<SEC-DOCUMENT>0001104659-23-004064.txt : 20230413
<SEC-HEADER>0001104659-23-004064.hdr.sgml : 20230413
<ACCEPTANCE-DATETIME>20230117080331
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-004064
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Smart Share Global Ltd
		CENTRAL INDEX KEY:			0001834253
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PERSONAL SERVICES [7200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6/F, 799 TIANSHAN W ROAD
		STREET 2:		CHANGNING DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200335
		BUSINESS PHONE:		86 21 6050 3535

	MAIL ADDRESS:	
		STREET 1:		6/F, 799 TIANSHAN W ROAD
		STREET 2:		CHANGNING DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200335
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Smart Share Global
Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">6th Floor, 799 Tianshan
W Road</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Changning District,
Shanghai 200335</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">People&rsquo;s
Republic of China</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>VIA EDGAR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Dietrich King</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Kate Beukenkamp</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Adam Phippen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Tony Watson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">100 F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Smart
                                            Share Global Limited (the &ldquo;Company&rdquo;)</B></FONT></TD>
    <TD STYLE="width: 1in">&nbsp;</TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Form&nbsp;20-F
                                            for the Fiscal Year Ended December&nbsp;31, 2021</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
                                                                                            <TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><B>Filed
                                            on April&nbsp;27, 2022 (File No.&nbsp;001-40298)</B></TD>
    <TD>&nbsp;</TD></TR>
                                                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Mr.&nbsp;King</FONT><FONT STYLE="font-size: 10pt">, Ms.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Beukenkamp</FONT>,
Mr.&nbsp;Phippen and Mr.&nbsp;Watson,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This letter sets
forth the Company&rsquo;s responses to the comments contained in the letter dated December&nbsp;19, 2022 from the staff (the &ldquo;<B>Staff</B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) regarding the Company&rsquo;s annual report on Form&nbsp;20-F
for the fiscal year ended December&nbsp;31, 2021 filed with the Commission on April&nbsp;27, 2022 (the &ldquo;<B>2021 Form&nbsp;20-F</B>&rdquo;).
The Staff&rsquo;s comments are repeated below in bold and are followed by the Company&rsquo;s responses thereto. All capitalized terms
used but not defined in this letter shall have the meaning ascribed to such terms in the 2021 Form&nbsp;20-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Form&nbsp;20-F for the Fiscal
Year Ended December&nbsp;31, 2021</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Introduction,
page&nbsp;1</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Regarding
                                            certain terms in this section, in future filings please address the following:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revise
                                            your definition of &quot;China&quot; and &quot;PRC&quot; to state that the legal and operational
                                            risks associated with operating in China also apply to operations in Hong Kong;</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T</FONT><FONT STYLE="font-size: 10pt">he
Company respectfully advises the Staff that the Company does not have any business operation in Hong Kong. Therefore, the Company faces
no material legal or operational risk with respect to Hong Kong. The Company will make disclosure of material risks associated with Hong
Kong, if any, in the event that the Company carries out business operation in that jurisdiction in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Expand
                                            your definition of &quot;offline networks&quot; to briefly describe the meaning of &quot;offline
                                            cabinets.&quot; We note that it does not appear that this term is used elsewhere in your
                                            disclosure; and</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company respectfully </FONT><FONT STYLE="font-size: 10pt">advises the Staff that &ldquo;offline
network&rdquo; refers to the collective network formed through the Company&rsquo;s cabinets which are placed at location partners. The
Company&rsquo;s cabinets that are used to charge and store power banks and serve as a point of contact for users to access our mobile
device charging services. The Company proposes to include the following revised disclosure as shown below in its future Form&nbsp;20-F
filings (with deletions shown in strikethrough and additions underlined), subject to updates and adjustments to be made in connection
with any material development of the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;offline
network&rdquo; refers to <U>the collective network formed through our cabinets which are placed at location partners. Our cabinets are
</U>our <STRIKE>offline </STRIKE>cabinets <U>used to charge and store power banks and serve as a point of contact for users to access
our mobile device charging services</U><U><STRIKE>,</STRIKE></U> <STRIKE>and the network of our location partners</STRIKE>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revise
                                            this section to include a reference to Smart Share International Limited, your wholly-owned
                                            HK entity, and briefly identify its form of entity and role within your organizational structure.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company </FONT><FONT STYLE="font-size: 10pt">proposes to include the following revised disclosure
as shown below in its future Form&nbsp;20-F filings (with deletions shown in strikethrough and additions underlined), subject to updates
and adjustments to be made in connection with any material development of the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>&ldquo;Smart
Share International Limited&rdquo; refers to our intermediary holding company, a private company limited by shares incorporated in Hong
Kong, that does not conduct any business operation.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Cash Flows through Our Organization,
page&nbsp;4</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            future filings, please provide a cross-reference to the condensed consolidating schedule
                                            and the consolidated financial statements.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company </FONT><FONT STYLE="font-size: 10pt">proposes to include the following revised disclosure
(page&nbsp;reference is made to the 2021 Form&nbsp;20-F to illustrate the approximate location of the disclosure) as shown below in its
future Form&nbsp;20-F filings (with deletions shown in strikethrough and additions underlined), subject to updates and adjustments to
be made in connection with any material development of the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Cash Flows through
Our Organization</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&hellip;
In 2019, 2020 and 2021, Smart Share Global Limited, through its intermediate holding company, provided capital contribution of RMB119.4
million, RMB178.2 million and RMB1,005.0 million (including capital contribution of RMB358.4 million to Zhixiang WFOE), respectively,
to its subsidiaries in China. <U>For details of capital contribution from Smart Share Global Limited to its subsidiaries, see the &ldquo;investments
in subsidiaries&rdquo; as in the selected condensed consolidated cash flows information under &ldquo;Item 3. Key Information&mdash;A.
[Reserved]&mdash;Financial Information Related to The Variable Interest Entities.&rdquo;</U> In 2019, 2020 and 2021, Smart Share Global
Limited did not provide loans to its subsidiaries in China. For the years ended December&nbsp;31, 2019, 2020 and 2021, no assets other
than cash were transferred between our company and our PRC subsidiaries and the variable interest entities, no subsidiaries paid dividends
or made other distributions to Smart Share Global Limited, and no dividends or distributions were paid or made to U.S. investors. Pursuant
to the Exclusive Business Cooperation Agreement between our wholly-owned PRC subsidiary and the respective variable interest entity and
its shareholders, the amount of consultancy and service fees should be mutually agreed in each quarterly bill according to the amount
and commercial value of the services provided to the variable interest entity. However, our WFOEs may adjust the standard of consultancy
and service fees according to the amount and content of services provided. According to the existing VIE agreements, for the years ended
December&nbsp;31, 2019, 2020 and 2021, the amount of consultancy and service fees paid by variable interest entities to WFOEs were nil,
RMB37.3 million and RMB18.3 million, respectively. <U>For details of the amount of consultancy and service fees paid by variable interest
entities to WFOEs, see &ldquo;intercompany payments from service charge&rdquo; as in the selected condensed consolidated cash flows information
</U></FONT><U><FONT STYLE="font-size: 10pt">under &ldquo;Item 3. Key Information&mdash;A. [Reserved]&mdash;Financial Information Related
to The Variable Interest Entities.&rdquo; </FONT></U><FONT STYLE="font-size: 10pt">In 2019, 2020 and 2021, our subsidiaries in China
did not provide loans to the variable interest entities. In 2019, 2020 and 2021, our subsidiaries in China paid RMB108.6 million, RMB124.2
million and RMB88.0 million, respectively, to the variable interest entities for intra-group transactions. <U>For details of the amount
paid by our subsidiaries to the variable interest entities, see &ldquo;intercompany receipts from service charge&rdquo; as in the selected
condensed consolidated cash flows information under &ldquo;Item 3. Key Information&mdash;A. [Reserved]&mdash;Financial Information Related
to The Variable Interest Entities.&rdquo;</U> If there is any amount payable to relevant WFOEs under the VIE agreements, the variable
interest entities will settle the amount accordingly. For details of the financial position, cash flows and results of operations of
the variable interest entities, see <U>the selected condensed consolidated financial information under</U> &ldquo;Item 3. Key Information&mdash;A.
