease commitments (1)!except for number of share (38)U }1}$ }}$
!RISE Education Cayman Ltd
424B4
10/20/2017
Contingencies RMB '
Balance as of December 31, 2015
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net of tax of nil
#Balance as of June 30, 2016~
'Balance as of December 31, 2016~
1)Foreign currency translation adjustments,~
Jnet of tax of nil#Balance as of June 30, 2017~
US$#Balance as of June 30, 2017~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??a!Neither the Securities and ExchTABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1)CAPITALIZATION
DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)
RevenuesCost of RevenuesOperating ExpensesResults of Operations!Selected Quarterly Results of ONonGAAP Financial Measures NonGAAP Financial Measures (1) Cash Flows and Working CapitalContractual ObligationsHolding Company StructureHolding Company Structure (1)Holding Company Structure (2)Sharebased Compensation!Fair Value of Our Share OptionsOur Learning Center NetworkSelfowned Learning Centers Employees!Directors and Executive Officer ESOP Plan!PRINCIPAL AND SELLING SHAREHOLDUNDERWRITINGUNDERWRITING (1)!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIALFINANCIAL STATEMENTS!except for number of shares and!except for number of shares (1)!except for number of shares (2)!except for number of shares (3)!CONSOLIDATED STATEMENTS OF CHAN!CONSOLIDATED STATEMENTS OF (1)!CONSOLIDATED STATEMENTS OF (2)!CONSOLIDATED STATEMENTS OF CASH!CONSOLIDATED STATEMENTS OF (1)!except for number of shares (4)!except for number of shares (5)!except for number of shares (6)!except for number of shares (7)!except for number of shares (8)Property and equipmentIntangible assets!Currency convertibility risk Co!Currency convertibility ris (1)!except for number of shares (9)!except for number of share (10)!except for number of share (11)!except for number of share (12)!except for number of share (13)
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!RISE Education Cayman Ltd
424B4
10/20/20177/except for number of shares and per share data) RMB %
Balance as of January 1, 2017
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Net loss~
Ending balance
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US$#Balance as of June 30, 2017~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4maUI
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