<SEC-DOCUMENT>0001193125-19-102827.txt : 20190607
<SEC-HEADER>0001193125-19-102827.hdr.sgml : 20190607
<ACCEPTANCE-DATETIME>20190410161910
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-102827
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jiayin Group Inc.
		CENTRAL INDEX KEY:			0001743102
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		26TH FLOOR,BUILDING NO.1,YOUYOU CENTURY
		STREET 2:		PLAZA,428 SOUTH YANGGAO ROAD,PUDONG
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200122
		BUSINESS PHONE:		86 2160828732

	MAIL ADDRESS:	
		STREET 1:		26TH FLOOR,BUILDING NO.1,YOUYOU CENTURY
		STREET 2:		PLAZA,428 SOUTH YANGGAO ROAD,PUDONG
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200122
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26th Floor, Gloucester Tower</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Landmark</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 Queen&#146;s Road
Central</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Hong Kong</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone: +852 3761 3300</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Facsimile: +852 3761 3301</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.kirkland.com</P></TD>
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<TD VALIGN="bottom"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">David Zhang</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">To Call Writer Directly</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+852 3761
3318</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">david.zhang@kirkland.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">April&nbsp;10, 2019 </P>
<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:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;David Gessert, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Pam Long, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Michelle Miller, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Marc Thomas, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AD Office 11 &#150; Telecommunications
</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">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="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jiayin Group Inc. </P></TD></TR></TABLE>
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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">Response to the Staff&#146;s Comments on Amendment No.&nbsp;4 to Registration </P></TD></TR></TABLE>
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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">Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> Filed on March&nbsp;26, 2019
</P></TD></TR></TABLE>
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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">CIK No.&nbsp;0001743102 </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr. Gessert, Ms. Long, Ms. Miller and Mr. Thomas: </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, Jiayin Group Inc. (the &#147;<B><I>Company</I></B>&#148;), a foreign private issuer under the laws of the Cayman
Islands, we are filing herewith an amendment to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (the &#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;5</I></B>&#148;) via EDGAR with the
Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) under the Securities Act of 1933, as amended (the &#147;<B><I>Securities Act</I></B>&#148;). To facilitate your review, we have separately delivered to you today five
courtesy copies of the Amendment No.&nbsp;5, marked to show changes to the Amendment No.&nbsp;4 to Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on March&nbsp;26, 2019 (the &#147;<B><I>Amendment
No.</I></B><B><I></I></B><B><I>&nbsp;4</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with filing the Amendment No.&nbsp;5, the Company is hereby in this
letter setting forth its response to the comments from the staff of the Commission (the &#147;<B><I>Staff</I></B>&#148;) dated April&nbsp;3, 2019. The Staff&#146;s comments are repeated below in bold and are followed by the Company&#146;s response.
