【正文】
ng and managing online degree programs, they do not prohibit foreign panies and foreigninvested enterprises from providing services to online degree programs. We do not own, operate, or manage online degree programs, but instead provide online degree services to our university customers through majorityowned subsidiaries formed between our three Chinese subsidiaries, CMR Web, Hongcheng Liye and Hongcheng Technology, and our university partners, except for two online degree programs that are serviced through Hongcheng Education, one of our Chinese affiliated entities. International Crurriculum Programs—Chinese laws and regulations do not prohibit or restrict foreign panies or foreigninvested enterprise from engaging in the marketing and distribution of international curriculum programs. This business is operated by Hongcheng Liye, one of our wholly owned subsidiaries in China.Online Tutoring Programs—Chinese laws and regulations prohibit foreign panies and foreigninvested enterprise from owning the ICP licenses for , or operating educational websites such as our 101 Online School’s website. As a result of this restriction, this business is operated by Xiandai Technology, one of our Chinese affiliated entities.Private Primary and Secondary Schools—Chinese laws and regulations prohibit foreign panies and foreigninvested enterprise from owning and operating private primary and secondary schools in China. As a result of this restriction, this business is operated by Hongcheng Education, one of our Chinese affiliated entities.弘成教育股權(quán)結(jié)構(gòu)如下: