Ambow Schooling Publicizes Second Half and Full Yr 2021 Monetary Outcomes

BEIJING, Might 2, 2022 /PRNewswire/ — Ambow Schooling Holding Ltd. (“Ambow” or the “Firm”) (NYSE American: AMBO), a number one cross-border profession instructional and expertise service supplier, as we speak introduced its monetary and working outcomes for the third and fourth quarters of 2021, which haven’t been audited or reviewed by the Firm’s impartial registered accounting agency, in addition to its audited monetary and working outcomes for the total fiscal yr, ended December 31, 2021.

“We remained targeted on strengthening our core competencies through the second half of 2021: creating and offering high-quality, technology-driven instructional and profession enhancement services and products,” famous Dr. Jin Huang, Ambow’s President and Chief Government Officer. “Amid the fast-evolving atmosphere, we skillfully tailored our enterprise to new PRC regulatory necessities and achieved complete revenues of RMB 496.9 million (US$ 78.Zero million) within the full yr 2021.”

“I firmly imagine that our long-standing skill to innovate and advance expertise will proceed to drive our sustainable development. Our precious patent portfolio encompassing a large spectrum of instructional applied sciences is unparalleled within the {industry}. Notably, our cutting-edge multimedia blackboard expertise obtained a brand new U.S. patent in September 2021, underscoring our industry-leading expertise capabilities. As each a pioneer and veteran within the profession instructional providers sector, we additionally stay devoted to the event of Business-College collaborative and coordinated training. In October 2021, the Ministry of Schooling (“MoE”) once more added Ambow to its checklist of accredited enterprises for the Business-College Cooperation and Collaborative Schooling Venture. Moreover, in December 2021, MoE chosen Ambow to its first group of corporations for participation in its Schooling Program for Connecting Expertise Provide and Demand to Promote Employment, affirming the distinctive high quality of our collaborative initiatives,” Dr. Huang added.

“Trying forward, we’ll proceed to deepen our dedication to addressing the profession training sector’s essential calls for and harnessing our core capabilities to fulfill these wants with revolutionary providers and merchandise. Constructing on our 20-year confirmed observe report, resilient enterprise mannequin and strategic efforts, we imagine we’re nicely positioned to ship sustainable, long-term development to our shareholders,” concluded Dr. Huang.

Third Quarter 2021 Monetary Highlights

• Internet revenues within the third quarter of 2021 had been RMB 76.2 million (US$ 11.Eight million), in contrast with RMB 112.7 million (US$ 16.6 million) in the identical interval of 2020. The lower was primarily as a result of impression of the 2021 Implementing Guidelines for the Legislation for Selling Non-public Schooling (the “2021 Implementing Guidelines”) on the Firm’s obligatory training enterprise (“Okay-9 enterprise”) from September 1, 2021, in addition to a excessive base impact ensuing from the one-month extension of the spring semester on the Firm’s Okay-12 faculties within the third quarter of 2020 and fewer providers supplied on the Firm’s tutoring facilities and coaching places of work through the third quarter of 2021.
• Gross revenue within the third quarter of 2021 was RMB 2.Eight million (US$ 0.Four million), in contrast with RMB 6.5 million (US$ 1.Zero million) in the identical interval of 2020. Gross revenue margin was 3.7%, in contrast with 5.8% within the third quarter of 2020. The decreases in gross revenue and gross margin had been primarily attributable to the impression of the 2021 Implementing Guidelines on the Firm’s Okay-12 faculties enterprise.
• Working bills within the third quarter of 2021 decreased by 29.9% to RMB 66.7 million (US$ 10.Four million) from RMB 95.1 million (US$ 14.Zero million) in the identical interval of 2020. The lower was primarily attributable to lowered impairment loss on long-lived property and stringent expense controls to enhance working effectivity.
• Working loss within the third quarter of 2021 was RMB 63.9 million (US$ 9.9 million), in contrast with RMB 88.6 million (US$ 13.1 million) in the identical interval of 2020.
• Internet revenue attributable to atypical shareholders was RMB 31.9 million (US$ 4.9 million), or RMB 0.68 (US$ 0.11) per fundamental and diluted share, in contrast with a web lack of RMB 84.5 million (US$ 12.5 million), or RMB 1.94 (US$ 0.29) per fundamental and diluted share, in the identical interval of 2020. The revenue was primarily attributable to the acquire on disposal of the Firm’s subsidiaries of RMB 10.Eight million (US$ 1.7 million), the acquire on the forgiven PPP mortgage of RMB 9.Three million (US$ 1.Four million), in addition to a reversal of revenue tax payable of RMB 62.Eight million (US$ 9.7 million) as a result of expiration of its five-year claw-back interval through the third quarter of 2021.

