<SEC-DOCUMENT>0001104659-24-033197.txt : 20240417
<SEC-HEADER>0001104659-24-033197.hdr.sgml : 20240417
<ACCEPTANCE-DATETIME>20240312060441
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-033197
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			51Talk Online Education Group
		CENTRAL INDEX KEY:			0001659494
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		24 RAFFLES PLACE #17-04 CLIFFORD CENTRE
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			048621
		BUSINESS PHONE:		8610-56928909

	MAIL ADDRESS:	
		STREET 1:		24 RAFFLES PLACE #17-04 CLIFFORD CENTRE
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			048621

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	China Online Education Group
		DATE OF NAME CHANGE:	20151127
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>51TALK ONLINE EDUCATION GROUP</B></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; text-align: center">24 Raffles Place #17-04 Clifford Centre,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Singapore 048621</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">March 12, 2024</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"><B>VIA EDGAR</B></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">Mr.&#8239;Joel Parker</P>

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><B>RE:</B> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 4.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B>51Talk
                                            Online Education Group (the &ldquo;Company&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.25in"><B>Form&nbsp;20-F for Fiscal Year Ended December&nbsp;31,
2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.25in"><B>Filed April&nbsp;6, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.25in"><B>Correspondence filed December&nbsp;5, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.25in"><B>File No.&nbsp;001-37790</B></P>