[Reserved]&mdash;Financial Information Related to The Variable Interest Entities&rdquo;, &ldquo;Item 5. Operating and Financial Review
and Prospects&mdash;A. Operating Results&rdquo; and <U>the consolidated financial statements commencing on page&nbsp;F-1, included in
</U><STRIKE>&ldquo;Item 18. Financial Statements&rdquo; of</STRIKE> this annual report on Form&nbsp;20-F.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            future filings, please amend your disclosure here and in the summary risk factors and risk
                                            factors sections to state that there is no assurance the PRC government will not intervene
                                            in or impose restrictions on the ability of you, your subsidiaries, and the consolidated
                                            VIE(s)&nbsp;to transfer cash. State that, to the extent cash in the business is in the PRC
                                            or a PRC entity, the funds may not be available to fund operations or for other use outside
                                            of the PRC due to interventions in or the imposition of restrictions and limitations on the
                                            ability of you, your subsidiaries, or the VIEs by the PRC government to transfer cash.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company </FONT><FONT STYLE="font-size: 10pt">proposes to include the following revised disclosure
in the Cash Flows through Our Organization, the summary risk factors and the risk factors sections (page&nbsp;reference is made to the
2021 Form&nbsp;20-F to illustrate the approximate location of the disclosure) as shown below in its future Form&nbsp;20-F filings (with
deletions shown in strikethrough and additions underlined), subject to updates and adjustments to be made in connection with any material
development of the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;.
.. . Because Smart Share Global Limited and its subsidiaries control the variable interest entities through contractual arrangements,
Smart Share Global Limited and its subsidiaries are not able to make direct capital contribution to the variable interest entities. However,
Smart Share Global Limited and its subsidiaries may transfer cash to the variable interest entities by loans or by making payment to
the variable interest entities for inter-group transactions. <U>There is no assurance the PRC government will not intervene in or impose
restrictions on the ability of Smart Share Global Limited, its subsidiaries, and the VIE to transfer cash. To the extent cash in the
business is in the PRC or a PRC entity, the funds may not be available to fund operations or for other use outside of the PRC due to
interventions in or the imposition of restrictions and limitations on the ability of Smart Share Global Limited, its subsidiaries, or
the VIE by the PRC government to transfer cash.</U>&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;19</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B><I>Risks Relating
to Doing Business in China</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">. . .</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Uncertainties
                                            in the interpretation and enforcement of PRC laws and regulations could limit the legal protections
                                            available to you and us. <U>In addition, there is no assurance the PRC government will not
                                            intervene in or impose restrictions on the ability of Smart Share Global Limited, its subsidiaries,
                                            and the VIE to transfer cash. To the extent cash in the business is in the PRC or a PRC entity,
                                            the funds may not be available to fund operations or for other use outside of the PRC due
                                            to interventions in or the imposition of restrictions and limitations on the ability of Smart
                                            Share Global Limited, its subsidiaries, or the VIE by the PRC government to transfer cash.
                                            See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business
                                            in China&mdash;Uncertainties in the interpretation and enforcement of PRC laws and regulations
                                            could limit the legal protections available to you and us.</U>&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;50</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Risks Relating to
Doing Business in China</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Uncertainties in the
interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&hellip;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our PRC
subsidiaries are foreign-invested enterprises and are subject to laws and regulations applicable to foreign-invested enterprises as well
as various Chinese laws and regulations generally applicable to companies incorporated in China. However, since these laws and regulations
are relatively new and the PRC legal system continues to evolve, the interpretations and enforcement of these laws, regulations and rules&nbsp;involve
uncertainties. <U>In addition, there is no assurance the PRC government will not intervene in or impose restrictions on the ability of
Smart Share Global Limited, its subsidiaries, and the VIE to transfer cash. To the extent cash in the business is in the PRC or a PRC
entity, the funds may not be available to fund operations or for other use outside of the PRC due to interventions in or the imposition
of restrictions and limitations on the ability of Smart Share Global Limited, its subsidiaries, or the VIE by the PRC government to transfer
cash.</U>&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>To
                                            the extent you have cash management policies that dictate how funds are transferred between
                                            you, your subsidiaries, the VIE(s)&nbsp;or investors, in future filings please summarize
                                            the policies in this section, and disclose the source of such policies (e.g., whether they
                                            are contractual in nature, pursuant to regulations,&nbsp;etc.); alternatively, state that
                                            you have no such cash management policies that dictate how funds are transferred.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, t</FONT><FONT STYLE="font-size: 10pt">he Company proposes to include the following revised disclosure
(page&nbsp;reference is made to the 2021 Form&nbsp;20-F to illustrate the approximate location of the disclosure) as shown below in its
future Form&nbsp;20-F filings (with deletions shown in strikethrough and additions underlined), subject to updates and adjustments to
be made in connection with any material development of the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;We
have established <STRIKE>stringent </STRIKE><U>relevant</U> controls and procedures for cash flows within our organization. Each transfer
of cash between our company and a subsidiary or a VIE is subject to internal approval. <U>We have implemented a cash management policy
that dictates how funds are transferred between Smart Share Global Limited, our subsidiaries, the VIE or investors, for purposes of establishing
good internal control over cash management. Under our cash management policy, cash is managed by the treasury department of our company,
and each transfer of cash between Smart Share Global Limited and a subsidiary or the VIE is subject to internal approval. The treasury
department monitors the inter-company transfer of funds based on the projected annual cash flow statements of our company, our subsidiaries
and the VIE. The treasury department also prepares funds reports regularly, analyze funds usage and verify and report events that lead
to major fluctuations in funds to our management team. We only allow authorized departments and personnel to have access to our funds,
and we also segregate duties</U></FONT><U> <FONT STYLE="font-size: 10pt">between personnel involved in funds management.</FONT></U><FONT STYLE="font-size: 10pt">
The cash inflows of our company were primarily generated from the proceeds we received from our public offerings of ordinary shares and
other financing activities. . . .&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Item 3. Key Information</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Our
</U></B></FONT><B><U><FONT STYLE="font-size: 10pt">Holding Company Structure and Contractual Arrangements with the VIE, page&nbsp;4</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note the second to last sentence in the first paragraph of this section where you state that
                                            &quot;we&quot;, &quot;us&quot; and &quot;our&quot; may refer to your VIEs in China from time
                                            to time. In future filings, please revise your disclosure here and throughout your annual
                                            report to remove references to &quot;we&quot;, &quot;us&quot; or &quot;our&quot; when describing
                                            activities or functions of a VIE. In this regard, refer to the activities or functions of
                                            a VIE by referring to the VIE by entity name or &quot;the VIE&quot; or &quot;a VIE&quot;,
                                            as Smart Share Global does not have ownership or control of the VIEs.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, t</FONT><FONT STYLE="font-size: 10pt">he Company proposes to include the following revised disclosure
(page&nbsp;reference is made to the 2021 Form&nbsp;20-F to illustrate the approximate location of the disclosure) as shown below in its
future Form&nbsp;20-F filings (with deletions shown in strikethrough and additions underlined), subject to updates and adjustments to
be made in connection with any material development of the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;Energy
                                            Monster,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; refers to Smart
                                            Share Global Limited, our Cayman Islands holding company<STRIKE>, </STRIKE><U>and</U> its
                                            subsidiaries<STRIKE>, and in the context of describing our operations and combined and consolidated
                                            financial information, the variable interest entities from time to time </STRIKE>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Item 3. Key Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Our Holding Company Structure
and Contractual Arrangements with the VIE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Smart
Share Global Limited is not a PRC operating company, but rather a Cayman Islands holding company with no equity ownership in the VIE.
Our Cayman Islands holding company does not conduct business operations in China directly, but through (i)&nbsp;our PRC subsidiaries
and (ii)&nbsp;the VIE in China with which we maintain contractual arrangements. PRC laws and regulations impose certain restrictions
on foreign ownership in entities that provide value-added telecommunication services, with certain exceptions. Specifically, foreign
ownership of an internet information service provider may not exceed 50%, and the major foreign investor is required to have a record
of good performance and operating experience in managing value-added telecommunications business. Accordingly, we operate these businesses
in China through the VIE, and rely on contractual arrangements among our PRC subsidiaries, the VIE and its shareholders to <STRIKE>control
</STRIKE><U>conduct</U> the business operations of the VIE. . . . As used in this annual report, &ldquo;we,&rdquo; &ldquo;us,&rdquo;
and &ldquo;our&rdquo; refer to Smart Share Global Limited<STRIKE>, </STRIKE><U>and</U> its subsidiaries<U>.</U><STRIKE>, and, in the
context of describing our operations and consolidated financial information, the variable interest entities in China from time to time,
including Shanghai Zhixiang and the other variable interest entity that had no significant operations, nor any material assets or liabilities
for the years ended December&nbsp;31, 2019, 2020 and 2021.</STRIKE> Investors in our ADSs are not purchasing equity interest in the VIE
in China but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">* * *</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company further undertakes
to refrain from using terms such as &ldquo;we&rdquo; or &ldquo;our&rdquo; when describing activities or functions of the consolidated
variable interest entities, and make necessary revisions throughout its future 20-F filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;8</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note the diagram of your organizational structure on page&nbsp;99 and related discussion.
