<SEC-DOCUMENT>0000950123-17-008476.txt : 20171211
<SEC-HEADER>0000950123-17-008476.hdr.sgml : 20171211
<ACCEPTANCE-DATETIME>20170912170018
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-17-008476
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170912

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
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<TITLE>DRSLTR</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>
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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;&nbsp;(A<SMALL>LSO</SMALL>&nbsp;A<SMALL>DMITTED</SMALL>&nbsp;<SMALL>IN</SMALL>&nbsp;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>
<TD VALIGN="top"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g285990app.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">September&nbsp;12, 2017 </P>
<P STYLE="margin-top:12pt; 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">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:6pt; 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="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U. S. A. </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>Amendment No.&nbsp;4 to 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 August&nbsp;2, 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;King, Ms.&nbsp;Livingston, Mr.&nbsp;Rodriguez and Mr.&nbsp;Thomas: </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 </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">September 12, 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; font-size:10pt; font-family:Times New Roman">
contained in the Staff&#146;s letter dated August&nbsp;28, 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> <P STYLE="margin-top:12pt; 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 August&nbsp;2, 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 publicly file the registration statement on Form
<FONT STYLE="white-space:nowrap">F-1</FONT> promptly after substantially addressing all the comments from the Staff, 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to addressing the comments contained in the Staff&#146;s letter dated August&nbsp;28, 2017, the Company has updated the Revised
Draft Registration Statement to include the Company&#146;s unaudited interim financial statements and operating data for the six months ended June&nbsp;30, 2016 and 2017 and as of June&nbsp;30, 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Offering, page 11
</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 disclose here the existence of your dual-class share structure and the different voting and conversion rights associated with the classes. </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 disclosed its proposed <FONT STYLE="white-space:nowrap">post-IPO</FONT> dual-class
structure as well as the different voting and conversion rights associated with the classes on pages 11 and 12 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">September 12, 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; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:6pt; 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>Quality Assurance Fund, page 104 </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 prior comment 15 that the illustrative example of a guarantor&#146;s offsetting entries at ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">460-10-55-23</FONT></FONT></FONT> supports your initial recognition of a receivable related to the quality assurance fund guarantee. Please tell us
your basis for subsequently accounting for the asset at amortized cost on day 2. </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 ASC 460 does not prescribe the subsequent measurement of the receivable recorded as an offsetting entry to the guarantee liability. When analyzing the subsequent accounting for the quality assurance fund (&#147;QAF&#148;) receivable, the
Company considered the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The financial asset recorded by the Company on Day 1 represents a contractual right to receive cash in exchange for providing the guarantee. The Company further considered that the financial asset does not meet the
definition of a security pursuant to Subtopic <FONT STYLE="white-space:nowrap">320-10,</FONT> and is not a derivative that would be subject to Subtopic <FONT STYLE="white-space:nowrap">815-10.</FONT> Therefore, the Company does not believe that fair
value accounting would be required for this financial asset. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">As prescribed in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">825-10-15-4,</FONT></FONT></FONT> the Company has the option to elect the fair value option and
record the financial asset at fair value. However, the Company notes that this is not mandatory. The Company did not elect to fair value the QAF receivable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company&#146;s contractual right to receive the QAF stems from its ordinary business activities. Additionally, the Company does not intend to sell or otherwise transfer these receivables. Rather, the Company intends
to hold the receivable to collect the contractual cash flows to which it is entitled. As such, the Company views these receivables akin to a general trade receivable. Alternatively, if one were to view these as a security, the Company believes the
most appropriate analogy would be to a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-to-maturity</FONT></FONT> security. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Held-to-maturity</FONT></FONT> debt
securities are recorded at amortized cost pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">320-10-35-1.</FONT></FONT></FONT> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As such, the Company believes it is appropriate to account for the QAF receivable at amortized cost on Day 2. </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">September 12, 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>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note from the journal entities provided in Appendix I of the response filed on June&nbsp;28, 2017. Please tell us your basis for recognizing the cash collections on the receivable in excess of the fair value at
initial recognition in the same line item as the changes in the guarantee liability, i.e. gain from quality assurance fund. Further, please tell us how the Company has considered the guidance in Subtopic
