<SEC-DOCUMENT>0001193125-19-136775.txt : 20190607
<SEC-HEADER>0001193125-19-136775.hdr.sgml : 20190607
<ACCEPTANCE-DATETIME>20190503150410
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-136775
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190503

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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</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&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="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>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <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<BR>+852 3761 3318</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">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">May&nbsp;3, 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:12pt; 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:12pt;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;6 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 April&nbsp;29, 2019
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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;7</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;7, marked to show changes to the Amendment No.&nbsp;6 to Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on April&nbsp;29, 2019 (the &#147;<B><I>Amendment No.
6</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;7, 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 May&nbsp;1, 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;7 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;7. </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>PARTNERS</B>: Pierre - Luc
Arsenault<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Lai Yi Chau&nbsp;&nbsp;|&nbsp;&nbsp;Justin M. Dolling<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp; David Patrick Eich<SUP
STYLE="font-size:85%; vertical-align:top">1,5,6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp; Liu Gan<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Karen K.Y. Ho&nbsp;&nbsp;|&nbsp;&nbsp; Damian C. Jacobs<SUP
STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Ka Man Lau&nbsp;&nbsp;|&nbsp;&nbsp;Guang Li<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Neil E.M. McDonald&nbsp;&nbsp;|&nbsp;&nbsp;Kelly
Naphtali&nbsp;&nbsp;|&nbsp;&nbsp;Ram Narayan<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Nicholas A. Norris<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp; Derek K.W. Poon<SUP
STYLE="font-size:85%; vertical-align:top">3,6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Paul S. Quinn&nbsp;&nbsp;|&nbsp;&nbsp;Richard C.C. Sharpe&nbsp;&nbsp;|&nbsp;&nbsp;Jesse D.
Sheley<SUP STYLE="font-size:85%; vertical-align:top">#</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Arthur K.H. Tso&nbsp;&nbsp;|&nbsp;&nbsp;Susan S.X. Wang&nbsp;&nbsp;|&nbsp;&nbsp;Tarun R.
Warriar<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Li Chien Wong&nbsp;&nbsp;|&nbsp;&nbsp;David Yun<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Jacqueline B.N. Zheng<SUP
STYLE="font-size:85%; vertical-align:top">3,6</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REGISTERED FOREIGN LAWYERS</B>: Daniel J.
Abercromby<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Damien Coles<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Meng
Ding<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Daniel Dusek<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Jennifer Y.Y.
Feng<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Han Gao<SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;David M.
Irvine<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Hao-Chin Jeng<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Benjamin W.
James<SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Cori A. Lable<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Xiaoxi
Lin<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Daniel A. Margulies<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Peng
Qi<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Mi Tang<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Wenchen
Tang<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Liyong Xing<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;David
Zhang<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;&nbsp;|&nbsp;&nbsp;Yue Zhang<SUP STYLE="font-size:85%; vertical-align:top">3</SUP><B> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ADMITTED IN</B>:<B></B> <SUP STYLE="font-size:85%; vertical-align:top">1</SUP> State of Illinois (U.S.A.);&nbsp;&nbsp;<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> Commonwealth of Massachusetts (U.S.A.);&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> State of New York (U.S.A.);<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;&nbsp;4</SUP>
State of Texas (U.S.A.);&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">5</SUP> State of Wisconsin (U.S.A.);&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;England and Wales;&nbsp;&nbsp;<SUP
STYLE="font-size:85%; vertical-align:top">#</SUP> non-resident </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 Angeles&nbsp;&nbsp;&nbsp;&nbsp;Munich&nbsp;&nbsp;&nbsp;&nbsp;New York&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto&nbsp;&nbsp;&nbsp;&nbsp;Paris&nbsp;&nbsp;&nbsp;&nbsp;San
Francisco&nbsp;&nbsp;&nbsp;&nbsp;Shanghai&nbsp;&nbsp;&nbsp;&nbsp;Washington, D.C. </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">May 3, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">F-1/A</FONT> filed April&nbsp;29, 2019 </U></P>
<P STYLE="margin-top:6pt; 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>Liquidity and Capital Resources, page 121 </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></B><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>We note your response to comment 5. Please address the following:</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<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 your working capital deficit as of December</I></B><B><I></I></B><B><I>&nbsp;31, 2018, please
disclose the basis for the conclusion that &#147;working capital is sufficient for our present requirements for the next 12 months&#148; in light of the fact that net payouts have exceeded revenues in both fiscal years 2017 and 2018 resulting in
