<SEC-DOCUMENT>0001144204-18-038377.txt : 20180823
<SEC-HEADER>0001144204-18-038377.hdr.sgml : 20180823
<ACCEPTANCE-DATETIME>20180713174208
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-18-038377
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Opera Ltd
		CENTRAL INDEX KEY:			0001737450
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		GJERDRUMS VEI 19
		CITY:			OSLO
		STATE:			Q8
		ZIP:			0484
		BUSINESS PHONE:		47-2369-2400

	MAIL ADDRESS:	
		STREET 1:		GJERDRUMS VEI 19
		CITY:			OSLO
		STATE:			Q8
		ZIP:			0484
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">26th Floor, Gloucester Tower</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The Landmark</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">15 Queen&rsquo;s Road Central</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Hong Kong</P></TD>
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    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Telephone: +852 3761 3300<BR> Facsimile: +852 3761 3301</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<BR> www.kirkland.com</P></TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">David Zhang</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">To Call Writer Directly<BR>
        +852 3761 3318</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">david.zhang@kirkland.com</P></TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">July 13, 2018</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONFIDENTIAL </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Barbara C. Jacobs, Assistant Director<BR>
Ms. Folake Ayoola, Special Counsel<BR>
Mr. Stephen Krikorian, Accountant Branch Chief<BR>
Mr. Ryan John, Staff Accountant<BR>
Office of Information Technologies and Services<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

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

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Opera Limited<BR>
Amendment No. 1 to the Registration Statement on Form F-1<BR>
CIK No. 0001737450</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Dear Ms. Jacobs, Ms. Ayoola, Mr. Krikorian and Mr. John:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">Our client, Opera Limited (the &ldquo;<B><I>Company</I></B>&rdquo;),
a foreign private issuer incorporated with limited liability under the laws of the Cayman Islands, today publicly filed Amendment
No. 1 to its revised registration statement on Form F-1 (the &ldquo;<B><I>Amended Registration Statement</I></B>&rdquo;) as well
as certain exhibits hereto via EDGAR to the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;). To
facilitate your review, the Company is delivering to the staff of the Commission via hand delivery five courtesy copies of this
letter and the Amended Registration Statement, marked to show changes to the registration statement that was publicly filed on
June 29, 2018 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">The Company will commence its marketing
activities in connection with the offering on July 16, 2018. The Company plans to request the Staff&rsquo;s declaration of the
effectiveness of the Registration Statement as of July 26, 2018. The Company would appreciate the Staff&rsquo;s timely assistance
and support to the Company in meeting the proposed timetable for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">Furthermore,
in response to the Staff&rsquo;s comments contained in the Staff&rsquo;s letter dated July 12, 2018 on the Company&rsquo;s Registration
Statement, we set forth the Company&rsquo;s response below. The Staff&rsquo;s comment is repeated below in bold and is followed
by the Company&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: left; padding-top: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>PARTNERS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Pierre-Luc&nbsp;Arsenault<SUP>3</SUP>&nbsp;|
                                         Lai&nbsp;Yi&nbsp;Chau&nbsp;| Justin&nbsp;M.&nbsp;Dolling<SUP>6</SUP>&nbsp;| David&nbsp;Patrick&nbsp;Eich<SUP>1,5,6</SUP>&nbsp;|
                                         Liu&nbsp;Gan<SUP>2</SUP>&nbsp;| Damian&nbsp;C.&nbsp;Jacobs<SUP>6</SUP>&nbsp;| Guang&nbsp;Li<SUP>3</SUP>&nbsp;|
                                         Neil&nbsp;E.M.&nbsp;McDonald&nbsp;| Kelly&nbsp;Naphtali&nbsp;| Ram&nbsp;Narayan<SUP>3</SUP>&nbsp;|
