<SEC-DOCUMENT>0000950123-17-006576.txt : 20171211
<SEC-HEADER>0000950123-17-006576.hdr.sgml : 20171211
<ACCEPTANCE-DATETIME>20170802153832
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-17-006576
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PPDAI Group Inc.
		CENTRAL INDEX KEY:			0001691445
		STANDARD INDUSTRIAL CLASSIFICATION:	LOAN BROKERS [6163]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING 1, NO. 356 GUOSHOUJING ROAD
		STREET 2:		PUDONG NEW DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201203
		BUSINESS PHONE:		86 21 3118 6888

	MAIL ADDRESS:	
		STREET 1:		BUILDING 1, NO. 356 GUOSHOUJING ROAD
		STREET 2:		PUDONG NEW DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201203
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>SEC Response Letter</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>KADDEN</SMALL>, A<SMALL>RPS</SMALL>, S<SMALL>LATE</SMALL>,
M<SMALL>EAGHER</SMALL>&nbsp;&amp; F<SMALL>LOM</SMALL> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">DIRECT DIAL</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+852 3740
4863</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">DIRECT FAX</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+852 3910 4863</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">EMAIL ADDRESS<BR>JULIE.GAO@SKADDEN.COM</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>P<SMALL>ARTNERS</SMALL></U><SMALL></SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C<SMALL>HRISTOPHER</SMALL> W. B<SMALL>ETTS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">W<SMALL>ILL</SMALL> H. C<SMALL>AI</SMALL> &#094;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">G<SMALL>EOFFREY</SMALL> C<SMALL>HAN</SMALL> &#042;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C<SMALL>HI</SMALL> T. S<SMALL>TEVE</SMALL> K<SMALL>WOK</SMALL> &#042;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E<SMALL>DWARD</SMALL> H.P. L<SMALL>AM</SMALL> &#9670;&#042;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">H<SMALL>AIPING</SMALL> L<SMALL>I</SMALL> &#042;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">R<SMALL>ORY</SMALL> M<SMALL>C</SMALL>A<SMALL>LPINE</SMALL> &#9670;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C<SMALL>LIVE</SMALL> W. R<SMALL>OUGH</SMALL> &#9670;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J<SMALL>ONATHAN</SMALL> B. S<SMALL>TONE</SMALL> &#042;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#094;
(A<SMALL>LSO</SMALL> A<SMALL>DMITTED</SMALL> <SMALL>IN</SMALL> C<SMALL>ALIFORNIA</SMALL>)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9670; (A<SMALL>LSO</SMALL> A<SMALL>DMITTED</SMALL>
<SMALL>IN</SMALL> E<SMALL>NGLAND</SMALL>&nbsp;&amp; W<SMALL>ALES</SMALL>)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#042; (A<SMALL>LSO</SMALL> A<SMALL>DMITTED</SMALL> <SMALL>IN</SMALL>
N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<IMG SRC="g285990img01.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">42/F, EDINBURGH TOWER, THE&nbsp;LANDMARK</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">15 QUEEN&#146;S ROAD CENTRAL, HONG KONG</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TEL: (852) 3740-4700</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FAX: (852) 3740-4727</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.skadden.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AFFILIATE&nbsp;OFFICES</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOSTON</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CHICAGO</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">HOUSTON</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LOS ANGELES</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NEW YORK</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PALO ALTO</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WASHINGTON, D.C.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WILMINGTON</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BEIJING</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BRUSSELS</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FRANKFURT</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LONDON</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MOSCOW</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MUNICH</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PARIS</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S&Atilde;O PAULO</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SEOUL</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SHANGHAI</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SINGAPORE</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TOKYO</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TORONTO</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>R<SMALL>EGISTERED</SMALL> F<SMALL>OREIGN</SMALL> L<SMALL>AWYERS</SMALL></U><SMALL></SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Z. J<SMALL>ULIE</SMALL> G<SMALL>AO</SMALL> (C<SMALL>ALIFORNIA</SMALL>)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">B<SMALL>RADLEY</SMALL> A. K<SMALL>LEIN</SMALL> (I<SMALL>LLINOIS</SMALL>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:52%; font-size:10pt; font-family:Times New Roman">August&nbsp;2, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gus Rodriguez </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Marc Thomas </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dietrich King </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jessica Livingston </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><U>PPDAI Group Inc.</U> </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Revised Draft Registration Statement on Form <FONT
STYLE="white-space:nowrap">F-1</FONT></U></B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Submitted on June&nbsp;28, 2017</U></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>CIK No.&nbsp;0001691445</U></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Mr.&nbsp;Rodriguez, Mr.&nbsp;Thomas, Mr.&nbsp;King and Ms.&nbsp;Livingston: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, PPDAI Group Inc., a foreign private
issuer organized under the laws of the Cayman Islands (the &#147;Company&#148;), we submit to the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) this letter setting forth the Company&#146;s
responses to the comments contained in the Staff&#146;s letter dated July&nbsp;21, 2017. Concurrently with the submission of this letter, the Company is submitting a revised draft registration statement on Form
<FONT STYLE="white-space:nowrap">F-1</FONT> (the &#147;Revised Draft Registration Statement&#148;) via EDGAR to the Commission for confidential <FONT STYLE="white-space:nowrap">non-public</FONT> review pursuant to the Jumpstart Our Business Startups
Act. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To facilitate the Staff&#146;s review, we have separately delivered to the Staff today five
courtesy copies of the Revised Draft Registration Statement, marked to show changes to the draft registration statement confidentially submitted to the Commission on June&nbsp;28, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it plans to address all the comments from the Staff and request effectiveness of the
Registration Statement before the end of August 2017, and would greatly appreciate the Staff&#146;s continuing support and assistance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comments are repeated below in bold and are followed by the Company&#146;s responses. We have included page references in the
Revised Draft Registration Statement where the language addressing a particular comment appears. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors, page 15 </U></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>Please add a risk factor that China&#146;s credit infrastructure is at an early stage of development, over 72% of the population is not covered by a credit database, the credit database is only accessible to banks
