<SEC-DOCUMENT>0001104659-25-079402.txt : 20251217
<SEC-HEADER>0001104659-25-079402.hdr.sgml : 20251217
<ACCEPTANCE-DATETIME>20250818060749
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-079402
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NetEase, Inc.
		CENTRAL INDEX KEY:			0001110646
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		NETEASE BUILDING, NO. 599 WANGSHANG RD
		STREET 2:		BINJIANG DISTRICT
		CITY:			HANGZHOU
		PROVINCE COUNTRY:   	F4
		ZIP:			310052
		BUSINESS PHONE:		86 571 8985 3378

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		NETEASE BUILDING, NO. 599 WANGSHANG RD
		STREET 2:		BINJIANG DISTRICT
		CITY:			HANGZHOU
		PROVINCE COUNTRY:   	F4
		ZIP:			310052

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETEASE.COM, INC.
		DATE OF NAME CHANGE:	20040719

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETEASE COM INC
		DATE OF NAME CHANGE:	20000330
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="tm2523516d1_correspimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;18, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Kathleen Collins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Chen Chen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 5%">RE:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 95%">NetEase,&nbsp;Inc. (the &ldquo;Company&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Response dated July&nbsp;31, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">File No.&nbsp;000-30666</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms.&nbsp;Collins and Ms.&nbsp;Chen,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter sets forth the Company&rsquo;s responses
to the comments contained in the letter dated August&nbsp;5, 2025 from the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Securities and
Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) regarding the Company&rsquo;s annual report on Form&nbsp;20-F for the fiscal
year ended December&nbsp;31, 2024 filed with the Commission on April&nbsp;15, 2025 (the &ldquo;<B>2024 Form&nbsp;20-F</B>&rdquo;) and
the Company&rsquo;s responses to the Staff&rsquo;s comments regarding the 2024 Form&nbsp;20-F submitted on July&nbsp;31, 2025. The Staff&rsquo;s
comments are repeated below in bold and are followed by the Company&rsquo;s responses thereto. All capitalized terms used but not defined
in this letter shall have the meaning ascribed to such terms in the 2024 Form&nbsp;20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31, 2024</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 3. Key Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Our Corporate Structure and Contractual Arrangements with the
Variable Interest Entities, page&nbsp;5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><B>The proposed revisions to the disclosures on page&nbsp;7, in your response to prior comment 2, appear to limit the risk of government
intervention to situations in which you fail to comply with the applicable regulations, policies, or requirements. Please revise to state,
similar to the disclosures in your December&nbsp;31, 2022 Form&nbsp;20-F, that &ldquo;The PRC government may also intervene with or influence
our operations as it deems appropriate to further regulatory, political and societal goals,&rdquo; and clarify that such intervention
may be <U>at any time</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
August&nbsp;18, 2025<BR>
Page&nbsp;2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company respectfully
proposes to revise the referenced disclosure as shown below in its future Form&nbsp;20-F filings (with deletions shown as strike-through
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matters
being disclosed. The bold text is added on top of the proposed disclosure in the Company&rsquo;s prior response. Page&nbsp;reference is
made to the 2024 Form&nbsp;20-F to illustrate the approximate location of the disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;7:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
PRC government may also intervene with or influence our operations as it deems appropriate to further regulatory, political and societal
goals at any time. </U><U><STRIKE>The PRC government has significant authority in regulating our operations. If we fail to comply with
the applicable regulations, policies or requirements, enforcement actions taken by the PRC government may intervene or influence our operations
at any time. </STRIKE></U></B></FONT>The PRC government has published new policies that affect various industries in recent years, including
industries in which we operate, and we cannot rule&nbsp;out the possibility that it will in the future release regulations or policies
regarding our industry that could adversely affect our business, financial condition and results of operations. Any such action, once
taken by the PRC government, could cause the value of our securities to significantly decline or become worthless and could significantly
limit or completely hinder our ability to offer or continue to offer securities to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;55:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
PRC government may also intervene with or influence our operations as it deems appropriate to further regulatory, political and societal
