<SEC-DOCUMENT>0001193125-22-309131.txt : 20230222
<SEC-HEADER>0001193125-22-309131.hdr.sgml : 20230222
<ACCEPTANCE-DATETIME>20221220160509
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-309131
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20221220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QuantaSing Group Ltd
		CENTRAL INDEX KEY:			0001932770
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1/F, BUILDING NO. 3
		STREET 2:		CHAOLAI SCIENCE PARK WEST ZONE
		CITY:			CHAOYANG DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100012
		BUSINESS PHONE:		861064938177

	MAIL ADDRESS:	
		STREET 1:		1/F, BUILDING NO. 3
		STREET 2:		CHAOLAI SCIENCE PARK WEST ZONE
		CITY:			CHAOYANG DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100012
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt;margin-bottom:1pt">


<IMG SRC="g715255g25s18.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unit 2901, 29F, Tower C</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beijing Yintai
Centre</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No.&nbsp;2 Jianguomenwai Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chaoyang District,
Beijing 100022</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">People&#146;s Republic of China</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Phone: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">86-10-6529-8300</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">86-10-6529-8399</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Website: www.wsgr.com</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu; font-size:9pt">&#20013;&#22269;&#21271;&#20140;&#24066;&#26397;&#38451;&#21306;&#24314;&#22269;&#38376;&#22806;&#22823;&#34903;
</FONT>2<FONT STYLE="font-family:pmingliu; font-size:9pt">&#21495; </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu; font-size:9pt">&#38134;&#27888;&#20013;&#24515;&#20889;&#23383;&#27004;</FONT>C<FONT
STYLE="font-family:pmingliu; font-size:9pt">&#24231;</FONT>29<FONT STYLE="font-family:pmingliu; font-size:9pt">&#23618;</FONT>2901<FONT STYLE="font-family:pmingliu; font-size:9pt">&#23460; </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu; font-size:9pt">&#37038;&#25919;&#32534;&#30721;</FONT>: 100022</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu; font-size:9pt">&#30005;&#35805;</FONT>:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">86-10-6529-8300</FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu; font-size:9pt">&#20256;&#30495;</FONT>:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">86-10-6529-8399</FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu; font-size:9pt">&#32593;&#31449;</FONT>: www.wsgr.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Confidential </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December 20, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Robert Shapiro </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Theresa Brillant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Jennie Beysolow </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Donald Field </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 Trade and Services </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: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"><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>QuantaSing Group Limited (CIK No.&nbsp;0001932770) </B></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"><B>&nbsp;&nbsp;</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>Response to the Staff&#146;s Comments on </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Draft Registration Statement on </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">F-1</FONT> Confidentially Submitted on November</U><U></U><U>&nbsp;9, 2022</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Shapiro, Ms.&nbsp;Brillant, Ms.&nbsp;Beysolow and Mr.&nbsp;Field, </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, QuantaSing Group Limited, a foreign private issuer incorporated under the laws of the Cayman Islands (the
&#147;<B>Company</B>&#148;), we are hereby submitting 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 December&nbsp;8, 2022 on the Company&#146;s draft registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> confidentially submitted on November&nbsp;9, 2022 (the &#147;<B>Draft
Registration Statement</B>&#148;). Concurrently with the submission of this letter, the Company is filing its registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (the &#147;<B>Registration Statement</B>&#148;) and certain
exhibits via EDGAR to the Commission. To facilitate your review, we have separately sent to you via email today a copy of the Registration Statement, marked to show changes to the Draft Registration Statement, and will, upon your request, deliver
paper copies of the same to you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comments are repeated below in bold and are followed by the Company&#146;s responses.