and a limited number of market players, the credit scoring models appear unsophisticated and the development of a reliable and sophisticated credit infrastructure may be a long-term process. </B></TD></TR></TABLE>
<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 comment, the company has added a new risk factor on page 20 of the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Loan Performance Data, page 80 </U></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>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 8. Please tell us the amount of handy cash loan related product revenue recognized in 2017 and your forecasted annual handy cash loan product revenues for 2017. Please revise your
disclosure that borrowers of handy cash loan products &#145;should&#146; make an extension payment. </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 revenues associated with handy cash loans is estimated to be in the range from RMB110&nbsp;million to RMB160&nbsp;million for the six months ended June&nbsp;30, 2017 and from RMB300&nbsp;million to
RMB420&nbsp;million for the full year of 2017. In the six months ended June&nbsp;30, 2017, handy cash loans accounted for approximately 11.5% of the total amount of loans facilitated on the Company&#146;s marketplace. For the full year of 2017, the
Company expects handy cash loans to account for <FONT STYLE="white-space:nowrap">10-12%</FONT> of the total amount of loans facilitated on the Company&#146;s marketplace. The foregoing forecast only reflects the Company&#146;s current and
preliminary view, and is subject to changes. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure regarding
extension payment on page 131 of the Revised Draft Registration Statement. </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>Please disclose historical delinquency data for the handy cash loans separately. Please disclose the percentage and the amount of handy cash loans that were past due or delinquent prior to the extension of the loan.
Please also disclose the percentage of handy cash loans extended at least one time that are past due or delinquent and the amount past due on the extended loans. Please also disclose what additional risk management, oversight or loan collection
activities, if any, you perform for handy cash loans that have been extended. </B></TD></TR></TABLE> <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 comment,
the Company has revised the disclosure on pages 82 and 84 of the Revised Draft Registration Statement. </P> <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 as disclosed on page 131 of the Revised Draft Registration Statement, handy cash loans accounted for a relatively small portion of the total loans facilitated on the Company&#146;s platform, namely 6.5% and 10.7%, respectively, of the
total amount of loans facilitated on the Company&#146;s platform in 2016 and the three months ended March&nbsp;31, 2017. Hence, the Company monitors the performance of handy cash loans together with other loan products offered by the Company and
currently does not have any additional risk management, oversight or loan collection activities specifically designed for handy cash loans. </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>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise to disclose the amount of available credit outstanding and <FONT STYLE="white-space:nowrap">un-utilized</FONT> for each type of loan product at each reporting period presented. </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 vast majority of the Company&#146;s loan products do not have a revolving credit feature,
therefore borrowers cannot access their <FONT STYLE="white-space:nowrap">un-utilized</FONT> credit limits for a type of loan products on the Company&#146;s platform without going through another loan application and approval process, regardless of
whether they have partially or fully repaid their existing loans. As such, the Company believes that <FONT STYLE="white-space:nowrap">un-utilized</FONT> credit limits on its platform do not represent risk exposures on its platform and disclosing
such information will not help investors to better understand the risks associated with the loans offered on the Company&#146;s platform. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations, page 82 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise your results of operations to move the line item Net interest income/(expenses) and loan provision losses below the line item Loan provision losses and before Net revenues. </B></TD></TR></TABLE>
<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 comment, the Company has revised the disclosure on page 85 of the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Net interest Income (Expenses) and Loan Loss Provision losses, page 84 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please tell us how trust transactions have been reflected in your financial statements at December&nbsp;31, 2016 and the interim periods in 2017. </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 Company considered all the disclosure requirements as it relates to the trust that was
required to be consolidated, as disclosed on pages <FONT STYLE="white-space:nowrap">F-32,</FONT> <FONT STYLE="white-space:nowrap">F-70</FONT> and F-71 of the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As disclosed in footnote 3 on page <FONT STYLE="white-space:nowrap">F-32</FONT> of the Revised Draft Registration Statement, the Company
believes that it holds a variable interest in the trust and the Company is considered the primary beneficiary of the trust; and therefore has concluded that the trust is required to be consolidated. The Company therefore has consolidated the
trust&#146;s assets, liabilities, results of operations and cash flows into the financial statements for both the year ended December&nbsp;31, 2016 and the interim period in 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Sales and Marketing Expense, page 85 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise to disclose the specific efforts undertaken by the company to improve the effectiveness of borrower acquisition which resulted in a decrease in the percentage of total sales and marketing expenses to
total operating revenues from 63.6% in 2015 to 29.2% in 2016. Please also revise to disclose the nature of the online borrower acquisition expenses which are being incurred, the reason for the declines in the online borrower acquisition costs
incurred and other key metrics that you use to evaluate the effectiveness of your sales and marketing programs. </B></TD></TR></TABLE> <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 comment, the Company has revised the disclosure on page 90 of the Revised Draft Registration Statement. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Disclosure of Certain Balance Sheet Items </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Deferred Revenue, page 89 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the nature and amount of the increased post-facilitation services provided which resulted in the increase in the deferred portion of upfront transaction revenues during 2016. Please also disclose the
amount of the increase in deferred revenue due to growth in loans and the amount due to increased efforts in post-facilitation services and the reasons you are expending more efforts in post-facilitation services in 2016. </B></TD></TR></TABLE>
<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 comment, the Company has revised the disclosure on pages 87 and 97 of the Revised Draft Registration Statement.
