<SEC-DOCUMENT>0001193125-22-134267.txt : 20220811
<SEC-HEADER>0001193125-22-134267.hdr.sgml : 20220811
<ACCEPTANCE-DATETIME>20220429171732
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-134267
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMTD Digital Inc.
		CENTRAL INDEX KEY:			0001809691
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		#13-02 CECIL COURT
		STREET 2:		138 CECIL STREET
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			069538
		BUSINESS PHONE:		65

	MAIL ADDRESS:	
		STREET 1:		#13-02 CECIL COURT
		STREET 2:		138 CECIL STREET
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			069538
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">S<SMALL>KADDEN</SMALL>, A<SMALL>RPS</SMALL>, S<SMALL>LATE</SMALL>, M<SMALL>EAGHER</SMALL>&nbsp;&amp; F<SMALL>LOM</SMALL></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="center">AFFILIATE OFFICES</TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">&#19990;&#36948;&#22283;&#38555;&#24459;&#24107;&#20107;&#21209;&#25152;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&#151;&#151;&#151;</TD></TR>
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<TD VALIGN="top"><U>P<SMALL>ARTNERS</SMALL></U><SMALL></SMALL></TD>
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<TD VALIGN="top" ALIGN="center">BOSTON</TD></TR>
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<TD VALIGN="top">G<SMALL>EOFFREY</SMALL> C<SMALL>HAN</SMALL> *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">42/F, EDINBURGH TOWER, THE LANDMARK</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">CHICAGO</TD></TR>
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<TD VALIGN="top">S<SMALL>HU</SMALL> D<SMALL>U</SMALL> *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">15 QUEEN&#146;S ROAD CENTRAL, HONG KONG</TD>
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<TD VALIGN="top" ALIGN="center">HOUSTON</TD></TR>
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<TD VALIGN="top">A<SMALL>NDREW</SMALL> L. F<SMALL>OSTER</SMALL> *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="center">LOS ANGELES</TD></TR>
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<TD VALIGN="top">C<SMALL>HI</SMALL> T. S<SMALL>TEVE</SMALL> K<SMALL>WOK</SMALL> *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&#151;&#151;&#151;</TD>
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<TD VALIGN="top" ALIGN="center">NEW YORK</TD></TR>
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<TD VALIGN="top">E<SMALL>DWARD</SMALL> H.P. L<SMALL>AM</SMALL> &#9670;*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">TEL: (852) 3740-4700</TD>
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<TD VALIGN="top" ALIGN="center">PALO ALTO</TD></TR>
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<TD VALIGN="top">H<SMALL>AIPING</SMALL> L<SMALL>I</SMALL> *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FAX: (852) 3740-4727</TD>
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<TD VALIGN="top" ALIGN="center">WASHINGTON, D.C.</TD></TR>
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<TD VALIGN="top">R<SMALL>ORY</SMALL> M<SMALL>C</SMALL>A<SMALL>LPINE&#9670;</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">www.skadden.com</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">WILMINGTON</TD></TR>
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<TD VALIGN="top">J<SMALL>ONATHAN</SMALL> B. S<SMALL>TONE</SMALL> *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&#151;&#151;&#151;</TD></TR>
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<TD VALIGN="top">K<SMALL>AI</SMALL> S<SMALL>UN</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="center">BEIJING</TD></TR>
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<TD VALIGN="top">P<SMALL>ALOMA</SMALL> P. W<SMALL>ANG</SMALL></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">BRUSSELS</P></TD></TR>
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<TD VALIGN="top">&#9670; (A<SMALL>LSO</SMALL> A<SMALL>DMITTED</SMALL> <SMALL>IN</SMALL> E<SMALL>NGLAND</SMALL>&nbsp;&amp; W<SMALL>ALES</SMALL>)</TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">FRANKFURT</P></TD></TR>
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<TD VALIGN="top">* (A<SMALL>LSO</SMALL> A<SMALL>DMITTED</SMALL> <SMALL>IN</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL>)</TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">LONDON</P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">MUNICH</P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">PARIS </P></TD></TR>
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<TD VALIGN="top"><U>R<SMALL>EGISTERED</SMALL> F<SMALL>OREIGN</SMALL> L<SMALL>AWYER</SMALL></U><SMALL></SMALL></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">SEOUL</P></TD></TR>
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<TD VALIGN="top">Z. J<SMALL>ULIE</SMALL> G<SMALL>AO</SMALL> (C<SMALL>ALIFORNIA</SMALL>)</TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">SHANGHAI</P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">SINGAPORE</P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">TOKYO</P></TD></TR>
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<TD VALIGN="top" ALIGN="center">April 29, 2022</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Susan Block </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Stickel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Spitz </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Ben Phippen </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C., 20549 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AMTD Digital Inc. (CIK No.&nbsp;0001809691) </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (Registration No.</U><U></U><U>&nbsp;333-256322) </U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Block, Mr.&nbsp;Stickel, Mr.&nbsp;Spitz, and Mr.&nbsp;Phippen, </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, AMTD Digital Inc., 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 March&nbsp;3, 2022 on the Company&#146;s Amendment No.&nbsp;11 to registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on January&nbsp;7, 2022 (the &#147;<B>Staff Letter</B>&#148;). Concurrently