We have included page references in the Amendment No.&nbsp;5 where the language addressing a particular comment appears. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Amendment No.&nbsp;5. </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>PARTNERS:</B>&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="white-space:nowrap">Pierre-Luc&nbsp;Arsenault</FONT><SUP
STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Lai&nbsp;Yi&nbsp;Chau&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>David&nbsp;G.&nbsp;Couper<SUP
STYLE="font-size:85%; vertical-align:top">7</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Justin&nbsp;M.&nbsp;Dolling<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top">
</SUP>David&nbsp;Patrick&nbsp;Eich<SUP STYLE="font-size:85%; vertical-align:top">1,5,6</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Liu&nbsp;Gan<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Karen&nbsp;K.Y.&nbsp;Ho&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Damian&nbsp;C.&nbsp;Jacobs<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Ka&nbsp;Man&nbsp;Lau&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top">
</SUP>Guang&nbsp;Li<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Neil&nbsp;E.M.&nbsp;McDonald&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Kelly&nbsp;Naphtali&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Ram&nbsp;Narayan<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Nicholas&nbsp;A.&nbsp;Norris<SUP
STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Derek&nbsp;K.W.&nbsp;Poon<SUP STYLE="font-size:85%; vertical-align:top">3,6</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top">
</SUP>Paul&nbsp;S.&nbsp;Quinn&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Richard&nbsp;C.C.&nbsp;Sharpe&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Jesse&nbsp;D.&nbsp;Sheley<SUP
STYLE="font-size:85%; vertical-align:top">#</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Arthur&nbsp;K.H.&nbsp;Tso&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Susan&nbsp;S.X.&nbsp;Wang&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Tarun&nbsp;R.&nbsp;Warriar<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Li&nbsp;Chien&nbsp;Wong&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Wanda&nbsp;T.K.&nbsp;Woo&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>David&nbsp;Yun<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Jacqueline&nbsp;B.N.&nbsp;Zheng<SUP STYLE="font-size:85%; vertical-align:top">3,6</SUP></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>REGISTERED
FOREIGN LAWYERS:</B>&nbsp;&nbsp;&nbsp;&nbsp; Daniel&nbsp;J.&nbsp;Abercromby<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Damien&nbsp;Coles<SUP
STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Meng&nbsp;Ding<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top">
</SUP>Daniel&nbsp;Dusek<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Jennifer&nbsp;Y.Y.&nbsp;Feng<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Han&nbsp;Gao<SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top">
</SUP>David&nbsp;M.&nbsp;Irvine<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top">
</SUP><FONT STYLE="white-space:nowrap">Hao-Chin&nbsp;Jeng</FONT><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Benjamin&nbsp;W.&nbsp;James<SUP
STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Cori&nbsp;A.&nbsp;Lable<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top">
</SUP>Xiaoxi&nbsp;Lin<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Daniel&nbsp;A.&nbsp;Margulies<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Peng&nbsp;Qi<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Mi&nbsp;Tang<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Wenchen&nbsp;Tang<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top">
</SUP>Liyong&nbsp;Xing<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>David&nbsp;Zhang<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;|<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Yue&nbsp;Zhang<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>ADMITTED
IN:</B>&nbsp;&nbsp;&nbsp;&nbsp; <SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;State&nbsp;of&nbsp;Illinois&nbsp;(U.S.A.);<SUP STYLE="font-size:85%; vertical-align:top"> 2</SUP>&nbsp;Commonwealth&nbsp;of&nbsp;Massachusetts&nbsp;(U.S.A.);<SUP
STYLE="font-size:85%; vertical-align:top"> 3</SUP>&nbsp;State&nbsp;of&nbsp;New&nbsp;York&nbsp;(U.S.A.);<SUP STYLE="font-size:85%; vertical-align:top">
4</SUP>&nbsp;State&nbsp;of&nbsp;Texas&nbsp;(U.S.A.);<SUP STYLE="font-size:85%; vertical-align:top"> 5</SUP>&nbsp;State&nbsp;of&nbsp;Wisconsin&nbsp;(U.S.A.);<SUP STYLE="font-size:85%; vertical-align:top"> 6</SUP>&nbsp;England&nbsp;and&nbsp;Wales;<SUP
STYLE="font-size:85%; vertical-align:top"> 7</SUP>&nbsp;Queensland&nbsp;(Australia);<SUP STYLE="font-size:85%; vertical-align:top"> #</SUP><FONT STYLE="white-space:nowrap">&nbsp;non-resident</FONT></P></TD></TR>
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<TD HEIGHT="8"></TD></TR>
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<TD VALIGN="top">Beijing&nbsp;&nbsp;&nbsp;&nbsp;Boston&nbsp;&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;&nbsp;Dallas&nbsp;&nbsp;&nbsp;&nbsp;Houston&nbsp;&nbsp;&nbsp;&nbsp;London&nbsp;&nbsp;&nbsp;&nbsp;Los&nbsp;Angeles&nbsp;&nbsp;&nbsp;&nbsp;
Munich&nbsp;&nbsp;&nbsp;&nbsp;New&nbsp;York&nbsp;&nbsp;&nbsp;&nbsp;Palo&nbsp;Alto&nbsp;&nbsp;&nbsp;&nbsp;San&nbsp;Francisco&nbsp;&nbsp;&nbsp;&nbsp;Shanghai&nbsp;&nbsp;&nbsp;&nbsp;Washington,&nbsp;D.C.</TD></TR></TABLE>

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 </P> <P STYLE="margin-top:12pt; 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 Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 10, 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"><U>Form <FONT STYLE="white-space:nowrap">F-1/A</FONT> filed March&nbsp;26, 2019 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Risk Factors </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>We had limited experience managing our