</P> <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 increase in deferred revenue from RMB13.7&nbsp;million as of December&nbsp;31, 2015 to
RMB162.9&nbsp;million (US$23.5 million) as of December&nbsp;31, 2016 was primarily due to the significant growth of loans facilitated on its platform, and the impact of increased efforts in post-facilitation services on deferred revenue during the
same periods was insignificant. The Company has revised the disclosure on page 97 of the Revised Draft Registration Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Critical
Accounting Policies, Judgments and Estimates </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Revenue Recognition, page 94 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 11. Please tell us your best estimate of selling price for post-facilitation services and how you determined this estimate, including the applicable profit margin.
</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 in determining the best estimate of selling price of the
post-facilitation services for purposes of making a relative allocation of the overall fees to the facilitation and post-facilitation services, the Company considers the costs and applicable profit margin related to such services. The Company
understands that determining the profit margin under a cost-plus analysis requires significant judgment, particularly because its services have never been offered on a standalone basis. The Company considered both direct and indirect costs to be
included in using a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cost-plus-a-reasonable-margin</FONT></FONT> approach and identified such costs as personnel costs, as well as maintenance costs of the Company&#146;s technology
tools. The Company considered the following in determining a reasonable profit margin: i) margins achieved on standalone sales of similar products; ii) market data related to historical margins; iii) industry averages; iv) current market conditions;
and v) required rates of return and profit objectives. As indicated above, the Company has never offered its services on a standalone basis, and therefore has no historical data of margins or standalone sales of similar products. Market data and
industry averages are also not readily available. The Company therefore considered its goals and objectives related to required rates of return and profitability. Of the costs identified for these services, personnel costs represent the majority of
costs. In order to determine the profit margin for loan facilitation services and post-facilitation services, the Company considers the nature of the work and the skill set required to perform the work. Although more technology tools, including the
Company&#146;s proprietary Magic Mirror Model, are used in the facilitation service, the Company has established standardized processes for both facilitation and post-facilitation services to deliver a consistent user experience to customers (i.e.
borrowers and investors). The personnel performing both services need to follow the standardized protocols to deliver the desired service results. As such, the Company believes the nature of the work is operational, and is similar for both
facilitation and post-facilitation services. In practice, both services are performed by personnel with similar skill sets. The Company has determined both services to be standardized services with no significant difference in operational risk and
therefore has applied a similar margin. Because a similarly skilled group of personnel, and sometimes the same group of personnel, delivers both facilitation and post-facilitation services, the Company has determined that resulting rates of return
are similar. The Company believes the appropriate profit margin to determine the best estimate of selling price for both deliverables &#150; the facilitation service and post-facilitation service, should generally be similar. The Company updates
this profit margin analysis from time to time and makes adjustments when necessary. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise to disclose all of the fees charged to borrowers of handy cash loan products, how you account for the various fees and how you recognize post-facilitation services revenue. </B></TD></TR></TABLE>
<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 comment, the Company has revised the disclosure on page 106 of the Revised Draft Registration Statement to
discuss all fees charged to borrowers of handy cash loan products, as well as how the Company accounts for the various fees and recognizes post-facilitation services revenues. Specifically, the Company has clarified in the disclosure that upon a
loan extension, the borrower will be charged a second time for all fees (a second loan transaction fee, quality assurance fund contribution and interest payment), in addition to the loan extension fee. The fees collected from handy cash loan
products should be accounted for consistently with the fees collected from standard loan products. As fees received upon extension are not at a discount, none of the original transaction fees need to be deferred for the borrower&#146;s right to
request an extension. The post-facilitation services revenue should be recognized ratably over the term of the loan. Operationally, given the short-term nature of handy cash loan, the Company has recognized this revenue upon maturity of the loan
when the borrowers repay in full, which materially approximates ratable recognition. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Quality Assurance Fund Payable and Receivable, page 100 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please clearly disclose all of the inputs and indicators to the Magic Mirror Model and how you revise them based on prospective borrowers with different features. </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 Magic Mirror Model is continually enhanced as the Company collects more information and
data during its operation. On the data input side, the Company constantly tries to glean as many different sources of data as possible. The Company&#146;s modeling team then applies various machine learning techniques to the data collected and
builds models that assign a credit score to each individual loan application. Corresponding risk policies are also established to determine risk-based pricing using these scores. Through monitoring model performance as well as variable consistency,
the Company&#146;s system is able to evaluate the effectiveness of existing variables while discovering new ones. The Magic Mirror Model is then optimized by adjusting the group of variables used. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Here is an example of how a variable is used as an indicator of a loan applicant&#146;s credit risk. The Company&#146;s system tracks the
amount of time a loan applicant takes to key in his or her personal identity number. Historical data have shown that both taking too short and too long increase the odds of delinquency. For example, if it takes the loan applicant less than two
seconds to key in his or her identity number, it is possible that the loan applicant was copying and pasting such information from somewhere else. If it takes the loan applicant more than 20 seconds to key in this information, it is possible that
the applicant is using someone else&#146;s identity information because most people would be able to memorize their own identity number. This variable is not one of the initial variables that the Magic Mirror Model used. It was included in the model
after the Company had collected and analyzed specific metric in relation to this variable for a period of time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company believes that
what variables to use and how to use these variables are its proprietary <FONT STYLE="white-space:nowrap">know-how</FONT> developed over its many years of operation and represent its competitive advantages. Disclosing such <FONT
STYLE="white-space:nowrap">know-how</FONT> would cause substantial harm to the Company&#146;s competitive position as such information could be used by the Company&#146;s competitors to duplicate a risk assessment model similar to the Company&#146;s
Magic Mirror Model. In addition, the Company believes that disclosing detailed information of the variables may undermine the Company&#146;s risk management system by potentially attracting fraudulent activities onto its platform and impacting the
effectiveness of its risk management system. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 139
of the Revised Draft Registration Statement to describe how the Magic Mirror Model is continuously optimized. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note the disclosure on page <FONT STYLE="white-space:nowrap">F-21</FONT> that the ASC 460 component is the stand ready obligation and this component is reduced as you are released from the underlying risk, i.e. as
the loan is repaid by the borrower or when the investor is compensated in the event of a default. We further note your subsequent recognition policy that the guarantee liability is reduced as each payment is made on a systematic and rational
amortization method. Please address the following: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Tell us, using the example provided in response to comment 27, the portion of the quality assurance fund payable recorded on day 1 that relates to the ASC 460 component versus the ASC 450 component.
