<SEC-DOCUMENT>0001193125-22-173388.txt : 20221020
<SEC-HEADER>0001193125-22-173388.hdr.sgml : 20221020
<ACCEPTANCE-DATETIME>20220614061907
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-173388
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Youdao, Inc.
		CENTRAL INDEX KEY:			0001781753
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		NO. 399, WANGSHANG ROAD
		CITY:			BINJIANG DISTRICT, HANGZHOU
		STATE:			F4
		ZIP:			310051
		BUSINESS PHONE:		86 0571-8985-2163

	MAIL ADDRESS:	
		STREET 1:		8/F, CHUANG'S TOWER
		STREET 2:		30-32 CONNAUGHT ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 14, 2022 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade
&amp; Services</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities &amp; Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F Street, NE</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P></TD></TR>
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<TD VALIGN="top">Re:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Youdao, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Post-Effective Amendment No. 2 to
the Registration Statement on Form F-3 Filed April 28, 2022</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">File No. 333-252936</P></TD></TR>
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<TD VALIGN="top"><I>Attn:</I><I></I></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><I>Division of Corporation Finance</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Office of Trade &amp; Services</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Stacey K. Peikin and Mara Ransom: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter sets forth the responses of Youdao, Inc. (&#147;Youdao&#148; or the &#147;Company&#148;) to the comments the
Company received from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) in a letter dated May 27, 2022. Concurrently with the submission of this letter, the Company is filing a post-effective
amendment No.&nbsp;3 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (the &#147;Amendment No.&nbsp;3&#148;) and certain exhibit via EDGAR to the Commission for review in accordance with the procedures of the
Commission. We have included herein the comments in bold, and the Company&#146;s responses are set forth immediately below the comments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
respectfully submits to the Staff that it believes that the disclosures requested in the Staff&#146;s comments below have been substantially addressed in the Company&#146;s annual report for the year ended December&nbsp;31, 2021 on Form <FONT
STYLE="white-space:nowrap">20-F</FONT> filed with the Commission on April&nbsp;28, 2022 (the &#147;Incorporated <FONT STYLE="white-space:nowrap">20-F&#148;),</FONT> which is incorporated by reference in the prospectus contained in the Registration
Statement. Therefore, the Company believes that the Registration Statement has contained the necessary disclosures in relation to the Company&#146;s operations in China and the related risks. With that being said, the Company has revised the
Registration Statement to repeat the existing disclosures in the Incorporated <FONT STYLE="white-space:nowrap">20-F</FONT> that address the comments below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Post-Effective Amendment No.&nbsp;2 to Form <FONT STYLE="white-space:nowrap">F-3</FONT> filed April&nbsp;28, 2022 </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Cover Page </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Where you discuss legal and operational
risks associated with being based in or having the majority of the company&#146;s operations in China, please expand to provide the following disclosure: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Clarify whether these risks could result in a material change in your operations and/or the&nbsp;value of the securities you are registering for sale or
could significantly limit or completely hinder your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover
page of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Address how recent statements and regulatory actions by China&#146;s government, such as those related to
the use of variable interest entities and data security or anti-monopoly concerns, have or may impact the company&#146;s ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover
page of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Where you discuss the Holding Foreign Companies Accountable Act
(&#147;HFCAA&#148;), please discuss the Accelerating HFCAA and disclose whether your auditor is subject to the determinations announced by the&nbsp;PCAOB on December&nbsp;16, 2021; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover
page of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For each legal and operational risk discussed, provide more detailed risk
factors in a separately captioned section in your prospectus and provide cross-references to the individual risk factors. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover page and the Risk Factors section from page 29 to page 39 of the Amendment No.&nbsp;3 in response to the
Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Where you describe&nbsp;how you will refer to the holding company, subsidiaries, and VIEs, we note you are defining
&#147;we,&#148; &#147;us,&#148; &#147;our,&#148; or &#147;Youdao&#148; to refer to Youdao, the U.S. holding company, in certain contexts, and to refer to the VIEs and their subsidiaries in other contexts. Please revise&nbsp;your disclosure
throughout the prospectus to&nbsp;clearly differentiate, at all times, between the holding company and the operating&nbsp;subsidiaries, and refrain from using&nbsp;terms such as &#147;we&#148; or &#147;our&#148; when describing activities or
functions of a VIE.&nbsp;The meaning of a defined term should not depend on the context in which the&nbsp;term is used, but instead should be clear on&nbsp;its face. For example, throughout the prospectus, it should be explicit that your operations
are conducted by your operating&nbsp;subsidiaries and not by your holding&nbsp;company.</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover page and page 1 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. The Company respectfully
advises the Staff that it has revised the definition of &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; or &#147;Youdao&#148; to refer to only the holding company and its subsidiaries, unless otherwise indicated. The Company has revised the
disclosure throughout the prospectus to clearly differentiate the holding company and its subsidiaries on one hand and the VIEs on the other. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Disclose, if true, that your subsidiaries and/or the VIE conduct operations in China, that the VIE is consolidated for accounting purposes but is not an
entity in which you own equity, and that the holding company does not conduct operations.</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover page of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Disclose clearly the entity (including the domicile) in which investors are purchasing an interest. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover page of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3. We note your disclosure that the Cayman Islands holding company depends on certain contractual arrangements with the VIEs to operate a significant
portion of its business and that this structure allows it to exercise effective control over the VIEs&nbsp;and be considered the primary beneficiary of the VIEs.&nbsp;However, neither the investors in the holding company nor the holding company
itself have an equity ownership in, direct foreign investment in, or control of, through such ownership or investment, the VIEs. Accordingly, please refrain from implying that the contractual agreements are equivalent to equity ownership in the
business of the VIEs. Any references to control or benefits that accrue to you because of the VIEs should be limited to a clear description of the conditions you have satisfied for consolidation of the VIEs under U.S. GAAP. Additionally, your
disclosure should clarify that you are the primary beneficiary of the VIEs for accounting purposes. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover page, page 1, page 4 to page 6, and page 34 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. Where you discuss how cash is transferred through your organization: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>In addition to dividends, state whether any transfers or distributions have been made to the holding company, its subsidiaries, and consolidated VIEs, or to
investors, and quantify the amounts where applicable. We note your disclosure that in 2020 and 2021, Youdao, Inc. extended loans to Youdao Information.&nbsp;Expand your disclosure to quantify the amounts of these loans and quantify any other
transfers or distributions that have been made from the holding company to its subsidiaries, consolidated VIEs, or to investors where applicable;</B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover
page of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>State that, to the extent cash in the business is in the PRC or a PRC
entity, the funds&nbsp;may not be available to fund operations or for other use outside of the PRC due to interventions in or the imposition of restrictions and limitations on the ability of you, your subsidiaries, or the consolidated VIEs by the
PRC government to transfer cash. Please amend your disclosure here and in the summary risk factors and risk factors sections to contain this disclosure and on the cover page, provide cross-references to these other discussions; and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover
page, page 27 and page 41 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Provide cross-references to the condensed consolidating
schedule, discussed below, and the consolidated financial statements. In addition, where you discuss whether there are limitations on your ability to transfer cash between you, your subsidiaries, the consolidated VIEs or investors, provide a
cross-reference to your discussion of this issue in your summary, summary risk factors, and risk factors sections, as well. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover page of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. Please revise the cover page, prospectus summary and risk factors to state that you have been included
on the conclusive list of issuers identified under the HFCAA on our website, and acknowledge the ramifications of such identification, including volatility in the trading price of your ADSs. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on the cover
page, page 24 and page 44 to page 45 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Prospectus Summary, page i </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. Please revise to add a prospectus summary and address the following comments in that section. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 4 to
page 27 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. Disclose clearly that the company uses a structure that involves a VIE
based in China and what that entails, and provide early in the summary a diagram of the company&#146;s corporate structure, identifying the person or entity that owns the equity in each depicted entity. Describe all contracts and arrangements
through which you claim to have economic rights and exercise control that results in consolidation of the VIE&#146;s operations and financial results into your financial statements. Identify clearly the entity in which investors are purchasing their
interest and the entity(ies) in which the company&#146;s operations are conducted. Describe the relevant contractual agreements between the entities and how this type of corporate structure may affect investors and the value of their investment,
including how and why the contractual arrangements may be less effective than direct ownership and that the company may incur substantial costs to enforce the terms of the arrangements. Disclose the uncertainties regarding the status of the rights
of the Cayman Islands holding company with respect to its contractual arrangements with the VIE, its founders and owners, and the challenges the company may face enforcing these contractual agreements due to legal uncertainties and jurisdictional
limits. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure
on page 4 to 10 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. Please move your summary of risk factors to this section and
revise your disclosure to individually and specifically identify risks arising from the legal system in China in separate and specific risk factors, including all of the risks identified in comment 1.</B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 25 to
page 27 and page 29 to page 52 and of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Also discuss the risks and uncertainties
regarding the enforcement of laws and that rules and regulations in China can change quickly with little advance notice and the risk that the Chinese government may intervene or influence your operations at any time, or may exert more control over
offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in your operations and/or the value of the securities you are registering for sale. Acknowledge any risks that any actions by the
Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers could significantly limit or completely hinder your ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 4 to page 5, page 9 to page 12, page 32 to page 33, and page 39 to page 40 of the Amendment No.&nbsp;3 in response to
the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Provide cross-references&nbsp;to the more detailed discussion of these risks in the prospectus and include the header and
page number of the risk factor to which you are referencing. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 5 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Disclose each permission or approval that you, your subsidiaries, or the VIEs are required to obtain from Chinese authorities to operate your business
and to offer the securities being registered to foreign investors. State whether you, your subsidiaries, or VIEs are covered by permissions requirements from the China Securities Regulatory Commission (CSRC), Cyberspace Administration of China (CAC)
or any other governmental agency that is required to approve the VIE&#146;s operations, and state affirmatively whether you have received all requisite permissions or approvals and whether any permissions or approvals have been denied. Please also
describe the consequences to you and your investors if you, your subsidiaries, or the VIEs: (i)&nbsp;do not receive or maintain such permissions or approvals, (ii)&nbsp;inadvertently conclude that such permissions or approvals are not required, or
(iii)&nbsp;applicable laws, regulations, or interpretations change and you are required to obtain such permissions or approvals in the future. Explain the basis for your conclusions. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has disclosed the information
requested by the Staff, with support from its PRC legal counsel, in the prospectus. Please refer to the disclosure on page 9 to 10 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10. We note that the consolidated VIEs constitute a material part of your consolidated financial statements. Please provide in tabular form a condensed
consolidating schedule that disaggregates the operations and depicts the financial position, cash flows, and results of operations as of the same dates and for the same periods for which audited consolidated financial statements are required. The
schedule should present major line items, such as revenue and cost of goods/services, and subtotals and disaggregated intercompany amounts, such as separate line items for intercompany receivables and investment in subsidiary. The schedule should
also disaggregate the parent company, the VIEs and its consolidated subsidiaries, the WFOEs that are the primary beneficiary of the VIEs, and an aggregation of other entities that are consolidated. The objective of this disclosure is to allow an
investor to evaluate the nature of assets held by, and the operations of, entities apart from the VIE, as well as the nature and amounts associated with intercompany transactions. Any intercompany amounts should be presented on a gross basis and
when necessary, additional disclosure about such amounts should be included in order to make the information presented not misleading. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 12 to page 20 of the Amendment
No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. Provide a clear description of how cash is transferred through your organization. Disclose
your intentions to distribute earnings or settle amounts owed under the VIE agreements. Quantify any cash flows and transfers of other assets by type that have occurred between the holding company, its subsidiaries, and the consolidated VIEs, and
direction of transfer. Quantify any dividends or distributions that a subsidiary or consolidated VIE have made to the holding company and which entity made such transfer, and their tax consequences. Similarly quantify dividends or distributions made
to U.S. investors, the source, and their tax consequences. Your disclosure should make clear if no transfers, dividends, or distributions have been made to date. Describe any restrictions on foreign exchange and your ability to transfer cash between
entities, across borders, and to U.S. investors. Describe any restrictions and limitations on your ability to distribute earnings from the company, including your subsidiaries and/or the consolidated VIEs, to the parent company and U.S. investors as
well as the ability to settle amounts owed under the VIE agreements.&nbsp;Provide cross-references to the condensed consolidating schedule and the consolidated financial statements. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Please refer
to the disclosure on page 21 to page 23 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. Disclose that trading in your
securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or investigate completely your auditor, and that as a result an exchange may determine to delist your securities.
