<SEC-DOCUMENT>0001193125-15-408303.txt : 20160223
<SEC-HEADER>0001193125-15-408303.hdr.sgml : 20160223
<ACCEPTANCE-DATETIME>20151221061034
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-408303
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Autohome Inc.
		CENTRAL INDEX KEY:			0001527636
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10th Floor Tower B CEC Plaza
		STREET 2:		3 Dan Ling Street, Haidian District
		CITY:			Beijin
		STATE:			F4
		ZIP:			00000
		BUSINESS PHONE:		8610 5985 7001

	MAIL ADDRESS:	
		STREET 1:		10th Floor Tower B CEC Plaza
		STREET 2:		3 Dan Ling Street, Haidian District
		CITY:			Beijin
		STATE:			F4
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sequel Ltd
		DATE OF NAME CHANGE:	20110809
</SEC-HEADER>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>A<SMALL>UTOHOME</SMALL> I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">10th Floor Tower B, CEC Plaza, 3 Dan Ling Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Haidian District, Beijing 100080 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">The
People&#146;s Republic of China </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;21, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kathleen Collins, Accounting Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Edgar, Staff
Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Autohome Inc. (the &#147;<U>Company</U>&#148;) </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Responses to the Letter Dated
December&nbsp;8, 2015 regarding </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form 20-F for the Fiscal Year Ended December&nbsp;31, 2014 (the &#147;<U>2014 Form 20-F</U>&#148;)
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;27, 2015 <U> </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>(File
No.&nbsp;001-36222)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Collins and Mr.&nbsp;Edgar: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
letter sets forth the Company&#146;s responses to the comments contained in the letter dated December&nbsp;8, 2015 from the staff of the Securities and Exchange Commission (the &#147;<U>Staff</U>&#148;) regarding the 2014 Form 20-F. The Staff&#146;s
comments are repeated below and followed by the responses thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Item&nbsp;5. Operating and Financial Review and Prospects </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>A. Operating Results </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>General
Factors Affecting Our Results of Operation, page 56 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You state that your ability to attract a large and growing user base and maintain a high level of user engagement affects your ability to attract advertiser customers and dealer subscribers. Explain for us how you
measure user base and user engagement and tell us your consideration to include a quantified discussion of such measures as they relate, either directly or indirectly, to your results of operations. Also, tell us what consideration was given to
evaluating whether these measures are considered key performance indicators that you use to manage your business and whether disclosing these metrics and related trends would be material to your investors. We refer you to Section III.B.1 of SEC
Release 33-8350. </B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it measures the growth of its user base by the
number of daily unique visitors, registered users and user forums on its platform, and it measures the user engagement through various indicators such as the frequency of users accessing its platform or participating in the content generation and
delivery process. The Company considers the user base and user engagement valuable operating metrics to evaluate the growth of its business operations and the foundation for potential monetization, as well as important information for the existing
and potential automaker and dealer advertisers and dealer subscribers, which contribute substantially all of its net revenues, to evaluate whether to allocate more resources on the Company&#146;s platform. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has considered Section III.B.1 of SEC Release 33-8350 in light of the Staff&#146;s comment and concluded that it is more
appropriate to present the quantitative information under the headings &#147;Item 4. Information of the Company &#151;B. Business Overview.&#148; The Company has disclosed on page 36 of the 2014 20-F that &#147;[w]e have the largest and most active
online community of automotive consumers in China, with over 12.4&nbsp;million registered users and over 1,830 user forums as of December&nbsp;31, 2014, and an average of over 3.5&nbsp;million daily unique visitors to our user forums in 2014.&#148;
The Company also disclosed on page 39 of the 2014 20-F that &#147;[w]e continued to enhance user engagement and participation in the content generation and delivery process. For example, we expanded our user review platform by allowing users to add
or modify their views and insights on a continuous basis. Approximately 44% of our users post on our website at least twice a week, according to the User Survey.&#148; The Company also disclosed on page 40 of the 2014 20-F that<I> &#147;</I>[o]ur
registered users increased by more than 4.0&nbsp;million in 2014 with 156.4&nbsp;million additional pieces of user generated content added to our user forums during 2014. As of December&nbsp;31, 2014, we had over 12.4&nbsp;million registered users
and 597.1&nbsp;million cumulative posts in our user forums.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">However, the Company believes it may not be appropriate to include a