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company considered the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">460-10-3-2</FONT></FONT></FONT> to determine the quality assurance fund payable recorded on day one. Example (b)&nbsp;explains if a guarantee is issued as part of a transaction with multiple elements to an unrelated party
(such as in conjunction with selling an asset or entering into an operating lease), the liability recognized at the inception of the guarantee should be an estimate of the guarantee&#146;s fair value. In that circumstance, a guarantor shall consider
what premium would be required by the guarantor to issue the same guarantee in a standalone <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction to an unrelated party as a practical expedient. The Company believes the projected
quality assurance contributions it is entitled to receive from the borrower satisfy the objective discussed in this example. The Company therefore respectfully advises the Staff that using the example provided in Appendix I of its response to
comment 27 in the previous response letter dated June&nbsp;28, 2017, the fair value of the guarantee liability at day 1 represents the borrower&#146;s projected contributions to the quality assurance fund. The fair value of the guarantee liability
takes into consideration the expected default rate, which is a consideration of both the ASC 460 and ASC 450 components. As such, the $112 recorded as quality assurance fund payable at loan inception related to both the ASC 460 and 450 components,
as this represents the fair value of the guarantee liability for the loans originated. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Clarify whether only the ASC 460 component recorded on day one is being reduced as each payment is made or if the full initially recognized liability is being amortized. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it considered the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">460-10-35-1,</FONT></FONT></FONT> which states that &#147;the liability that the guarantor initially recognized under paragraph <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">460-10-25-4</FONT></FONT></FONT> would typically be reduced (by a credit to earnings) as the guarantor is released from risk under the guarantee.&#148; Accordingly, the full liability
initially recognized is being amortized as each payment is made, as the risk is released. During each period, based on the repayments made and defaults that occurred, the quality assurance fund liability is adjusted by recording a contingent
liability (i.e., the ASC 450 component) when the guarantee liability falls below the expected payout. The amortization of the quality assurance fund liability is illustrated in the example journal entries included in Appendix I of the response
letter submitted on June&nbsp;28, 2017. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 20 filed on May&nbsp;4, 2017 that for handy cash loans you are released from the risk upon settlement and a reduction to the guarantee liability is made accordingly at that time.
However, we note your current accounting policy disclosures on page <FONT STYLE="white-space:nowrap">F-21</FONT> only reflect the systematic and rational amortization method. Please revise your disclosures to clarify that for handy cash loans your
subsequent measurement approach is based on expiration or settlement of the guarantee. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As noted by the Staff, ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">460-10-35-2</FONT></FONT></FONT> prescribes three methods for the subsequent measurement of the guarantee liability: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">a. only upon either expiration or settlement of the guarantee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">b. by a systematic and rational amortization method; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">c. as the fair value of the guarantee changes. </P>
<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 as it relates to handy cash loans, the Company believes that the subsequent measurement
approach is consistent with the approach for its standard loan products. As further described below in its response to comment 14, the Company believes that it is released from the specific guarantee risk when the loan principal and interest are
repaid. The principal of the handy cash loan is not due until the maturity of the loan. Therefore, the risk associated with the guarantee liability is not reduced until settlement. However, the Company believes this still represents a systematic and
rational amortization method. As the guarantee liability for both the handy cash loan and standard loan are based on the principal and interest repayment, the Company believes disclosing another method of release may confuse investors. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We further note the journal entries you provided in relation to prior comment 27. Please tell us whether the systematic and rational amortization method used for your standard loan products is a straight-line method.