transfers of additional cash from your consolidated entities in Niwodai Internet and Shanghai Caiyin during these periods in order to fund the excess payout amounts. If there are other potential sources of funding available for the net payouts in
2019 (e.g. from entities identified in the corporate structure table on page 83) please disclose this fact; 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 page 122 of the Amendment No.&nbsp;7. </P>
<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 prior to April 28, 2018, the Company&#146;s revenue was related to the remaining portion of
service fees after allocating a portion of service fees to estimated stand-ready guarantee liability for investor assurance program. The Company collected service fees in a total amount of RMB4.6 billion and RMB4.2 billion (US$0.6 billion) in 2017
and 2018, respectively, which exceeded the net payouts in the same years. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company further respectfully advises the Staff that the
operating performance of the Company has been robust so far in 2019, as evidenced by its loan origination volume of RMB6.5&nbsp;billion (US$0.9 billion) in the first quarter of 2019, which approximates to its loan origination volume in the fourth
quarter of 2018 of RMB6.6&nbsp;billion. Based on the Company&#146;s recent performance and anticipation of market conditions, the Company expects that its loan origination volume and operating cash inflows in the next 12 months to continue to be
roughly in line with, if not better than, they were in 2018. Meanwhile, the Company expects payouts related to investor assurance program in the next 12 months to be below RMB1.6&nbsp;billion (US$0.2 billion), which represents all of the
Company&#146;s liabilities relating to the investor assurance programs as of December&nbsp;31, 2018. Such anticipated amount of payouts is significantly less than RMB3.2&nbsp;billion and RMB3.5&nbsp;billion (US$0.5 billion) that the Company
previously paid relating to the investor assurance program in 2017 and 2018. As such, in light of similar anticipated loan origination volume and operating cash inflows and significantly lower liabilities related to investor assurance program, the
Company believes that its current working capital, together with the working capital the Company expects to generate from its operating activities, will be sufficient for its present requirements for the next 12 months. </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">May 3, 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">As the Company currently expects to be able to generate sufficient working capital from its
operating activities, the Company currently does not expect to utilize other potential sources of funding for net payouts in 2019. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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>In your discussion on page 122 of the change in fee schedule and payment terms in 2018, you disclose
service fees collected in 2018 for loans facilitated after the April</I></B><B><I></I></B><B><I>&nbsp;28, 2018 change. To clarify the impact of the change in fee schedule and payment terms on operating cash flows, also disclose both the total
service fees collected and net revenues recognized in fiscal periods 2017 and 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">In response to the
Staff&#146;s comment, the Company has revised page 122 of the Amendment No. 7 to disclose the amount of total service fees collected in 2017 and 2018. The Company respectfully advises the Staff it has disclosed net revenue in 2017 and 2018 on page
121 of the Amendment No. 6 and Amendment No. 7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to the Consolidated Financial Statements </U></P>
<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:0pt; 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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><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>We note your response to comment 6 and the inclusion of the contract asset aging on page 117 within
MD&amp;A. Please revise to include this information in the notes to the audited financial statements.</I></B><B> </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 <FONT STYLE="white-space:nowrap">F-28</FONT> of the Amendment No.&nbsp;7. </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;&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="g658943001.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">May 3, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </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;7, 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: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%">
<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>
<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">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">David T. Zhang, Esq., Partner, Kirkland&nbsp;&amp; Ellis International LLP </P></TD></TR></TABLE>
<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">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Steve Lin, Esq., Partner, Kirkland&nbsp;&amp; Ellis International LLP </P></TD></TR></TABLE>
<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">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Meng Ding, Esq., Partner, Kirkland&nbsp;&amp; Ellis International LLP </P></TD></TR></TABLE>
<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">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Chris K.H. Lin, Esq., Partner, Simpson Thacher&nbsp;&amp; Bartlett LLP </P></TD></TR></TABLE>
<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">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Daniel Fertig, Esq., Partner, Simpson Thacher&nbsp;&amp; Bartlett LLP </P></TD></TR></TABLE>
<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">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Neo Lin, Partner, Deloitte Touche Tohmatsu Certified Public Accountants LLP </P></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