                                            In future filings, please revise your disclosure to provide a diagram of the company's corporate
                                            structure in this section. Additionally, revise your diagram to use dashed lines without
                                            arrows to denote the relationship with the VIE(s)&nbsp;within your organizational structure.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In response to the Staff&rsquo;s
comment, the Company undertakes to revise the diagram of its organizational structure by using dashed lines without arrows to denote
the relationship with the VIE within the organizational structure, subject to future updates to the organizational structure. The Company
also undertakes to replicate the revised diagram of the Company&rsquo;s corporate structure, including the footnotes identifying the
person or entity that owns the equity in each depicted entity therein and make the referenced disclosure at the outset of Item 3 in its
future Form&nbsp;20-F filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            future filings, please revise your disclosure on pages&nbsp;4 and 99 to expand your discussion
                                            to describe all contracts and arrangements through which you claim to have economic rights
                                            and exercise control that results in consolidation of the VIE&rsquo;s operations and financial
                                            results into your financial statements. We note that you list &quot;a series of contractual
                                            agreements,&quot; including proxy agreements, equity pledge agreement, exclusive business
                                            cooperation agreements, exclusive asset subscription agreement, exclusive call option agreement,
                                            and spousal consent letter. Please provide a brief description of each of these agreements.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, </FONT><FONT STYLE="font-size: 10pt">the Company proposes to include the following revised disclosure
(page&nbsp;reference is made to the 2021 Form&nbsp;20-F to illustrate the approximate location of the disclosure) as shown below in its
future Form&nbsp;20-F filings (with deletions shown in strikethrough and additions underlined), subject to updates and adjustments to
be made in connection with any material development of the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Item 3. Key Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Our Holding Company Structure
and Contractual Arrangements with the VIE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&hellip;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A series
of contractual agreements, including proxy agreements, equity interest pledge agreement, exclusive business cooperation agreement, exclusive
asset subscription agreement, exclusive call option agreement, and spousal consent letter have been entered into by and among our PRC
subsidiaries, the VIE and its shareholders. <U>For more details of these contractual arrangements, see &ldquo;Item 4. Information on
the Company&mdash;C. Organizational Structure&mdash;Contractual Arrangements with The VIE and Its Shareholders. </U>As a result of <STRIKE>the
</STRIKE><U>these</U> contractual arrangements, our company is considered the primary beneficiary of the VIE for accounting purposes
and consolidates the VIE as required by Accounting Standards Codification topic <STRIKE>801</STRIKE><U>810</U>, Consolidation. Accordingly,
we treat the VIE as our consolidated entity under U.S. GAAP and we consolidate the financial results of the VIE in our consolidated financial
statements in accordance with U.S. GAAP. The shareholders of Shanghai Zhixiang, the VIE, are directors or members of senior management
of our company. We consider such individuals suitable to act as the shareholders of the VIE because of, among other considerations, their
contribution to us, their competence and their length of service with and loyalty to us. <STRIKE>For more details of these contractual
arrangements, see &ldquo;Item 4. Information on the Company&mdash;C. Organizational Structure&mdash;Contractual Arrangements with The
VIE and Its Shareholders.</STRIKE>&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;9</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">* * *</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company further respectfully
advises the Staff that the Company included a description of each of the contractual arrangements&mdash;proxy agreements, equity pledge
agreement, exclusive business cooperation agreements, exclusive asset subscription agreement, exclusive call option agreement, and spousal
consent letter on pages&nbsp;100-101 under &ldquo;Item 4. Information on the Company&mdash;C. Organizational Structure&rdquo; of its
2021 Form&nbsp;20-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note that in the first paragraph of this section you refer to the &quot;variable interest
                                            entities.&quot; Additionally, on page&nbsp;11 you refer to the &quot;other VIE that had no
                                            significant operations.&quot; However, your disclosure largely references a single VIE, Shanghai
                                            Zhinxiang, including in your Introduction and defined terms. In future filings, please revise
                                            your disclosure, including in the Introduction and within the diagram of your corporate structure,
                                            to reconcile this disclosure and reflect this additional VIE by name.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company respectfully advises
the Staff that from the perspective of accounting, the Company currently has two variable interest entities&mdash;(1)&nbsp;the first
one is Shanghai Zhixiang, which is defined in the introduction section on page&nbsp;1 of the 2021 Form&nbsp;20-F; and (2)&nbsp;the second
one is a company incorporated in the PRC in March&nbsp;2021, which is the one referred on page&nbsp;11 of the 2021 Form&nbsp;20-F as
the other variable interest entity that does not have any significant operations, nor any material assets or liabilities for the years
ended December&nbsp;31, 2019, 2020 and 2021. The second variable interest entity was established to expand the Company&rsquo;s operation
into the consumer electronics industry, which generated revenue of nil, nil and RMB0.3 million for the years ended December&nbsp;31,
2019, 2020 and 2021, respectively. It generated net loss of nil, nil and RMB0.1 million for the years ended December&nbsp;31, 2019, 2020
and 2021, respectively. Its total assets for the years ended December&nbsp;31, 2019, 2020 and 2021 were nil, nil and RMB0.2 million,
respectively. By March&nbsp;2022, the second variable interest entity had ceased all business operations due to a shift in the Company&rsquo;s
plans in regard to its consumer electronic operation. The Company will terminate this entity. The termination of the second variable
interest entity will not impact the Company financially or in any other aspects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;10</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company undertakes to
use &ldquo;the VIE,&rdquo; which refers to Shanghai Zhixiang, and not to make any reference to the second variable interest entity in
its future Form&nbsp;20-F filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure in the first paragraph on page&nbsp;5 regarding uncertainty about potential
                                            future actions by the PRC government that would affect the enforceability of the contractual
                                            arrangements with the VIE and, consequently, affect the financial performance of the VIE
                                            and the company as a whole. In future filings, please revise this section to clarify that
                                            this could result in a material change in your operations and/or change in the value of your
                                            securities, including that it could cause the value of such securities to significantly decline
                                            or become worthless.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In response to the Staff&rsquo;s
comment, the Company proposes to include the following revised disclosure (page&nbsp;reference is made to the 2021 Form&nbsp;20-F to
illustrate the approximate location of the disclosure) as shown below in its future Form&nbsp;20-F filings (with deletions shown in strikethrough
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matter
being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;There are also substantial
uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules&nbsp;regarding the status
of the rights of our company with respect to its contractual arrangements with the VIE and its shareholders. It is uncertain whether
any new PRC laws or regulations relating to variable interest entity structures will be adopted or if adopted, what they would provide.
If we or the VIE is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of
the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with
such violations or failures. If the PRC government deems that our contractual arrangements with the VIE does not comply with PRC regulatory
restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations
change or are interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our interests
in those operations. Our company, our PRC subsidiaries and VIE, and investors of our company face uncertainty about potential future
actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIE and, consequently, <STRIKE>significantly
affect the financial performance of the VIE and our company as a whole </STRIKE><U>result in a material change in our operations, and
our Class&nbsp;A ordinary shares and ADSs may decline significantly in value or become worthless</U>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;11</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Permissions Required from the
PRC Authorities for Our Operations, page&nbsp;6</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            future filings, please disclose each permission or approval that you, your subsidiaries,
                                            or the VIE are required to obtain from Chinese authorities to operate your business. State
                                            whether you, your subsidiaries, or the VIE are covered by permissions requirements from the
                                            China Securities Regulatory Commission (CSRC), Cyberspace Administration of China (CAC) or
                                            any other governmental agency that is required to approve the VIE&rsquo;s operations, and
                                            discuss how you came to your conclusions and the basis on which you made such determination.