In addition, please explain in greater detail why the systematic and rational amortization method was more appropriate for your standard loans rather than an approach based on expiration or settlement of the guarantee considering your expectation
that there will be a loss on day one in the later periods of the loan. Last, explain in greater detail how a straight-line method, if applicable, matches your release from the economic risk of loss under the guarantee and whether you believe that
you are released from economic loss on a linear basis over the contract. </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
borrowers of its standard loan products repay their loan on a linear basis (i.e. the borrowers pay an equal monthly repayment over the term of the loan). Based on historical data of payment patterns, borrowers are most likely to default within the
first several months of the loan period (i.e. the loss is expected to be incurred in the earlier period of the loan). Therefore, if a borrower pays the monthly repayments on time for the first several months, he or she is more likely than not to
repay the remaining balance of the loan on time without delinquent or default. Additionally, under the terms of such standard loan product arrangements involving the quality assurance fund, if a borrower defaults on his or her payment, the quality
assurance fund is only required to pay that relevant month&#146;s overdue payment. Once the borrower is in default, it is expected that such borrower will default on all the remaining payments, and therefore the Company sets up contingent
liabilities (i.e. ASC Topic 450 liability) equal to the remaining payments of the borrower. Such contingent liabilities will be released over the term of the loan when monthly payments become overdue and payouts are made from the quality assurance
fund. As such, the Company believes it is released from the economic loss on a linear basis over the loan term. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As described in paragraph
41 of the Annex I &#150; Accounting Analysis and the response to comment 12, ASC Topic 450 liability will be recorded when the guarantee liability falls below the expected payout and is reassessed and adjusted from time to time before it is released
upon maturity of the loan. Given loans mature on a rolling basis in the investment portfolio, the ASC Topic 450 liability will be released over time as a payment is made from the quality assurance fund or the loan is matured (i.e., when the Company
is released from the underlying risk). </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Lastly, the Company notes that any adjustments made to the ASC Topic 450 liability are
recorded in the same financial statement line item as the risk of loss under the guarantee is released. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We also note paragraph 40 in Annex I from your response filed on March&nbsp;14, 2017 and the disclosures on page <FONT STYLE="white-space:nowrap">F-22.</FONT> Please reconcile for us the statement that the receivable
is determined to be collectible at loan inception and that the borrower is contractually obligated to pay the full amount over the life of the loan, even if the loan is prepaid, with the statement that this loan is recorded at fair value on day one
taking into account the expected default rate. In your response address whether you considered recording the receivable at the full contractual amount or recording it as another financial asset. In addition, clarify for us whether subsequent to
recognition you continue to recognize this receivable at fair value or whether an amortized cost basis is used. </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 Company has a contractual right to receive the quality assurance contributions from borrowers. Even when a borrower prepays, he or she is required to pay off the remaining quality assurance
contribution as part of the prepayment. As such, the quality assurance fund receivable is determined to be collectible at loan inception. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The quality assurance fund receivable recorded at loan inception is accounted for as a financial asset that is recorded at fair value. The ASC
Topic 460 indicates that the liability recognized at the inception of the guarantee should be an estimate of the guarantee&#146;s fair value. Given that the guarantee liability was recorded at fair value, the Company believes that the offsetting
financial asset recorded as a receivable should match the fair value recorded for the liability. As previously disclosed on page <FONT STYLE="white-space:nowrap">F-22</FONT> of the Revised Draft Registration Statement, the fair value is estimated
based on the contractual amounts of the quality assurance fund contribution due from the borrowers, taking into account the expected default rate. The Company considered the guidance prescribed by ASC 460 and although paragraph <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">460-10-25-4</FONT></FONT></FONT> does not prescribe a specific account, ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">460-10-55-23</FONT></FONT></FONT> provides an illustrative example of a guarantor&#146;s offsetting entries when it recognizes the liability at the inception of the guarantee and uses notes premiums received or receivable
in its example. The Company understood that the offsetting entry to the guarantee liability depends on the specific facts and circumstances that gave rise to the guarantee, and determined that a financial asset for the amount to be received for the
quality assurance fund represents fair value. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Subsequent to recognition, the Company records the quality assurance fund receivable at
amortized cost. On each reporting date, the Company estimates the future cash flows and assess whether there is any indicator of impairment to any individual underlying loan of the quality assurance fund receivable. If the carrying amounts of the
quality assurance fund receivables exceed the expected collections, an impairment loss is recorded for the quality assurance fund receivable which is not recoverable. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 12
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Guarantee Derivative, page 102 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You hold funds in an amount equal to a certain percentage of the total principal amount of the underlying loans in the relevant investor reserve funds. Please disclose how you determined the percentage of the total
principal amount held in the investor reserve funds. </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 funding
percentage of the investor reserve funds is conservatively determined by considering (i)&nbsp;the historical and future potential delinquency rates of the loan assets underlying the Company&#146;s investment programs, and (ii)&nbsp;the sufficiency
of the investor reserve funds, taking into account of the macro economy and industry outlook. In response to the Staff&#146;s comment, the Company has revised the disclosure on page 143 of the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 2(J) Fair Value
Measurement, page <FONT STYLE="white-space:nowrap">F-16</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>17.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 26. Please revise disclosures to indicate whether an increase in the expected default rate would increase or decrease the fair value of the financial guarantee and whether there are
any interrelationships between the expected default rate and any other unobservable inputs. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-50-2g.</FONT></FONT></FONT>
</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 disclosures on page <FONT STYLE="white-space:nowrap">F-18</FONT> of
the Revised Draft Registration Statement have been revised to include the response previously provided to comment 26 in the Company&#146;s response letter dated June&nbsp;28, 2017. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company uses the discounted cash flow model to value these financial guarantee derivatives at inception and subsequent valuation dates.