</TD>
    <TD>&nbsp;</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dear
Mr.&nbsp;Parker</FONT>, <FONT STYLE="font-family: Times New Roman, Times, Serif">Mr.&nbsp;</FONT>Stringer<FONT STYLE="font-family: Times New Roman, Times, Serif">,
</FONT>Mr.&nbsp;Field and Ms.&nbsp;Reed:</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
letter sets forth the Company&rsquo;s response to the comments contained in the letter dated February&nbsp;14, 2024 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, 2022 filed with the Commission on April&nbsp;6, 2023 (the
 &ldquo;<B>2022 Form&nbsp;20-F</B>&rdquo;) </FONT>and the Company&rsquo;s response letter submitted on December&nbsp;5, 2023. The Staff&rsquo;s
comments are repeated below in bold and 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 2022 Form&nbsp;20-F.</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; text-align: justify"><B><U>Correspondence filed December&nbsp;5, 2023</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 3. Key Information, page&nbsp;4</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>We note your response to prior comment 1 and reissue. Please revise your disclosure to acknowledge that Chinese regulatory authorities
could disallow your holding company structure, which would likely result in a material change in your operations and/or a material change
in the value of your securities, including that it could cause the value of such securities to significantly decline or become worthless.
In this regard, we note that Chinese regulatory authorities could change the rules&nbsp;and regulations regarding foreign investment or
ownership in your industry at any time.</B></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">Division of Corporation Finance</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
and Exchange Commission</FONT><FONT><BR>
March&nbsp;12, 2024<BR>
Page&#8239;2</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">In response to the Staff&rsquo;s comment, the Company respectfully
proposes to revise the referenced disclosure as follows (page&nbsp;reference is made to the 2022 Form&nbsp;20-F to illustrate the approximate
location of the disclosure) in its future Form&nbsp;20-F filings (with deletions shown as strike-through and additions underlined, and
incremental changes in response to the Staff&rsquo;s follow-up comment shown in strike-through for deletions or double underlines for
additions), subject to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</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; text-indent: 0.5in">Page&nbsp;4</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; text-indent: 0.5in"><B>ITEM 3. KEY INFORMATION</B></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; text-indent: 0.5in"><B><U>Our Holding Company Structure</U></B></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>51Talk
Online Education Group is not an operating company but a Cayman Islands holding company. We conduct our business operations through
our offshore subsidiaries, including our Hong Kong subsidiaries, as well as our subsidiaries in mainland China. We conduct part of
our operations, which solely pertains to research and development, administration and sales and marketing, through our mainland
China subsidiaries. Investors in our ADSs are purchasing equity interest in a holding company incorporated in the Cayman Islands
instead of equity interest in our operating subsidiaries. This structure involves unique risks to investors who hold our ADSs. For
example, as a holding company, our mainland China subsidiaries are subject to regulations on loans to, and direct investment in,
mainland China entities by offshore holding companies. </u></FONT><FONT STYLE="text-decoration: underline double">In addition,
Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our operations
and/or a material change in the value of our securities, <U>including that it could cause the value of such securities to
significantly decline or become worthless.</U></FONT><U> For a detailed description of risks related to having operations in China,
see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Our Global Operations&mdash;PRC regulation on loans
to, and direct investment in, mainland China entities by offshore holding companies and governmental control in currency conversion
may delay or prevent us from using the proceeds of our equity offerings to make loans to our mainland China subsidiaries or make
additional capital contributions to our mainland China subsidiaries, which could materially and adversely affect our liquidity and
our ability to fund and expand our business.&rdquo;</U></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; text-indent: 0.5in">Page&nbsp;25</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"><B><I>The mainland China government&rsquo;s significant oversight
and discretion over our operations in mainland China could result in a material adverse change in our operations and the value of our
ADSs.</I></B></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">Division of Corporation Finance</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
and Exchange Commission</FONT><FONT><BR>
March&nbsp;12, 2024<BR>
Page&#8239;3</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
conduct our operations in mainland China through our mainland China subsidiaries. Our operations in mainland China are governed by laws
and regulations of mainland China. The mainland China government has significant oversight and discretion over the conduct of our operations
in mainland China, and it may intervene in or influence our operations. For example, we divested our China Mainland Business in June&nbsp;2022
and have since focused on our international business. However, there is no assurance that relevant governmental authorities in mainland
China would fully apprehend the impact of the divestiture of our <STRIKE>international business </STRIKE></FONT><FONT STYLE="text-decoration: underline double">China
Mainland Business</FONT> and our on-going operations and may consider that we are still subject to the Alleviating Burden Opinion. As
a result, governmental authorities in mainland China may take actions against us, 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>Also,<FONT STYLE="text-decoration: underline double"> Chinese
regulatory authorities could disallow our holding company structure, which would likely result in a material change in our operations
and/or a material change in the value of our securities, including that it could cause the value of such securities to significantly decline
or become worthless. Furthermore,</FONT> the PRC government has recently indicated an intent to exert more oversight and control over
offerings that are conducted overseas and foreign investment in issuers with significant operations in mainland China depending on the