                                         Nicholas&nbsp;A.&nbsp;Norris<SUP>6</SUP>&nbsp;| Derek&nbsp;K.W.&nbsp;Poon<SUP>3,6</SUP>&nbsp;|
                                         Paul&nbsp;S.&nbsp;Quinn&nbsp;| Richard&nbsp;C.C.&nbsp;Sharpe&nbsp;| Jesse&nbsp;D.&nbsp;Sheley<SUP>#</SUP>&nbsp;|
                                         Arthur&nbsp;K.H.&nbsp;Tso&nbsp;| Susan&nbsp;S.X.&nbsp;Wang&nbsp;| Li&nbsp;Chien&nbsp;Wong&nbsp;|
                                         Wanda&nbsp;T.K.&nbsp;Woo&nbsp;| Judy&nbsp;W.C.&nbsp;Yam&nbsp;| David&nbsp;Yun<SUP>6</SUP>&nbsp;|
                                         Jacqueline&nbsp;B.N.&nbsp;Zheng<SUP>3,6</SUP></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-top: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>REGISTERED
                                         FOREIGN LAWYERS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Daniel&nbsp;J.&nbsp;Abercromby<SUP>6</SUP>&nbsp;|
                                         Damien&nbsp;Coles<SUP>6</SUP>&nbsp;| Meng&nbsp;Ding<SUP>3</SUP>&nbsp;| Daniel&nbsp;Dusek<SUP>3</SUP>&nbsp;|
                                         David&nbsp;M.&nbsp;Irvine<SUP>6</SUP>&nbsp;| Hao-Chin&nbsp;Jeng<SUP>3</SUP>&nbsp;| Benjamin&nbsp;W.&nbsp;James<SUP>4</SUP>&nbsp;|
                                         Cori&nbsp;A.&nbsp;Lable<SUP>2</SUP>&nbsp;| Xiaoxi&nbsp;Lin<SUP>3</SUP>&nbsp;| Daniel&nbsp;R.&nbsp;Lindsey<SUP>6</SUP>&nbsp;|
                                         Daniel&nbsp;A.&nbsp;Margulies<SUP>6</SUP>&nbsp;| Peng&nbsp;Qi<SUP>3</SUP>&nbsp;| Robert&nbsp;P.H.&nbsp;Sandes<SUP>6</SUP>&nbsp;|
                                         Wenchen&nbsp;Tang<SUP>3</SUP>&nbsp;| Xiaoyao&nbsp;Yin<SUP>3</SUP>&nbsp;| David&nbsp;Zhang<SUP>3</SUP>&nbsp;|
                                         Yue&nbsp;Zhang<SUP>3</SUP></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>ADMITTED
IN:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><SUP>1</SUP>&nbsp;State&nbsp;of&nbsp;Illinois&nbsp;(U.S.A.); <SUP>2</SUP>&nbsp;Commonwealth&nbsp;of&nbsp;Massachusetts&nbsp;(U.S.A.);
<SUP>3</SUP>&nbsp;State&nbsp;of&nbsp;New&nbsp;York&nbsp;(U.S.A.); <SUP>4</SUP>&nbsp;State&nbsp;of&nbsp;Texas&nbsp;(U.S.A.); <SUP>5</SUP>&nbsp;State&nbsp;of&nbsp;Wisconsin&nbsp;(U.S.A.);
<SUP>6</SUP>&nbsp;England&nbsp;and&nbsp;Wales; <SUP>#</SUP>&nbsp;non-resident</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beijing&emsp;Boston&emsp;Chicago&emsp;Houston&emsp;London&emsp;Los&nbsp;Angeles&emsp;Munich&emsp;New&nbsp;York&emsp;Palo&nbsp;Alto&emsp;San&nbsp;Francisco&emsp;Shanghai&emsp;Washington,&nbsp;D.C.</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Office of Information<BR>
Technologies and Services<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
July 13, 2018<BR>
Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form F-1 filed June 29, 2018</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Enforceability of Civil Liabilities, page 48</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: left"><B><I>You state that your constitutional documents do
not contain provisions requiring that disputes, including those arising under the securities laws of the United States, between
Opera, your executive officers, directors and shareholders, be subject to arbitration. However, we note language in exhibits 10.8-10.10
(Subscription Agreements) filed with this F-1 relating to arbitration. Please revise your disclosure in the registration statement
to state, if true, that the arbitration provisions relate to the claims arising out of the contractual relationship created by
the Subscription Agreements, rather than claims under the United States federal securities laws and do not prevent shareholders
of the company who are parties to the agreement from pursuing claims under the United States federal securities laws.</I></B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">In response to the staff&rsquo;s
comment, the Company has revised the disclosure on page 48 of the Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management's Discussion and Analysis</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Results of Operations, page 68</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: left"><B><I>You introduce the terms &quot;high-ARPU markets&quot;
and &quot;high-ARPU Western markets.&quot; Please define these terms and identify the countries encompassed within these markets.