Fourth Quarter 2021 Monetary Highlights

• Internet revenues within the fourth quarter of 2021 had been RMB 118.9 million (US$ 18.7 million), in contrast with RMB 173.5 million (US$ 26.6 million) in the identical interval of 2020. The lower was primarily as a result of 2021 Implementing Guidelines to the Firm’s Okay-12 faculties enterprise from September 2021 being introduced into impact, in addition to the regulatory adjustments to our tutoring enterprise within the second half of 2021.
• Gross revenue within the fourth quarter of 2021 was RMB 33.9 million (US$ 5.Three million), in contrast with RMB 66.1 million (US$ 10.1 million) in the identical interval of 2020. Gross revenue margin was 28.5%, in contrast with 38.1% within the third quarter of 2020. The decreases in gross revenue and gross margin had been primarily attributable to the lower in web revenues.
• Working bills within the fourth quarter of 2021 elevated by 8.9% to RMB 68.Four million (US$ 10.7 million) from RMB 62.Eight million (US$ 9.6 million) in the identical interval of 2020. The rise was primarily because of further analysis and improvement expenditures.
• Working loss within the fourth quarter of 2021 was RMB 34.Four million (US$ 5.Four million), in contrast with an working revenue of RMB 3.Three million (US$ 0.5 million) in the identical interval of 2020.
• Internet loss attributable to atypical shareholders was RMB 37.Zero million (US$ 5.Eight million), or RMB 0.79 (US$ 0.12) per fundamental and diluted share, in contrast with a web revenue of RMB 11.Zero million (US$ 1.7 million), or RMB 0.23 (US$ 0.04) per fundamental and diluted share, in the identical interval of 2020. The online loss was primarily attributable to the lower within the gross revenue stemming from the impression of the 2021 Implementing Guidelines on the Firm’s Okay-12 faculties enterprise.
• As of December 31, 2021, Ambow maintained sturdy money assets of RMB 177.Zero million (US$ 27.Eight million), comprised of money and money equivalents of RMB 157.Four million (US$ 24.7 million), short-term investments of RMB 17.Eight million (US$ 2.Eight million) and restricted money of RMB 1.Eight million (US$ 0.Three million).

Full Fiscal Yr 2021 Monetary Highlights

• Internet revenues in fiscal yr 2021 decreased by 6.6% to RMB 496.9 million (US$ 78.Zero million) from RMB 532.Zero million (US$ 81.5 million) in 2020. The lower was primarily as a result of 2021 Implementing Guidelines to the Firm’s Okay-12 faculties enterprise coming into impact, in addition to the regulatory adjustments to our tutoring enterprise within the second half of 2021.
• Gross revenue in fiscal yr 2021 elevated by 8.9% to RMB 157.Three million (US$ 24.7 million) from RMB 144.5 million (US$ 22.1 million) in 2020. Gross revenue margin was 31.7%, in contrast with 27.2% in 2020. The will increase in gross revenue and gross margin had been primarily attributable to stringent price controls throughout 2021.
• Working bills in fiscal yr 2021 decreased by 6.9% to RMB 250.5 million (US$ 39.Three million) from RMB 269.Zero million (US$ 41.2 million) in 2020. The lower was primarily attributable to lowered impairment loss on long-lived property throughout 2021.
• Working loss in fiscal yr 2021 was RMB 93.2 million (US$ 14.6 million), in contrast with RMB 124.6 million (US$ 19.1 million) in 2020.
• Internet revenue attributable to atypical shareholders was RMB 3.Zero million (US$ 0.5 million), or RMB 0.06 (US$ 0.01) per fundamental and diluted share, in contrast with a web lack of RMB 62.7 million (US$ 9.6 million), or RMB 1.41 (US$ 0.22) per fundamental and diluted share, in 2020. The revenue was primarily attributable to the acquire on the disposal of the Firm’s subsidiaries of RMB 12.2 million (US$ 1.9 million), the acquire on the forgiven PPP mortgage of RMB 9.Three million (US$ 1.5 million), in addition to a reversal of revenue tax payable of RMB 62.Eight million (US$ 9.7 million) as a result of expiration of its five-year claw-back interval throughout 2021.

Affect of 2021 Implementing Guidelines for the Legislation for Selling Non-public Schooling

On Might 14, 2021, the Folks’s Republic of China’s State Council promulgated the 2021 Implementing Guidelines for the Legislation for Selling Non-public Schooling (the “2021 Implementing Guidelines”), which turned efficient on September 1, 2021. The Implementing Guidelines prohibit foreign-invested enterprises established in China and social organizations whose precise controllers are overseas events from controlling personal faculties that present obligatory training by way of mergers, acquisitions, contractual preparations, and so forth., and personal faculties offering obligatory training are prohibited from conducting transactions with their associated events.

To adjust to the 2021 Implementing Guidelines, the Firm deliberate to promote its enterprise offering obligatory training providers at its three Okay-12 faculties to a 3rd celebration on September 1, 2021. The Firm has discovered a 3rd celebration purchaser and signed a definitive gross sales settlement, which is presently below registration course of and anticipated to be accomplished inside one yr from December 31, 2021. Because the transaction was not closed as of December 31, 2021, and such enterprise didn’t meet the definition of a “element” below US GAAP to be introduced as a discontinued operation, the Firm recorded the property and liabilities of the Okay-9 enterprise as “Held for Sale” in accordance with ASC 360. The property and liabilities of the Okay-9 enterprise categorised as held on the market had been introduced individually within the asset and legal responsibility sections, respectively, of the Consolidated Steadiness Sheet as of December  31, 2021.

The Firm’s monetary and working outcomes for the third quarter and fourth quarters of 2021, in addition to the total fiscal yr ended December 31, 2021 can be discovered on its Kind 6-Okay and 20-F filed with the U.S. Securities and Change Fee at www.sec.gov.

Change Price Data

This announcement incorporates translations of sure RMB quantities into U.S. {dollars} at a specified fee solely for the comfort of the reader. Except in any other case famous, all quantities translated from RMB to U.S. {dollars} for the third quarter and first 9 months of 2021 are based mostly on the efficient change fee of 6.4434 as of September 30, 2021; all quantities translated from RMB to U.S. {dollars} for the third quarter and first 9 months of 2020 are based mostly on the efficient change fee of 6.7896 as of September 30, 2020; all quantities translated from RMB to U.S. {dollars} for the fourth quarter and monetary yr of 2021 are based mostly on the efficient change fee of 6.3726 as of December 30, 2021; all quantities translated from RMB to U.S. {dollars} for the fourth quarter and monetary yr of 2020 are based mostly on the efficient change fee of 6.5250 as of December 31, 2020. The change charges had been in line with the center fee as set forth within the H.10 statistical launch of the U.S. Federal Reserve Board. Fluctuations in monetary highlights are based mostly on RMB quantities.

About Ambow Schooling Holding Ltd.

Ambow Schooling Holding Ltd. is a number one cross-border profession instructional and expertise service supplier, providing high-quality, individualized providers and merchandise. With its intensive community of regional service hubs complemented by a dynamic proprietary studying platform and distributors, Ambow supplies its providers and merchandise to college students in China and the US of America.

Observe us on Twitter: @Ambow_Education

Protected Harbor Assertion

This announcement incorporates forward-looking statements. These statements are made below the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements.  Amongst different issues, the outlook and quotations from administration on this announcement, in addition to Ambow’s strategic and operational plans, comprise forward-looking statements. Ambow may make written or oral forward-looking statements in its reviews filed or furnished to the U.S. Securities and Change Fee, in its annual reviews to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to 3rd events. Ahead-looking statements contain inherent dangers and uncertainties. A lot of components may trigger precise outcomes to vary materially from these contained in any forward-looking statements, together with however not restricted to the next: the Firm’s objectives and techniques, enlargement plans, the anticipated development of the content material and utility supply providers market, the Firm’s expectations concerning protecting and strengthening its relationships with its clients, the final financial and enterprise circumstances within the areas the place the Firm supplies its options and providers, and continued compliance with governmental rules concerning training {industry} in the Folks’s Republic of China and some other jurisdiction during which the Firm conducts its operations. Additional data concerning these and different dangers is included within the Firm’s filings with the U.S. Securities and Change Fee. All data supplied on this press launch is as of the date of this press launch, and Ambow undertakes no obligation to replace such data, besides as required below relevant regulation.