facts and circumstances. In the event that we are required to seek approval, permissions or other actions from relevant mainland China&rsquo;s
regulatory authorities in connection with our offerings that are conducted overseas and foreign investment in our mainland China subsidiaries,
failure to comply with any legal and regulatory requirements of mainland China in relation to overseas securities issuance or foreign
investment could significantly limited or completely hindered our ability to offer or continue to offer securities to investors or cause
the value of our ADSs to significantly decline or become worthless.</U> Therefore, investors of our company face potential uncertainty
from actions taken by the PRC government affecting our operations in mainland China.</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; text-align: justify"><B><U>Item 4. Information on the Company</U></B></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; text-align: justify"><B><U>A. History and Development of the Company,
page&nbsp;38</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note your response to prior comment 10. On page&nbsp;39 of the 2022 Form&nbsp;20-F, you reference &quot;...the variable interest
entities controlled by us, such as Dasheng Zhixing...&quot; Please make comparable revisions to this statement, limiting any reference
to control over the former VIEs to a clear description of the conditions you have satisfied for their consolidation under U.S. GAAP.</B></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 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company respectfully
proposes to revise the referenced disclosure as follows (page&nbsp;reference is made to the 2022 Form&nbsp;20-F to illustrate the approximate
location of the disclosure) in its future Form&nbsp;20-F filings (with deletions shown as strike-through and additions underlined), subject
to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</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&nbsp;39</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">Division of Corporation Finance</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
and Exchange Commission</FONT><FONT><BR>
March&nbsp;12, 2024<BR>
Page&#8239;4</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">In June&nbsp;2022, we entered into a definitive share purchase
agreement, dated June&nbsp;24, 2022 (the &ldquo;Share Purchase Agreement&rdquo;), with Dasheng Holding (HK) Limited (&ldquo;Dasheng&rdquo;),
an entity controlled by Mr.&nbsp;Jiajia Jack Huang, our chairman and chief executive officer, pursuant to which Mr.&nbsp;Jiajia Jack Huang,
through Dasheng, acquired our China Mainland Business, i.e., all of our online English tutoring businesses in mainland China, including
all associated liabilities and assets, for US$1. This transaction was completed on June&nbsp;30, 2022. Thereafter, COE HK CO I and its
subsidiaries<U>,</U> and the variable interest entities, <STRIKE>controlled by us </STRIKE><U>which our Cayman Islands holding company
was considered the primary beneficiary of for accounting purposes and consolidated as required by Accounting Standards Codification topic
810, <I>Consolidation</I></U>, such as Dasheng Zhixing and its subsidiaries and branches, Philippines Co I and Shenzhen Dasheng Zhiyun
Technology Co.,&nbsp;Ltd., were all divested from us. See &ldquo;Item 4. Information on the Company&mdash;C. Organizational Structure&rdquo;
for further details.</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; text-align: justify"><B><U>General</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>We note your responses to prior comments 8 and 11, particularly your references to &quot;mainland China&quot; throughout the proposed
revised disclosure on pages&nbsp;7, 21, 23, 25, and 29 of the 2022 Form&nbsp;20-F. Please further revise your disclosure to prominently
state as appropriate throughout the filing, including under Item 3,&nbsp;Item 5, and the summary of risk factors and risk factors sections,
that the legal and operational risks associated with operating in mainland China also apply to operations in Hong Kong.</B></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 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company respectfully
proposes to revise the referenced disclosure as follows (page&nbsp;reference is made to the 2022 Form&nbsp;20-F to illustrate the approximate
location of the disclosure) in its future Form&nbsp;20-F filings (with deletions shown as strike-through and additions underlined, and
incremental changes in response to the Staff&rsquo;s follow-up comment shown in strike-through for deletions or double underlines for
additions), subject to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</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; text-indent: 0.5in">Page&nbsp;4</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>I</B></FONT><B>TEM
3. KEY INFORMATION</B></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; text-indent: 0.5in"><B>Our Holding Company Structure</B></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; text-indent: 0.5in">. . .</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">Division of Corporation Finance</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
and Exchange Commission</FONT><FONT><BR>
March&nbsp;12, 2024<BR>
Page&#8239;5</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>We
face various legal and operational risks and uncertainties associated with having part of our operations in China and the complex and
evolving PRC laws and regulations. For example, we face risks associated with regulations on loans to, and direct investment in, mainland
China entities by offshore holding companies. These risks could result in a material adverse change in our operations and the value of
our ADSs or cause the value of such securities to significantly decline or become worthless. For more details, see &ldquo;Item 3. Key
Information&mdash;D. Risk Factors&mdash;Risks Related to Our Global Operations&mdash;PRC regulation on loans to, and direct investment
in, mainland China entities by offshore holding companies and governmental control in currency conversion may delay or prevent us from
using the proceeds of our equity offerings to make loans to our mainland China subsidiaries or make additional capital contributions to
our mainland China subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business.&rdquo;
</U></FONT><U><FONT STYLE="text-decoration: underline double">All the operational risks associated with having operations in mainland China also
apply to operations in Hong Kong. With respect to the legal risks associated with having operations in mainland China, the laws, regulations
and the discretion of mainland China governmental authorities discussed in this annual report are expected to apply to mainland China
