TAL Education Group

We started our operation in 2005 with the establishment of Xueersi Education, a domestic company in China. We then incorporated TAL Education Group to become our offshore holding company under the laws of the Cayman Islands on January 10, 2008, in order to facilitate foreign investment in our company. TAL Education Group established TAL Holdings Limited in Hong Kong in March 2008 as our intermediary holding company. In August 2013, we changed the name of TAL Education Technology (Beijing) Co., Ltd. to Beijing Century TAL Education Technology Co., Ltd. In addition, we changed our umbrella brand from Xueersi to Haoweilai. Prior to December 2021, we mainly offered comprehensive tutoring services to K-12 students covering core academic subjects as well as learning products, contents, technologies, services and other learning resources for learners and customers. In response to regulatory developments, we ceased offering K-9 Academic AST Services in Chinese mainland as of December 31, 2021. For more information on our acquisitions and investments, see Note 3 Business Acquisition , Note 9 Long-term investments and Note 11 Fair Value to the consolidated financial statements included elsewhere in this annual report. For information on our capital expenditures, see Item 5. Operating and Financial Review and Prospects B. Liquidity and Capital Resources Material Cash Requirements. In October 2010, we completed an initial public offering of 13,800,000 ADSs.