investor assurance program...., page 34</U> </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><I>1.</I></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><I>You state that at your discretion you may use your working capital to repay investors in order to
maintain your reputation and your business and that results of operation could be materially and adversely affected. Please disclose that during 2018, you elected to pay RMB 1,079,932 in losses due to insufficient investor assurance program funds.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the Company elected to transfer cash of RMB1,079,932 into
designated restricted cash accounts of the investor assurance program managed by the Company due to insufficient cash balances in such accounts. When payments are made from the restricted cash accounts, the Company&#146;s guarantee liabilities are
reduced accordingly. </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 page 34 of the Amendment No.&nbsp;5. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Selected Balance Sheet Items, page 115 </U></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><I>2.</I></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><I>Please address year over year changes for Tax Payables, Payroll and welfare payables, Refund liabilities
and Accrued expenses and other current liabilities, including when you expect to settle outstanding amounts due. </I></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 pages 119 and 120 of the Amendment No.&nbsp;5. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Liquidity and Capital Resources, page 119 </U></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><I>3.</I></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><I>You state that you became one of the first individual lending marketplaces to begin sharing credit
information with Baihang Credit Co., Ltd., or Baihang Credit, which integrates, saves and processes data collected from us and multiple other companies and that you are able to report borrowers who are in default for more than eight days to Baihang
Credit. Disclose how are you are able to provide borrower defaults after eight days considering that you do not track contract assets and accounts receivable on an individual loan basis and do not monitor the aging of accounts receivable and
contract assets for each individual loan until maturity as disclosed in your February&nbsp;6, 2019 response to us. </I></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 page 150 of the Amendment No.&nbsp;5. </P>
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 </P> <P STYLE="margin-top:12pt; 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 Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 10, 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; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the Company&#146;s system allows it to track
automatically the performance of each of its individual loans since the launch of its online marketplace in December 2015. The Company continuously monitors the performance of each of its individual loans from a business operation perspective. From
an accounting perspective, historically the Company monitored the aging of accounts receivable and contract assets on a portfolio basis. As communicated in the Company&#146;s response to comment No.&nbsp;5 in the response letter dated
February&nbsp;22, 2019, after issuing its consolidated financial statements for the year ended December&nbsp;31, 2017, the Company determined its <FONT STYLE="white-space:nowrap">charge-off</FONT> policy was not in accordance with U.S. GAAP as
indicated in Accounting Standards Codification (ASC) <FONT STYLE="white-space:nowrap">310-10,</FONT> and has retrospectively corrected this error. The Company currently monitors the aging of accounts receivable and contract assets for each
individual loan and charges off uncollectible balances on an individual loan basis, rather than on a portfolio basis. The Company has revised the disclosure in the registration statement to delete the statement that the Company does not track the
contract assets and accounts receivable on an individual loan basis and does not monitor the aging of accounts receivable and contract assets for each individual loan until maturity. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Business </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Investor Assurance Programs </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Investor Assurance Programs Managed by Us, page 152 </U></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><I>4.</I></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><I>Please disclose that during 2018, you elected to compensate investors RMB 1,079,932 for losses due to
insufficient investor assurance program funds. </I></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
page 155 of the Amendment No.&nbsp;5. </P>
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 </P> <P STYLE="margin-top:12pt; 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 Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 10, 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"><U>Summary of Significant Accounting Policies </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>(o) Revenue Recognition, page <FONT STYLE="white-space:nowrap">F-20</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></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><I>We note your response to comment 1 and your disclosure on page
<FONT STYLE="white-space:nowrap">F-24</FONT> in which you state that your allowance for uncollectible receivables methodology is essentially the net expected accumulative loss rate used in determining the fair value of guarantee liabilities. You
also state on page 118, that since your payment terms are now structured to collect service fees during the first two to six months of the loan inception for current loan products, the risk of uncollectible amounts is significantly reduced.