                                            In this regard, we note your reference to the CSRC and CAC, but you do not state whether
                                            or not you believe you are subject to their review. State affirmatively whether you have
                                            received all requisite permissions or approvals and whether any permissions or approvals
                                            have been denied. In this regard, we note that the disclosure here should not be qualified
                                            by materiality.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In response to the Staff&rsquo;s
comment, the Company proposes to include the following revised disclosure (page&nbsp;reference is made to the 2021 Form&nbsp;20-F to
illustrate the approximate location of the disclosure) as shown below in its future Form&nbsp;20-F filings (with deletions shown in strikethrough
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matter
being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;6:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Permissions Required
from the PRC Authorities for Our Operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct our business <STRIKE>primarily</STRIKE> through our PRC subsidiaries and <U>the</U> VIE in China. Our operations in China are
governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries and <U>the</U> VIE have obtained the
requisite licenses and permits from the PRC government authorities that are <STRIKE>material </STRIKE><U>necessary</U> for our business
operations in China, <STRIKE>including, among others, </STRIKE><U>namely, (i)&nbsp;business license, (ii)&nbsp;</U>the value-added telecommunication
business license<U>, (iii)&nbsp;the Hi-Tech Enterprise Certificate, (iv)&nbsp;the Filing Certificate for Classified Protection of Information
System Security, (v)&nbsp;the Radio Transmission Equipment Type Approval Certificate, (vi)&nbsp;the Food Operation License, (vii)&nbsp;the
Liquor Retail License, and (viii)&nbsp;the Liquor Wholesale License, and have not been denied such licenses and permits</U>. <U>As advised
by our PRC legal counsel, Commerce&nbsp;&amp; Finance Law Offices, as of the date of this annual report, (i)&nbsp;except for the risks
as disclosed in &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;Any lack
of requisite approvals, licenses or permits applicable to our business may have a material and adverse impact on our business, financial
condition and results of operations&rdquo; and &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business
in China&mdash;Increases in labor costs and enforcement of stricter labor laws and regulations in China may adversely affect our business
and our profitability,&rdquo; each of the PRC subsidiaries and the VIE has obtained all necessary licenses and permits as required by
Chinese authorities to conduct its business in the manner described in this annual report, (ii)&nbsp;under current PRC laws, regulations
and rules, the PRC subsidiaries and the VIE are not required to file with the CSRC in connection with our company&rsquo;s issuance of
securities to foreign investors; and (iii)&nbsp;under current PRC laws, regulations and rules, the PRC subsidiaries and the VIE are not
required </U></FONT><U><FONT STYLE="font-size: 10pt">by the CAC to go through cybersecurity review in connection with our company&rsquo;s
issuance of securities to foreign investors. However, our PRC legal counsel has also advised us that there are substantial uncertainties
regarding the interpretation and application of current and future PRC laws, regulations and rules. Accordingly, the PRC regulatory authorities
may take a view that is contrary to the opinion of our PRC legal counsel.</FONT></U><FONT STYLE="font-size: 10pt"> Given the uncertainties
of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities,
we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the
future.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;12</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure beginning on page&nbsp;101 that your PRC counsel, Commerce&nbsp;&amp;
                                            Finance Law Offices, concluded that the ownership structure and the agreements under the
                                            contractual arrangements of your VIE and WFOE are not in violation of mandatory provisions
                                            of applicable PRC laws and regulations currently in effect, and are valid, binding and enforceable.
                                            Please tell us whether your PRC counsel provided an opinion and if they opined on the applicability
                                            of CSRC and CAC review.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Additionally, if you did
not rely on the opinion on counsel with respect to your conclusions that you do not any permissions or approvals (or additional permissions
and approvals) to operate your business and to offer your securities to investors, in future filings please state as much and explain
why such an opinion was not obtained.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">The Company
respectfully advises the Staff that the Company&rsquo;s PRC legal counsel, Commerce&nbsp;&amp; Finance Law Offices, did provide legal
opinion and did opine on the applicability of CSRC and CAC review.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;13</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>The Holding
Foreign Companies Accountable Act, page&nbsp;6</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            future filings, please revise this section to expand your disclosure to include discussion
                                            of the Accelerating Holding Foreign Companies Accounting Act, including whether and how this
                                            law and related regulations will affect your company. Disclose that trading in your securities
                                            may be prohibited under the HFCAA and Accelerating HFCAA if the PCAOB determines that it
                                            cannot inspect or investigate completely either of your auditors, and that as a result an
                                            exchange may determine to delist your securities. We note your cross-references to the relevant
                                            risk factors on page&nbsp;51.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In response to the Staff&rsquo;s
comment, the Company proposes to include the following revised disclosure (page&nbsp;reference is made to the 2021 Form&nbsp;20-F to
illustrate the approximate location of the disclosure) as shown below in its future Form&nbsp;20-F filings (with deletions shown in strikethrough
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matter
being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;6:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>&ldquo;The Holding Foreign
Companies Accountable Act</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Pursuant
to the </U></FONT><FONT STYLE="font-size: 10pt"><STRIKE>The</STRIKE> Holding Foreign Companies Accountable Act, or the HFCAA, <STRIKE>was
enacted on December&nbsp;18, 2020. The HFCAA states that,</STRIKE> if the SEC determines that we have filed audit reports issued by a
registered public accounting firm that has not been subject to inspection<U>s</U> by the PCAOB for <STRIKE>three </STRIKE><U>two</U>
consecutive years <STRIKE>beginning in 2021</STRIKE>, the SEC <STRIKE>shall </STRIKE><U>will</U> prohibit our shares or <U>the</U> ADSs
from being traded on a national securities exchange <U>or in the over-the-counter trading market in the United States</U>. <U>On December&nbsp;16,
2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely
registered public accounting firms headquartered in mainland China and Hong Kong, including our auditor. In May&nbsp;2022, the SEC conclusively
listed us as a Commission-Identified Issuer under the HFCAA following the filing of our annual report on Form&nbsp;20-F for the fiscal
year ended December&nbsp;31, 2021. On December&nbsp;15, 2022, the PCAOB issued a report that vacated its December&nbsp;16, 2021 determination
and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered
public accounting firms. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCAA after we
file this annual report on Form&nbsp;20-F. Each year, the PCAOB will determine whether it can inspect and investigate completely audit
firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOB determines in the future that it no longer has full access
to inspect and investigate completely accounting firms in mainland China and Hong Kong and we use an accounting firm headquartered in
one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified
Issuer following the filing of the annual report on Form&nbsp;20-F for the relevant fiscal year. There can be no assurance that we would
not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years,
we would become subject to the prohibition on trading under the HFCAA. </U><STRIKE>Since our auditor is located in China, a jurisdiction
where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently
inspected by the PCAOB, which may impact our ability to remain listed on a United States or other foreign exchange. Furthermore, on December&nbsp;2,
2021, the SEC adopted final amendments implementing the disclosure and submission requirements under the HFCAA, pursuant to which the
SEC will identify a &ldquo;Commission-Identified Issuer&rdquo; if an issuer has filed an annual report containing an audit report issued
by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely because of a position
taken by an authority in the foreign jurisdiction, and will then impose a trading prohibition on an issuer after it is identified as
a Commission-Identified Issuer for three consecutive years. We expect to be identified as a &ldquo;Commission Identified Issuer&rdquo;
shortly after the filing of this annual report on Form&nbsp;20-F. The related risks and uncertainties could cause the value of our ADSs
to significantly decline.</STRIKE> For more details, see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to
Doing Business in China&mdash;The PCAOB <U>had historically been</U> <STRIKE>is currently</STRIKE> unable to inspect our auditor in relation
to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor <STRIKE>deprives
</STRIKE><U>has deprived</U> our investors with the benefits of such inspections<STRIKE>,</STRIKE><U>.</U>&rdquo; and &ldquo;Item 3.
Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business in China&mdash;Our ADSs <U>may</U> <STRIKE>will</STRIKE>
be prohibited from trading in the United States under <STRIKE>the Holding Foreign Companies Accountable Act, or </STRIKE>the HFCAA <U>in
the future</U><STRIKE>, in 2024</STRIKE> if the PCAOB is unable to inspect or <STRIKE>fully</STRIKE> investigate <U>completely</U> auditors
located in China<STRIKE>, or in 2023 if proposed changes to the law are enacted</STRIKE>. The delisting of <STRIKE>our </STRIKE><U>the
</U>ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;14</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            future filings, please update your disclosure wherever you discuss the HFCAA to reflect that
                                            on August&nbsp;26, 2022, the PCAOB signed a Statement of Protocol with the China Securities
                                            Regulatory Commission and the Ministry of Finance of the PRC to allow the PCAOB to inspect
                                            and investigate completely registered pubic accounting firms headquartered in China and Hong
                                            Kong, consistent with the HFCAA, and that the PCAOB will be required to reassess its determinations
                                            by the end of 2022.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In response to the Staff&rsquo;s
comment, the Company proposes to include the following revised disclosure (page&nbsp;reference is made to the 2021 Form&nbsp;20-F to
illustrate the approximate location of the disclosure) as shown below in its future Form&nbsp;20-F filings (with deletions shown in strikethrough
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matter
being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;6:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>&ldquo;The Holding Foreign
Companies Accountable Act</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Pursuant
to the </U></FONT><FONT STYLE="font-size: 10pt"><STRIKE>The</STRIKE> Holding Foreign Companies Accountable Act, or the HFCAA, <STRIKE>was
enacted on December&nbsp;18, 2020. The HFCAA states that,</STRIKE> if the SEC determines that we have filed audit reports issued by a
registered public accounting firm that has not been subject to inspection<U>s</U> by the PCAOB for <STRIKE>three </STRIKE><U>two</U>
consecutive years <STRIKE>beginning in 2021</STRIKE>, the SEC <STRIKE>shall </STRIKE><U>will</U> prohibit our shares or <U>the</U> ADSs
from being traded on a national securities exchange <U>or in the over-the-counter trading market in the United States</U>. <U>On December&nbsp;16,
2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely
registered public accounting firms headquartered in mainland China and Hong Kong, including our auditor. In May&nbsp;2022, the SEC conclusively
listed us as a Commission-Identified Issuer under the HFCAA following the filing of our annual report on Form&nbsp;20-F for the fiscal
year ended December&nbsp;31, 2021. On December&nbsp;15, 2022, the PCAOB issued a report that vacated its December&nbsp;16, 2021 determination
and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered
public accounting firms. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCAA after we
file this annual report on Form&nbsp;20-F. Each year, the PCAOB will determine whether it can inspect and investigate completely audit
firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOB determines in the future that it no longer has full access
to inspect and investigate completely accounting firms in mainland China and Hong Kong and we use an accounting firm headquartered in
one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified
Issuer following the filing of the annual report on Form&nbsp;20-F for the relevant fiscal year. There can be no assurance that we would
not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years,
we would become subject to the prohibition on trading under the HFCAA. </U><STRIKE>Since our auditor is located in China, a jurisdiction
where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently
inspected by the PCAOB, which may impact our ability to remain listed on a United States or other foreign exchange. Furthermore, on December&nbsp;2,
2021, the SEC adopted final amendments implementing the disclosure and submission requirements under the HFCAA, pursuant to which the
SEC will identify a &ldquo;Commission-Identified Issuer&rdquo; if an issuer has filed an annual report containing an audit report issued
by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely because of a position
taken by an authority in the foreign jurisdiction, and will then impose a trading prohibition on an issuer after it is identified as
a Commission-Identified Issuer for three consecutive years. We expect to be identified as a &ldquo;Commission Identified Issuer&rdquo;
shortly after the filing of this annual report on Form&nbsp;20-F. The related risks and uncertainties could cause the value of our ADSs
to significantly decline.</STRIKE> For more details, see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to
Doing Business in China&mdash;The PCAOB <U>had historically been</U> <STRIKE>is currently</STRIKE> unable to inspect our auditor in relation
to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor <STRIKE>deprives
</STRIKE><U>has deprived</U> our investors with the benefits of such inspections<STRIKE>,</STRIKE><U>.</U>&rdquo; and &ldquo;Item 3.
Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business in China&mdash;Our ADSs <U>may</U> <STRIKE>will</STRIKE>
be prohibited from trading in the United States under <STRIKE>the Holding Foreign Companies Accountable Act, or </STRIKE>the HFCAA <U>in
the future</U><STRIKE>, in 2024</STRIKE> if the PCAOB is unable to inspect or <STRIKE>fully</STRIKE> investigate <U>completely</U> auditors
located in China<STRIKE>, or in 2023 if proposed changes to the law are enacted</STRIKE>. The delisting of <STRIKE>our </STRIKE><U>the
</U>ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;15</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;51:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B><I>The PCAOB <U>had
historically been</U> <STRIKE>is currently</STRIKE> unable to inspect our auditor in relation to their audit work performed for our financial
statements and the inability of the PCAOB to conduct inspections over our auditor <STRIKE>deprives</STRIKE> <U>has deprived</U> our investors
with the benefits of such inspections.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Our auditor, the independent
registered public accounting firm that issues the audit report included elsewhere in this annual report, as an auditor of companies that
are traded publicly in the United States and a firm registered with <STRIKE>the Public Company Accounting Oversight Board (United States),
or </STRIKE>the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its
compliance with the applicable professional standards. <STRIKE>Since our </STRIKE><U>The</U> auditor is located in <U>mainland</U> China,
a jurisdiction where the PCAOB <STRIKE>has been </STRIKE><U>was historically</U> unable to conduct inspections <STRIKE>without the approval
of the Chinese authorities, our auditor is not currently inspected by the PCAOB </STRIKE><U>and investigations completely before 2022</U>.
As a result, we and investors in our ADSs <STRIKE>are </STRIKE><U>were</U> deprived of the benefits of such PCAOB inspections. The inability
of the PCAOB to conduct inspections of auditors in China <U>in the past has made </U><STRIKE>makes</STRIKE> it more difficult to evaluate
the effectiveness of our independent registered public accounting firm&rsquo;s audit procedures or quality control procedures as compared
to auditors outside of China that are subject to the PCAOB inspections. <U>On December&nbsp;15, 2022, the PCAOB issued a report that
vacated its December&nbsp;16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is
unable to inspect or investigate completely registered public accounting firms. However, if the PCAOB determines in the future that it
no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong, and we use an accounting
firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we and investors
in our ADSs would be deprived of the benefits of such PCAOB inspections again</U>, which could cause investors and potential investors
in <STRIKE>our </STRIKE><U>the</U> ADSs to lose confidence in our audit procedures and reported financial information and the quality
of our financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;16</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Our ADSs <U>may</U>
<STRIKE>will</STRIKE> be prohibited from trading in the United States under <STRIKE>the Holding Foreign Companies Accountable Act, or
</STRIKE>the HFCAA <U>in the future</U><STRIKE>, in 2024</STRIKE> if the PCAOB is unable to inspect or <STRIKE>fully</STRIKE> investigate
<U>completely</U> auditors located in China<STRIKE>, or in 2023 if proposed changes to the law are enacted</STRIKE>. The delisting of
<STRIKE>our</STRIKE> <U>the</U> ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Holding Foreign Companies Accountable Act, or </STRIKE></FONT><FONT STYLE="font-size: 10pt"><U>Pursuant to</U> the HFCAA, <STRIKE>was
signed into law on December&nbsp;18, 2020. The HFCAA states</STRIKE><U>,</U> if the SEC determines that we have filed audit reports issued
by a registered public accounting firm that has not been subject to inspection<U>s</U> <STRIKE>for </STRIKE><U>by</U> the PCAOB for <STRIKE>three
</STRIKE><U>two</U> consecutive years <STRIKE>beginning in 2021</STRIKE>, the SEC <STRIKE>shall </STRIKE><U>will</U> prohibit our shares
or ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. <STRIKE>On
December&nbsp;2, 2021, the SEC adopted final amendments implementing the disclosure and submission requirements of the HFCAA, pursuant
to which the SEC will identify an issuer as a &ldquo;Commission Identified Issuer&rdquo; if the issuer has filed an annual report containing
an audit report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate &nbsp;completely,
and will then impose a trading prohibition on an issuer after it is identified as a Commission-Identified Issuer for three consecutive
years.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">On December&nbsp;16, 2021,
the PCAOB issued a report to notify the SEC of its determination that the PCAOB <STRIKE>is </STRIKE><U>was</U> unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong<U>, and our auditor was subject to that determination.
