AsiaPacificEquityResearch17October2019ChinaEducationWhat'sBetterThanLearning?HeadofAsiaGaming,Lodging&LeisureDSKimAC(852)2800-8597ds.kim@jpmorgan.comBloombergJPMADSKIM<GO>JeremyAn(852)2800-8512jeremy.an@jpmorgan.comDerekChoi,CPA(852)2800-8744derek.c.choi@jpmorgan.comJ.P.MorganSecurities(AsiaPacific)LimitedSeepage110foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdeci...