Liu Yachao filed an initial statement of beneficial ownership as a director and chief operating officer of TAL. The filing reported 222,835 American Depositary Shares held directly. It also reported indirect holdings of 2.5 million Class A common shares and 2.94 million Class A common shares. The filing reported 2.94 million Class B common shares held indirectly. The filing listed derivative holdings of 91,101 restricted stock units and a stock option for 354,000 American Depositary Shares with an exercise price of USD 0.01.

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