TAL Education Group — Annual Report 2016

Jun 3, 2016

20-F/A 1 v441672_20fa.htm FORM 20-F/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

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FORM 20-F/A (Amendment No. 1)

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(Mark One)

€ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 29, 2016.

OR

€ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

OR

€ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number: 001-34900

TAL Education Group

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(Exact name of Registrant as specified in its charter)

N/A

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(Translation of Registrant’s name into English)

Cayman Islands

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(Jurisdiction of incorporation or organization)

12/F, Danling SOHO 6 Danling Street, Haidian District Beijing 100080 People’s Republic of China

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(Address of principal executive offices)

Rong Luo, Chief Financial Officer Telephone: +86-10-5292-6658 Email: ir@100tal.com 12/F, Danling SOHO

6 Danling Street, Haidian District Beijing 100080 People’s Republic of China

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(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

| Title
of each class | Name
of each exchange on which registered |
| --- | --- |
| American
Depositary Shares, each representing two Class A common shares Class A common shares, par value $0.001 per share* | The
New York Stock Exchange |
| * Not for trading,
but only in connection with the listing on The New York Stock Exchange of American depositary shares (“ADSs”).
Currently, each ADS represents two Class A common shares. | |

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

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(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

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(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

As of February 29, 2016, 90,309,532 Class A common shares, par value $0.001 per share and 71,456,000 Class B common shares, par value $0.001 per share were outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

x Yes ¨ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

¨ Yes x No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP x International Financial Reporting Standards as issued by the International Accounting Standards Board ¨ Other ¨

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

¨ Item 17 ¨ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

¨ Yes x No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

¨ Yes ¨ No

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TABLE OF CONTENTS

Page

EXPLANATORY NOTE	1
PART I	1
Item 6. Directors, Senior Management and Employees	1
PART III	3
Item 19. Exhibits	3

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EXPLANATORY NOTE

This amendment No. 1 (“Amendment No. 1”) to our annual report on Form 20-F for the fiscal year ended February 29, 2016 (the “2016 Form 20-F”) hereby amends Item 6.E.—Directors, Senior Management and Employees—Share Ownership of the 2016 Form 20-F. The 2016 Form 20-F was originally filed with the Securities and Exchange Commission on May 31, 2016 (the “Original Report”). This Amendment No. 1 is prepared for the sole purpose of correcting the shareholding information of UBS Global Asset Management division of UBS Group AG in the Original Report and clarifying the number of issued and outstanding Class A common shares held by JPMorgan Chase Bank, N.A..

This Amendment No. 1 speaks as of the filing date of the Original Report. Other than as set forth above, this Amendment No. 1 does not, and does not purport to, amend, update or restate any other information or disclosure included in the 2016 Form 20-F or reflect any events that have occurred since May 31, 2016.

As required by Rule 12b-15 of the Securities and Exchange Act of 1934, as amended, we are also filing the certifications required under Section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to this Amendment No. 1.

PART I

Item 6. Directors, Senior Management and Employees

E. Share Ownership

The following table sets forth information with respect to the beneficial ownership of our common shares (including shares represented by our ADSs), as of April 30, 2016, by:

· each of our directors and executive officers; and

· each person known to us to own beneficially more than 5% of our common shares.

| Directors and Executive Officers: | Shares
Beneficially Owned — Number (1) | % (2) | %
of Voting Power (3) |
| --- | --- | --- | --- |
| Bangxin Zhang (4) | 59,550,000 | 36.8 % | 74.0 % |
| Joseph Kauffman (5) | * | | |
| Jane Jie Sun (6) | * | | |
| Wei Wang (7) | * | | |
| Weiru Chen (8) | * | | |
| Rong Luo | * | | |
| Yachao Liu (9) | 8,883,018 | 5.5 % | 11.0 % |
| Yunfeng Bai (10) | 3,093,500 | 1.9 % | 3.8 % |
| All directors and executive officers as a group | 71,561,176 | 44.2 % | 88.8 % |
| Principal Shareholders: | | | |
| Bright Unison Limited (11) | 59,550,000 | 36.8 % | 74.0 % |
| UBS Global Asset Management division
of UBS Group AG (12) | 16,029,333 | 9.9 % | 2.0 % |
| Perfect Wisdom International Limited (13) | 8,812,500 | 5.4 % | 10.9 % |

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• Less than 1% of our total outstanding shares.