Further, in Note 4 (Revenue by customer location) on page F-22, please provide more context for the category of &quot;Other,&quot;
particularly given the significance of high-ARPU Western markets to overall revenue.</I></B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">In response to the staff&rsquo;s comments, the Company
has revised the disclosure on pages 69 and 71 of the Amended Registration Statement to clarify that high-ARPU markets and high-ARPU
Western markets both refer to Europe and the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">Further, the Company respectfully submits that our
operating revenue by country merely reflects the country of domicile for our direct source of revenues from our monetization partners,
which is not necessarily an indication of where user activity occurs. Our operating revenue generated from Ireland and Russia in
2016, 2017 and the three months ended March 31, 2018 was contributed by user activities worldwide, including users located in Europe
and the United States. The Company confirms that no other country exceeded 10% of our total operating revenues in 2016, 2017 and
the three months ended March 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Office of Information<BR>
Technologies and Services<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
July 13, 2018<BR>
Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Business, page 85</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: left"><B>You state that your mobile browsers are among the
market leaders in high growth regions such as South Asia, Southeast Asia and Africa, in terms of market share, according to StatCounter.
Please identify the countries that comprise the regions of South Asia and Southeast Asia.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">In response to the staff&rsquo;s
comment, the Company has added the definition of South Asia and Southeast Asia on page 7 of the Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to the Consolidated Financial Statements<BR>
Note 25 - Share-based payments, page F-43</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: left"><B><I>We note your response to prior comment 4. Expand
your disclosures in Note 25 to incorporate more of the information included in your response. In this regard, provide clear disclosure
that the RSUs awards will be replaced with awards issued by the parent company. Tell us why a factor of 0.4 is the share ratio
between Opera Limited and the 500 million shares assumed and explain whether a similar ratio is being applied to participant interest.
Further disclose your accounting for this transfer transaction. Refer to paragraph 28 of IFRS 2. In addition, revise footnote
5 to the summary information on page 12 to display how you calculated the RSUs outstanding while showing the impact of adjusting
by the factor of 0.4 for each reporting period. This footnote should further show the number of RSUs that are dilutive and the
number of RSUs that could potentially dilute basic EPS in the future.</I></B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">In response to the staff's comments,
the Company has revised Note 25 of the annual financial statements, and Note 11 to the unaudited condensed interim consolidated
financial statements, to clarify that the RSU awards were granted by Kunhoo Software Limited (Hong Kong), an intermediate holding
company, and to disclose the mechanisms for transferring the RSU program to the new issuer company (Opera Limited) as provided
under the terms of the awards at the grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">The conversion factor is determined
by dividing 200 million outstanding shares in Opera Limited, by the 500 million shares assumed under the RSU plan (200 million
shares/500 million shares = 0.4). The same conversion factor will be used to determine the number of RSU's that plan participants
will receive in Opera Limited based upon their Kunhoo Software Limited (Hong Kong) RSU awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Office of Information<BR>
Technologies and Services<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
July 13, 2018<BR>
Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">The transfer of awards from Kunhoo
Software Limited (Hong Kong) to Opera Limited in the event of an IPO is included in the terms of the original plan document.&nbsp;
Accordingly, the transfer is not accounted for as a cancellation or settlement of the awards under IFRS 2 paragraph 28, and the
transfer will have no direct accounting effect in the consolidated financial statements. The Company has revised its disclosure
to note 11 to the unaudited condensed interim consolidated financial statements to clarify the accounting treatment of the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">The Company has further revised
footnote 5 on pages 12 and 54 of the Amended Registration Statement to provide the requested additional information about the RSUs
outstanding, conversion of the RSUs and dilutive and potentially dilutive RSUs following the program&rsquo;s transfer to Opera
Limited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">If you have any questions regarding the
Amended Registration Statement, please contact me at david.zhang@kirkland.com, +852 3761 3318 (work) or +852 9124 8324 (cell),
or Ben James at ben.james@kirkland.com, +852 3761 3412 (work) or +852 5183 3813 (cell). Questions pertaining to accounting and
auditing matters may be directed to Frode Jacobsen, Chief Financial Officer, at frodej@opera.com, +47 975 77 930 (cell).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">Thank you for your time and attention.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>/s/ David Zhang</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>David T. Zhang</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">c.c.</TD><TD STYLE="text-align: justify">Yahui Zhou, Chairman of the Board and Chief Executive
Officer, Opera Limited</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.5in">Frode
Jacobsen, Chief Financial Officer, Opera Limited<BR>
Aaron McParlan, Esq., General Counsel, Opera Limited<BR>
Ben James, Esq., Partner, Kirkland &amp; Ellis International LLP<BR>
&#9;Dan Ouyang, Esq. Partner, Wilson Sonsini Goodrich &amp; Rosati<BR>
Weiheng Chen, Esq., Partner, Wilson Sonsini Goodrich &amp; Rosati</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

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