Ambow Education Holding Ltd.

Ambow Education Holding Ltd. is not an operating company but a Cayman Islands holding company with operations primarily conducted by its subsidiaries in the U.S. Investors in our securities should be aware that they may never directly hold equity interests in our operating entities but rather are purchasing equity solely in Ambow Education Holding Ltd., our Cayman Islands holding company, which does not directly own substantially all of our business conducted by our U.S. subsidiaries. History and Development of the Company Our founder, Dr. Jin Huang, laid the foundation for Ambow in 2000. From its inception through January 2017, Ambow primarily operated in the Chinese market through a network of subsidiaries and Variable Interest Entities (VIEs). Beginning in 2017, we expanded our operations to the United States by establishing Ambow BSC Inc., which acquired Bay State College Inc., a Massachusetts-based higher education institution. In June 2018, we completed a public offering of 2,070,000 ADSs at $4.25 per ADS. On June 1, 2018, our ADSs commenced trading on the NYSE American under the symbol AMBO. We established Ambow NSAD Inc. on May 8, 2019. Ambow NSAD Inc. is a 100% subsidiary of ours. On March 6, 2020, Ambow NSAD Inc. acquired 100% of the members’ interest in NewSchool of Architecture & Design ( NewSchool ). NewSchool is a for-profit institution of higher education based in San Diego, California, with bachelor’s and master’s programs in Architecture, Construction Management, Product Design, Graphic Design & Interactive Media, and Interior Architecture and Design.