In May&nbsp;2022, the SEC conclusively listed us as a Commission-Identified Issuer under the HFCAA following the filing of our annual
report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2021</U>. <U>On December&nbsp;15, 2022, the PCAOB removed mainland
China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting
firms. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCAA after we file this annual
report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2022. </U><STRIKE>The PCAOB identified our auditor as one of the
registered public accounting firms that the PCAOB is unable to inspect or investigate completely. Therefore, we expect to be identified
as a &ldquo;Commission Identified Issuer&rdquo; shortly after the filing of this annual report on Form&nbsp;20-F.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;17</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Each
year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other
jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting
firms in mainland China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report
on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the
annual report on Form&nbsp;20-F for the relevant fiscal year. </U></FONT><U><FONT STYLE="font-size: 10pt">In accordance with the HFCAA,
our securities would be prohibited from being traded on a national securities exchange or in the over-the-counter trading market in the
United States if we are identified as a Commission-Identified Issuer for two consecutive years in the future. </FONT></U><FONT STYLE="font-size: 10pt"><STRIKE>Whether
the PCAOB will be able to conduct inspections of our auditor before the issuance of our financial statements on Form&nbsp;20-F for the
year ending December&nbsp;31, 2023 which is due by April&nbsp;30, 2024, or at all, is subject to substantial uncertainty and depends
on a number of factors out of our, and our auditor&rsquo;s, control.</STRIKE> If our shares and ADSs are prohibited from trading in the
United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for our shares will develop
outside of the United States. <STRIKE>Such a </STRIKE><U>A</U> prohibition of being able to trade in the United States would substantially
impair your ability to sell or purchase our ADSs when you wish to do so, and the risk and uncertainty associated with delisting would
have a negative impact on the price of our ADSs. Also, such a prohibition would significantly affect our ability to raise capital on
terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>On
June&nbsp;22, 2021, the U.S. Senate passed a bill which would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCAA from three years to two. On February&nbsp;4, 2022, the U.S. House of Representatives passed a bill which
contained, among other things, an identical provision. If this provision is enacted into law and the number of consecutive non-inspection
years required for triggering the prohibitions under the HFCAA is reduced from three years to two, then our shares and ADSs could be
prohibited from trading in the United States in 2023.</STRIKE></FONT><FONT STYLE="font-size: 10pt">&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;18</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>D. Risk Factors</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Summary of Risk Factors, page&nbsp;18</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            future filings, please revise your summary risk factors to include a cross-reference to each
                                            relevant individual detailed risk factor.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In response to the Staff&rsquo;s
comment, the Company proposes to include the following revised disclosure (page&nbsp;reference is made to the 2021 Form&nbsp;20-F to
illustrate the approximate location of the disclosure) in the &ldquo;Summary of Risk Factors&rdquo; section as shown below in its future
Form&nbsp;20-F filings (with deletions shown in strikethrough and additions underlined), subject to updates and adjustments to be made
in connection with any material development of the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;18:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Summary of Risk
Factors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Our business is subject to
a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial
condition, results of operations, cash flows, and prospects. These risks are discussed more fully below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Risks Relating to Our
Business and Industry</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">Risks and uncertainties relating
to our business include, but are not limited to, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Our
                                            limited operating history makes it difficult to evaluate our future prospects. We cannot
                                            guarantee that we will be able to maintain the growth rate that we have maintained to date.
                                            <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Business
                                            and Industry&mdash;Our limited operating history makes it difficult to evaluate our future
                                            prospects. We cannot guarantee that we will be able to maintain the growth rate that we have
                                            maintained to date.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Our
                                            business, financial condition and results of operations have been and may continue to be
                                            adversely affected by the COVID-19 pandemic. <U>See &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;Our business, financial
                                            condition and results of operations have been and may continue to be adversely affected by
                                            the COVID-19 pandemic.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Technological
                                            advancements that <STRIKE>improve battery capacity, battery life, power conservation, energy
                                            efficiency or charging speed, or otherwise </STRIKE><U>would</U> lessen consumers&rsquo;
                                            need for mobile device charging<STRIKE>,</STRIKE> may decrease consumer demand for <STRIKE>mobile
                                            device charging </STRIKE><U>our</U> services or put price pressure on <STRIKE>such </STRIKE><U>our
                                            </U>services<STRIKE>, which may materially and adversely affect our results of operations,
                                            financial condition and business prospects</STRIKE>. <U>See &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;Technological advancements
                                            that would lessen consumers&rsquo; need for mobile device charging may decrease consumer
                                            demand for our services or put price pressure on our services, which may materially and adversely
                                            affect our results of operations, financial condition and business prospects.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;19</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            operate in a highly competitive industry<STRIKE>,</STRIKE> and <STRIKE>the scale and resources
                                            of some of</STRIKE> our <STRIKE>current or future </STRIKE>competitors may <STRIKE>allow
                                            them to</STRIKE> compete more effectively than we can<STRIKE>, which could result in a loss
                                            of our market share and an increase in the level of incentive fees paid to our network partners
                                            and location partners, and adversely affect our results of operations and financial condition</STRIKE>.
                                            <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Business
                                            and Industry&mdash;We operate in a highly competitive industry and our competitors may compete
                                            more effectively than we can, which could adversely affect our results of operations and
                                            financial condition.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            have incurred net loss in the past and we may not be able to achieve or maintain profitability
                                            in the future. <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating
                                            to Our Business and Industry&mdash;We have incurred net loss in the past and we may not be
                                            able to achieve or maintain profitability in the future.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            are subject to a variety of costs, risks and uncertainties in executing our growth strategies<STRIKE>,
                                            such as capturing expansion opportunities in existing and new markets. We may not be successful
                                            in executing these growth strategies and our results of operations and business prospects
                                            could be materially and adversely affected as a result</STRIKE>. <U>See &ldquo;Item 3. Key
                                            Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;We
                                            are subject to a variety of costs, risks and uncertainties in executing our growth strategies
                                            and our results of operations and business prospects could be materially and adversely affected
                                            as a result.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Power
                                            banks, portable chargers and similar products for mobile device charging are increasingly
                                            more affordable to own and convenient to carry around, potentially leading to less demand
                                            for and more pricing pressure on mobile device charging services<STRIKE>, which may materially
                                            and adversely affect our ability to attract new users and retain existing users, and consequently
                                            our results of operations, financial condition and business prospects</STRIKE>. <U>See &ldquo;Item
                                            3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;Power
                                            banks, portable chargers and similar products for mobile device charging are increasingly
                                            more affordable to own and convenient to carry around, potentially leading to less demand
                                            for and more pricing pressure on mobile device charging services, which may materially and
                                            adversely affect our ability to attract new users and retain existing users, and consequently
                                            our results of operations, financial condition and business prospects.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;20</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            may be subject to claims under consumer protection laws<STRIKE>, including health and safety
                                            claims and product liability claims,</STRIKE> if property or people are harmed by our products
                                            <U>and issues relating to our products may damage our reputation</U>. <STRIKE>A product recall
                                            or an issue related to product liability, product defect or personal injury may damage our
                                            reputation and brand image. </STRIKE>Additionally, <U>we may be subject to new laws and regulations
                                            </U><STRIKE>new laws and regulations may impose additional requirements and other obligations
                                            on our business,</STRIKE> which may materially and adversely affect our business, financial
                                            condition and results of operations. <U>See &ldquo;Item 3. Key Information&mdash;D. Risk
                                            Factors&mdash;Risks Relating to Our Business and Industry&mdash;We may be subject to claims
                                            under consumer protection laws if property or people are harmed by our products and issues
                                            relating to our products may damage our reputation. Additionally, we may be subject to new
                                            laws and regulations which may materially and adversely affect our business, financial condition
                                            and results of operations.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            may<STRIKE>, from time to time,</STRIKE> be subject to allegations, claims and legal proceedings
                                            during the course of our business operations<STRIKE>, including those alleging intellectual
                                            property right infringement from us, which could adversely affect our reputation, business
                                            and results of operations</STRIKE>. <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks
                                            Relating to Our Business and Industry&mdash;We may, from time to time, be subject to allegations,
                                            claims and legal proceedings during the course of our business operations, which could adversely
                                            affect our reputation, business and results of operations.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><STRIKE>If
                                            we are</STRIKE> We may be unsuccessful in retaining and attracting location partners, including
                                            KAs, to deploy our products<STRIKE>, our business, financial condition and results of operations
                                            may be materially and adversely affected</STRIKE>. <U>See &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;If we are unsuccessful
                                            in retaining and attracting location partners, including KAs, to deploy our products, our
                                            business, financial condition and results of operations may be materially and adversely affected.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Heightened
                                            health and sanitary concerns after the COVID-19 pandemic may increase our expenses on regular
                                            product sanitization<STRIKE>, </STRIKE><U>and</U> decrease consumer willingness to rent power
                                            banks <STRIKE>at POIs with heavy traffic and boost consumer preference for purchasing new
                                            mobile device charging products, which may adversely affect our business, reputation, results
                                            of operations and financial condition</STRIKE>. <U>See &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;Heightened health and
                                            sanitary concerns after the COVID-19 pandemic may increase our expenses on regular product
                                            sanitization, decrease consumer willingness to rent power banks at POIs with heavy traffic
                                            and boost consumer preference for purchasing new mobile device charging products, which may
                                            adversely affect our business, reputation, results of operations and financial condition.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;21</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Risks Relating to Our
Corporate Structure</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">Risks and uncertainties relating
to our corporate structure include, but are not limited to, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Our
                                            company is a Cayman Islands holding company with no equity ownership in the VIE and we conduct
                                            our operations in China through (i)&nbsp;our PRC subsidiaries and (ii)&nbsp;the VIE with
                                            which we have maintained contractual arrangements. Investors in our Class&nbsp;A ordinary
                                            shares or the ADSs thus are not purchasing equity interest in the VIE in China but instead
                                            are purchasing equity interest in a Cayman Islands holding company. <STRIKE>If the PRC government
                                            deems that our contractual arrangements with the VIE do not comply with PRC regulatory restrictions
                                            on foreign investment in the relevant industries, or if these regulations or the interpretation
                                            of existing regulations change or are interpreted differently in the future, we could be
                                            subject to severe penalties or be forced to relinquish our interests in those operations.