We have included page references in the Registration Statement where the language addressing a particular comment appears. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Registration Statement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wilson Sonsini Goodrich&nbsp;&amp; Rosati, Professional Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:pmingliu; font-size:9pt">&#23041;&#23572;&#36874;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt">&nbsp;
&#149;&nbsp;</FONT><FONT STYLE="font-family:pmingliu; font-size:9pt">&#26705;&#35199;&#23612;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt">&nbsp;&#149;&nbsp;
</FONT><FONT STYLE="font-family:pmingliu; font-size:9pt">&#21476;&#22855;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt">&nbsp;&#149;&nbsp;
</FONT><FONT STYLE="font-family:pmingliu; font-size:9pt">&#32599;&#27801;&#36842;&#24459;&#24072;&#20107;&#21153;&#25152;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">AUSTIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;BOULDER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRUSSELS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOS
ANGELES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PALO ALTO </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">SALT LAKE
CITY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN DIEGO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN
FRANCISCO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEATTLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHANGHAI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON, DC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON, DE </P>
</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g715255g60t83.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </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>Cover page </U></B></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>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 that you &#147;intend to apply to list the ADSs on the [New York Stock
Exchange]/[Nasdaq Stock Market].&#148; Please revise to disclose whether your offering is contingent upon final approval of your [New York Stock Exchange]/[Nasdaq Stock Market] listing. Additionally, please ensure the disclosure is consistent with
your underwriting agreement. </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 acknowledges the Staff&#146;s comment and has revised its disclosure in the
second paragraph of the cover page of the Registration Statement. The Company further advises the Staff that this offering is contingent upon the final approval of Nasdaq Stock Market and that the Company will revise the disclosure to update the
listing approval status once it is obtained prior to the completion of this offering. </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>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 response to comment 4 and reissue in part. We note that your discussion of the limitations on
cash transfers appears to discuss solely those in the PRC and not Hong Kong where you also have a subsidiary. Please revise to discuss any limitations applicable to Hong Kong and make conforming revisions throughout the prospectus as applicable.
Alternatively, tell us why it is not appropriate to do so. In addition, please revise to include a cross-reference to your discussion of limitations on your ability to transfer cash in your summary risk factors section. Lastly, in the associated
list of cross-references related to cash transfers, please also provide a cross-reference to your consolidated financial statements. </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 acknowledges the Staff&#146;s comment and has revised its disclosure in the ninth and tenth paragraph of the cover page and pages
7, 10 and 69 of the Registration Statement. </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>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 response to comment 5 and reissue in part. Please revise to include Hong Kong in your
disclosure about the availability of cash or assets in the business, given that you have a subsidiary in Hong Kong. </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 acknowledges the Staff&#146;s comment and has revised its disclosure in the tenth paragraph of the cover page and pages 7, 10 and
68 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 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Corporate History and Structure, page 3 </U></B></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>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 response to comment 8 and reissue in part. Please expand your discussion about the relevant
contractual agreements to include that the company may incur substantial costs to enforce the terms of the arrangements. Additionally, disclose the uncertainties regarding the status of the rights of the Cayman Islands holding company with respect
to its contractual arrangements with the VIE, its founders and owners, and the challenges the company may face enforcing these contractual agreements due to legal uncertainties and jurisdictional limits. Alternatively, provide a cross-reference to
the responsive disclosure later in the summary. </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 acknowledges the Staff&#146;s comment and has revised
its disclosure on pages 5 and 9 of the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Regulatory Permissions and Licenses for Our Operations in China and This Offering,
page 11 </U></B></P>
</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g715255g60t83.jpg" ALT="LOGO">
 </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>

<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>5.</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 response to comment 12 and your statement that &#147;[you]... have applied for and completed a
cybersecurity review for this offering and listing pursuant to the Cybersecurity Review Measures.&#148; Please revise to discuss in greater detail the application, when approval was granted and any material cybersecurity review findings. As a
related matter, please revise your disclosure on page 61 that you are in compliance with the existing PRC laws and regulations regarding cybersecurity, data security and personal data protection in all material aspects. The disclosure here should
