<SEC-DOCUMENT>0001104659-24-128290.txt : 20250730
<SEC-HEADER>0001104659-24-128290.hdr.sgml : 20250730
<ACCEPTANCE-DATETIME>20241213110350
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-128290
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chagee Holdings Ltd.
		CENTRAL INDEX KEY:			0002013649
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		15/F, IFS BUILDING 2, HONGXING ROAD,
		STREET 2:		JINJIANG DISTRICT, CHENGDU,
		CITY:			SICHUAN
		STATE:			F4
		ZIP:			610000
		BUSINESS PHONE:		86 028 6900 7666

	MAIL ADDRESS:	
		STREET 1:		15/F, IFS BUILDING 2, HONGXING ROAD,
		STREET 2:		JINJIANG DISTRICT, CHENGDU,
		CITY:			SICHUAN
		STATE:			F4
		ZIP:			610000
</SEC-HEADER>
<DOCUMENT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 25%"><IMG SRC="rm246985d16_correspimg001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Davis Polk&nbsp;&amp;
                                            Wardwell<BR>
                                            Hong Kong Solicitors</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Hong Kong Club Building<BR>
    3A Chater Road<BR>
    Hong Kong</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">davispolk.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Resident Hong Kong
    Partners</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James C. Lin *<BR>
    Gerhard Radtke *<BR>
    Martin Rogers **</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Miranda So *</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James Wadham **</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Xuelin Wang *</P></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong
    Solicitors<BR>
    * Also Admitted in New York<BR>
    ** Also Admitted in England and Wales</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">December 13, 2024</FONT></P>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chagee</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
                                                                             Limited (CIK: 0002013649)<BR> </FONT>Responses to the Staff&rsquo;s Comments on the Amendment No.&nbsp;4 to Draft Registration
                                                                             Statement on Form&nbsp;F-1 Submitted August&nbsp;29, 2024</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"><B><U>Confidential</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">Stephen Kim</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
behalf of Chagee Holdings Limited (the &ldquo;<B>Company</B>&rdquo;), a company incorporated under the laws of the Cayman Islands, we
are submitting to the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
this letter setting the Company&rsquo;s responses to the comments contained in the Staff&rsquo;s letter dated September&nbsp;12, 2024
on the Company&rsquo;s Amendment No.&nbsp;4 Draft Registration Statement on Form&nbsp;F-1 confidentially submitted on </FONT>August&nbsp;29,
2024 (the &ldquo;<B>Draft Registration Statement</B>&rdquo;). Concurrently with the submission of this letter, the Company is submitting
its Amendment No.&nbsp;5 to the Draft Registration Statement on Form&nbsp;F-1 (the &ldquo;<B>Revised Draft Registration Statement</B>&rdquo;)
and certain exhibits via EDGAR to the Commission for confidential review in accordance with the procedures of the Commission. The Company
confirms that its securities have not been previously sold pursuant to an effective registration statement under the Securities Act of
1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;). The Company also confirms that it will publicly file the registration statement
previously submitted on a confidential basis at least 15 days prior to any road show in connection with the offering.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has responded to all of the Staff&rsquo;s comments by revising the Draft Registration Statement to address the comments. The
Staff&rsquo;s comments are repeated below</FONT> in bold, followed by the Company&rsquo;s response to such comments. We have included
page&nbsp;numbers to refer to the location in the Revised Draft Registration Statement where the language addressing a particular comment
appears. Capitalized terms not defined herein shall have the meaning given to them in the Revised Draft Registration Statement.</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">Along with this submission, the Company also
included its unaudited consolidated financial statements for the nine months ended September 30, 2023 and 2024 and as of September
30, 2024 in the Revised Draft Registration Statement.</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">*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-top: Black 1pt solid; text-align: justify">Davis Polk includes Davis Polk &amp; Wardwell LLP and its associated entities.</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"></P>

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<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"><IMG SRC="rm246985d16_correspimg001.jpg" ALT="" STYLE="height: 25px; width: 125px"></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>Amendment No.&nbsp;4 to Draft Registration Statement on Form&nbsp;F-1
submitted August&nbsp;29, 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>Related Party Transactions</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>Other Related Party Transactions, page&nbsp;155</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Please revise to disclose the amount due from related parties
                                            as of June&nbsp;30, 2024.</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 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company respectfully advises the Staff that, t</FONT>he financial information has been updated to September&nbsp;30, 2024. The Company
has considered the Staff&rsquo;s comment and disclosed the amount due from related parties as of September&nbsp;30, 2024 on the [page&nbsp;155]
of the Revised Draft Registration Statement.</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>Notes to the Consolidated Financial Statements</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>16. Share Based Compensation Expenses</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>Fair Value of Employee Share Options, page&nbsp;F-35</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>The assumptions utilized to calculate the estimated fair
                                            value of options granted in 2023 in the tabular disclosure on page&nbsp;F-36 do not agree
                                            with those on page&nbsp;98. Please tell us why the assumptions utilized for the options granted
                                            in the same year do not agree, or revise. In addition, tell us whether share based compensation
                                            expense for 2023 was calculated using the estimated fair value as disclosed on page&nbsp;F-36
                                            (RMB 7.64), or on page&nbsp;98 (RMB 9.78).</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 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company
has revised the disclosure on the page&nbsp;F-36 of the Revised Draft Registration Statement. The Company respectfully advises the
Staff that the share based compensation expense for 2023 was calculated using the estimate fair value of RMB9.78. Accordingly, the
Company has revised the disclosure on the page F-37 of the Revised Draft Registration Statement.</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>Notes to the Unaudited Interim Condensed Consolidated Financial
Statements</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>14. Net Revenues, page&nbsp;F-63</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B><U>You describe the increase in contract liabilities in
                                            2024 due to payments received in advance for supply chain goods and franchise related service
                                            fee as a decrease in the tabular disclosure. Please revise.</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 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company respectfully advises the Staff that </FONT>the financial information has been updated to September&nbsp;30, 2024. The Company
has considered the Staff&rsquo;s comment, and made appropriate disclosure in the tabular for September&nbsp;30, 2024 of the Revised Draft
Registration Statement.</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>16. Share Based Compensation Expenses</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>Adoption of Public Company Share Incentive Plan, page&nbsp;F-66</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 0pt 0.5in"><B><U>We note your modification of share based compensation
in 2024. Please revise to disclose the number of grantees affected and the total (or lack of) incremental compensation cost resulting
from the modification. Refer to ASC 718-10-50-2(h)(2).</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 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company has
revised the disclosure on the page&nbsp;F-66 of the Revised Draft Registration Statement.</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">*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*</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>

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<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"><IMG SRC="rm246985d16_correspimg001.jpg" ALT="" STYLE="height: 25px; width: 125px"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you have any questions regarding this submission, please contact Li He at +852 2533-3306 (<U>li.he@davispolk.com</U></FONT>) and Kevin
Zhang at +852 2533-3384 (<U>kevin.zhang@davispolk.com</U>).</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: justify; text-indent: 0.5in">Thank you again for your
time and attention.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Yours sincerely,</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Li He</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Li He</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; text-align: justify">cc:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Mr.&nbsp;Junjie
Zhang, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Chagee Holdings Limited</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; text-align: justify; text-indent: 0.5in">Ms.&nbsp;Shuang Zhao, Partner&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Cleary Gottlieb Steen&nbsp;&amp;
Hamilton LLP</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; text-align: justify; text-indent: 0.5in">Mr. Allen Lu, Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>KPMG Huazhen LLP</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"></P>

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

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