                                            Our holding company in the Cayman Islands, the VIE, and investors of our company face uncertainty
                                            about potential future actions by the PRC government that could affect the enforceability
                                            of the contractual arrangements with the VIE and, consequently, significantly affect the
                                            financial performance of the VIE and our company as a group.</STRIKE> <U>See &ldquo;Item 3.
                                            Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Corporate Structure&mdash;If
                                            the PRC government finds that the agreements that establish the structure for operating some
                                            of our operations in China do not comply with PRC regulations relating to the relevant industries,
                                            or if these regulations or the interpretation of existing regulations change in the future,
                                            we could be subject to severe penalties or be forced to relinquish our interests in those
                                            operations.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            rely on contractual arrangements with the VIE and its respective shareholders for our operations
                                            in China, which may not be as effective in providing operational control as direct ownership
                                            <STRIKE>in providing operational control</STRIKE>. <U>See &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Relating to Our Corporate Structure&mdash;We rely on contractual
                                            arrangements with the VIE and its respective shareholders for our operations in China, which
                                            may not be as effective in providing operational control as direct ownership.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><STRIKE>Any
                                            failure by the </STRIKE><U>The</U> VIE or its shareholders <STRIKE>to</STRIKE> may fail to
                                            perform their obligations under our contractual arrangements <STRIKE>with them would have
                                            a material and adverse effect on our business</STRIKE>. <U>See &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Relating to Our Corporate Structure&mdash;Any failure by the VIE
                                            or its shareholders to perform their obligations under our contractual arrangements with
                                            them would have a material and adverse effect on our business.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;22</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            shareholders of the VIE may have potential conflicts of interest with us<STRIKE>, which may
                                            materially and adversely affect our business and financial condition</STRIKE>. <U>See &ldquo;Item
                                            3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Corporate Structure&mdash;The
                                            shareholders of the VIE may have potential conflicts of interest with us, which may materially
                                            and adversely affect our business and financial condition.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Contractual
                                            arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities
                                            and they may determine that we or the VIE owes additional taxes<STRIKE>, which could negatively
                                            affect our financial condition and the value of your investment</STRIKE>. <U>See &ldquo;Item
                                            3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Corporate Structure&mdash;Contractual
                                            arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities
                                            and they may determine that we or the VIE owes additional taxes, which could negatively affect
                                            our financial condition and the value of your investment.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt"><B><I>Risks Relating to Doing
Business in China</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Changes
                                            in China&rsquo;s economic, political or social conditions or government policies could have
                                            a material and adverse effect on our business and results of operations. <U>See &ldquo;Item
                                            3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business in China&mdash;Changes
                                            in China&rsquo;s economic, political or social conditions or government policies could have
                                            a material and adverse effect on our business and results of operations.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Uncertainties
                                            in the interpretation and enforcement of PRC laws and regulations could limit the legal protections
                                            available to you and us. <U>In addition, there is no assurance the PRC government will not
                                            intervene in or impose restrictions on the ability of Smart Share Global Limited, its subsidiaries,
                                            and the VIE to transfer cash. To the extent cash in the business is in the PRC or a PRC entity,
                                            the funds may not be available to fund operations or for other use outside of the PRC due
                                            to interventions in or the imposition of restrictions and limitations on the ability of Smart
                                            Share Global Limited, its subsidiaries, or the VIE by the PRC government to transfer cash.
                                            See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business
                                            in China&mdash;Uncertainties in the interpretation and enforcement of PRC laws and regulations
                                            could limit the legal protections available to you and us.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            PRC government&rsquo;s significant oversight over our business operation could result in
                                            a material adverse change in our operations and the value of our ADSs. <U>See &ldquo;Item
                                            3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business in China&mdash;The
                                            PRC government&rsquo;s significant oversight over our business operation could result in
                                            a material adverse change in our operations and the value of our ADSs.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;23</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            PCAOB <U>had historically been</U> <STRIKE>is currently</STRIKE> unable to inspect our auditor
                                            in relation to their audit work <STRIKE>performed for our financial statements and the inability
                                            of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits
                                            of such inspections</STRIKE>. <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks
                                            Relating to Doing Business in China&mdash;The PCAOB had historically been unable to inspect
                                            our auditor in relation to their audit work performed for our financial statements and the
                                            inability of the PCAOB to conduct inspections over our auditor has deprived our investors
                                            with the benefits of such inspections.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Our
                                            ADSs <U>may</U> <STRIKE>will</STRIKE> be prohibited from trading in the United States under
                                            <STRIKE>the Holding Foreign Companies Accountable Act, or </STRIKE>the HFCAA <U>in the future</U><STRIKE>,
                                            in 2024</STRIKE> if the PCAOB is unable to inspect or <STRIKE>fully</STRIKE> investigate
                                            <U>completely</U> auditors located in China<STRIKE>, or in 2023 if proposed changes to the
                                            law are enacted</STRIKE>. The delisting of <STRIKE>our </STRIKE><U>the</U> ADSs, or the threat
                                            of their being delisted, may materially and adversely affect the value of your investment.
                                            <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing
                                            Business in China&mdash;Our ADSs may be prohibited from trading in the United States under
                                            the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors
                                            located in China. The delisting of the ADSs, or the threat of their being delisted, may materially
                                            and adversely affect the value of your investment.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            approval of or filing with the China Securities Regulatory Commission may be required in
                                            connection with our offshore offerings under PRC law, and, if required, we cannot predict
                                            whether or for how long we will be able to obtain such approval or complete such filing.
                                            <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing
                                            Business in China&mdash;The approval of or filing with the China Securities Regulatory Commission
                                            may be required in connection with our offshore offerings under PRC law, and, if required,
                                            we cannot predict whether or for how long we will be able to obtain such approval or complete
                                            such filing.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt"><B><I>Risks Relating to Our
ADSs</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            trading price of the ADSs is likely to be volatile, which could result in substantial losses
                                            to investors. <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating
                                            to Our ADSs&mdash;The trading price of the ADSs is likely to be volatile, which could result
                                            in substantial losses to investors.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;24</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Our
                                            dual-class voting structure will limit your ability to influence corporate matters and could
                                            discourage others from pursuing any change of control transactions that holders of our Class&nbsp;A
                                            ordinary shares and ADSs may view as beneficial. <U>See &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Relating to Our ADSs&mdash;Our dual-class voting structure will
                                            limit your ability to influence corporate matters and could discourage others from pursuing
                                            any change of control transactions that holders of our Class&nbsp;A ordinary shares and ADSs
                                            may view as beneficial.&rdquo;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            dual-class structure of our ordinary shares may adversely affect the trading market for our
                                            ADSs. <U>See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to
                                            Our ADSs&mdash;The dual-class structure of our ordinary shares may adversely affect the trading
                                            market for our ADSs.&rdquo;</U>&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>The growth and profitability of
our business depend on the level of consumer demand..., page&nbsp;35</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your risk factor indicating that general economic and industry conditions as well as
                                            the disposable income of consumers may impact the growth and profitability of your business.
                                            Please update this risk factor (and others as appropriate) if recent inflationary pressures
                                            have materially impacted your operations. In this regard, identify the types on inflationary
                                            pressures your are facing and how your business has been affected.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company respectfully advises
the Staff that there has not been significant inflationary pressure in China in recent years. Accordingly, the Company&rsquo;s business
operations have not been materially impacted by inflation. The Company will continue to monitor the impact of inflationary pressures
on the Company&rsquo;s overall business operations and will include relevant disclosure to the extent such impact becomes material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Our ADSs will
be prohibited from trading in the United States under the Holding Foreign Companies..., page&nbsp;51</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure about the Holding Foreign Companies Accountable Act. In future filings,
                                            please expand your risk factors to disclose that the United States Senate has passed the
                                            Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would decrease
                                            the number of &ldquo;non-inspection years&rdquo; from three years to two years, and thus,
                                            would reduce the time before your securities may be prohibited from trading or delisted.