(1) Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant, restricted shares or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person.

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(2) For each person and group included in this column, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of (1) 161,765,532, being the number of common shares issued as of April 30, 2016, and (2) the number of shares such person or group has the right to acquire or receive within 60 days after April 30, 2016.

(3) Percentage of total voting power represents voting power with respect to all of our Class A and Class B common shares, as a single class. As of April 30, 2016, our issued and outstanding share capital consisted of 90,309,532 Class A common shares and 71,456,000 Class B common shares. Each holder of our Class B common shares is entitled to ten votes per Class B common share and each holder of Class A common shares is entitled to one vote per Class A common share held by our shareholders on all matters submitted to them for a vote. Our Class A common shares and Class B common shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Our Class B common shares are convertible at any time by the holder into Class A common shares on a 1:1 basis.

(4) Consists of 59,550,000 Class B common shares held by Bright Unison Limited, a British Virgin Islands company. Bangxin Zhang is the sole shareholder and the sole director of Bright Unison Limited. Bangxin Zhang’s business address is 12/F, Danling SOHO, 6 Danling Street, Haidian District, Beijing 100080, People’s Republic of China.

(5) The business address of Mr. Kauffman is 1000 Mountain Home Rd, Woodside, California 94062.

(6) The business address of Ms. Sun is 99 Fu Quan Road, Shanghai 200335, People’s Republic of China.

(7) The business address of Mr. Wang is 47 Kechuang Third Street, Daxing District, Beijing 102600, People’s Republic of China.

(8) The business address of Mr. Chen is 699 Hongfeng Road, Pudong New District, Shanghai, 201206, People’s Republic of China.

(9) Consists of (i) 8,812,500 Class B common shares held by Perfect Wisdom International Limited, a British Virgin Islands company and (ii) 70,518 Class A common shares in the form of ADS held by Mr. Liu. Yachao Liu is the sole shareholder and the sole director of Perfect Wisdom International Limited. Yachao Liu’s business address is 12/F, Danling SOHO, 6 Danling Street, Haidian District, Beijing 100080, People’s Republic of China.

(10) Consists of 3,093,500 Class B common shares held by Excellent New Limited, a British Virgin Islands company. Yunfeng Bai is the sole shareholder and the sole director of Excellent New Limited. Yunfeng Bai’s business address is 12/F, Danling SOHO, 6 Danling Street, Haidian District, Beijing 100080, People’s Republic of China.

(11) Bright Unison Limited is a company incorporated in the British Virgin Islands. Bangxin Zhang is the sole shareholder and the sole director of Bright Unison Limited. Its registered office is at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.

(12) Based on Schedule 13G filed with the SEC on February 16, 2016 by UBS Group AG (for the benefit and on behalf of the UBS Global Asset Management division of UBS Group AG), and consists of 16,029,333 Class A common shares (upon conversion of ADSs) beneficially owned by the UBS Asset Management division of UBS Group AG and its subsidiaries and affiliates on behalf of clients. The principal business office of UBS Global AG is Bahnhofstrasse 45, Zuric, Switzerland.

(13) Perfect Wisdom International Limited is a company incorporated in the British Virgin Islands. Yachao Liu is the sole shareholder and the sole director of Perfect Wisdom International Limited. Its registered office is at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.

Our common shares are divided into Class A common shares and Class B common shares. Holders of Class A common shares are entitled to one vote per share, while holders of Class B common shares are entitled to ten votes per share. Holders of our Class B common shares may choose to convert their Class B common shares into the same number of Class A common shares at any time. See “Item 10.B.—Additional Information—Memorandum and Articles of Association—Common Shares” for a more detailed description of our Class A common shares and Class B common shares.

To our knowledge, as of April 30, 2016, 89,831,496 of our issued and outstanding Class A common shares were held by one record holder in the United States, which was JPMorgan Chase Bank, N.A., the depositary of our ADS program. The number of beneficial owners of our ADSs in the United States is likely to be much larger than the number of record holders of our Class A common shares in the United States.

For the restricted Class A common shares granted to our directors, officers, employees and consultants, please refer to “Item 6.B. —Directors, Senior Management and Employees—Compensation—Share Incentive Plan.”

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

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PART III

Item 19. Exhibits

| Exhibit Number | Description of
Document |
| --- | --- |
| 1.1 | Fourth Amended and Restated Memorandum and Articles of Association of
the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Amendment to Form F-1 (file No. 333-169650)
filed with the Securities and Exchange Commission on October 6, 2010) |
| 2.1 | Registrant’s Form of Class A common share certificate (incorporated
by reference to Exhibit 4.1 to the Registrant’s Amendment to Form F-1 Registration Statement (file No. 333- 169650)
filed with the Securities and Exchange Commission on September 29, 2010) |
| 2.2 | Deposit Agreement, dated October 19, 2010, among the Registrant, the
depositary and holders of the American Depositary Receipts (incorporated by reference to Exhibit 2.2 to the Registrant’s
annual report on Form 20-F for the fiscal year ended February 28, 2011 (file No. 001-34900) filed with the Securities and
Exchange Commission on July 25, 2011) |
| 2.3 | Registrant’s Specimen American Depositary Receipt (included in
Exhibit 2.2 filed with the Registrant’s annual report on Form 20-F for the fiscal year ended February 28, 2011 (file
No. 001-34900), filed with the Securities and Exchange Commission on July 25, 2011 and which is incorporated herein by reference) |
| 4.1 | 2010 Share Incentive Plan (incorporated by reference to Exhibit 10.1
of Form F-1 (file No. 333-169650) filed with the Securities and Exchange Commission on September 29, 2010) |
| 4.2 | Form of Indemnification Agreement with the Registrant’s directors
and officers (incorporated by reference to Exhibit 10.5 of Form F-1 (file No. 333-169650) filed with the Securities and Exchange
Commission on September 29, 2010) |
| 4.3 | Form of Employment Agreement with the Registrant’s officers (incorporated
by reference to Exhibit 10.6 of Form F-1 (file No. 333-169650) filed with the Securities and Exchange Commission on September
29, 2010) |
| 4.4 | English translation of Exclusive Business Cooperation Agreement, dated
June 25, 2010, by and among TAL Education Technology (Beijing) Co., Ltd., Beijing Xueersi Education Technology Co., Ltd.,
Beijing Xueersi Network Technology Co., Ltd., Bangxin Zhang, Yundong Cao, Yachao Liu, Yunfeng Bai, and other parties thereto
(incorporated by reference to Exhibit 10.7 of Form F-1 (file No. 333-169650) filed with the Securities and Exchange Commission
on September 29, 2010) |
| 4.5 | English translation of Call Option Agreement, dated February 12, 2009,
by and among TAL Education Technology (Beijing) Co., Ltd., Beijing Xueersi Education Technology Co., Ltd., Beijing Xueersi
Network Technology Co., Ltd., Bangxin Zhang, Yundong Cao, Yachao Liu and Yunfeng Bai (incorporated by reference to Exhibit
10.8 of Form F-1 (file No. 333169650) filed with the Securities and Exchange Commission on September 29, 2010) |
| 4.6 | English translation of Equity Pledge Supplemental Agreement, dated June
25, 2010, by and among TAL Education Technology (Beijing) Co., Ltd., Beijing Xueersi Education Technology Co., Ltd., Bangxin
Zhang, Yundong Cao, Yachao Liu and Yunfeng Bai (incorporated by reference to Exhibit 10.9 of Form F-1 (file No. 333-169650)
filed with the Securities and Exchange Commission on September 29, 2010) |

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| Exhibit Number | Description of
Document |
| --- | --- |
| 4.7 | English translation of Equity Pledge Supplemental Agreement,
dated June 25, 2010, by and among TAL Education Technology (Beijing) Co., Ltd., Beijing Xueersi Network Technology Ltd., Bangxin
Zhang, Yundong Cao, Yachao Liu and Yunfeng Bai (incorporated by reference to Exhibit 10.10 of Form F-1 (file No. 333-169650)
filed with the Securities and Exchange Commission on September 29, 2010) |
| 4.8 | English translation of Powers of Attorney, dated August 12, 2009, by
Bangxin Zhang, Yundong Cao, Yachao Liu and Yunfeng Bai (incorporated by reference to Exhibit 10.11 of Form F-1 (file No. 333-169650)
filed with the Securities and Exchange Commission on September 29, 2010) |
| 4.9 | English translation of Exclusive Service Agreement, dated December 27,
2011, by and among TAL Education Technology (Beijing) Co., Ltd., Beijing Dongfangrenli Science & Commerce Co., Co., Ltd.,
Bangxin Zhang, Yachao Liu and Yunfeng Bai (incorporated by reference to Exhibit 4.9 of our annual report on Form 20-F (File
No. 001-34900) filed with the Securities and Exchange Commission on June 27, 2012) |
| 4.10 | English translation of Option Agreement, dated December 27, 2011, by
and among TAL Education Technology (Beijing) Co., Ltd., Beijing Dongfangrenli Science & Commerce Co., Co., Ltd., Bangxin
Zhang, Yachao Liu and Yunfeng Bai (incorporated by reference to Exhibit 4.10 of our annual report on Form 20-F (File No. 001-34900)
filed with the Securities and Exchange Commission on June 27, 2012) |
| 4.11 | English translation of Equity Pledge Agreement, dated December 27, 2011,
by and among TAL Education Technology (Beijing) Co., Ltd., Beijing Dongfangrenli Science & Commence, Co., Ltd., Bangxin
Zhang, Yachao Liu and Yunfeng Bai (incorporated by reference to Exhibit 4.11 of our annual report on Form 20-F (File No. 001-34900)
filed with the Securities and Exchange Commission on June 27, 2012) |
| 4.12 | English translation of Powers of Attorney, dated December 27, 2011,
by Bangxin Zhang, Yachao Liu and Yunfeng Bai (incorporated by reference to Exhibit 4.12 of our annual report on Form 20-F
(File No. 001-34900) filed with the Securities and Exchange Commission on June 27, 2012) |
| 4.13 | Amended and Restated Shareholders’ Agreement among the Registrant,
the Series A preferred holder, Tiger Global Five China Holdings and other parties thereto, dated August 12, 2009 (incorporated
by reference to Exhibit 4.4 of Form F-1 (file No. 333-169650) filed with the Securities and Exchange Commission on September
29, 2011) |
| 4.14 | English translation of Form of Real Property Sale and Purchase Agreement
(incorporated by reference to Exhibit 4.10 to the Registrant’s annual report on Form 20-F for the fiscal year ended
February 28, 2011 (file No. 001-34900) filed with the Securities and Exchange Commission on July 25, 2011) |
| 4.15 | Deed of Undertaking executed by and between Bangxin Zhang and TAL Education
Group dated June 24, 2013 (incorporated by reference to Exhibit 4.15 to the Registrant’s annual report on Form 20-F
for the fiscal year ended February 28, 2013 (file No. 001-34900) filed with the Securities and Exchange Commission on June
28, 2013) |