This model incorporates assumptions pertaining to the underlying loans, such as the expected default rates, maturity, as well as early repayment rates. A significant change in expected default rates could result in a significant change in fair
value. Changes in the fair value are recorded in fair value change of financial guarantee derivatives in the Company&#146;s consolidated statements of comprehensive income/(loss). </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>18.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 29 and your financial guarantee derivative disclosures on page <FONT STYLE="white-space:nowrap">F-18</FONT> and beginning on page <FONT STYLE="white-space:nowrap">F-24.</FONT> Please
address the following related to the valuation of the derivative: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Tell us how you determine that the forecasted default rate and discount rate are market rates considering your response acknowledges that there are market rates for loans, however, you do not use those rates for your
discount rate and instead rely on your own data. </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Forecasted default rate</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the forecasted default rate is determined using historical data of all loans facilitated
through its platform. The Company stratifies the loan data based on each loan&#146;s Magic Mirror Model credit level and the channels in which it was originated (either through the mobile app or via computer, as the credit assessment varies between
these two channels). As the number of loans originated on the Company&#146;s platform increases to provide more data points, the Company expects the forecasted default rate to continue to normalize and improve the accuracy of its valuation model.
While there are some market rates available, the Company does not use these data as these data may not be appropriate to use, given the Company&#146;s own rates are more relevant and reflective of the expected performance of the loans. Further,
there are no standardized credit rating agencies available within the PRC. Therefore, the Company determined that using its own data is more representative and reliable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Discount rate</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As
indicated in the response to comment 26 in the response letter dated June&nbsp;28, 2017, the Company determines the discount rate based on standard loans originated on the platform that are protected by the quality assurance fund. Given the net cash
flows already take into consideration the credit risk (i.e., the expected default rate), the Company used the rate that is considered similar to a required return (i.e., investors of the QAF loans are guaranteed to receive the contractual interest
rate) to discount the risk. The Company believes that standard loan products covered by the quality assurance fund is reflective of market participants and reviews this rate from time to time to make sure it is reflective of market needs. These
standard loans in totality represent more than 80% of the total volume of loans originated on the Company&#146;s platform, which is why the Company believes using this data is most appropriate. There are three batches of loans that fall under this
category (i.e., standard loan products covered by the quality assurance fund) &#150; loans with a term of 6 months, 12 months, and 18 months. The Company uses these different data points to develop a yield curve for different terms and applies this
to each loan when determining the appropriate fair value. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Describe in greater detail the components of the cash inflows and outflows and whether and how the following cash flows for the investment programs are included: </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the following are the main cash flow components considered in determining the fair value of the
financial guarantee derivatives: expected cash flows from the investor upon receipt of loan payments from borrowers during the term of the program, account management fee charged to an investor upon maturity of the program, and the invested capital
and guaranteed rate of return paid to investors upon maturity. These components incorporate all <FONT STYLE="white-space:nowrap">sub-components</FONT> listed below, as described in greater detail as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Expected loan payments from borrowers;</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The Company would like to clarify with the
Staff that even though borrowers are the ones making loan payments, the cash flows are actually coming from the investors &#150; the investors are effectively not collecting these amounts and instead passing them into the investment programs.
Therefore it is the expected inflows from investors upon borrowers&#146; repayment of loan principal and interest payments are considered a component of the cash inflows. The expected loan payments are calculated based on the loans invested by the
investors through the investment programs. (i.e., the contractual principal and interest the borrowers are obligated to pay). The expected loan payments from the borrowers are adjusted based on the forecasted default rate. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>The 0.1% of the investment capital fee for the fixed program or 1%/365 of the fair value of the invested assets for the flexible investing period program;</B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The 0.1% of the investment capital fee or 1%/365 of the fair value of invested assets (&#147;management fee&#148;) are both considered
components of cash inflows. The management fee is calculated based on the total invested capital and the relevant contractual management fee rate, which is deducted from the investors&#146; returns. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Early redemption fee for the flexible investing period;</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The early redemption fee for
investment programs with a flexible investing period is charged if investors redeem funds within the first 30 days. Accordingly, the Company considers this fee as a reduction of cash outflows from the investment program, as investors are willing to
accept a lower rate in exchange for an early redemption. The redemption fee is calculated based on the expected redemption rate (i.e., the percentage of the total invested capital that will redeem after the first month) and the contractual
redemption fee rate. This is not a substantive cash flow as the Company&#146;s redemption experience for the first months is relatively low. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Investor reserve fund contribution up to the cap;</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the
Staff that the investor reserve fund contribution is not a separate cash flow that the Company considered when determining the fair value of the derivatives, but rather, is embedded in the cash inflows and outflows of the investment program.