<FONT STYLE="white-space:nowrap">835-30,</FONT> specifically ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">835-30-45-1A</FONT></FONT></FONT> through
<FONT STYLE="white-space:nowrap">45-3,</FONT> which generally requires accretion of a discount on an asset to be recognized as interest income. </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 given the average tenure of loans facilitated on the platform is approximately nine months, the
impact of the time value of money is not material on the Day 1 fair value of the receivable. Further, the Company is entitled to the full amount of contractual cash flows even in the event of a prepayment of the underlying loan. Therefore,
prepayment risk does not have any impact on the Day 1 fair value of the receivable. As a result, the discount recorded on Day 1 is driven primarily by the credit risk of the underlying borrowers. As such, the QAF receivable at initial recognition
represents the cash flows expected to be collected. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company notes that QAF contributions received from borrowers are required to be
deposited into the QAF to cover quality assurance fund liabilities to the extend there are funds available in the QAF fund. Therefore, gains on the QAF receivable (i.e., cash collections are in excess of the fair value at initial recognition) or
losses on the QAF receivable (i.e., the fair value at initial recognition is in excess of the cash collections or if the carrying amount of the QAF receivable exceeds the expected collections) would impact the amount of funds available to satisfy
the QAF payable. As the QAF receivable and payable are both impacted by the same underlying risk (i.e. the credit risk of the borrower), the Company believes it is appropriate to recognize the difference between the cash collections of the QAF
receivable and the fair value at initial recognition in the &#147;gain from quality assurance fund&#148; line item within &#147;other income&#146;&#148; in its consolidated statements of comprehensive income/(loss). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Furthermore, as mentioned above, since the average tenure of loans facilitated through the platform is nine months, the Company believes the
discount related to time value is immaterial. The Company considered this is similar to the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">835-30-15-3a,</FONT></FONT></FONT> which
provides for an exception to imputing interest for those receivables and payables arising from transactions with customers or suppliers in the normal course of business which are due in customary trade terms not exceeding approximately one year.
</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">September 12, 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; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company considered the following guidance to determine how to amortize the difference
between the cash collections and the fair value at initial recognition: </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">835-30-45&#151;which</FONT></FONT> requires the premium/discount to be recognized using the effective yield method </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">310-20-35&#151;which</FONT></FONT> also requires the premium/discount to be recognized using effective yield method. </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap">310-30&#151;which</FONT> requires the premium/discount to be recognized based on a calculation of an accretable yield, which is based on expected cash flows. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Noting that since prepayments do not impact the collectability of the receivable, the Company believes consideration of ASC <FONT
STYLE="white-space:nowrap">325-40</FONT> is not necessary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company determined that none of the methods above provided more useful
information to investors than the approach currently applied by the Company as the Day 1 fair value represents the amount the Company expects to collect. However, the Company considered its approach as compared to that required under ASC <FONT
STYLE="white-space:nowrap">310-30.</FONT> In terms of responding to decreases in expected cash flows, the current approach is consistent with ASC <FONT STYLE="white-space:nowrap">310-30,</FONT> as both would require impairments when cash flow
expectations deteriorate. In terms of responding to increases in expected cash flows, applying ASC <FONT STYLE="white-space:nowrap">310-30</FONT> would require the Company to update its expectation and potentially increase yield recognition. Given
the short term nature of these loans, the Company does not believe that there would be a material difference as compared to the Company&#146;s approach, which is to wait until the end of the loan&#146;s life to recognize the gain. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>2. Summary of Significant Accounting policies, page <FONT STYLE="white-space:nowrap">F-10</FONT> </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(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>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note in your disclosures on page <FONT STYLE="white-space:nowrap">F-18</FONT> and from your response to prior comment 18 that management uses Company-specific assumptions (e.g., expected default rate based on
historical data and discount rate based on standard loans covered by the quality assurance fund) in its determination of the fair value for the financial guarantee derivatives related to the reserve fund. Please tell us why these company-specific
assumptions represent those of a market participant per ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-35-9.</FONT></FONT></FONT> </B></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">September 12, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </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">The Company respectfully advises the Staff that when determining the appropriate assumptions
used in the discounted cash flow model, the Company considers the following factors: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Expected default rate </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company develops the expected default rate by using loan data for each loan product and each of its Magic Mirror scores, as borrowers of