Considering that your accounts receivable allowance provision of RMB 51.4&nbsp;million in relation to accounts receivable of RMB 1,517.3&nbsp;million is significantly less than the net expected accumulative loss rate used in determining the fair
value of the guarantee liabilities as disclosed on page <FONT STYLE="white-space:nowrap">F-17,</FONT> please address the following: </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the policy disclosed on page <FONT STYLE="white-space:nowrap">F-24</FONT> of the Amendment
No.&nbsp;4 was not completely accurate as it is only applicable to contract assets but not to the accounts receivable. The Company began to record accounts receivable for loans facilitated since February 2018 when the Company changed the payment
terms.<B><I> </I></B>The allowance for uncollectible receivables is estimated on the basis of expected net accumulated loss rates for terms during which losses of such service fees are expected to occur, which are consistent with the terms during
which the Company expects to collect service fees. On the other hand, as disclosed on page 118 of the Amendment No.&nbsp;5, the allowance rate of contract assets are more in line with the expected net accumulated loss rate that is used in estimating
the guarantee liabilities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to Staff&#146;s comment, the Company has revised the disclosure to remove the reference to accounts
receivable on page <FONT STYLE="white-space:nowrap">F-25</FONT> of the Amendment No.&nbsp;5. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Disclose how your current accounts receivable allowance provision rate aligns with your net expected
accumulative loss rate and the basis for recognizing such a lower provision, considering also the increase in the your accounts receivable balance from RMB 189,993 at September&nbsp;30, 2018 to RMB 364,863 at December&nbsp;31, 2018 and the increase
in the net expected accumulative loss rate for current loan products from 11% in 2017 to 11.3% in 2018; </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The
Company respectfully advises the Staff that the accounts receivable allowance provision rate is not intended to align with the net expected accumulative loss rate applied in estimating guarantee liabilities. The rate applied in estimating guarantee
liabilities is based on the net accumulative loss that is expected to occur during the life of the underlying loan. On the other side, the provision rate for accounts receivable is based on the net accumulative loss that is expected to occur during
the payment term of service fees, which is only two months for loans facilitated since April&nbsp;28, 2018, as compared to a typical loan term of 12 months. In addition, the Company no longer records any guarantee liabilities for loans facilitated
since April&nbsp;28, 2018. Meanwhile, a net accumulated loss rate of 11.3% was expected for current loan products facilitated prior to April&nbsp;28, 2018, the service fees of which were recognized within contract assets instead of accounts
receivable. </P>
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 </P> <P STYLE="margin-top:12pt; 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 Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 10, 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; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company has recorded a RMB0.5&nbsp;billion allowance in relation to the
RMB1.5&nbsp;billion accounts receivable recognized on loans facilitated after February 2018. This implies approximately 3.4% accounts receivable are expected to be uncollectible, which is consistent with the weighted average expected net
accumulative loss rate that is expected to occur within the first two months from the date of inception for loans facilitated after February 2018. As shown in the aging of accounts receivable on page <FONT STYLE="white-space:nowrap">F-26</FONT> of
the Amendment No.&nbsp;5, the vast majority of the accounts receivable balance as of December&nbsp;31, 2018 was within the bucket of <FONT STYLE="white-space:nowrap">0-30</FONT> days. The allowance balance as of December&nbsp;31, 2018 represented
approximately 7.7% of the accounts receivable balance. The Company believes the allowance is sufficient to cover the estimated uncollectible receivables. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to Staff&#146;s comment, the Company has revised the disclosure on pages 106, 115 and <FONT STYLE="white-space:nowrap">F-25</FONT>
of the Amendment No.&nbsp;5. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Disclose how your delinquency trends on page 96 impact your accounts receivable allowance provision rate;
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that as explained above in the response to the first bullet point of