Disclose whether your auditor is subject to the determinations announced by the PCAOB on December&nbsp;16, 2021. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 24 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Risk Factors, page 5 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13. Include a risk factor to
specifically acknowledge that if the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations, or if these regulations change or are interpreted differently in the future,
the securities you are registering may decline in value or become worthless if the determinations, changes, or interpretations result in your inability to assert contractual control over the assets of your PRC subsidiaries or the VIEs that conduct
all or substantially all of your operations. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 34 to page 39 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14. Include a risk factor that discusses the implications to you under the Holding Foreign Companies Accountable Act. Ensure that it discloses that the
United States Senate has passed the Accelerating Holding Foreign Companies Accountable Act which, if enacted, would decrease the number of <FONT STYLE="white-space:nowrap">&#147;non-inspection</FONT> years&#148; from three years to two years, and
thus, would reduce the time before your securities may be prohibited from trading or delisted..&nbsp;Acknowledge that the Commission adopted rules to implement the HFCAA and that, pursuant to the HFCAA, the PCAOB has issued its report notifying the
Commission of its determination that it is unable to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 44 to page 45 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15. Given the Chinese government&#146;s significant oversight and discretion over the conduct of your business, please revise to highlight separately the
risk that the Chinese government may intervene or influence your operations at any time, which could result in a material change in your operations and/or the value of the securities you are registering. Also, given recent statements by the Chinese
government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, acknowledge the risk that any such action could significantly limit or completely hinder
your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 32 to
page 33, and page 39 to page 40 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>16. In light of recent events indicating greater
oversight by the Cyberspace Administration of China (CAC) over data security, particularly for companies seeking to list on a foreign exchange, please revise your disclosure to explain how this oversight impacts your business and your offering and
to what extent you believe that you are compliant with the regulations or policies that have been issued by the CAC to date, including the regulations that went into effect on February 15. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the disclosure on page 11, page
29 to page 30, and page 33 of the Amendment No.&nbsp;3 in response to the Staff&#146;s comment. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have further questions or comments regarding, or require further information or clarification of, any
of the responses provided in this letter or if the Commission has any questions with respect to Youdao Inc.&#146;s Amendment No.&nbsp;3, please contact the undersigned or Li He (Tel: <FONT STYLE="white-space:nowrap">+852-2533-3306)</FONT> and Kevin
Zhang (Tel: <FONT STYLE="white-space:nowrap">+852-2533-3384)</FONT> of Davis Polk&nbsp;&amp; Wardwell LLP. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="25%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Sincerely yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Youdao, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Feng Zhou</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Feng Zhou</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">cc: Li He</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Davis Polk&nbsp;&amp; Wardwell LLP</P></TD></TR>
</TABLE>
</DIV></Center>

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