Exhibit 99.1

Confidential Draft

Ambow Education Announces Third Quarter 2019 Financial Results

BEIJING, December 12, 2019 -- Ambow Education Holding Ltd. (“Ambow” or the “Company”) (NYSE American: AMBO), a leading national provider of educational and career enhancement services in China, today announced its unaudited financial and operating results for the three-month and nine-month periods ended September 30, 2019.

“We are pleased with the topline growth during this quarter. Both of our primary revenue streams, K-12 Schools and College Preparation & Continuing Education, showed 26% and 13% year-over-year increases, respectively. Furthermore our deferred revenue related to tuition and course fees and our education service platform increased 86.2% to US$33.7 million from the prior year period. As we move towards closing out fiscal 2019, we shall continue to explore innovation in our educational services portfolio, invest in new technology to build up our education service platforms, and roll out our cross-border university platform across the U.S. and China. At the same time we are making efforts to optimize and synergize resources and expenditures throughout the Company. Looking forward, we believe we are positioning Ambow to remain a leading provider of educational and career enhancement services inside China as well as a transformational cross-border leader in assisting career colleges and universities by addressing five key challenges across: curriculum development, retaining qualified faculty, practical training, job placement and international cooperation,” noted Dr. Jin Huang, Ambow’s President and Chief Executive Officer.

“As a leading innovator in the robust Chinese education market, Ambow continues to expand its brand presence and market positioning through the buildout of our powerful and modern learning platform. During the third quarter, the Company hosted a forum on innovation and international resource sharing across Chinese and foreign higher education, in Beijing. The International Education Expo allowed Ambow to promote its cross-border education model which not only benefits international students seeking higher education opportunities but also the institutions that fall under the credentialing standards as maintained by Global Career Quality Assurance (GCQA). In terms of initiatives and partnerships for the advancement of new technology curriculums in China, Ambow has recently partnered with Hebei Agricultural University and Beijing University of Agriculture to jointly design and build a Big Data engineering lab and Internet of Things (IoT) lab respectively, whose value proposition is in driving development of higher education initiatives which prepare students for the new technology-driven economy of today," concluded Dr. Huang.

Third Quarter 2019 Financial Highlights

· Net revenues for the third quarter of 2019 increased by 12.7% to US$17.7 million from US$15.7 million in the same period of 2018. This increase was mainly driven by higher student enrollment.

· Gross profit for the third quarter of 2019 increased by 4.7% to US$4.5 million from US$4.3 million in the same period of 2018. Gross profit margin was 25.4%, compared with 27.4% for the third quarter of 2018. The decrease in gross profit margin was primarily due to additional investments in new programs and new technology deployment.

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· Operating expenses for the third quarter of 2019 increased by 141.7% to US$14.5 million from US$6.0 million for the same period of 2018. The increase of operating expenses was primarily due to more marketing activities to promote student enrollment, additional investments in new programs and new technology deployment, increase in staff compensation and an impairment loss of goodwill and intangible assets in US$5.4 million recorded in the third quarter.

· Net loss attributable to ordinary shareholders was US$10.2 million, or US$0.23 per basic and diluted share, compared with a net loss of US$1.8 million, or US$0.04 per basic and diluted share, for the third quarter of 2018.

· As of September 30, 2019, Ambow maintained strong cash resources of US$43.9 million, comprised of cash and cash equivalents of US$18.4 million and short-term investments of US$25.5 million.

· As of September 30, 2019, the Company’s deferred revenue balance was US$33.7 million, representing an 86.2% increase from US$18.1 million as of December 31, 2018, mainly attributable to the tuition and course fees collected in the K-12 business segment for the 2019-2020 academic year, deferred revenue collected from our education service platforms and the tuition fees collected for the fall semester of 2019.

First Nine Months 2019 Financial Highlights

· Net revenues for the first nine months of 2019 increased by 8.7% to US$57.4 million from US$52.8 million in the same period of 2018. This increase was mainly driven by higher student enrollment.

· Gross profit for the first nine months of 2019 decreased by 2.0% to US$19.5 million from US$19.9 million in the same period of 2018. Gross profit margin was 34.0%, compared with 37.7% for the nine months of 2018. The decrease in gross profit margin was primarily due to additional investments in new programs and new technology deployment.

· Operating expenses for the first nine months of 2019 increased by 63.2% to US$31.0 million from US$19.0 million for the same period of 2018. The increase of operating expenses was primarily due to more marketing activities to promote student enrollment, additional investments in new programs and new technology deployment, increase in staff compensation and an impairment loss of goodwill and intangible assets in US$5.4 million recorded in the third quarter of 2019.

· Net loss attributable to ordinary shareholders was US$12.3 million, or US$0.28 per basic and diluted share, compared with a net income of US$2.0 million, or US$0.05 per basic and diluted share, for the first nine months of 2018.

The Company's third quarter and first nine months of 2019 financial and operating results can also be found on its Form 6-K filed with the U.S. Securities and Exchange Commission at www.sec.gov.

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Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all amounts translated from RMB to U.S. dollars for the third quarter and first nine months of 2019 are based on the effective exchange rate of 7.1477 as of September 30, 2019; all amounts translated from RMB to U.S. dollars for the third quarter and first nine months of 2018 are based on the effective exchange rate of 6.8680 as of September 28, 2018; all amounts translated from RMB to U.S. dollars as of December 31, 2018 are based on the effective exchange rate of 6.8755 as of December 31, 2018. The exchange rates were according to the middle rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

About Ambow Education Holding Ltd.

Ambow Education Holding Ltd. is a leading national provider of educational and career enhancement services in China, offering high-quality, individualized services and products. With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in 30 out of the 31 provinces and autonomous regions within China.

Follow us on Twitter: @Ambow_Education

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the outlook and quotations from management in this announcement, as well as Ambow’s strategic and operational plans, contain forward-looking statements. Ambow may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including but not limited to the following: the Company’s goals and strategies, expansion plans, the expected growth of the content and application delivery services market, the Company’s expectations regarding keeping and strengthening its relationships with its customers, and the general economic and business conditions in the regions where the Company provides its solutions and services. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Ambow undertakes no duty to update such information, except as required under applicable law.

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For investor and media inquiries please contact:

Ambow Education Holding Ltd.

Tel: +86-10-6206-8000

The Piacente Group | Investor Relations

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: ambow@tpg-ir.com

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AMBOW EDUCATION HOLDING LTD.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share and per share data)

	As of September 30,						As of December 31,
	2019						2018
	US$			RMB			RMB
ASSETS
Current assets:
Cash and cash equivalents		18,454			131,902			211,436
Restricted cash		-			-			30,072
Short term investments, available for sale		15,559			111,209			47,208
Short term investments, held to maturity		9,933			71,000			70,000
Accounts receivable, net		4,069			29,087			18,132
Amounts due from related parties		334			2,384			1,105
Prepaid and other current assets, net		19,246			137,567			134,770
Loan receivable, current		-			-			42,677
Total current assets		67,595			483,149			555,400
Non-current assets:
Property and equipment, net		21,182			151,403			165,933
Land use rights, net		248			1,770			1,804
Intangible assets, net		7,949			56,815			92,412
Goodwill		8,252			58,986			73,166
Deferred tax assets, net		1,837			13,130			10,240
Operating lease right-of-use asset		35,412			253,111			-
Finance lease right-of-use asset		923			6,600			-
Other non-current assets, net		10,201			72,914			11,264
Total non-current assets		86,004			614,729			354,819
Total assets		153,599			1,097,878			910,219
LIABILITIES
Current liabilities:
Deferred revenue  *		33,735			241,130			124,250
Accounts payable  *		1,634			11,682			13,583
Accrued and other liabilities  *		26,503			189,438			256,325
Borrowing from third party, current		-			-			41,179
Income taxes payable  *		29,982			214,305			207,114
Amounts due to related parties  *		356			2,543			2,696
Operating lease liability, current  *		7,511			53,687			-
Total current liabilities		99,721			712,785			645,147
Non-current liabilities:
Consideration payable for acquisitions		185			1,322			1,322
Other non-current liabilities		-			-			979
Operating lease liability, non-current  *		29,337			209,692			-
Total non-current liabilities		29,522			211,014			2,301
Total liabilities		129,243			923,799			647,448
EQUITY
Preferred shares
(US$ 0.003 par value;1,666,667 shares authorized, nil issued and outstanding as of December 31, 2018 and September 30, 2019)		-			-			-
Class A Ordinary shares
(US$0.003 par value; 66,666,667 and 66,666,667 shares authorized, 38,756,289 and 38,804,032 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively)		102			729			728
Class C Ordinary shares
(US$0.003 par value; 8,333,333 and 8,333,333 shares authorized, 4,708,415 and 4,708,415 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively)		13			90			90
Additional paid-in capital		490,858			3,508,504			3,507,123
Statutory reserve		2,819			20,149			20,149
Accumulated deficit		(470,029	)		(3,359,627	)		(3,271,838	)
Accumulated other comprehensive income		810			5,787			8,305
Total Ambow Education Holding Ltd.’s equity		24,573			175,632			264,557
Non-controlling interests		(217	)		(1,553	)		(1,786	)
Total equity		24,356			174,079			262,771
Total liabilities and equity		153,599			1,097,878			910,219