For investor and media inquiries please contact:

Ambow Schooling Holding Ltd.
Tel: +86-10-6206-8000

The Piacente Group | Investor Relations
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: [email protected] 

AMBOW EDUCATION HOLDING LTD. AUDITED CONSOLIDATED BALANCE SHEETS (All quantities in 1000’s, aside from share and per share information)
			As of December 31,				As of December 31,
			2021				2020
			US$		RMB		RMB
ASSETS
Present property:
Money and money equivalents			24,699		157,399		118,821
Restricted money			286		1,823		824
Brief-term investments, accessible on the market			2,474		15,764		117,854
Brief-term investments, held to maturity			314		2,000		45,000
Accounts receivable, web			4,018		25,602		20,972
Quantities due from associated events			487		3,103		3,024
Pay as you go and different present property, web			17,244		109,890		117,634
Belongings categorised as held on the market			20,827		132,724		–
Complete present property			70,349		448,305		424,129
Non-current property:
Property and gear, web			15,993		101,915		144,492
Land use rights, web			–		–		1,715
Intangible property, web			4,705		29,986		54,808
Goodwill			3,438		21,907		25,710
Deferred tax property, web			5		31		6,338
Working lease right-of-use asset			34,586		220,404		247,608
Finance lease right-of-use asset			824		5,250		5,850
Different non-current property			22,340		142,364		139,067
Complete non-current property			81,891		521,857		625,588
Complete property			152,240		970,162		1,049,717
LIABILITIES
Present liabilities:
Brief-term borrowings  *			1,585		10,103		10,000
Deferred income  *			14,913		95,036		163,699
Accounts payable  *			4,625		29,466		19,423
Accrued and different liabilities  *			33,958		216,399		209,590
Revenue taxes payable, present  *			18,256		116,341		184,638
Quantities because of associated events  *			595		3,793		2,543
Working lease legal responsibility, present  *			7,677		48,923		53,702
Liabilities categorised as held on the market  *			13,050		83,161		–
Complete present liabilities			94,659		603,222		643,595
Non-current liabilities:
Lengthy-term borrowing			–		–		9,594
Different non-current liabilities  *			15		96		292
Revenue taxes payable, non-current  *			3,370		21,475		34,763
Working lease legal responsibility, non-current  *			31,178		198,687		220,319
Complete non-current liabilities			34,563		220,258		264,968
Complete liabilities			129,222		823,480		908,563
EQUITY
Most well-liked shares
(US$ 0.003 par worth;1,666,667 shares approved, nil issued and excellent as of December 31, 2021 and December 31, 2020)			–		–		–
Class A Unusual shares
(US$0.003 par worth; 66,666,667 and 66,666,667 shares approved, 41,973,276 and 41,960,776 shares issued and excellent as of December 31, 2021 and December 31, 2020, respectively)			125		795		794
Class C Unusual shares
(US$0.003 par worth; 8,333,333 and eight,333,333 shares approved, 4,708,415 and 4,708,415 shares issued and excellent as of December 31, 2021 and December 31, 2020, respectively)			14		90		90
Extra paid-in capital			556,438		3,545,955		3,545,073
Statutory reserve			602		3,837		4,210
Collected deficit			(536,009)		(3,415,771)		(3,419,146)
Collected different complete revenue			1,772		11,291		12,101
Complete Ambow Schooling Holding Ltd.’s fairness			22,942		146,197		143,122
Non-controlling pursuits			76		485		(1,968)
Complete fairness			23,018		146,682		141,154
Complete liabilities and fairness			152,240		970,162		1,049,717
*  The entire VIE’s property can be utilized to settle obligations of their major beneficiary. Liabilities acknowledged because of consolidating these VIEs don’t signify further claims on the Firm’s common property.

AMBOW EDUCATION HOLDING LTD. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (All quantities in 1000’s, aside from share and per share information)
	For the 9 months ended September 30,						For the three months ended September 30,
	2021		2021		2020		2021		2021		2020
	US$		RMB		RMB		US$		RMB		RMB
NET REVENUES
Academic applications and      providers	58,551		377,268		358,098		11,820		76,164		112,439
Clever applications and      providers	117		752		352		–		–		269
Complete web revenues	58,668		378,020		358,450		11,820		76,164		112,708
COST OF REVENUES
Academic applications and      providers	(39,177)		(252,431)		(277,683)		(11,338)		(73,056)		(105,359)
Clever applications and      providers	(343)		(2,211)		(2,340)		(44)		(281)		(882)
Complete price of revenues	(39,520)		(254,642)		(280,023)		(11,382)		(73,337)		(106,241)
GROSS PROFIT	19,148		123,378		78,427		438		2,827		6,467
Working bills:
Promoting and advertising and marketing	(5,983)		(38,554)		(37,861)		(2,193)		(14,132)		(13,655)
Normal and administrative	(19,115)		(123,165)		(127,230)		(5,868)		(37,808)		(42,987)
Analysis and improvement	(1,531)		(9,864)		(4,456)		(661)		(4,262)		(1,758)
Impairment loss	(1,633)		(10,525)		(36,699)		(1,633)		(10,525)		(36,699)
Complete working bills	(28,262)		(182,108)		(206,246)		(10,355)		(66,727)		(95,099)
OPERATING LOSS	(9,114)		(58,730)		(127,819)		(9,917)		(63,900)		(88,632)
OTHER INCOME     (EXPENSES)
Curiosity revenue	948		6,108		7,150		326		2,100		3,015
Overseas change acquire (loss),     web	32		206		31		–		3		(4)
Different revenue (loss), web	257		1,655		840		440		2,835		(712)
Achieve from deregistration of     subsidiaries	206		1,325		3,967		–		–		70
Achieve on disposal of     subsidiaries	1,675		10,792		752		1,675		10,792		752
Achieve on the discount buy	–		–		40,273		–		–		–
Achieve on forgiven PPP mortgage	1,444		9,305		–		1,444		9,305		–
Achieve on sale of funding     accessible on the market	341		2,196		2,477		151		975		1,421
Complete different revenue	4,903		31,587		55,490		4,036		26,010		4,542
LOSS BEFORE INCOME     TAX AND NON-     CONTROLLING     INTEREST	(4,211)		(27,143)		(72,329)		(5,881)		(37,890)		(84,090)
Revenue tax profit (expense)	10,293		66,325		(2,399)		10,783		69,480		(776)
NET INCOME (LOSS)	6,082		39,182		(74,728)		4,902		31,590		(84,866)
Much less: Internet loss attributable to     non-controlling curiosity	(127)		(821)		(1,040)		(47)		(302)		(332)
NET INCOME (LOSS)     ATTRIBUTABLE TO      ORDINARY     SHAREHOLDERS	6,209		40,003		(73,688)		4,949		31,892		(84,534)
NET INCOME (LOSS)	6,082		39,182		(74,728)		4,902		31,590		(84,866)
OTHER     COMPREHENSIVE       (LOSS) INCOME, NET     OF TAX
Overseas forex translation     changes	(42)		(271)		10,731		23		146		2,403
Unrealized good points on brief time period     investments
Unrealized holding good points     arising throughout interval	217		1,397		1,518		50		322		578
Much less: reclassification     adjustment for good points     included in web revenue	241		1,556		2,161		109		704		1,493
Different complete (loss)     revenue	(66)		(430)		10,088		(36)		(236)		1,488
TOTAL     COMPREHENSIVE     INCOME (LOSS)	6,016		38,752		(64,640)		4,866		31,354		(83,378)
Internet revenue (loss) per share –     fundamental and diluted	0.13		0.86		(1.69)		0.11		0.68		(1.94)
Weighted common shares used     in calculating fundamental and     diluted web revenue (loss)     per share	43,648,571		46,648,571		43,583,448		46,660,948		46,660,948		43,595,871