not be qualified by materiality. Please make appropriate revisions to throughout the document. </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
acknowledges the Staff&#146;s comment and has revised its disclosure on pages 12 and 63 of the Registration Statement. </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>6.</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 in the fourth paragraph that &#147;if the Draft Rules Regarding Overseas Listing was
implemented as proposed before this offering and listing is completed, [you] would be subject to the filing requirements with the CSRC for this offering and listing and might also be prohibited from completing this offering if any of the
circumstances described in the Draft Rules Regarding Overseas Listing occurs.&#148; Please revise to discuss in greater detail why the company &#147;would be subject to the filings requirements with the CSRC&#148; and why the offering and listing
&#147;might also be prohibited.&#148; Please include enough information so that investors can fully understand how and why the Draft Rules Regarding Overseas Listing may or will be applicable to the company. Please revise the prospectus throughout
accordingly. </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 acknowledges the Staff&#146;s comment and has revised its disclosure on pages 13, 62 and 63
of the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Key Factors Affecting Results of Operations </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Specific factors affecting results of operations, page 99 </U></B></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>7.</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 per your response to prior comment 22 that there are 19 topics of curricula, with each topic
including one free introductory course and one paid premium course, and therefore there are 19 premium courses generating revenue. Please confirm that our understanding is correct. Additionally, tell us if each of the 19 premium courses generated
revenue, or if there is a concentration of courses that comprised the majority of the revenue for each period presented. Lastly, tell us the types of costs incurred each period for premium courses that have already been developed, and the expected
period of time you expect premium courses to generate revenue. </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 confirms that all the premium courses
relating to the 19 topics generate revenue. However, there are more than 19 courses that generate revenues, as the premium courses of certain topics may be further divided into intermediary-level courses and advanced-level courses. The Company
further submits that revenues from the financial literacy course series represented a significant portion of the total revenues. The Company has disclosed such information in the Registration Statement, including (1)&nbsp;the revenue breakdown of
courses (financial literacy courses and other personal interest courses) under &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; section on page 110 of the Registration Statement; (2)&nbsp;the
risk factors in respect of the historical concentration on financial literacy courses under &#147;Risk Factor&#148; section on page 31 of the Registration Statement; and (3)&nbsp;the course offerings and course mode of the Company&#146;s online
learning services under &#147;Business&#148; section on pages 145 to 150 of the Registration Statement. </P>
</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g715255g60t83.jpg" ALT="LOGO">
 </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; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company further advises the Staff that the types of costs incurred each period for the
premium courses that have already been developed mainly include (1)&nbsp;labor outsourcing costs, which primarily represent labor outsourcing service fees to service providers of part-time tutors for premium course, (2)&nbsp;staff costs, which
primarily represent salaries and benefits for full-time employees responsible for content development, course operations, course tutoring and customer support for premium course, and (3)&nbsp;third-party service costs, which primarily include cloud
service fees and service fees for third-party payment channels. The expected period of time for premium courses to generate revenue ranges from approximately one to 12 months, depending on the course type, contents and complexity. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Fiscal year ended
June&nbsp;30, 2022 compared to fiscal year ended June&nbsp;30, 2021 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Revenues from individual online learning services, page 113 </U></B></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>8.</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 revised disclosure in response to prior comment 23 but you do not quantify how changes in
paying learners and average prices of your premium financial literacy courses translated to the $110&nbsp;million increase in revenues for the year ended June&nbsp;30, 2022. Please revise your disclosure to quantify in absolute dollar amounts how
the aggregate 200,000 increase in number of paying learners and the increases in average price for financial literacy and personal interest courses contributed to the increase in revenues from individual online learning services. Additionally,
please quantify and disclose the amount of the revenue increase attributable to the new personal interest courses launched in 2021. </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 acknowledges the Staff&#146;s comment and respectfully submits that it is not feasible, for the purpose of and in accordance with
the accounting policies of revenue recognition, to quantify the absolute dollar amounts of the impact of the increases in the number of paying learners and average course prices. While the increases in the number of paying learners and average
course prices were the most significant drivers of the Company&#146;s revenue increase, according to the accounting policies for revenue recognition, the Company&#146;s revenues were not recognized on an