* All of the VIE's assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets.

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AMBOW EDUCATION HOLDING LTD.

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(All amounts in thousands, except for share and per share data)

	Attributable to Ambow Education Holding Ltd.’s Equity
														Retained			Accumulated
	Class A Ordinary				Class C Ordinary				Additional					Earnings			other			Non-
	shares				shares				paid-in			Statutory		(Accumulated			comprehensive			controlling			Total
	Shares		Amount		Shares		Amount		capital			reserves		deficit)			income			Interest			Equity
			RMB				RMB		RMB			RMB		RMB			RMB			RMB			RMB
Balance as of January 1, 2019		38,756,289		728		4,708,415		90		3,507,123			20,149		(3,271,838	)		8,305			(1,786	)		262,771
Share-based compensation		-		-		-		-		872			-		-			-			-			872
Issuance of ordinary shares for restricted stock award		28,646		1		-		-		(1	)		-		-			-			-			-
Foreign currency translation adjustment		-		-		-		-		-			-		-			(2,428	)		-			(2,428	)
Unrealized gain on investment, net of income taxes		-		-		-		-		-			-		-			75			-			75
Net loss		-		-		-		-		-			-		(23,756	)		-			(93	)		(23,849	)
Balance as of March 31, 2019		38,784,935		729		4,708,415		90		3,507,994			20,149		(3,295,594	)		5,952			(1,879	)		237,441
Share-based compensation		-		-		-		-		266			-		-			-			-			266
Issuance of ordinary shares for restricted stock award		19,097		0		-		-		(0	)		-		-			-			-			-
Foreign currency translation adjustment		-		-		-		-		-			-		-			(746	)		-			(746	)
Unrealized gain on investment, net of income taxes		-		-		-		-		-			-		-			173			-			173
Addition of noncontrolling interests resulting from new subsidiaries		-		-		-		-		-			-		-			-			502			502
Net income/(loss)		-		-		-		-		-			-		8,778			-			(180	)		8,598
Balance as of June 30, 2019		38,804,032		729		4,708,415		90		3,508,260			20,149		(3,286,816	)		5,379			(1,557	)		246,234
Share-based compensation		-		-		-		-		244			-		-			-			-			244
Foreign currency translation adjustment		-		-		-		-		-			-		-			(93	)		-			(93	)
Unrealized gain on investment, net of income taxes		-		-		-		-		-			-		-			501			-			501
Net (loss)/income		-		-		-		-		-			-		(72,811	)		-			4			(72,807	)
Balance as of September 30, 2019		38,804,032		729		4,708,415		90		3,508,504			20,149		(3,359,627	)		5,787			(1,553	)		174,079
Balance as of January 1, 2018		34,206,939		640		4,708,415		90		3,456,307			20,036		(3,316,715	)		6,876			(1,275	)		165,959
Share-based compensation		-		-		-		-		616			-		-			-			-			616
Issuance of ordinary shares for restricted stock award		30,187		1		-		-		(1	)		-		-			-			-			-
Foreign currency translation adjustment		-		-		-		-		-			-		-			3,276			-			3,276
Unrealized gain on investment, net of income taxes		-		-		-		-		-			-		-			64			-			64
Deregistration of subsidiaries		-		-		-		-		-			-		-			-			(9	)		(9	)
Net (loss)/income		-		-		-		-		-			-		(7,062	)		-			93			(6,969	)
Balance as of March 31, 2018		34,237,126		641		4,708,415		90		3,456,922			20,036		(3,323,777	)		10,216			(1,191	)		162,937
Share-based compensation		-		-		-		-		618			-		-			-			-			618
Issuance of ordinary shares for restricted stock award		30,187		0		-		-		(0	)		-		-			-			-			-
Issuance of ordinary shares on IPO		4,140,000		80		-		-		46,047			-		-			-			-			46,127
Foreign currency translation adjustment		-		-		-		-		-			-		-			(1,523	)		-			(1,523	)
Unrealized gain on investment, net of income taxes		-		-		-		-		-			-		-			69			-			69
Buy-outs of noncontrolling interests		-		-		-		-		(2,619	)		-		-			-			(1,885	)		(4,504	)
Deregistration of subsidiaries		-		-		-		-		-			-		-			-			(41	)		(41	)
Net income/(loss)		-		-		-		-		-			-		33,312			-			(143	)		33,169
Balance as of June 30, 2018		38,407,313		721		4,708,415		90		3,500,968			20,036		(3,290,465	)		8,762			(3,260	)		236,852
Share-based compensation		-		-		-		-		655			-		-			-			-			655
Issuance of ordinary shares for restricted stock award		29,355		0		-		-		(0	)		-		-			-			-			-
Foreign currency translation adjustment		-		-		-		-		-			-		-			(501	)		-			(501	)
Unrealized gain on investment, net of income taxes		-		-		-		-		-			-		-			(114	)		-			(114	)
Buy-outs of noncontrolling interests		-		-		-		-		-			-		-			-			1			1
Net (loss)/income		-		-		-		-		-			-		(12,413	)		-			89			(12,324	)
Balance as of September 30, 2018		38,436,668		721		4,708,415		90		3,501,623			20,036		(3,302,878	)		8,147			(3,170	)		224,569

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AMBOW EDUCATION HOLDING LTD.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share and per share data)

	For the nine months ended September 30,									For the three months ended September 30,
	2019			2019			2018			2019			2019			2018
	US$			RMB			RMB			US$			RMB			RMB
NET REVENUES
Educational program and services		57,273			409,367			356,429			17,730			126,729			107,227
Intelligent program and services		167			1,193			6,034			(24	)		(173	)		251
Total net revenues		57,440			410,560			362,463			17,706			126,556			107,478
COST OF REVENUES
Educational program and services		(37,138	)		(265,454	)		(220,991	)		(13,002	)		(92,934	)		(76,723	)
Intelligent program and services		(814	)		(5,818	)		(5,188	)		(155	)		(1,109	)		(1,266	)
Total cost of revenues		(37,952	)		(271,272	)		(226,179	)		(13,157	)		(94,043	)		(77,989	)
GROSS PROFIT		19,488			139,288			136,284			4,549			32,513			29,489
Operating expenses:
Selling and marketing		(5,705	)		(40,778	)		(31,967	)		(2,183	)		(15,607	)		(12,740	)
General and administrative		(19,658	)		(140,510	)		(96,872	)		(6,732	)		(48,116	)		(27,717	)
Research and development		(218	)		(1,555	)		(1,647	)		(152	)		(1,087	)		(820	)
Impairment loss		(5,422	)		(38,754	)		-			(5,422	)		(38,754	)		-
Total operating expenses		(31,003	)		(221,597	)		(130,486	)		(14,489	)		(103,564	)		(41,277	)
OPERATING (LOSS) INCOME		(11,515	)		(82,309	)		5,798			(9,940	)		(71,051	)		(11,788	)
OTHER INCOME (EXPENSES)
Interest income		468			3,343			5,367			255			1,823			1,691
Foreign exchange gain, net		6			46			154			6			45			19
Other income (loss), net		27			193			517			1			7			(408	)
Gain from deregistration of subsidiaries		179			1,279			3,220			-			-			-
Gain on sale of investment available for sale		59			422			759			-			3			275
Total other income		739			5,283			10,017			262			1,878			1,577
(LOSS) INCOME BEFORE INCOME TAX AND NON-CONTROLLING INTEREST		(10,776	)		(77,026	)		15,815			(9,678	)		(69,173	)		(10,211	)
Income tax expense		(1,543	)		(11,032	)		(1,939	)		(508	)		(3,634	)		(2,113	)
NET (LOSS) INCOME		(12,319	)		(88,058	)		13,876			(10,186	)		(72,807	)		(12,324	)
Less: Net (loss) income attributable to non-controlling interest		(38	)		(269	)		39			1			4			89
NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS		(12,281	)		(87,789	)		13,837			(10,187	)		(72,811	)		(12,413	)
NET (LOSS) INCOME		(12,319	)		(88,058	)		13,876			(10,186	)		(72,807	)		(12,324	)
OTHER COMPREHENSIVE INCOME, NET OF TAX