quantified discussion of measures relating to the growth user base and user engagement in &#147;Item 5. Operating and Financial Review and Prospects&#148; for the following reasons: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company does not generate revenues from its users as its platform is free to register and access. Instead, the Company generates substantially all its revenues from automaker and dealer advertisers and dealer
subscribers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the growth of user base and user engagement and the results of operations do not directly correlate to each other in the same period. The effect of the growth of user base and user engagement often reflects over a
certain time period; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other quantitative factors, such as the number of automaker and dealer advertisers and dealer subscribers, pricing, average revenue per automaker and dealer advertiser and dealer subscriber, are more relevant for an
understanding and evaluation of the Company. </TD></TR></TABLE>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You disclose the number of average daily unique users who access your websites via mobile devices and the number of average daily unique users of your mobile applications. Please tell us your consideration to also
disclose the total number of average daily unique users, including those that accessed your website from a PC as well as a mobile device, or explain why you do not believe this information is necessary. In addition, to the extent you provide certain
metrics, please tell us what consideration was given to including comparative figures from the prior period end to add context to your disclosures. In this regard, we note that you disclose the period-over-period percentage increase in mobile users
in your earning release calls and in the Form 6-K filed on November&nbsp;6, 2015. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the
Staff that that expanding its mobile platform has been one of the key initiatives for its business operations since 2014. The Company disclosed the number of average daily unique users who access its websites via mobile devices and the number of
average daily unique users of its mobile applications in the 2014 20-F to demonstrate the growth of its mobile traffic in the period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s comments, the Company intends to revise its disclosure in its future Form 20-F filings to include average daily unique visitor data and relevant period-over-period comparison. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Results of Operations </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Year Ended
December&nbsp;31, 2014 Compared to Year Ended December&nbsp;31, 2013 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Net revenues, page 65 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You attribute the increase in dealer subscription services revenues, in part, to an increase in average revenue per paying subscriber. We note that you have quantified growth in ARPU as it relates to dealer
subscription services in various earnings release calls. In addition, we note your reference to average revenue per automaker advertiser in your advertising services discussion. Please explain what consideration was given to providing a quantified
discussion of these metrics, and/or changes therein, in your MD&amp;A. In this regard, since you attribute the growth in each of your service lines to growth in these metrics, quantification would appear necessary to an understanding of your
business. We refer you to Section III.B.1 of SEC Release No.&nbsp;33-8350. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff
that the key drivers for its net revenues growth include the increase of the number of its automaker and dealer advertisers and dealer subscribers and the increases in average revenue per automaker and dealer advertiser and dealer subscriber.
Historically, the increase in the number of advertisers and subscribers carried more weight in the overall growth of the Company&#146;s automaker and dealer advertising revenues and dealer subscription revenues as the Company was experiencing fast
growth as a newly established platform. As the Company continues to enhance its services and increase its values to the advertisers and subscribers, the growth of its average revenue per automaker and dealer advertiser or dealer subscriber has
increasingly become a more significant factor as compared to the past. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has considered Section III.B.1 of SEC Release 33-8350 in light of the Staff&#146;s
comment and plans to revise the disclosure in its future From 20-F filings in substantially the same form consistent to the Company&#146;s earnings releases as filed on the Form 6-K dated on November&nbsp;6, 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;* </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby acknowledges that </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any additional questions or comments regarding the 2014 Form 20-F, please contact the undersigned at +86&nbsp;(10)&nbsp;5985-7386
or the Company&#146;s U.S. counsel, Z. Julie Gao of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP at +852-3740-4863. Thank you. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Zhi Qin</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">James Zhi Qin</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Nicholas Yik Kay Chong, Chief Financial Officer, Autohome Inc. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Z. Julie Gao, Esq., Partner,
Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Will H. Cai, Esq., Partner, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">King Li, Partner, Ernst&nbsp;&amp; Young Hua Ming LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Grace Lim, Partner, Ernst&nbsp;&amp; Young Hua Ming LLP </P>
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