According to the contract terms, the Company sets aside a certain percentage of the total invested capital upon maturity of the investment program from the actual amount of principal and interest collected by the investment program as the
contribution to the investor reserve fund. Simultaneously, the investor reserve fund is used to pay investors if the rest of the actual amount of principal and interest collected after the investor reserve fund contribution was set aside is
insufficient to cover the investment principal plus the expected rate of return that should be paid to the investors. As a result, the surplus gain (i.e., the excess of the actual rate of return and the stated expected rate of return in the
investment program agreement) of the investment program not exceeding the cap will be left in the investor reserve fund as a true contribution to the fund. The surplus gain, if any, is a result of the cash inflows and outflows. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Excessive returns or the amount of returns from the investment above the cap; and</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">In
practice, there are no instances in which the amount of returns from the investment will exceed the cap. As such, this is not factored into the cash flows considered in the fair value determination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">However, theoretically, if this were ever to occur, the excessive returns represent the portion of the remaining surplus gain exceeding the
investor reserve set aside that are distributed to the investors, and therefore would be incorporated as a cash outflow. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Invested capital and guaranteed rate of return paid to investor at the program&#146;s maturity.</B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The invested capital and expected rate of return paid to investors at the program&#146;s maturity is considered a component of the cash
outflows. The invested capital and guaranteed rate of return is determined based on the amount of capital invested by the investors in the investment programs as well as the contractual expected rate of return, which is paid to the investors upon
the maturity of the investment programs concurrent with investor reserve fund contribution. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Tell us whether there are any other cash flows or fees associated with the investment programs covered by the investor reserve fund that is not included in the bullet point list above and how those cash flows are
considered in the fair value determination. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that there are no other cash
flows or fees not previously identified that are considered in the fair value determination. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 9 &#151; Related party balances and transactions,
page <FONT STYLE="white-space:nowrap">F-35</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>19.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please explain to us the design and purpose of PPcredit. </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 PPcredit was established in April 2016 as a data collection service provider aiming to provide services to various types of customers in China&#146;s consumer finance industry, including but not limited to the Company. As many
of PPcredit&#146;s target customers are competitors of the Company, PPcredit was established outside of the Company&#146;s organization structure to avoid conflict of interest, mitigate concerns from other target customers, and also to comply with
data segregation and privacy requirements. Also, PPcredit was established as a PRC company to avoid any potential regulatory and licensing issues that may be associated with foreign ownership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company further advises the Staff that PPcredit was established with the aims of enhancing China&#146;s nascent consumer credit
infrastructure and providing consumer related credit data and risk management services to lending institutions and other data providers in China. The services offered by PPcredit help lending institutions and other data providers fulfill the
financing needs of individuals that are largely underserved by traditional financial institutions and are not included in the credit database maintained by the PBOC&#146;s credit bureau. By establishing cooperation with PPcredit, the Company is able
to access additional credit data to enhance its credit assessment and decision-making process, while PPcredit may benefit from the large customer base of the Company to continuingly upgrade its credit database and improve its products and services
that can be marketed to third parties. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 17
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>20.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide us a quantification of the significance of the revenue for services provided to PPDAI to the economic performance of PPcredit. </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 in 2016, over 99% of PPcredit&#146;s revenues were derived from the Company. PPcredit&#146;s
reliance on the Company was primarily due to its short history as it was established only in April 2016. The proportion of PPcredit&#146;s revenues derived from the Company declined to 82% in the second quarter of 2017 and is expected that such
proportion will further decline to a level below 60% by the end of 2017 as PPcredit continues to expand its services to third parties. The Company believes that there is a strong developing market for PPcredit&#146;s business, and therefore expects
PPDai&#146;s contribution to PPcredit&#146;s revenues to significantly decline as PPcredit&#146;s business continues to expand. The Company further advises the Staff that since PPcredit&#146;s customers are institutions, a certain amount of time is
required to prospect and <FONT STYLE="white-space:nowrap">on-board</FONT> new customers and therefore revenues from such new customers also require time to materialize. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>21.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note from your response that even if the PPcredit shareholders were to vote in concert, they don&#146;t have the power to control the Company due to rights afforded to preferred shareholders. Please explain to us
how the decisions approved by the Board described in your response represent participating rights and not protective rights. </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 framework of ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">810-10-25-2</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">25-14</FONT> has been considered to determine whether the decisions approved by the Board as outlined in the Company&#146;s prior response are
protective rights or substantive participating rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As the Company responded to the Staff&#146;s comment 30 in the Company&#146;s
response letter dated June&nbsp;28, 2017, the following activities require a prior consent of the Board including the affirmative votes of at least three directors appointed by preferred shareholders of the Company (the &#147;Preferred
Directors&#148;): (i) approving and amending the annual business plan and budget of the Company and items of expenditure incurred outside of annual budget in excess of US$50,000 per month, individually or in aggregate, (ii)&nbsp;ceasing to conduct
or carrying out its business substantially as now conducted by the Company, change of any material part of its business or entering into business that is outside of the ordinary course of business or the business plan; and (iii)&nbsp;any
transactions involving the Company and any employees, officers, directors or shareholders of the Company or any other related-party transaction or amendment thereof. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 18
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Pursuant to ASC <FONT STYLE="white-space:nowrap">810-10,</FONT> protective rights are rights that are only protective in nature and that do not allow the limited partners or <FONT
STYLE="white-space:nowrap">non-controlling</FONT> shareholders to participate in significant financial and operating decisions of the limited partnership or corporation that are made in the ordinary course of business. ASC <FONT
STYLE="white-space:nowrap">810-10</FONT> defines participating rights as rights that allow the limited partners or <FONT STYLE="white-space:nowrap">non-controlling</FONT> shareholders to block or participate in certain significant financial and