goals at any time. </U><U><STRIKE>In addition, the PRC government has significant authority in regulating our operations. If we fail to
comply with the applicable regulations, policies or requirements, enforcement actions taken by the PRC government may intervene or influence
our operations at any time. </STRIKE></U></B></FONT>The PRC government has <STRIKE>recently</STRIKE> published new policies that adversely
affected <U>certain industries, including the industries that our business may relate to</U> <STRIKE>our industry and our business</STRIKE>,
and we cannot rule&nbsp;out the possibility that it will in the future further release regulations or policies regarding our industry
that could further adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risk Factors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Related to Doing Business in China, page&nbsp;48</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note your proposed revised disclosures in response to prior comment 2. Please restore the header to the penultimate risk factor
on page&nbsp;55 to your disclosure as previously provided in the December&nbsp;31, 2022 Form&nbsp;20-F to indicate that &quot;Contract
drafting, interpretation and enforcement in China involve <U>significant</U> uncertainty.&quot; Also, specifically reference <U>significant</U>
uncertainties within the risk factor. In addition, revise to include a risk factor regarding &ldquo;Changes in China&rsquo;s political
and economic policies&rdquo; that could harm your business as previously provided in the December&nbsp;31, 2022 Form&nbsp;20-F.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT>&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
August&nbsp;18, 2025<BR>
Page&nbsp;3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company respectfully
proposes to revise the referenced disclosure as shown below in its future Form&nbsp;20-F filings (with deletions shown as strike-through
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matters
being disclosed. Page&nbsp;reference is made to the 2024 Form&nbsp;20-F to illustrate the approximate location of the disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;55:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Contract drafting, interpretation and enforcement in China
involve <U>significant </U>uncertainty.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">We have entered into numerous contracts
governed by PRC law, many of which are material to our business. As compared with contracts in the United States, certain contracts governed
by PRC law may contain less detail and may not be as comprehensive in defining contracting parties&rsquo; rights and obligations in some
instances. As a result, those contracts are more vulnerable to disputes and legal challenges. In addition, contract interpretation and
enforcement by the court in China is subject to <U>significant</U> uncertainties. Therefore, we cannot assure you that we will not be
subject to disputes under our material contracts, and if such disputes arise, we cannot assure you that we will prevail. Any dispute involving
material contracts, even without merit in plaintiff&rsquo;s regard, may materially and adversely affect our reputation and our business
operations, and may cause the price of our ADSs and/or shares to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In addition, the Company undertakes to include in its future
Form&nbsp;20-F filings a risk factor regarding &ldquo;Changes in China&rsquo;s political and economic policies&rdquo; that could materially
impact its business as previously provided in its December&nbsp;31, 2022 Form&nbsp;20-F, subject to updates and adjustments to be made
in connection with any material development of the subject matters being disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>*<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT>&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If you have any additional
questions or comments regarding the 2024 Form&nbsp;20-F, please contact the undersigned at +65 6980 0628 or paulboltz@oc.netease.com or
the Company&rsquo;s U.S. counsel, Haiping Li of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP at +852 3740 4835 or haiping.li@skadden.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NetEase,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Paul W. Boltz,&nbsp;Jr.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Paul W. Boltz,&nbsp;Jr.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">General Counsel</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Sarah Ying Li, Head of Financial Reporting, NetEase,&nbsp;Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 30pt">Haiping Li,&nbsp;Esq., Partner, Skadden,
Arps, Slate, Meagher&nbsp;&amp; Flom LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Lanny Lu, Partner, PricewaterhouseCoopers Zhong Tian LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2523516d1_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2523516d1_correspimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Z /L# 2(  A$! Q$!_\0
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M&N;E(_<1]1_M&NV_:!5F^&V%!)^V1=!]: /$O FK^.M/TZXC\+1RM;&3,FQ
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5'I=E.)[73[>&4<!TC -:%%% '__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