entities and operations, rather than entities or operations in Hong Kong which operate under a different set of laws from mainland China.</FONT></U><U></U></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; text-align: justify">Page 7</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Risk
Factors</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Summary of Risk Factors</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Below is a summary of material risks
we face, organized under relevant headings. All the operational risks associated with having operations in mainland China also apply to
operations in Hong Kong. With respect to the legal risks associated with having operations in mainland China, the laws, regulations and
the discretion of mainland China governmental authorities discussed in this annual report are expected to apply to mainland China entities
and operations, rather than entities or operations in Hong Kong which operate under a different set of laws from mainland China.</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I><U>Changes in mainland 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></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>We
conduct part of our operations through our subsidiaries in mainland China. Accordingly, our operations, financial condition, results of
operations and prospects may be influenced to a significant degree by political, economic and social conditions in mainland China generally
and by continued economic growth in mainland China as a whole. </U></FONT><U><FONT STYLE="text-decoration: underline double">In addition, as all
the operational risks associated with having operations in mainland China also apply to operations in Hong Kong, our operations in Hong
Kong are also subject to the operational risks associated with having operations in mainland China.</FONT></U><U></U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
and Exchange Commission</FONT><BR>
March&nbsp;12, 2024<BR>
Page&#8239;6</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>The
Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement,
level of development, growth rate, control of foreign exchange and allocation of resources. Although the Chinese government has implemented
measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets and the
establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China are still
owned by the government. In addition, the Chinese government continues to play a significant role in regulating industry development by
imposing industrial policies. The Chinese government also exercises significant </U><U><STRIKE>control </STRIKE></U></FONT><FONT STYLE="text-decoration: underline double">influence</FONT>
<U>over China&rsquo;s economic growth through allocating resources, controlling payment of foreign currency-denominated obligations, setting
monetary policy and providing preferential treatment to particular industries or companies.</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>While
the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
sectors of the economy. Any adverse changes in economic conditions in China, in the policies of the Chinese government or in the laws
and regulations in China could have a material adverse effect on the overall economic growth of China. Such developments could adversely
affect our operations. The Chinese government has implemented various measures to encourage economic growth and guide the allocation of
resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial
condition and results of operations may be adversely affected by government control over capital investments or changes in tax regulations.
</U><U><STRIKE>The growth rate of the Chinese economy has gradually slowed since 2010, and the impact of COVID-19 on the global and Chinese
economy in 2020, 2021 and 2022 was severe.</STRIKE></U></FONT> <FONT STYLE="text-decoration: underline double">Although the Chinese economy
has grown in recent years, its growth rate has declined and may continue to decline. </FONT><U>Any prolonged slowdown in the global and
Chinese economy may reduce the demand for our products and services and materially and adversely affect our business and results of operations.</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
5.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">OPERATING AND FINANCIAL
REVIEW AND PROSPECTS</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following discussion of our financial
condition and results of operations is based upon and should be read in conjunction with our consolidated financial statements and their
related notes included in this annual report on Form&nbsp;20-F. This report contains forward-looking statements. See &ldquo;Forward-Looking
Information.&rdquo; In evaluating our business, you should carefully consider the information provided under the caption &ldquo;Item 3.
Key Information&mdash;D. Risk Factors&rdquo; in this annual report on Form&nbsp;20-F. <U>All the operational risks associated with having
operations in mainland China also apply to operations in Hong Kong. With respect to the legal risks associated with having operations
in mainland China, the laws, regulations and the discretion of mainland China governmental authorities discussed in this annual report
are expected to apply to mainland China entities and operations, rather than entities or operations in Hong Kong which operate under a
different set of laws from mainland China. </U>We caution you that our businesses and financial performance are subject to substantial
risks and uncertainties.</P>

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<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>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</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; text-indent: 0.5in">If you have any additional questions or comments
regarding the 2022 Form&nbsp;20-F, please contact the undersigned at <U>tangchun@51talk.com</U> 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 <U>haiping.li@skadden.com</U> or Yilin Xu of Skadden,
Arps, Slate, Meagher&nbsp;&amp; Flom LLP, at +86 10 6535 5586 or via e-mail at <U>yilin.xu@skadden.com</U>.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">/s/ Cindy Chun Tang</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Cindy Chun Tang</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer</TD></TR>
  </TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Jack Jiajia Huang, Chairman of the Board of Directors and Chief
Executive Officer, 51Talk Online Education Group</TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Haiping Li,&nbsp;Esq., Partner, Skadden, Arps,
Slate, Meagher&nbsp;&amp; Flom LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Yilin Xu,&nbsp;Esq., Partner, Skadden, Arps, Slate,
Meagher&nbsp;&amp; Flom LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rong Liu, Partner, Marcum Asia CPAs LLP</P>

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

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