operating decisions of the limited partnership or corporation that are made in the ordinary course of business. Participating rights do not require the holders of such rights to have the ability to initiate actions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Substantive participating rights in which <FONT STYLE="white-space:nowrap">non-controlling</FONT> rights allow the <FONT
STYLE="white-space:nowrap">non-controlling</FONT> shareholders to effectively participate in certain corporate actions would overcome the presumption that the investor with a majority voting interest shall consolidate its investee. ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-25-11</FONT></FONT></FONT> provides an illustrative list of substantive participating rights, but is not necessarily
<FONT STYLE="white-space:nowrap">all-inclusive:</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Selecting, terminating, and setting the compensation of management responsible for implementing the investee&#146;s policies and procedures; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Establishing operating and capital decisions of the investee, including budgets, in the ordinary course of business. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Considering this illustrative list, the Company evaluated the three aforementioned activities as well as other Board decisions that require the
affirmative votes of at least three of the four Preferred Directors, and highlights the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The first action includes two activities: 1) Approving the annual business plan and budget and amending them &#150; these are clearly substantive participating rights afforded to the Preferred Directors; and 2)
Approving expenditures outside of the approved budget in excess of US$50,000 per month. Even though the Preferred Directors only have this right to approve expenditures outside the budget over a certain dollar limit, which might cause the right to
be <FONT STYLE="white-space:nowrap">non-substantive,</FONT> the Company does not believe this is a significant threshold that would not be exceeded in the ordinary course of business. As such these activities relate to significant financial
decisions and should be viewed as a substantive participating right. </TD></TR></TABLE>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 19
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">The Company notes that the appointment or replacement of the chief executive officer, chief financial officer, chief technology officer, chief operating officer, or any equivalent position requires the approval of the
Board, including the affirmative votes of at least three Preferred Directors. As such, the executive officers are appointed by the Board to manage the Company&#146;s daily affairs, under the supervision and direction of the Board, which should be
viewed as a substantive participating right. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">The Board must approve either related-party transactions or transactions involving any employees, officers, directors or shareholders of the Company. This should also be viewed as a substantive participating right.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">The Preferred Directors are also involved in approving a change in direction of the Company&#146;s business, which indicates that they have the right to participate in significant operating decisions, and should be
viewed as a substantive participating right. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company believes that these aforementioned actions that require the
approval of the Board further highlight that these <FONT STYLE="white-space:nowrap">non-controlling</FONT> shareholders are provided with substantive participating rights, rather than protective rights. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>22.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>It appears from your disclosures on page <FONT STYLE="white-space:nowrap">F-36</FONT> that you issued <FONT STYLE="white-space:nowrap">one-year</FONT> loans in each of 2015 and 2016 that remain outstanding. Please
explain whether PPcredit is in default of the loan terms, and how you considered whether the loans are impaired. In addition, tell us how you considered the disclosure requirements in ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-50-4,</FONT></FONT></FONT> notwithstanding our comments above. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As noted in the disclosures on <FONT STYLE="white-space:nowrap">F-35,</FONT> the Company issued a
<FONT STYLE="white-space:nowrap">one-year</FONT> loan of RMB6&nbsp;million in April 2016, and another <FONT STYLE="white-space:nowrap">one-year</FONT> loan of RMB5&nbsp;million in November 2016. As of December&nbsp;31, 2016, this full amount of
RMB11&nbsp;million was outstanding, but was subsequently settled in the three months ended March&nbsp;31, 2017. While the loans were outstanding, PPcredit was not in default of the loan terms. </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 20
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As the Company is not the primary beneficiary of the VIE, the Company did consider ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-50-4</FONT></FONT></FONT> for the disclosure requirements and included the following in the disclosures on pages
<FONT STYLE="white-space:nowrap">F-35</FONT> and <FONT STYLE="white-space:nowrap">F-36</FONT> of the Revised Draft Registration Statement: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<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 carrying amount and classification of the assets and liabilities in the reporting entity&#146;s balance sheet that relate to the reporting entity&#146;s variable interest in the VIE; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<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">Maximum exposure to loss as a result of the reporting entity&#146;s involvement with the VIE, including how the reporting entity determined that amount and the significant sources of that exposure to loss; and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<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">A tabular comparison of the carrying amounts of the assets and liabilities, with the corresponding maximum exposure to loss, accompanied by a description of all qualitative and quantitative reasons for the differences
between the carrying amount of the assets and liabilities and maximum exposure to loss. </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 following two disclosures were not included, for reasons included therein: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<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">Information about liquidity arrangements, guarantees, and/or other commitments by third parties that may affect the fair value or risk of the reporting entity&#146;s variable interests in a VIE was not included as this
is encouraged but not required; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<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">As there was no &#147;shared power&#148;, the requirement to disclose &#147;significant factors considered and judgments made in determining that power is shared&#148; was not applicable. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>

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 <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">August 2, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 21
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the Revised Draft Registration Statement, please contact
the undersigned by phone at <FONT STYLE="white-space:nowrap">+852-3740-4863</FONT> or via <FONT STYLE="white-space:nowrap">e-mail</FONT> at julie.gao@skadden.com or Jimmy Leung, the audit engagement partner at PricewaterhouseCoopers Zhong Tian LLP,
by telephone at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+86-21-2323-3355</FONT></FONT> or via email at jimmy.leung@cn.pwc.com. PricewaterhouseCoopers Zhong Tian LLP is the independent registered public accounting firm of
the Company. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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="page-break-inside:avoid ; 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/ Z. Julie Gao</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Z. Julie Gao</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Jun Zhang, Chairman and Chief Executive Officer, PPDAI Group Inc. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Simon Tak Leung Ho, Chief
Financial Officer, PPDAI Group Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Haiping Li, 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">Jimmy Leung, Partner, PricewaterhouseCoopers Zhong Tian LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sean Fu, Partner, PricewaterhouseCoopers Zhong Tian LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Shuang Zhao, Esq., Partner, Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