AMBOW EDUCATION HOLDING LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (All quantities in 1000’s, aside from share and per share information)
	For the years ended December 31,						For the three months ended December 31,
	2021		2021		2020		2021		2021		2020
	US$		RMB		RMB		US$		RMB		RMB
	Audited		Audited		Audited		Unaudited		Unaudited		Unaudited
NET REVENUES
Academic applications and      providers	77,202		491,979		525,727		18,001		114,711		167,629
Clever applications and      providers	769		4,898		6,253		651		4,146		5,901
Complete web revenues	77,971		496,877		531,980		18,652		118,857		173,530
COST OF REVENUES
Academic applications and      providers	(52,786)		(336,381)		(379,571)		(13,174)		(83,950)		(101,888)
Clever applications and      providers	(499)		(3,177)		(7,919)		(152)		(966)		(5,579)
Complete price of revenues	(53,285)		(339,558)		(387,490)		(13,326)		(84,916)		(107,467)
GROSS PROFIT	24,686		157,319		144,490		5,326		33,941		66,063
Working bills:
Promoting and advertising and marketing	(8,704)		(55,468)		(52,355)		(2,654)		(16,914)		(14,494)
Normal and administrative	(26,676)		(169,994)		(174,283)		(7,348)		(46,829)		(47,053)
Analysis and improvement	(2,273)		(14,487)		(5,703)		(725)		(4,623)		(1,247)
Impairment loss	(1,652)		(10,525)		(36,699)		–		–		–
Complete working bills	(39,305)		(250,474)		(269,040)		(10,727)		(68,366)		(62,794)
OPERATING (LOSS)  INCOME	(14,619)		(93,155)		(124,550)		(5,401)		(34,425)		3,269
OTHER INCOME    (EXPENSES)
Curiosity revenue	1,408		8,971		9,501		449		2,863		2,351
Overseas change acquire, web	35		223		980		3		17		949
Different revenue (loss), web	260		1,657		(1,244)		–		2		(2,084)
Achieve from derecognition of      liabilities	–		–		3,926		–		–		3,926
Achieve from deregistration of      subsidiaries	208		1,325		3,967		–		–		–
Achieve on disposal of     subsidiaries	1,908		12,158		752		214		1,366		–
Achieve on the discount buy	–		–		40,273		–		–		–
Achieve on forgiven PPP mortgage	1,460		9,305		–		–		–		–
Achieve on sale of funding      accessible on the market	378		2,412		3,476		34		216		999
Complete different revenue	5,657		36,051		61,631		700		4,464		6,141
LOSS BEFORE INCOME     TAX AND NON-     CONTROLLING     INTEREST	(8,962)		(57,104)		(62,919)		(4,701)		(29,961)		9,410
Revenue tax profit (expense)	9,275		59,108		(1,062)		(1,133)		(7,217)		1,337
NET INCOME (LOSS)	313		2,004		(63,981)		(5,834)		(37,178)		10,747
Much less: Internet loss attributable to      non-controlling curiosity	(157)		(998)		(1,269)		(28)		(177)		(229)
NET INCOME (LOSS)     ATTRIBUTABLE TO     ORDINARY     SHAREHOLDERS	470		3,002		(62,712)		(5,806)		(37,001)		10,976
NET INCOME (LOSS)	313		2,004		(63,981)		(5,834)		(37,178)		10,747
OTHER     COMPREHENSIVE     INCOME (LOSS), NET     OF TAX
Overseas forex translation     changes	(112)		(711)		6,234		(69)		(440)		(4,497)
Unrealized good points on brief time period     investments
Unrealized holding good points     arising throughout interval	237		1,513		2,458		18		116		940
Much less: reclassification     adjustment for good points     included in web revenue	253		1,612		2,932		9		56		771
Different complete (loss)     revenue	(128)		(810)		5,760		(60)		(380)		(4,328)
TOTAL     COMPREHENSIVE     INCOME (LOSS)	185		1,194		(58,221)		(5,894)		(37,558)		6,419
Internet revenue (loss) per share –     fundamental and diluted	0.01		0.06		(1.41)		(0.12)		(0.79)		0.23
Weighted common shares used     in calculating fundamental and     diluted web revenue (loss)     per share	46,654,853		46,654,853		44,372,326		46,673,494		46,673,494		46,721,812

AMBOW EDUCATION HOLDING LTD.

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(All quantities in 1000’s, aside from share and per share information)

Attributable to Ambow Schooling Holding Ltd.’s Fairness

Collected

Class A Unusual

Class C Unusual

Extra

different

Non-

shares

shares

paid-in

Statutory

Collected

complete

controlling

Complete

Shares

Quantity

Shares

Quantity

capital

reserves

deficit

revenue

curiosity

Fairness

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

Steadiness as of January 1, 2021

41,923,276

794

4,708,415

90

3,545,073

4,210

(3,419,146)

12,101

(1,968)

141,154

Share-based compensation

–

–

–

–

219

–

–

–

–

219

Issuance of atypical shares for restricted    inventory award

12,500

0

–

–

(0)

–

–

–

–

–

Overseas forex translation adjustment

–

–

–

–

–

–

–

115

–

115

Unrealized acquire on funding, web of    revenue taxes

–

–

–

–

–

–

–

38

–

38

Internet loss

–

–

–

–

–

–

(14,329)

–

(242)

(14,571)

Steadiness as of March 31, 2021

41,935,776

794

4,708,415

90

3,545,292

4,210

(3,433,475)

12,254

(2,210)

126,955

Share-based compensation

–

–

–

–

220

–

–

–

–

220

Issuance of atypical shares for restricted    inventory award

12,500

0

–

–

(0)

–

–

–

–

–

Overseas forex translation adjustment

–

–

–

–

–

–

–

(532)

–

(532)

Unrealized acquire on funding, web of    revenue taxes

–

–

–

–

–

–

–

185

–

185

Internet revenue/(loss)

–

–

–

–

–

–

22,440

–

(277)

22,163

Steadiness as of June 30, 2021

41,948,276

794

4,708,415

90

3,545,512

4,210

(3,411,035)

11,907

(2,487)

148,991

Share-based compensation

–

–

–

–

224

–

–

–

–

224

Issuance of atypical shares for restricted    inventory award

12,500

1

–

–

(1)

–

–

–

–

–

Overseas forex translation adjustment

–

–

–

–

–

–

–

146

–

146

Unrealized acquire on funding, web of    revenue taxes

–

–

–

–

–

–

–

(382)

–

(382)

Capital injection from minority    shareholders

–

–

–

–

–

–

–

–

100

100

Deregistration of subsidiaries

–

–

–

–

–

(373)

373

–

3,351

3,351

Internet revenue/(loss)

–

–

–

–

–

–

31,892

–

(302)

31,590

Steadiness as of September 30, 2021

41,960,776

795

4,708,415

90

3,545,735

3,837

(3,378,770)

11,671

662

184,020

Share-based compensation

–

–

–

–

220

–

–

–

–

220

Issuance of atypical shares for restricted    inventory award

12,500

0

–

–

(0)

–

–

–

–

–

Overseas forex translation adjustment

–

–

–

–

–

–

–

(440)

–

(440)

Unrealized acquire on funding, web of     revenue taxes

–

–

–

–

–

–

–

60

–

60

Internet loss

–

–

–

–

–

–

(37,001)

–

(177)

(37,178)

Steadiness as of December 31, 2021

41,973,276

795

4,708,415

90

3,545,955

3,837

(3,415,771)

11,291

485

146,682

Attributable to Ambow Schooling Holding Ltd.’s Fairness

Collected

Class A Unusual

Class C Unusual

Extra

different

Non-

shares

shares

paid-in

Statutory

Collected

complete

controlling

Complete

Shares

Quantity

Shares

Quantity

capital

reserves

deficit

revenue

curiosity

Fairness

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

Steadiness as of January 1, 2020

38,858,199

730

4,708,415

90

3,508,745

20,185

(3,371,815)

6,341

(680)

163,596

Share-based compensation

–

–

–

–

238

–

–

–

–

238

Issuance of atypical shares for restricted    inventory award

12,500

0

–

–

(0)

–

–

–

–

–

Overseas forex translation adjustment

–

–

–

–

–

–

–

433

–

433

Unrealized acquire on funding, web of    revenue taxes

–

–

–

–

–

–

–

154

–

154

Affect on adoption of ASC 326

–

–

–

–

–

–

(594)

–

–

(594)

Internet revenue/(loss)

–

–

–

–

–

–

6,039

–

(412)

5,627

Steadiness as of March 31, 2020

38,870,699

730

4,708,415

90

3,508,983

20,185

(3,366,370)

6,928

(1,092)

169,454

Share-based compensation

–

–

–

–

242

–

–

–

–

242

Issuance of atypical shares for restricted    inventory award

12,500

1

–

–

(1)

–

–

–

–

–

Overseas forex translation adjustment

–

–

–

–

–

–

–

7,895

–

7,895

Unrealized acquire on funding, web of    revenue taxes

–

–

–

–

–

–

–

118

–

118

Deregistration of subsidiaries

–

–

–

–

–

(15,473)