comment 5, the allowance provision rate of accounts receivable was estimated based on expected net accumulated loss rates for terms during which losses of service fees are expected to occur, which are consistent with the terms during which the
Company expects to collect service fees. Since a vast majority of accounts receivable are collectible within the first two months, the accounts receivable allowance rate is expected to be in line with the expected net accumulated loss rate of the
first two months of respective loan vintages, as well as the M3+ cumulative delinquency rate for the fifth month on book. Meanwhile, as the Company was able to improve the delinquency rate of loans facilitated throughout 2018, the blended allowance
provision rate that was applied in estimating the allowance for all loans facilitated after February 2018 is slightly less than the 5th month M3+ cumulative delinquency rate of loans facilitated in the second quarter of 2018 that is currently
disclosed on page 95 of the Amendment No.&nbsp;5. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has further revised the disclosures
on page 118 of the Amendment No.&nbsp;5. </P>
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 </P> <P STYLE="margin-top:12pt; 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 Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 10, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Disaggregate your rollforwards of contract assets for each period presented to separately disclose
collections and <FONT STYLE="white-space:nowrap">write-off</FONT> between current year and prior periods; </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The
Company respectfully advises the Staff that the Company has disclosed the movement of contract assets for the years ended December&nbsp;31, 2017 and 2018 in the Amendment No.&nbsp;4 (please refer to page <FONT STYLE="white-space:nowrap">F-29</FONT>
of the Amendment No.&nbsp;5), which includes the additions, collections and write-offs of contract assets recorded in the respective year. In addition, the Company also has disclosed the net contract asset balance by the year in which they were
recorded for each type of loan products as of December&nbsp;31, 2017 and 2018 in the Amendment No.&nbsp;4 (please refer to page <FONT STYLE="white-space:nowrap">F-29</FONT> of the Amendment No.&nbsp;5). Moreover, the Company has fully discussed the
determination of the allowance on the contract assets within the Management Discussion and Analysis from pages 114 to 118 of the Amendment No.&nbsp;5, and demonstrated that the Company has appropriately recorded and charged off allowance in
accordance with the Company&#146;s accounting policy. Due to changes in its payment terms, no contract assets was recognized on loans newly facilitated after April&nbsp;28, 2018. The Company expects that the existing balance of contract assets will
wind down substantially by the end of 2019. Therefore, the Company believes the current disclosures in relation to the contract assets are sufficient for the financial statement users to understand the Company&#146;s financial position and business
results for the periods presented. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Disclose in your discussions on pages 115 - 118, consistent with your response to comment 2 in your letter
dated March&nbsp;8, 2019, your assertion as to the appropriateness of the allowance for uncollectible accounts for both accounts receivable and contract assets; and </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on page 118 of the Amendment No.&nbsp;5. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Considering the termination of your investor assurance program in April of 2018, clarify the historical
loss experience utilized in the determination of your allowance. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that
although the Company terminated the investor assurance program that was managed by the Company on April&nbsp;28, 2018, the Company still monitors the performance of each loan contract facilitated through its marketplace. The Company has accumulated
sufficient data in relation to the accumulated loss rate incurred at each repayment date by observing the historical performance of loans facilitated on the Company&#146;s marketplace. Therefore, the Company is able to estimate the allowance
provision rate for accounts receivable on a reasonable basis, which approximates the expected accumulated loss rate incurred within the first two months from the date of loan inception, as to loans facilitated after April&nbsp;28, 2018. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 106, 115 and
<FONT STYLE="white-space:nowrap">F-25</FONT> of the Amendment No.&nbsp;5. </P>
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 </P> <P STYLE="margin-top:12pt; 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 Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 10, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></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><I>We note your response to comment 2 and your revised disclosure on page