<FONT STYLE="white-space:nowrap">one-off</FONT> basis but ratably over time in consideration of the Average Learning Period which differs for each course and certain other factors. (see <FONT STYLE="white-space:nowrap">F-27</FONT> of the
Registration Statement for a detailed discussion of the Company&#146;s accounting policy of individual online learning services). Therefore, the Company respectfully submits that it is not feasible to quantify the absolute dollar amount of revenue
increase contributed by the increases in the number of paying learners and average course prices in accordance with the revenue recognition accounting policies, without having to net off the other factors that affect revenue recognition. Instead,
the Company has included in its current disclosure the number of paying learners and&nbsp;the&nbsp;repeat purchase rate in corresponding reporting period to quantify, to the extent possible, the influence of increase in paying learners on
the&nbsp;Company&#146;s&nbsp;revenues, which the Company believes is consistent with the disclosure of public companies with similar business model and revenue recognition policies.<B><I> </I></B> </P>
</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g715255g60t83.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company further submits that it has quantified and disclosed the amount of revenue
increase attributable to new personal interest courses on page 117 of the Registration Statement and has also revised its relevant disclosure on page 116 of the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 2. Summary of significant accounting policies </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(q) Revenue recognition </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(ii) Enterprise
services, page <FONT STYLE="white-space:nowrap">F-28</FONT> </U></B></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>9.</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>Please revise your disclosure for enterprise services revenue to clarify how the marketing fees for
completed referrals are determined consistent with your response to comment 27. </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 acknowledges the
Staff&#146;s comment and has revised its disclosure on page F-28 of the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(s) Sales and marketing expenses, page <FONT
STYLE="white-space:nowrap">F-30</FONT> </U></B></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>10.</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 in your response to prior comment 28 that the costs of free introductory courses are classified as
sales and marketing expenses. Please revise your disclosure here and in MD&amp;A to more fully explain the nature of the costs included in sales and marketing and cost of revenues as provided in your response, and to clearly explain that costs
associated with the development and delivery of your introductory courses are included in sales and marketing expenses and costs associated with the development and delivery of premium courses are included in cost of revenues.
</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 acknowledges the Staff&#146;s comment and has revised its disclosure on pages 111 and F-30 of the
Registration Statement. </P>
</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g715255g60t83.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </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 Registration Statement, please contact the
undersigned by telephone at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+86-10-6529-8308</FONT></FONT> or <FONT STYLE="white-space:nowrap">via&nbsp;e-mail&nbsp;at</FONT> douyang@wsgr.com. </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="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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/ Dan Ouyang</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dan Ouyang</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Peng Li, Chairman and Chief
Executive Officer, QuantaSing Group Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dong Xie, Chief Financial Officer, QuantaSing Group Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hendry Pai, Partner, PricewaterhouseCoopers Zhong Tian LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Benjamin Su, Partner, Latham&nbsp;&amp; Watkins LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Daying
Zhang, Partner, Latham&nbsp;&amp; Watkins LLP </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g715255g25s18.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g715255g25s18.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X1$017AI9@  34T *@    @ ! $[  (
M   7   (2H=I  0    !   (8IR=  $    N   0VNH<  <   @,    /@
M   <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                                 %)E=F%T:&D@
M2W)I<VAN86UO;W)T:'D    %D ,  @   !0  !"PD 0  @   !0  !#$DI$
M @    ,T-@  DI(  @    ,T-@  ZAP !P  " P   BD     !SJ    "
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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M*BHJ*BHJ*O_  !$( #L!/@,!(@ "$0$#$0'_Q  ?   !!0$! 0$! 0
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MTKM_C1X"N?&WA>&72EWZGIKM)#&3CS48#>@]_E4CZ8[UZ,JJB!$4*JC 4#
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MB ,T88[551TWL>YZ#'J")_@Y\1]6\8-J&D>)(D_M'3E!,Z($,@R5(91P&!]
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MZSIT$H_D??GN*YGPEK.IS_M*:YI\^HW<EE&)]EL\[&-<;<84G K ^(_A>_\
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4@8..,^YKN:**EMO<N,8Q5HH__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g715255g60t83.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g715255g60t83.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X1$017AI9@  34T *@    @ ! $[  (
M   7   (2H=I  0    !   (8IR=  $    N   0VNH<  <   @,    /@
M   <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                                 %)E=F%T:&D@
M2W)I<VAN86UO;W)T:'D    %D ,  @   !0  !"PD 0  @   !0  !#$DI$
M @    ,P-   DI(  @    ,P-   ZAP !P  " P   BD     !SJ    "
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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M*BHJ*BHJ*O_  !$( "8 H ,!(@ "$0$#$0'_Q  ?   !!0$! 0$! 0
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@110 BKM4*.@&*6BB@ HHHH **** "BBB@ HHHH __]D!

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