<SEC-DOCUMENT>0000950123-19-006584.txt : 20200110
<SEC-HEADER>0000950123-19-006584.hdr.sgml : 20200110
<ACCEPTANCE-DATETIME>20190723170601
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-19-006584
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EHang Holdings Ltd
		CENTRAL INDEX KEY:			0001759783
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING #C, YIXIANG TECHNOLOGY PARK
		STREET 2:		NO.72, NANXIANG 2ND ROAD
		CITY:			GUANGZHOU
		STATE:			F4
		ZIP:			510700
		BUSINESS PHONE:		8602029028899

	MAIL ADDRESS:	
		STREET 1:		BUILDING #C, YIXIANG TECHNOLOGY PARK
		STREET 2:		NO.72, NANXIANG 2ND ROAD
		CITY:			GUANGZHOU
		STATE:			F4
		ZIP:			510700
</SEC-HEADER>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will H. Cai </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+852 3758 1210
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">wcai@cooley.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">July 23, 2019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Confidential </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Melissa Gilmore </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Doug Jones </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Michael Killoy </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;James Lopez </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Washington,
D.C., 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;EHang Holdings Limited (CIK No.&nbsp;0001759783) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response to the Staff&#146;s Comments on the Draft Registration </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><U>Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> Confidentially Submitted on June</U><U></U><U>&nbsp;10, 2019</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Gilmore, Mr.&nbsp;Jones, Mr.&nbsp;Killoy and Mr.&nbsp;Lopez: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, EHang Holdings Limited, a foreign private issuer organized under the laws of the Cayman Islands (the
&#147;<B>Company</B>&#148;), we submit to the staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) this letter setting forth the Company&#146;s responses to the comments contained in the
Staff&#146;s letter dated July&nbsp;5, 2019 on the Company&#146;s draft registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> confidentially submitted on June&nbsp;10, 2019 (the &#147;<B>Draft Registration Statement</B>&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the submission of this letter, the Company is submitting its revised draft registration statement on Form <FONT
STYLE="white-space:nowrap">F-1</FONT> (the &#147;<B>Revised Draft Registration Statement</B>&#148;) and certain exhibits via EDGAR to the Commission for confidential 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, the Company has separately delivered to the Staff today five courtesy copies of the Revised Draft
Registration Statement, marked to show changes to the Draft Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has responded to the Staff&#146;s
comments by revising the Draft Registration Statement to address the comments, by providing an explanation if the Company has not so revised the Draft Registration Statement, or by providing supplemental information as requested. The Staff&#146;s
comments are repeated below in bold and are followed by the Company&#146;s responses. The Company has included page references to the Revised Draft Registration Statement where the language addressing a particular comment appears. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley HK </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registered Foreign Law Firm in Hong Kong (USA) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">In Association with Cai, Lee &amp; Partners </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Room 1601, Level 16 Two ChinaChem Central, 26 Des Voeux Road Central, Central, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: + 852 3758 1200 f: + 852 3758 1201 cooley.com </P>

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<TD VALIGN="top" ALIGN="right"><B>Privileged &amp; Confidential</B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EHang Holdings Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 23, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used but not otherwise defined herein have the meanings set forth in the
Revised Draft Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary, page 1 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;We note the statement on page 1 that your mission is to make safe, autonomous and ecofriendly air mobility &#147;accessible to
everyone.&#148; You refer to PRC and US regulations, which appear to pose significant restrictions on your business model, but it is unclear to what extent your short and long term plans are to focus on a single or multiple jurisdictions. Please
revise to clarify the geographic scope of your planned operations and the extent to which failure to liberalize current regulations would have a significant impact on the demand for your products. If your short or long term plans involve sales of
aerial vehicles in the US and Germany, please reconcile with the statement on page 30 that you &#147;decided to exit the consumer drone market in these countries.&#148; </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 4 of the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that its future plans do not include the manufacture and sale of consumer drones. Consumer drones
are <FONT STYLE="white-space:nowrap">non-autonomous,</FONT> <FONT STYLE="white-space:nowrap">non-passenger-grade</FONT> UAVs marketed to general consumers, typically for recreational purposes. The Company has exited the consumer drone market,
including in the United States and Germany, and focuses on AAVs, which are autonomous UAVs. The Company&#146;s AAVs include both passenger-grade and <FONT STYLE="white-space:nowrap">non-passenger-grade</FONT> models, which are primarily marketed to
businesses. The Company may in the future sell its AAVs and related services in the United States and/or Germany. However, the business model for selling AAVs and related services is substantially different from that for selling consumer drones.
Such future sales, if any, cannot be effectively supported by the Company&#146;s former subsidiaries in these countries as they existed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley HK </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registered Foreign Law Firm in Hong Kong (USA) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">In Association with Cai, Lee &amp; Partners </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Room 1601, Level 16 Two ChinaChem Central, 26 Des Voeux Road Central, Central, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: + 852 3758 1200 f: + 852 3758 1201 cooley.com </P>