Foreign currency translation adjustments		(457	)		(3,267	)		1,252			(13	)		(93	)		(501	)
Unrealized gains on short term investments
Unrealized holding gains arising during period		173			1,238			446			75			538			66
Less: reclassification adjustment for gains included in net income		68			489			427			5			37			180
Other comprehensive (loss) income		(352	)		(2,518	)		1,271			57			408			(615	)
TOTAL COMPREHENSIVE (LOSS) INCOME		(12,671	)		(90,576	)		15,147			(10,129	)		(72,399	)		(12,939	)
Net (loss) income per share - basic		(0.28	)		(2.02	)		0.34			(0.23	)		(1.67	)		(0.29	)
Net (loss) income per share - diluted		(0.28	)		(2.02	)		0.34			(0.23	)		(1.67	)		(0.29	)
Weighted average shares used in calculating basic net (loss) income per share		43,496,848			43,496,848			40,697,965			43,512,447			43,512,447			43,125,614
Weighted average shares used in calculating diluted net (loss) income per share		43,496,848			43,496,848			41,025,566			43,512,447			43,512,447			43,125,614

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Discussion of Segment Operations

(All amounts in thousands)

	For the nine months ended September 30,									For the three months ended September 30,
	2019			2019			2018			2019			2019			2018
	US$			RMB			RMB			US$			RMB			RMB
NET REVENUES
K-12 Schools *		28,431			203,214			176,176			7,311			52,256			41,507
College Preparation & CE Programs  *		29,009			207,346			186,287			10,395			74,300			65,971
Total net revenues		57,440			410,560			362,463			17,706			126,556			107,478
COST OF REVENUES
K-12 Schools  *		(18,032	)		(128,887	)		(108,687	)		(5,427	)		(38,794	)		(32,041	)
College Preparation & CE Programs  *		(19,920	)		(142,385	)		(117,492	)		(7,730	)		(55,249	)		(45,948	)
Total cost of revenues		(37,952	)		(271,272	)		(226,179	)		(13,157	)		(94,043	)		(77,989	)
GROSS PROFIT
K-12 Schools  *		10,399			74,327			67,489			1,884			13,462			9,466
College Preparation & CE Programs  *		9,089			64,961			68,795			2,665			19,051			20,023
Total gross profit		19,488			139,288			136,284			4,549			32,513			29,489

* Ambow previously had three reportable segments, including Better School, Better Job and Others for the years prior to 2019. In 2019, along with the shift of business development focus, Ambow changed its management approach to organize reportable segments to make operating decisions and assess performance. New reportable segments include K-12 schools and College Preparation & CE Programs, which provide K-12 educational services and tutoring and vocational educational services,  respectively.