with the submission of this letter, the Company is filing herewith Amendment No.&nbsp;12 to the Company&#146;s registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (the &#147;<B>Registration Statement</B>&#148;) via EDGAR to
the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the Company, together with the underwriters, plans to file the joint
acceleration requests as soon as the Staff&#146;s comments are cleared. The Company would appreciate the Staff&#146;s continued assistance to help the Company meet its goal. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;29, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comments in the Staff Letter </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Staff&#146;s comments from the Staff Letter are repeated below in bold and are followed by the Company&#146;s responses. The Company has included page references in the Registration Statement where the language addressing each of the comments
appears. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;11
to Registration Statement of Form <FONT STYLE="white-space:nowrap">F-1</FONT> </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cover Page </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure about the Holding Foreign Companies Accountable Act. Please also disclose on the
cover page 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, the company&#146;s shares could be prohibited from trading and delisted after two years instead of three. Also, add similar disclosure to the third bullet in the summary of risk factors on page 8. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on the cover page of the prospectus and on pages 8, 9 and 10 of
the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary, page 1 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure on pages 8 and 22 that you are not required to obtain permissions or approvals from
PRC authorities to operate and issue your ADSs to foreign investors, including permissions from the CSRC or CAC. Please also provide such disclosure in the prospectus summary, and describe in the prospectus summary, summary risk factor and risk
factor disclosures any specific consequences to you and your investors if you or your subsidiaries: (i)&nbsp;inadvertently concluded that such permissions or approvals are not required, or (ii)&nbsp;applicable laws, regulations, or interpretations
change and you are required to obtain such permissions or approvals in the future. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s
comment, the Company has revised the disclosure on the cover page of the prospectus and on pages 9, 10, 25 and 26 of the Registration Statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;29, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </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>Cash Transfer and Dividends, page 17 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure that you maintain your bank accounts and balances primarily in licensed banks in
Hong Kong and Singapore. Please clarify, if true, that most of your cash is in Hong Kong dollars, and address the possibility that the PRC could prevent the cash maintained in Hong Kong from leaving or the PRC could restrict deployment of the cash
into the business or for the payment of dividends. Add similar disclosure to the first risk factor on page 18 and in the summary of risk factors on page 8. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 10, 20 and 21 of the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The PRC government has significant authority to intervene or influence the China or Hong Kong operations, page 18 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure that your business, prospects, financial condition, and results of operations may be
influenced to a significant degree by political, economic, and social conditions in China generally. Please also expand your disclosure in the second sentence to clarify that the PRC government has significant authority to intervene or influence the
China operations of an offshore holding company at any time, which, if extended to your Hong Kong operations, could result in a material adverse change to your &#147;business, prospects, financial condition, and results of operations&#148; and the
value of the ADSs. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on the cover page
of the prospectus and on pages 8 and 21 of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the Registration Statement, please contact the
undersigned by phone at +852 3740-4863 or via <FONT STYLE="white-space:nowrap">e-mail</FONT> at julie.gao@skadden.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">/s/ Z. Julie Gao</TD></TR>
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<TD VALIGN="top">Z. Julie Gao</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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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">Frederic Lau, Director and President, AMTD Digital Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mark Chi Hang Lo, Chief Executive Officer, AMTD Digital Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Xavier Ho Sum Zee, Chief Financial Officer, AMTD Digital Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brian V. Breheny, Esq., Partner, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Shu Du, Esq., Partner, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David T. Zhang, Esq., Partner, Kirkland&nbsp;&amp; Ellis International LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Steve Lin, Esq., Partner, Kirkland&nbsp;&amp; Ellis International LLP </P>
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