different loan products or Magic Mirror scores may have different default patterns. The Company notices that other industry players (i.e., other online consumer finance marketplaces) disclose their default data. However, since China&#146;s credit
infrastructure is at an early stage of development, there is no established credit standard in the market. As such, these industry players only disclose their default data based on their company-specific standards and business circumstances. Even
though these industry players provide observable default data, the Company does not believe that this provides comparable information given there is no clarity or standardized practice for such company-specific credit rating methodologies. The
Company does not believe the risk profile of the underlying loans of other online consumer finance marketplaces are comparable to those facilitated through the Company&#146;s platform. Instead, the Company&#146;s historical default rates provide the
most relevant data points for the Company to develop future default rate expectations due to the following reasons: </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A large amount of unrelated borrowers and investors participate in the Company&#146;s platform. As the Company disclosed on page 110 of the Revised Draft Registration Statement, the transaction volume of the
Company&#146;s platform has grown over time, and the Company considers its platform a proven effective market for its specific risk profile; </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company has been consistently applying its credit rating assessment methodology to determine the Magic Mirror score of borrowers. The Company intends to keep the consistency of the risk profile for each Magic Mirror
score in the future; 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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">As disclosed on page 84 through 87 of the Revised Draft Registration Statement, the default experience has been relatively stable. Based on the retrospective review performed by the Company, it is most advantageous to
use historical default experience to estimate future defaults. As such, the historical rate is the best predictor of actual expected cash flows. </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">September 12, 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; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Discount rate</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As mentioned in its response to prior comment 18, the Company uses the interest rate of standard loans covered by the QAF to discount the cash
flow; this is the required rate of return of the Company&#146;s investors for a guaranteed investment. The Company believes such rate represents a risk free rate adjusted to reflect the Company&#146;s
<FONT STYLE="white-space:nowrap">non-performance</FONT> risk. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">When determining the discount rate, the Company considers the risk
associated with the expected cash flow as it is required by the valuation principle in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-55-6c</FONT></FONT></FONT> that the discount rate
used should match the risk of the cash flow. The underperformance risks of investment programs include 1) the credit risk of the borrower (i.e., the <FONT STYLE="white-space:nowrap">non-performance</FONT> risk of the borrowers) and 2) the
Company&#146;s <FONT STYLE="white-space:nowrap">non-performance</FONT> risk. By applying the expected default rate to the contractual cash flow, the credit risk of the borrowers is already considered. Therefore, the Company determines that the
discount rate used need only incorporate a risk free rate adjusted to reflect Company&#146;s <FONT STYLE="white-space:nowrap">non-performance</FONT> risk. The Company notes that there are observable market rates available. However, the observable
market rates are not reflective of the specific risks associated with the Company. If investors&#146; funds do not get disbursed on time because of the Company&#146;s <FONT STYLE="white-space:nowrap">non-performance,</FONT> the investors will not be
able to receive the expected return.<B><I> </I></B>Therefore, when an investor decides to invest on the Company&#146;s platform, they would require a return that contemplates a combination of the market rate of return and an extra rate of return
adjusted for the risk of <FONT STYLE="white-space:nowrap">non-performance</FONT> of the Company. Among all the products that the Company offers to its investors, the Company believes that the interest rates of standard loans covered by the QAF
reflects a risk free rate adjusted to reflect the Company&#146;s <FONT STYLE="white-space:nowrap">non-performance</FONT> risk due to the following reasons: </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">This is the interest rate received by the investors on a guaranteed investment therefore the <FONT STYLE="white-space:nowrap">non-performance</FONT> risk of the borrowers are excluded; </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">This interest rate includes the element of <FONT STYLE="white-space:nowrap">non-performance</FONT> risk of the Company; 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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">This interest rate is also a market representative rate for willing investors as demonstrated through the large amount of loans facilitated on the Company&#146;s platform. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As such, the Company believes the expected default rate and discount rate used in its valuation technique are consistent with those a market
participant would use to determine the fair value of similar derivative with similar risk profile. </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">September 12, 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%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 29 in our prior letter dated June&nbsp;20, 2017, that the fair value of the investment program is zero at its inception. We also note your disclosure on page <FONT
