华夏博雅美股招股说明书(2023-09-27版)

424B51cleu_424b5.htm424B5 FiledpursuanttoRule424(b)(5)RegistrationNo.333-273266 ProspectusSupplement (ToProspectusdatedJuly21,2023) 18,000,000OrdinaryShares ChinaLiberalEducationHoldingsLimited ThisisanofferingofthesecuritiesofChinaLiberalEducationHoldingsLimited,aCaymanIslandsexemptedcompanywithlimitedliability.Unlessotherwisestated,asusedinthisprospectussupplement,referencesto“we,”“us,”“our,”“ChinaLiberal,”andthe“Company”aretoChinaLiberalEducationHoldingsLimited,aCaymanIslandsexemptedcompanywithlimitedliability. Weareoffering18,000,000ordinaryshares,parvalueUS$0.001pershare(the“ordinaryshares”),pursuanttothisprospectussupplementandtheaccompanyingprospectus,atapurchasepriceofUS$0.50pershare. OurordinarysharesarelistedonTheNasdaqCapitalMarket,orNasdaq,underthesymbol“CLEU.”OnSeptember22,2023,thelastreportedsalepriceofourordinarysharesonNasdaqwasUS$0.30pershare. Wearean“emerginggrowthcompany”asdefinedintheJumpstartOurBusinessActof2012,asamended,and,assuch,willbesubjecttoreducedpubliccompanyreportingrequirements. Theaggregatemarketvalueofouroutstandingordinarysharesheldbynon-affiliates,orpublicfloat,asofSeptember25,2023,wasapproximatelyUS$70.50million,whichwascalculatedbasedon27,540,391ordinarysharesheldbynon-affiliatesasofSeptember25,2023andapersharepriceofUS$2.56,whichwastheclosingpriceofourordinarysharesonNasdaqonAugust10,2023.PursuanttoGeneralInstruction I.B.5ofFormF-3,innoeventwillwesellthesecuritiescoveredherebyinapublicprimaryofferingwithavalueexceedingmorethanone-thirdoftheaggregatemarketvalueofourordinarysharesinany12-monthperiodsolongastheaggregatemarketvalueofouroutstandingordinarysharesheldbynon-affiliatesremainsbelowUS$75,000,000.Duringthe12calendarmonthspriortoandincludingthedateofthisprospectussupplement,wehavenotsoldanysecuritiespursuanttoGeneralInstructionI.B.5ofFormF-3. Throughoutthisprospectussupplement,(i)theterms“we,”“our,”and“ourCompany,”onlyrefertoChinaLiberalEducationHoldingsLimited,theCaymanholdingcompanyandwhendescribingthegroup’sconsolidatedfinancialinformation,alsoincludestheCompany’ssubsidiariesandtheaffiliatedentities,(ii)theterms“affiliatedentities”refertoFuzhouMelbournePolytechnic,athree-yearcollegeinChina(“FMP”),andStraitCollegeofMinjiangUniversity,afour-yearuniversityinChina(“StraitCollege”),whichareourconsolidatedaffiliatedentitiesunderU.S.GenerallyAcceptedAccountingPrinciples(“U.S.GAAP”)andwehaveconsolidatedthefinancialresultsoftheaffiliatedentitiesintheconsolidatedfinancialstatementsinaccordancewithU.S.GAAP,(iii)theterms“thesubsidiaries”or“oursubsidiaries”refertothedirectandindirectsubsidiaryoftheCompany,including(a)AiwaysAutomobileHoldingLimitedandAiwaysMergerSubLimited,companiesformedintheCaymanIslands,(b)YiXinInternationalInvestmentLimitedandWanwangInvestmentLimited,companiesformedintheBritishVirginIslands,(c)ChinaBoyaEducationGroupCo.,Ltd.andWanzhong(HK)InvestmentLimited,companiesformedinthespecialadministrativeregionofHongKong(“HongKong”),and(d)ChinaLiberal(Beijing)EducationTechnologyCo.,Ltd.(“ChinaLiberalBeijing”),FujianChinaLiberalEducationTechnologyGroupCo.,Ltd(“ChinaLiberalFujian”),BeijingOrientalWisdomCultureDevelopmentCo.,Ltd.(“OrientalWisdom”),andFujianWanzhongEducationInvestmentManagementCo.,Ltd.(“FujianWanzhong”),companiesformedinthePeople’sRepublicofChina(the“PRC”or“China”),and(iv)theterm“operatingentities”referstoChinaLiberalBeijing,ChinaLiberalFujian,OrientalWisdom,FujianWanzhong,andtheaffiliatedentities.Foradescriptionofourcorporatestructure,see“ProspectusSummary—OurCorporateStructure”oftheaccompanyingprospectus.Asaresultofour corporatestructure,youmayneverdirectlyholdequityinterestsinoursubsidiariesandtheaffiliatedentities. WeareaholdingcompanyincorporatedintheCaymanIslandsandnotaChineseoperatingcompany,andwedonotconductanyoperations.Asaholdingcompanywithnomaterialoperationsofourown,weconductallofouroperationsthroughoursubsidiariesformedinthePRCandouraffiliatedentities.Theaffiliatedentitiesareconsolidatedforaccountingpurposesbutarenotentitiesinwhichweownequity.Theconsolidationoftheaffiliatedentities’financialresultsisnotequivalenttoequityownershipinthebusinessoftheaffiliatedentities.OursecuritiesofferedinthisofferingaresharesofouroffshoreholdingcompanyinsteadofsecuritiesofoursubsidiariesortheaffiliatedentitiesinChina.Neithertheinvestorsintheholdingcompanynortheholdingcompanyitselfhaveanequityownershipin,directforeigninvestmentin,orcontrolof,throughsuchownershiporinvestment,theaffiliatedentities.Throughthecertaincontractualarrangementsenteredintowiththeaffiliatedentities,wehavesatisfiedtheconditionstoconsolidatetheiroperatingresultsinourfinancialstatementsunderU.S.GAAP.Accordingly,wearetheprimarybeneficiaryoftheaffiliatedentitiesforaccountingpurposes. Becausewedonotholdequityinterestsintheaffiliatedentities,wearesubjecttorisksanduncertaintiesoftheinterpretationsandapplicationsofPRClawsandregulations.WearealsosubjecttorisksanduncertaintiesaboutanyfutureactionsthePRCgovernmentinthisregardthatcoulddisallowthisstructure,whichwouldlikelyresultinamaterialchange