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| Exhibit Number | Description of
Document |
| --- | --- |
| 4.16 | Side letter executed by and between Bangxin Zhang and TAL
Education Group dated July 29, 2013 (incorporated by reference to Exhibit 4.16 to the Registrant’s annual report on
Form 20-F for the fiscal year ended February 28, 2014 (file No. 001-34900) filed with the Securities and Exchange Commission
on May 12, 2014) |
| 4.17 | Indenture dated May 21, 2014 constituting $230 million 2.50% convertible
senior notes due 2019 (incorporated by reference to Exhibit 4.17 to the Registrant’s annual report on Form 20-F for
the fiscal year ended February 28, 2015 (file No. 001-34900) filed with the Securities and Exchange Commission on May 28,
2015) |
| 4.18 | English translation of Exclusive Business Cooperation Agreement, dated
August 4, 2015, by and among Beijing Century TAL Education Technology Co., Ltd., Beijing Dididaojia Education Technology Co.,
Ltd., Bangxin Zhang, Yachao Liu and Yunfeng Bai |
| 4.19 | English translation of Option Agreement, dated August 4, 2015, by and
among Beijing Century TAL Education Technology Co., Ltd., Beijing Dididaojia Education Technology Co., Ltd., Bangxin Zhang,
Yachao Liu and Yunfeng Bai |
| 4.20 | English translation of Equity Pledge Agreement, dated August 4, 2015,
by and among Beijing Century TAL Education Technology Co., Ltd., Beijing Dididaojia Education Technology Co., Ltd., Bangxin
Zhang, Yachao Liu and Yunfeng Bai |
| 4.21 | English translation of Powers of Attorney, dated August 4, 2015, by
Bangxin Zhang, Yachao Liu and Yunfeng Bai |
| 4.22 | English translation of Exclusive Business Cooperation Agreement, dated
October 26, 2015, by and among Beijing Lebai Information Consulting Co., Ltd., Beijing Lebai Education Consulting Co., Ltd.
and Beijing Xueersi Education Technology Co., Ltd. |
| 4.23 | English translation of Option Agreement, dated October 26, 2015, by
and among Beijing Lebai Information Consulting Co., Ltd., Beijing Lebai Education Consulting Co., Ltd. and Beijing Xueersi
Education Technology Co., Ltd. |
| 4.24 | English translation of Equity Pledge Agreement, dated October 26, 2015,
by and among Beijing Lebai Information Consulting Co., Ltd., Beijing Lebai Education Consulting Co., Ltd. and Beijing Xueersi
Education Technology Co., Ltd. |
| 4.25 | English translation of Powers of Attorney, dated October 26, 2015, by
Beijing Lebai Information Consulting Co., Ltd. and Beijing Xueersi Education Technology Co., Ltd. |
| 4.26 | English translation of Powers of Attorney, dated October 26, 2015, by
Beijing Lebai Education Consulting Co., Ltd. |
| 4.27 | English translation of VIE Termination Agreement, dated July 2, 2015,
by Beijing Century TAL Education Technology Co., Ltd., Beijing Dongfangrenli Science & Commerce Co., Co., Ltd., Bangxin
Zhang, Yachao Liu and Yunfeng Bai. |
| 4.28 | Stock Purchase Agreement, dated September 18, 2015, by the Registrant,
Firstleap Education and other parties named therein. |
| 8.1 | List of Subsidiaries and Consolidated Affiliated Entities |
| 11.1 | Code of Business Conduct and Ethics (incorporated by reference to Exhibit
99.1 of the Registrant’s Registration Statement on Form F-1 (file No. 333-169650) filed with the Securities and Exchange
Commission on September 29, 2010) |
| 12.1** | Certification by Principal Executive Officer Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002 |

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| Exhibit Number | Description of
Document |
| --- | --- |
| 12.2 | Certification by Principal Financial Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 |
| 13.1 | Certification by Principal Executive Officer Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 |
| 13.2 | Certification by Principal Financial Officer Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 |
| 15.1 | Consent of Tian Yuan Law Firm |
| 15.2 | Consent of Deloitte Touche Tohmatsu Certified Public Accountants LLP |
| 15.3 | Consent of Maples and Calder |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |

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• Previously filed or furnished with the annual report on Form 20-F on May 31, 2016.

** Filed with this Amendment No. 1 to the annual report on Form 20-F.

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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing its annual report on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to its annual report on its behalf.

TAL EDUCATION GROUP
By:	/s/Bangxin Zhang
	Name: Bangxin Zhang Title: Chairman and Chief Executive Officer

Date: June 3, 2016

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