STYLE="white-space:nowrap">F-18</FONT> that you use a discounted cash flow model to value these financial guarantee derivatives at inception and subsequent valuation dates. Please address the following: </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Clarify whether you perform a fair value measurement at initial recognition using the valuation technique and assumptions described in your footnote or do you assume that the fair value is zero at initial recognition
based on the third party transaction amount. If you perform a fair value calculation at initial recognition using your fair value measurement technique, clarify whether the amount calculated is zero or another amount. </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 originally assumed the fair value was zero at initial recognition, given this represents a market transaction between willing
participants. As noted by the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-3,</FONT></FONT></FONT> in many cases, the transaction price will equal the fair value. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">However, immediately after the initial recognition (Day 2), the Company performed a fair value analysis using a discounted cash flow model (as
described on page <FONT STYLE="white-space:nowrap">F-18</FONT> of the Revised Draft Registration Statement). Because the expected cash inflows, even after having considered defaults, is higher than the expected return to the investors, a gain was
recorded. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">After considering the Staff&#146;s comments and revisiting ASC 820, including its consideration related to the guidance in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-3A</FONT></FONT></FONT> below, the Company believes this gain is present on Day 1 and therefore better characterized as a Day 1 gain pursuant ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-6.</FONT></FONT></FONT> In other words, while the transaction is a market based transaction, the Company does not believe the fair value of the
guarantee derivative is zero at inception. The Company has revised the disclosure on page 115 of the Revised Draft Registration Statement accordingly. </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="5%">&nbsp;</TD>
<TD WIDTH="2%" 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 considered the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-3A</FONT></FONT></FONT> when concluding that the derivative
had a fair value of zero at initial recognition. </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 advise the Staff to refer to the response in
the below bullet for its consideration related to the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-3A.</FONT></FONT></FONT> </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">September 12, 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="5%">&nbsp;</TD>
<TD WIDTH="2%" 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 calibrate the models/inputs of your valuation to the transaction price as required by ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-35-24C.</FONT></FONT></FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As required by ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-35-24C,</FONT></FONT></FONT> the Company calibrates the valuation model used to measure fair value in subsequent periods to compare to the
transaction price. After calibration, the Company determined that adjustment to the valuation technique was not necessary as it already reflects current market conditions. The valuation model reflects the Company&#146;s best estimate of funds that
will be contributed to the investor reserve fund (&#147;IRF&#148;). The result of the valuation after calibration results in the Day 1 gain discussed above. The Company determines it is able to arbitrate a premium that results in this Day 1 gain due
to the following factors: </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="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company considered the four conditions described within ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-3A</FONT></FONT></FONT> to determine if the
fair value at initial recognition equals the transaction price and concluded that it does not fall into the conditions described in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">820-10-30-3A-a</FONT></FONT></FONT></FONT> through ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-3A-c.</FONT></FONT></FONT></FONT> However, example 4d of ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-3A</FONT></FONT></FONT> illustrates an example where fair value at initial recognition does not equal the transaction price and the conditions in that example are very similar to
the Company&#146;s case. The Company believes that the principal market for the loan transactions is the market for small single loans. The investors who participate in the investment programs have no access to this principal market given they are
small individual investors, and therefore must go through the investment programs to make an investment which provides a guaranteed rate of return through a highly diversified portfolio. The expected rate of return provided to the investors reflects
a required return for market participants from an investor&#146;s perspective (i.e., the investment return is comparable to other platforms). However, the investors on the platform do not have the same amount of information that the Company has in
terms of the actual defaults, as they do not have access to the most advantageous market. Therefore, the Company is able to arbitrate a premium between the two markets. </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="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The investors are able to achieve a guaranteed compounded return from investment programs as the IRF fund will be used to make up for the shortfall should the investment program fail to reinvest in loans with a return
that is higher than the expected rate of return of the investment program (i.e. the Company uses the funds available in the IRF to guarantee the performance of the reinvestment of the investment program). The investors receive a lower effective
return when investing in single loans without reinvesting. If the investors choose to reinvest themselves, the return of reinvestment is not guaranteed as the return is affected by the interest rate movements which could be volatile.