<FONT STYLE="white-space:nowrap">F-25.</FONT> Please revise to clarify that the correction was an error in accordance with U.S. GAAP. </I></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 disclosures on page <FONT STYLE="white-space:nowrap">F-26</FONT> of the
Amendment No.&nbsp;5. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>7.</I></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><I>You state on page 104 that currently, you charge a substantial amount of service fees on the same day
when the first and second monthly repayments of principal and interest are due and for loans facilitated prior to April&nbsp;28, 2018, you also collect remaining fees on a monthly basis but that you do not charge such monthly service fees for loans
facilitated after April&nbsp;28, 2018. You also state on pages 115 and <FONT STYLE="white-space:nowrap">F-24,</FONT> that you began to record accounts receivable up to total fees collectible in the first six months and contract assets for fees
collectible in the subsequent months when recognizing revenue from loan facilitation service subsequent to February 2018. Please reconcile these disclosures throughout the filing and specifically disclose when you charge and recognize fees in
accordance with the contract terms for each product for the periods presented. </I></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 disclosures on pages 103, 106, 115, <FONT STYLE="white-space:nowrap">F-21,</FONT> <FONT STYLE="white-space:nowrap">F-25</FONT> of the Amendment No.&nbsp;5. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>8.</I></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><I>Disclose in your accounting policy that you do not track contract assets and accounts receivable on an
individual loan basis and as such do not monitor the aging of accounts receivable and contracts assets until loan maturity consistent with your prior response and disclosure in the February&nbsp;6, 2019 registration statement.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that, as advised in the response to comment 3 above, the statement
that &#147;the Company does not track contract assets and accounts receivable on an individual loan basis and as such does not monitor the aging of accounts receivable and contracts assets until loan maturity&#148; is no longer applicable to the
Company&#146;s accounting policy. In the Amendment No.&nbsp;5, the Company has deleted relevant statements that were previously disclosed in the draft registration statement dated February&nbsp;6, 2019. In addition, as disclosed on <FONT
STYLE="white-space:nowrap">page&nbsp;F-25</FONT> of the Amendment No.&nbsp;5, the Company has revised its accounting policy and applied it retrospectively to all periods as required, that accounts receivable and contract assets are identified as
uncollectible if any repayment of the underlying loan is 90 days past due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </I></B></P>
</DIV></Center>


<p Style='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" ALIGN="center">


<IMG SRC="g658943img1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; 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 Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 10, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the Amendment No.&nbsp;2, please contact me at
david.zhang@kirkland.com, +852 3761 3318 (work) or +852 9124 8324 (cell), or Steve Lin at steve.lin@kirkland.com, +86 10 5737 9315 (work) or + 86 186 1049 5593 (cell) or Meng Ding at, +852 3761 3309 (work) or +852 5366 8197 (cell). Questions
pertaining to accounting and auditing matters may be directed to Neo Lin of Deloitte Touche Tohmatsu Certified Public Accountants LLP at nlin@deloitte.com.cn, +86 21 6141 1990 (work). Deloitte Touche Tohmatsu Certified Public Accountants LLP is the
independent registered public accounting firm of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thank you for your time and attention. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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/ David Zhang</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Zhang</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosure </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Chunlin Fan, Chief Financial Officer </P></TD></TR></TABLE>
<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>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Meng Ding, 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">Chris K.H. Lin, Esq., Partner, Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Daniel Fertig, Esq., Partner, Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Neo Lin, Partner, Deloitte Touche Tohmatsu Certified Public Accountants LLP </P>
</DIV></Center>

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