华夏博雅美股招股说明书(2024-06-10版)

424B41cleu_424b4.htm424B4 FiledpursuanttoRule424(b)(4)RegistrationNo.333-279370 Upto25,000,000OrdinaryShares ChinaLiberalEducationHoldingsLimited Thisprospectusrelatestotheofferandsaleofuptoanaggregateof25,000,000ordinaryshares,parvalue$0.015pershare(the“OrdinaryShares”),ofChinaLiberalEducationHoldingsLimited(the“Company”)atanofferingpriceofUS$1.00pershare(the“OfferingShares”).Thisisabesteffortsself-underwrittenpublicoffering.OurOrdinarySharesarelistedontheNasdaqCapitalMarket,orNasdaq,underthesymbol“CLEU.”OnJune6,2024,thelastreportedsalepriceofourOrdinarySharesonNasdaqwasUS$2.02pershare.WeexpecttoclosetheofferingonoraboutJune17,2024.ThisofferingwillbeterminatedbyJune30,2024,providedthattheclosing(s)oftheofferingforalloftheOrdinarySharesregisteredherebyhavenotoccurredbysuchdate,andmaynotbeextended. Becausethereisnominimumofferingamountrequiredasaconditiontoclosethisoffering,wemaysellfewerthanalloftheOfferingSharesofferedhereby,whichmaysignificantlyreducetheamountofproceedsreceivedbyus,andinvestorsinthisofferingwillnotreceivearefundintheeventthatwedonotsellanamountofOfferingSharessufficienttopursuethebusinessgoalsoutlinedinthisprospectus.Becausethereisnominimumofferingamount,investorscouldbeinapositionwheretheyhaveinvestedinourCompany,butweareunabletofulfillourobjectivesduetoalackofinterestinthisoffering.Also,anyproceedsfromthesaleofOfferingSharesofferedbyuswillbeavailableforourimmediateuse,despiteuncertaintyaboutwhetherwewouldbeabletousesuchfundstoeffectivelyimplementourbusinessplan.See“RiskFactors”inthisprospectusand“Item3.KeyInformation—D.RiskFactors”beginningonpage16ofourmostrecentannualreportonForm20-FforthefiscalyearendedDecember31,2023(the“2023AnnualReport”)formoreinformation. Throughoutthisprospectus,(i)theterms“we,”“our,”and“ourCompany,”onlyrefertoChinaLiberalEducationHoldingsLimited,theCaymanholdingcompanyandwhendescribingthegroup’sconsolidatedfinancialinformationforthefiscalyearsendedDecember31,2022and2023,alsoincludestheCompany’ssubsidiariesandtheformeraffiliatedentities,(ii)theterms“formeraffiliatedentities”refertoFuzhouMelbournePolytechnic,athree-yearcollegeinChina(“FMP”),andStraitCollegeofMinjiangUniversity,afour-yearuniversityinChina(“StraitCollege”),whichwereourconsolidatedaffiliatedentitiesunderU.S.GenerallyAcceptedAccountingPrinciples(“U.S.GAAP”)fromSeptember2,2022toAugust31,2023,(iii)theterms“thesubsidiaries”or“oursubsidiaries”refertothedirectandindirectsubsidiariesoftheCompany,including(a)AiwaysAutomobileHoldingLimitedandAiwaysMergerSubLimited,companiesformedintheCaymanIslands,(b)YiXinInternationalInvestmentLimited,acompanyformedintheBritishVirginIslands,(c)ChinaBoyaEducationGroupCo.,Ltd.,acompanyformedinthespecialadministrativeregionofHongKong(“HongKong”),and(d)ChinaLiberal(Beijing)EducationTechnologyCo.,Ltd.(“ChinaLiberalBeijing”),BeijingOrientalWisdomCultureDevelopmentCo.,Ltd.(“OrientalWisdom”),companiesformedinthePeople’sRepublicofChina(the“PRC”or“China”),and(iv)theterm“operatingentities”referstoChinaLiberalBeijingandOrientalWisdom. i WeareaholdingcompanyincorporatedintheCaymanIslandsandnotaChineseoperatingcompany,andwedonotconductanyoperations.Asaholdingcompanywithnomaterialoperationsofourown,allofouroperationsareconductedthroughoursubsidiariesformedinthePRC. Asofthedateofthisprospectus,wedirectlyhold100%oftheequityinterestsinoursubsidiaries,andweconsolidatedthefinancialresultsoftheformeraffiliatedentitiesduringthetimeperiodswhentheywereouraffiliatedentitiesintheconsolidatedfinancialstatementsoftheCompanyinaccordancewithU.S.GAAP.OurOrdinarySharesarethesharesoftheoffshoreholdingcompanyintheCaymanIslands,insteadofsharesofouroperatingcompaniesinChina.Therefore,holdersofourOrdinarySharesdonotdirectlyholdanyequityinterestsinouroperatingcompaniesandinvestorsarepurchasinganinterestintheCaymanIslandsholdingcompany. OursubsidiariesaresubjecttocertainlegalandoperationalrisksassociatedwithbeingbasedinChina.PRClawsandregulationsgoverningthesubsidiaries’currentbusinessoperationsaresometimesvagueanduncertain,andasaresulttheserisksmayresultinmaterialchangeintheoperationsofthesubsidiariesandtheaffiliatedentities,significantdepreciationofthevalueofourOrdinaryShares,acompletehindranceofourabilitytoofferorcontinuetoofferoursecuritiestoinvestors,orcausethevalueofsuchsecuritiestosignificantlydeclineorbeworthless.Recently,thePRCgovernmentadoptedaseriesofregulatoryactionsandissuedstatementstoregulatebusinessoperationsinChina,includingthoserelatedtovariableinterestentities,datasecurity,andanti-monopolyconcerns.Forexample,onJune10,2021,theStandingCommitteeoftheNationalPeople’sCongresspromulgatedthePRCDataSecurityLaw,whichrequiresdatacollectiontobeconductedinalegitimateandpropermanner,andstipulatesthat,forthepurposeofdataprotection,dataprocessingactivitiesmustbeconductedbasedondataclassificationandhierarchicalprotectionsystemfordatasecurity.Anydataprocessingwhichaffectsorhasthepossibilitytoaffectnationalsecurity,willbereviewedbycompetentauthorities.Moreover,theAnti-monopolyLawpromulgatedbytheStandingCommitte