</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">September 12, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 10
 </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="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Although the average investment amount for investors who participate in the investment programs is generally very small, their investment will be more diversified when they invest in the Company&#146;s platform; their
investments will be divided into many different loans at the smallest denomination value (e.g. RMB0.01) in each of the loans they invested. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note from your response to comment 29 that the program is designed to <FONT STYLE="white-space:nowrap">out-perform</FONT> the expected rate of return and that you generally do not expect a change in cash outflows
unless the actual experience indicates otherwise. Given the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">life-to-date</FONT></FONT> asset position of the derivative guarantee (and further to the extent the Company&#146;s fair
value methodology indicates there is a gain upon initial recognition), please tell us how you considered whether there are other elements of the transaction that should be accounted for (i.e. management or other services). </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 other than the factors mentioned in the Company&#146;s response to Comment 5, it also considers
the following factors when determining if there are other elements of the transaction 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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Legal separation:</B> According to the loan agreement, the Company has the legal right to receive the transaction fee as revenue. The transaction fee paid by the borrowers is only determined based on their Magic
Mirror score. The borrowers will not get a discount on their transaction fee if their loans are invested by the investment program on behalf of the investors. Based on the investment program agreement (i.e. Rainbow Program Service Agreement), the
investors authorize the Company to set up the IRF to serve as an investor protection mechanism, which is separated from the Company&#146;s own funds. The Company shall not use the IFR for any other purposes during the term of the investment program
continues to exist. As such, the IRF contributions are legally distinct and different from the Company&#146;s own funds (i.e., the Company is obligated to deposit the excess return of the investment programs into the IRF and such funds must be used
for payout upon future underperformance of investment programs). </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">September 12, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 11
 </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Contribution to IRF only for guaranteed returns:</B> As mentioned above, the borrower pays the same transaction fee (i.e. the Company&#146;s revenue) regardless of whether the loans are invested through different
investment programs. The IRF contributions only represent a premium for a guaranteed return and not any consideration for other services provided by the Company. For example, an investor can be matched with borrowers and make investments using the
Company&#146;s automated investment tools without incurring any additional charges. The only additional benefit received by the investor in return for making this IRF contribution is a guaranteed return. Accordingly, the contribution made to the IRF
only relates to a premium for the guaranteed return which is accounted for as a derivative. </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Why more contributions are needed for the IRF:</B> The Company believes a higher contribution to the IRF compared to the contribution to the QAF is appropriate as the Company has provided a guarantee for credit risk
as well as the risk of underperformance under the IRF as explained in the second bullet under Comment 5 above. The QAF investment programs only provide a guarantee for credit risk. </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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Gain upon initial recognition is not a service:</B> The Company charges a management service fee representing the &#147;surplus gain&#148; (as defined on page 110 of the Revised Draft Registration Statement) for the
QAF investment programs. There is no &#147;surplus gain&#148; management service fee for the IRF but instead there is a 0.1% charge as management service fee. The Company believes the fees under these programs are not indicative of the effort or
value of any investment management service. This is because investors do not receive any incremental benefit other than a guaranteed return as explained in the preceding bullet. The Company is able to retain the &#147;surplus gain&#148; as
management service fee for the QAF investment programs only because less contribution is needed for the QAF. Even though there is a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">life-to-date</FONT></FONT> asset position of the
derivative guarantee, the Company does not believe this represents the value of the Company&#146;s services that should be recorded as revenue. If there is significant adverse changes in the market, the Company will have a net liability position
which results in a loss in income statement. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on these considerations, the Company does not believe there are any other
elements of the contribution to the IRF not already identified that should be separately accounted for. Accordingly, the Company believes that the Day 1 gain as discussed in the response to comment 6 above should be entirely recognized in earnings
pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-30-6.</FONT></FONT></FONT> </P>

<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">September 12, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 12
 </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>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-35-17</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">35-18A</FONT> require consideration of
nonperformance risk in fair value measurements. Please tell us how your fair value measurement technique for the financial guarantee derivatives includes consideration of nonperformance risk, including the risk that the reserve fund will be
insufficient. </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 as discussed in the response to Comment 6, the IRF,
historically, has been priced to be able to absorb any adverse changes in the market. In the extreme scenario that the balance of IRF is insufficient to cover the underperformance of the relevant investment programs, the pay out from the IRF is
capped at the amount available in such fund. The Company believes that the risk of insufficient IRF balance is the risk of <FONT STYLE="white-space:nowrap">non-performance</FONT> of the Company, which has already been considered in determining the
discount rate used in the valuation technique. Please refer to the response to comment 4 for a detailed discussion on the determination of the discount rate, including how <FONT STYLE="white-space:nowrap">non-performance</FONT> risk is considered.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Part II. </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;8(a) Exhibits
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99.2 </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>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please have Grandall Law Firm to expand paragraph C. (iv)&nbsp;of its opinion to state that statements made in the Registration Statement on PRC taxation constitute counsel&#146;s opinion. </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 Grandall Law Firm has expanded paragraph C. (iv)&nbsp;of its opinion that the statement made
under the caption &#147;Regulation &#150; Regulations Relating to Tax&#148; and the caption &#147;Taxation &#150; People&#146;s Republic of China Taxation&#148; with respect to PRC tax laws and regulations constitute its legal opinion. The Exhibit
99.2 to the Revised Draft Registration Statement has been revised accordingly. </P>
<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>

<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">September 12, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 13
 </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" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Z. Julie Gao</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">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>