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<TD VALIGN="top" ALIGN="right"><B>Privileged &amp; Confidential</B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EHang Holdings Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 23, 2019 </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>Capitalization, page 63 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Please update the Capitalization table as of a date no earlier than 60 days prior to the date of the document. See Item 4(a) of
Form <FONT STYLE="white-space:nowrap">F-1</FONT> and Item 3(b) of Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
respectfully refers to the guidance entitled <I>International Reporting and Disclosure Issues in the Division of Corporation Finance</I> published by the Commission on November&nbsp;1, 2004<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>.
After acknowledging that &#147;Item 3.B of Form <FONT STYLE="white-space:nowrap">20-F</FONT> requires a capitalization table prepared as of a date within 60 days of the effectiveness of a registration statement,&#148; Section III.B.f of the guidance
continues to state that &#147;consistent with historical practice, the staff will not object if a foreign private issuer presents its capitalization table as of the same date as the most recent balance sheet required in the registration
statement.&#148; Relying on this guidance by the Commission, the Company prepared a capitalization table as of December&nbsp;31, 2018, which is the date of its most recent balance sheet and is less than nine months from the date of the Draft
Registration Statement as required by Item 8 of Form <FONT STYLE="white-space:nowrap">20-F.</FONT> The Company intends to update its financial information to include a balance sheet and a capitalization table as of June&nbsp;30, 2019 in due course.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis, page 76 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Please revise page 87 and where appropriate to clarify the material impact of the PRC requirement to &#147;fund certain statutory
reserve funds.&#148; For example, please quantify your status with respect to the 50% of registered capital requirement and clarify the impact this has on your liquidity. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 87 of the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Business, page 99 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;We
note the statement on page 14 that &#147;regulations do not currently permit the commercial use of our passenger-grade AAVs.&#148; Please revise &#147;commercialization status&#148; on page 102 and relevant disclosure in MD&amp;A to clarify
(1)&nbsp;how regulations currently affect the nature of your existing sales and (2)&nbsp;the extent to which regulations must be revised in order for you to implement your business model. In this regard, it appears that a significant percentage of
your contracts contain conditions or provisions whereby you or the customer must obtain regulatory approval before you recognize substantially all revenue under the contract. Your revised disclosure should clarify the extent to which your sales are
conditioned on changes to regulations and the expected timeline for any such changes. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the disclosure on pages 14, 77, 103, 110 and 114 of the Revised Draft Registration Statement. The Company is mindful of the significant uncertainty of its future revenues from sales of passenger-grade AAVs given the
time-consuming and uncertain nature of the process to obtain required regulatory approvals. To mitigate any undue optimism of potential investors, the Company has refrained from highlighting the sales volume it has conditionally contracted with its
customers. Instead, the Company prominently discloses unfilled purchase orders already received from customers for its passenger-grade AAVs, which are not conditional on regulatory approval or subject to other material foreseeable uncertainty. </P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>https://www.sec.gov/divisions/corpfin/internatl/cfirdissues1104.htm</U>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley HK </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registered Foreign Law Firm in Hong Kong (USA) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">In Association with Cai, Lee &amp; Partners </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Room 1601, Level 16 Two ChinaChem Central, 26 Des Voeux Road Central, Central, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: + 852 3758 1200 f: + 852 3758 1201 cooley.com </P>

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<TD VALIGN="top" ALIGN="right"><B>Privileged &amp; Confidential</B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EHang Holdings Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 23, 2019 </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>5.&nbsp;&nbsp;&nbsp;&nbsp;We note the reference on page 147 to your disclosure here regarding your
contractual agreements with the VIE and shareholders. Please revise to provide complete disclosure of the material terms. For example, please disclose the amounts of outstanding loans. See Item 7.B. of Form
<FONT STYLE="white-space:nowrap">20-F.</FONT> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it had disclosed all material terms of
the contractual agreements with its VIE and such VIE&#146;s shareholders on pages 70 and 71 of the Draft Registration Statement, as cross-referenced on page 147 of the Draft Registration Statement. In response to the Staff&#146;s comment, the
Company has revised the disclosure on page 71 of the Revised Draft Registration Statement to clarify that the full amount of the loans granted by the Company to its VIE&#146;s shareholders remains outstanding. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Compensation of Directors and
Executive Officers, page 143 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Please disclose the amount of compensation paid on an individual basis to your directors
and executive officers to the extent required by the home country or otherwise disclosed. See Item 4(a) of Form <FONT STYLE="white-space:nowrap">F-1</FONT> and Item 6(b) of Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 144 of the Revised Draft Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Principal and Selling Shareholders, page 145 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Please state whether the major shareholders have different voting rights, or an appropriate negative statement. See Item 4(a) of
Form <FONT STYLE="white-space:nowrap">F-1</FONT> and Item 7(a)(1)(c) of Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
respectfully advises the Staff that its major shareholders currently do not have different voting rights other than the customary right to approve certain corporate matters granted to holders of certain classes of preferred shares, which will
terminate upon the completion of the proposed offering. The Company is evaluating the merits of a dual-class share structure with different voting rights. When a decision is reached, the Company will revise the Draft Registration Statement to either
disclose such dual-class share structure or include an appropriate negative statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley HK </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registered Foreign Law Firm in Hong Kong (USA) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">In Association with Cai, Lee &amp; Partners </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Room 1601, Level 16 Two ChinaChem Central, 26 Des Voeux Road Central, Central, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: + 852 3758 1200 f: + 852 3758 1201 cooley.com </P>

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>Privileged &amp; Confidential</B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EHang Holdings Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 23, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibits </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Please file the employment agreements and indemnification agreements that you have entered into with your executive officers and
directors. See Instruction 4(c) to Exhibits on Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s
comment, the Company has filed forms of the employment agreements and indemnification agreements that the Company has entered into or expects to enter into with its executive officers and directors as Exhibits 10.3 and 10.2, respectively, to its
Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;We note the description on pages 17 and <FONT
STYLE="white-space:nowrap">F-27</FONT> of your relationship with a U.S. Biotechnology customer. Please file the contracts with this customer under Item 8 of Form <FONT STYLE="white-space:nowrap">F-1.</FONT> Please also advise us whether the
arrangements with the Yonghui Group and DHL are material contracts under Item 8. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company plans to file in a later submission its
contracts with (i)&nbsp;the U.S. biotechnology customer referenced by the Staff and (ii)&nbsp;a PRC AAV distributor, in each case as may be amended and/or restated, as exhibits to its Registration Statement on Form
<FONT STYLE="white-space:nowrap">F-1</FONT> once appropriate consent has been obtained from such customers, with certain provisions redacted as allowed by Item 601(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the Company does not believe its contracts with Yonghui Group and <FONT
STYLE="white-space:nowrap">DHL-Sinotrans</FONT> are material contracts under Item 601 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> The Company&#146;s cooperation with Yonghui accounted for less than 2% of its total revenues in 2018 and
is expected to account for less than 1% of its total revenues in 2019. The Company&#146;s cooperation with <FONT STYLE="white-space:nowrap">DHL-Sinotrans</FONT> is expected to account for less than 3% of its total revenues in 2019. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;Please
provide a copy of the Frost&nbsp;&amp; Sullivan report and advise us of the page numbers where information appears supporting the statements you make in the prospectus, for example in the second to last paragraph on page 3. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company encloses as Annex I an index that sets forth the relevant industry and market data from
Frost&nbsp;&amp; Sullivan and page numbers of the Revised Draft Registration Statement where such information appears, with cross-references to the Frost&nbsp;&amp; Sullivan report. The Company is also delivering to you today five copies of the
Frost&nbsp;&amp; Sullivan report. Pursuant to Rule 418(b) of the Securities Act, the Company respectfully requests that the Staff return such report upon the completion of its review. </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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; * </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registered Foreign Law Firm in Hong Kong (USA) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">In Association with Cai, Lee &amp; Partners </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Room 1601, Level 16 Two ChinaChem Central, 26 Des Voeux Road Central, Central, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: + 852 3758 1200 f: + 852 3758 1201 cooley.com </P>

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</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">wcai@cooley.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Will H. Cai</P></TD></TR>
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<TD VALIGN="top">Will H. Cai</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>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Huazhi Hu, Chairman and Chief Executive Officer, EHang Holdings Limited </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Richard Jian Liu, Chief Financial Officer, EHang Holdings Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ben Yang, Partner, Ernst&nbsp;&amp; Young Hua Ming LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Benjamin Su, Esq., Partner, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dominik Sklenar, Esq., Partner, Latham&nbsp;&amp; Watkins LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley HK </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registered Foreign Law Firm in Hong Kong (USA) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">In Association with Cai, Lee &amp; Partners </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Room 1601, Level 16 Two ChinaChem Central, 26 Des Voeux Road Central, Central, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: + 852 3758 1200 f: + 852 3758 1201 cooley.com </P>

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