                                            Update your disclosure to reflect that the Commission adopted rules&nbsp;to implement the
                                            HFCAA and that, pursuant to the HFCAA, the PCAOB has issued its report notifying the Commission
                                            of its determination that it is unable to inspect or investigate completely accounting firms
                                            headquartered in mainland China or Hong Kong.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;25</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In response to the Staff&rsquo;s
comment, the Company proposes to include the following revised disclosure (page&nbsp;reference is made to the 2021 Form&nbsp;20-F to
illustrate the approximate location of the disclosure) as shown below in its future Form&nbsp;20-F filings (with deletions shown in strikethrough
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matter
being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;51:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B><I>The PCAOB <U>had
historically been</U> <STRIKE>is currently</STRIKE> unable to inspect our auditor in relation to their audit work performed for our financial
statements and the inability of the PCAOB to conduct inspections over our auditor <STRIKE>deprives</STRIKE> <U>has deprived</U> our investors
with the benefits of such inspections.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Our auditor, the independent
registered public accounting firm that issues the audit report included elsewhere in this annual report, as an auditor of companies that
are traded publicly in the United States and a firm registered with <STRIKE>the Public Company Accounting Oversight Board (United States),
or </STRIKE>the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its
compliance with the applicable professional standards. <STRIKE>Since our </STRIKE><U>The</U> auditor is located in <U>mainland</U> China,
a jurisdiction where the PCAOB <STRIKE>has been </STRIKE><U>was historically</U> unable to conduct inspections <STRIKE>without the approval
of the Chinese authorities, our auditor is not currently inspected by the PCAOB </STRIKE><U>and investigations completely before 2022</U>.
As a result, we and investors in our ADSs <STRIKE>are </STRIKE><U>were</U> deprived of the benefits of such PCAOB inspections. The inability
of the PCAOB to conduct inspections of auditors in China <U>in the past has made </U><STRIKE>makes</STRIKE> it more difficult to evaluate
the effectiveness of our independent registered public accounting firm&rsquo;s audit procedures or quality control procedures as compared
to auditors outside of China that are subject to the PCAOB inspections. <U>On December&nbsp;15, 2022, the PCAOB issued a report that
vacated its December&nbsp;16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is
unable to inspect or investigate completely registered public accounting firms. However, if the PCAOB determines in the future that it
no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong, and we use an accounting
firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we and investors
in our ADSs would be deprived of the benefits of such PCAOB inspections again</U>, which could cause investors and potential investors
in <STRIKE>our </STRIKE><U>the</U> ADSs to lose confidence in our audit procedures and reported financial information and the quality
of our financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;26</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Our ADSs <U>may</U>
<STRIKE>will</STRIKE> be prohibited from trading in the United States under <STRIKE>the Holding Foreign Companies Accountable Act, or
</STRIKE>the HFCAA <U>in the future</U><STRIKE>, in 2024</STRIKE> if the PCAOB is unable to inspect or <STRIKE>fully</STRIKE> investigate
<U>completely</U> auditors located in China<STRIKE>, or in 2023 if proposed changes to the law are enacted</STRIKE>. The delisting of
<STRIKE>our</STRIKE> <U>the</U> ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Holding Foreign Companies Accountable Act, or </STRIKE></FONT><FONT STYLE="font-size: 10pt"><U>Pursuant to</U> the HFCAA, <STRIKE>was
signed into law on December&nbsp;18, 2020. The HFCAA states</STRIKE><U>,</U> if the SEC determines that we have filed audit reports issued
by a registered public accounting firm that has not been subject to inspection<U>s</U> <STRIKE>for </STRIKE><U>by</U> the PCAOB for <STRIKE>three
</STRIKE><U>two</U> consecutive years <STRIKE>beginning in 2021</STRIKE>, the SEC <STRIKE>shall </STRIKE><U>will</U> prohibit our shares
or ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. <STRIKE>On
December&nbsp;2, 2021, the SEC adopted final amendments implementing the disclosure and submission requirements of the HFCAA, pursuant
to which the SEC will identify an issuer as a &ldquo;Commission Identified Issuer&rdquo; if the issuer has filed an annual report containing
an audit report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate &nbsp;completely,
and will then impose a trading prohibition on an issuer after it is identified as a Commission-Identified Issuer for three consecutive
years.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">On December&nbsp;16, 2021,
the PCAOB issued a report to notify the SEC of its determination that the PCAOB <STRIKE>is </STRIKE><U>was</U> unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong<U>, and our auditor was subject to that determination.
In May&nbsp;2022, the SEC conclusively listed us as a Commission-Identified Issuer under the HFCAA following the filing of our annual
report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2021</U>. <U>On December&nbsp;15, 2022, the PCAOB removed mainland
China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting
firms. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCAA after we file this annual
report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2022. </U><STRIKE>The PCAOB identified our auditor as one of the
registered public accounting firms that the PCAOB is unable to inspect or investigate completely. Therefore, we expect to be identified
as a &ldquo;Commission Identified Issuer&rdquo; shortly after the filing of this annual report on Form&nbsp;20-F.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Each
year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other
jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting
firms in mainland China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report
on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the
annual report on Form&nbsp;20-F for the relevant fiscal year. </U></FONT><U><FONT STYLE="font-size: 10pt">In accordance with the HFCAA,
our securities would be prohibited from being traded on a national securities exchange or in the over-the-counter trading market in the
United States if we are identified as a Commission-Identified Issuer for two consecutive years in the future. </FONT></U><FONT STYLE="font-size: 10pt"><STRIKE>Whether
the PCAOB will be able to conduct inspections of our auditor before the issuance of our financial statements on Form&nbsp;20-F for the
year ending December&nbsp;31, 2023 which is due by April&nbsp;30, 2024, or at all, is subject to substantial uncertainty and depends
on a number of factors out of our, and our auditor&rsquo;s, control.</STRIKE> If our shares and ADSs are prohibited from trading in the
United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for our shares will develop
outside of the United States. <STRIKE>Such a </STRIKE><U>A</U> prohibition of being able to trade in the United States would substantially
impair your ability to sell or purchase our ADSs when you wish to do so, and the risk and uncertainty associated with delisting would
have a negative impact on the price of our ADSs. Also, such a prohibition would significantly affect our ability to raise capital on
terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;27</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>On
June&nbsp;22, 2021, the U.S. Senate passed a bill which would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCAA from three years to two. On February&nbsp;4, 2022, the U.S. House of Representatives passed a bill which
contained, among other things, an identical provision. If this provision is enacted into law and the number of consecutive non-inspection
years required for triggering the prohibitions under the HFCAA is reduced from three years to two, then our shares and ADSs could be
prohibited from trading in the United States in 2023.</STRIKE></FONT><FONT STYLE="font-size: 10pt">&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Risks Relating to Doing Business
in China</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>The PRC government's significant
oversight over our business operation could result..., page&nbsp;51</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            future filings, please revise this risk factor to expand your disclosure to discuss how the
                                            determinations, changes, or interpretations in PRC regulations may also result in your inability
                                            to assert contractual control over the assets of your PRC subsidiaries. We note that you
                                            disclose that could you be required to seek additional permission to continue your operations,
                                            which could result in a material adverse change in your operation and that your ordinary
                                            shares and ADSs may decline in value or become worthless.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">January&nbsp;17, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page&nbsp;28</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In response to the Staff&rsquo;s
comment, the Company respectfully proposes to include the following revised disclosure (page&nbsp;reference is made to the 2021 Form&nbsp;20-F
to illustrate the approximate location of the disclosure) as shown below in its future Form&nbsp;20-F filings (with deletions shown in
strikethrough and additions underlined), subject to updates and adjustments to be made in connection with any material development of
the subject matter being disclosed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Page&nbsp;51:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B><I>The PRC government&rsquo;s
significant oversight over our business operation could result in a material adverse change in our operations and the value of our ADSs.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct our business <STRIKE>primarily</STRIKE> through our PRC subsidiaries and the VIE. Our operations in China are governed by PRC
laws and regulations. The PRC government has significant oversight over the conduct of our business, and may intervene or influence our
operations <U>and/or the value of our ADSs</U>. The PRC government has recently published new policies that significantly affected certain
industries and we cannot rule&nbsp;out the possibility that it will in the future release regulations or policies that directly or indirectly
affect our industry or require us to seek additional permission to continue our operations, which could result in a material adverse
change in our operation, and our ordinary shares and ADSs may decline in value or become worthless. <U>In addition, our </U></FONT><U><FONT STYLE="font-size: 10pt">securities
may decline in value or become worthless if determinations, changes, or interpretations from PRC regulatory authorities result in our
inability to assert contractual control over the assets of our PRC subsidiaries.</FONT></U><FONT STYLE="font-size: 10pt"> Therefore,
investors of our company and our business face potential uncertainty from actions <U>that may be</U> taken by the PRC government affecting
our business.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If you have any
additional questions or comments regarding the 2021 Form&nbsp;20-F, please contact the undersigned at +86 (21) 6050-3535 or maria@enmonster.com,
or the Company&rsquo;s U.S. counsel, Haiping Li of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP at +86 (21) 6193-8210 or haiping.li@skadden.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Maria Yi Xin</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Maria Yi Xin</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
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<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Haiping Li,&nbsp;Esq., Partner,
Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Kevin Song, Partner,
PricewaterhouseCoopers Zhong Tian LLP</FONT></P>

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