15,473

–

–

–

Internet revenue/(loss)

–

–

–

–

–

–

4,807

–

(296)

4,511

Steadiness as of June 30, 2020

38,883,199

731

4,708,415

90

3,509,224

4,712

(3,346,090)

14,941

(1,388)

182,220

Share-based compensation

–

–

–

–

239

–

–

–

–

239

Issuance of atypical shares for restricted     inventory award

12,501

0

–

–

(0)

–

–

–

–

–

Overseas forex translation adjustment

–

–

–

–

–

–

–

2,403

–

2,403

Unrealized acquire on funding, web of    revenue taxes

–

–

–

–

–

–

–

(915)

–

(915)

Deregistration of subsidiaries

–

–

–

–

–

–

–

–

(16)

(16)

Disposal of subsidiaries

–

–

–

–

(133)

(502)

502

–

–

(133)

Internet loss

–

–

–

–

–

–

(84,534)

–

(332)

(84,866)

Steadiness as of September 30, 2020

38,895,700

731

4,708,415

90

3,509,330

4,210

(3,430,122)

16,429

(1,736)

98,932

Share-based compensation

–

–

–

–

228

–

–

–

–

228

Issuance of atypical shares for restricted    inventory award

12,500

0

–

–

(0)

–

–

–

–

–

Issuance of atypical shares in a    registered direct providing

3,015,076

63

–

–

35,515

–

–

–

–

35,578

Overseas forex translation adjustment

–

–

–

–

–

–

–

(4,497)

–

(4,497)

Unrealized acquire on funding, web of    revenue taxes

–

–

–

–

–

–

–

169

–

169

Deregistration of subsidiaries

–

–

–

–

–

–

–

–

(3)

(3)

Internet revenue/(loss)

–

–

–

–

–

–

10,976

–

(229)

10,747

Steadiness as of December 31, 2020

41,923,276

794

4,708,415

90

3,545,073

4,210

(3,419,146)

12,101

(1,968)

141,154

Dialogue of Section Operations (All quantities in 1000’s)
	For the 9 months ended September 30,						For the three months ended September 30,
	2021		2021		2020		2021		2021		2020
	US$		RMB		RMB		US$		RMB		RMB
NET REVENUES
Okay-12 Faculties	32,424		208,922		185,766		5,164		33,272		58,966
CP&CE Packages	26,244		169,098		172,684		6,656		42,892		53,742
Complete web revenues	58,668		378,020		358,450		11,820		76,164		112,708
COST OF REVENUES
Okay-12 Faculties	(20,692)		(133,330)		(119,972)		(5,501)		(35,444)		(45,430)
CP&CE Packages	(18,828)		(121,312)		(160,051)		(5,881)		(37,893)		(60,811)
Complete price of revenues	(39,520)		(254,642)		(280,023)		(11,382)		(73,337)		(106,241)
GROSS PROFIT
Okay-12 Faculties	11,732		75,592		65,794		(337)		(2,172)		13,536
CP&CE Packages	7,416		47,786		12,633		775		4,999		(7,069)
Complete gross revenue	19,148		123,378		78,427		438		2,827		6,467
	For the years ended December 31,						For the three months ended December 31,
	2021		2021		2020		2021		2021		2020
	US$		RMB		RMB		US$		RMB		RMB
NET REVENUES
Okay-12 Faculties	42,426		270,362		291,539		9,642		61,440		105,773
CP&CE Packages	35,545		226,515		240,441		9,010		57,417		67,757
Complete web revenues	77,971		496,877		531,980		18,652		118,857		173,530
COST OF REVENUES
Okay-12 Faculties	(27,067)		(172,489)		(188,628)		(6,145)		(39,159)		(68,656)
CP&CE Packages	(26,218)		(167,069)		(198,862)		(7,181)		(45,757)		(38,811)
Complete price of revenues	(53,285)		(339,558)		(387,490)		(13,326)		(84,916)		(107,467)
GROSS PROFIT
Okay-12 Faculties	15,359		97,873		102,911		3,497		22,281		37,117
CP&CE Packages	9,327		59,446		41,579		1,829		11,660		28,946
Complete gross revenue	24,686		157,319		144,490		5,326		33,941		66,063

SOURCE Ambow Schooling Holding Ltd.