<SEC-DOCUMENT>0001213900-18-014933.txt : 20190425
<SEC-HEADER>0001213900-18-014933.hdr.sgml : 20190425
<ACCEPTANCE-DATETIME>20181106060633
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-18-014933
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20181106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Powerbridge Technologies Co., Ltd.
		CENTRAL INDEX KEY:			0001754323
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		1ST FLOOR, BUILDING D2
		STREET 2:		SOUTHERN SOFTWARE PARKTANGJIA BAY ZHUHAI
		CITY:			GUANGDONG
		STATE:			F4
		ZIP:			519080
		BUSINESS PHONE:		86-756-339-5666

	MAIL ADDRESS:	
		STREET 1:		1ST FLOOR, BUILDING D2
		STREET 2:		SOUTHERN SOFTWARE PARKTANGJIA BAY ZHUHAI
		CITY:			GUANGDONG
		STATE:			F4
		ZIP:			519080
</SEC-HEADER>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Powerbridge
Technologies Co., Ltd.</B></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"><B>1st
Floor, Building D2, Southern Software Park</B></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"><B>Tangjia
Bay, Zhuhai, Guangdong 519080, China</B></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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November 6, 2018</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">&nbsp;<B>&nbsp;</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>VIA
EDGAR</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">Donald
Field</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">U.S.
Securities and Exchange Commission</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">Division
of Corporation Finance</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">Office
of Information Technologies and Services</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">100
F Street, N.E.</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">Mail
Stop 4631</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">Washington,
DC 20549&#9;</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">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Powerbridge
    Technologies Co., Ltd.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Draft
Registration Statement on Form F-1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Submitted
September 26, 2018</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CIK
No. 0001754323</B>&nbsp;</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Dear
Mr. Field:</FONT></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; font-size: 10pt">&nbsp;</FONT></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">Powerbridge
Technologies Co., Ltd. (the &ldquo;<B>Company</B>&rdquo;, &ldquo;<B>Powerbridge</B>,&rdquo; &ldquo;<B>we</B>&rdquo;, &ldquo;<B>us</B>&rdquo;
or &ldquo;<B>our</B>&rdquo;) hereby transmits its response to the letter received from the staff (the &ldquo;<B>Staff</B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;), dated October 23, 2018 regarding our Registration
Statement on Form F-1 (the &ldquo;<B>Registration Statement</B>&rdquo;) previously submitted on September 26, 2018. For ease of
reference, we have repeated the Commission&rsquo;s comments in this response and numbered them accordingly. An amended F-1 submitted
in confidentiality accompanying this Response Letter is referred to as Form F-1.</FONT></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">&nbsp;</FONT></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">Please
note that new language we are including in Form F-1 pursuant to your comments, is indicated in this letter in bold, italicized
font; any deletions from the initial Registration Statement are indicated in this letter as strikethrough font.</FONT></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">&nbsp;</FONT></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; font-size: 10pt"><B><U>Draft
Registration Statement on Form F-1</U></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Cover
Page</U></B></FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         revise the registration statement cover page to include the information required by Form
                                         F-1 for your agent for service.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on the cover page to include the information for our agent
for service.</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         add to the registration statement cover page the delaying amendment legend required by
                                         Item 501 of Regulation S-K and remove the legend from the prospectus cover page.<B>&nbsp;</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we added to the registration statement cover page the delaying amendment legend required
by Item 501 of Regulation S-K and removed the legend from the prospectus cover page.</FONT></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; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></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; font-size: 10pt"><B><U>Our
Business, page 1</U></B></FONT></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; font-size: 10pt"><B>&nbsp;</B></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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note your disclosure in the eighth paragraph that you intend to roll-out your Powerbridge
                                         BaaS Services in the first quarter of fiscal 2019. We also note your disclosure elsewhere
                                         in the prospectus that this will be a pilot program introduced on a limited basis to
                                         select customers. Please revise the prospectus summary to disclose this additional information.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 2 and page 62 of Form F-1.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">&ldquo;We
are currently designing and developing our cloud-based <I>Powerbridge BaaS Services</I> (blockchain-as-a-service) that is intended
for all players in the global trade ecosystem. Blockchain technology is emerging as a major disruptive force across many industries,
including those involved in global trade. We believe that blockchain technology could allow our customers to conduct business
in more synchronized and collaborative ways to substantially increase operational efficiency and reduce trade costs across the
global trade supply chain. <I>Powerbridge BaaS Service</I><B>s</B>, which we expect to roll-out <B><I>as pilot projects on a limited
basis to selective customers</I></B> in the first quarter of <STRIKE>fiscal </STRIKE>2019, will include Compliance Blockchain
Services, Logistics Blockchain Services, Supply Chain Blockchain Services, and Import &amp; Export Loan and Insurance Processing
Blockchain Services (See, &ldquo;Our BaaS Services&rdquo; in Our Business below).&rdquo;</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Page
17</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">&ldquo;<B><I>The
market for our BaaS (blockchain-as-a-service) services is new and unproven, which could result in limited customer adoption of
our services, limited customer retention, or weaker customer expansion</I></B>.</FONT></P>

<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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">We
plan to introduce our BaaS (blockchain-as-a-service) services as pilot projects <B><I>on a limited basis to selective customers
</I></B>in the first quarter of 2019. While we believe that, over time, the concept of a BaaS services will become fundamental
to an organization&rsquo;s core operations involving global trade, the market for BaaS services is largely unproven and is subject
to a number of risks and uncertainties.</FONT></P>

<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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
market for BaaS services is new and less mature than traditional on-premises software applications, and the adoption rate for
BaaS services may be slower among customers with business practices requiring highly customizable application software. Our success
with BaaS services will depend to a substantial extent on the widespread adoption of BaaS services in general, but we cannot be
certain that the trend of adoption of BaaS services will continue in the future. In particular, many organizations have invested
substantial personnel and financial resources in integrating traditional software into their businesses over time, and some may
be reluctant or unwilling to migrate to BaaS. It is difficult to predict customer adoption rates and demand for our BaaS services,
the future growth rate and size of the BaaS services market or the entry of competitive applications. The expansion of the BaaS
services market depends on a number of factors, including the cost, performance and perceived value associated with BaaS. Our
current cost for BaaS&rsquo;s research and development is approximately $700,000 per annum. If BaaS services do not continue to
achieve market acceptance, or there is a reduction in demand for BaaS services caused by a lack of customer acceptance, technological
challenges, weakening economic conditions, data security or privacy concerns, governmental regulation, competing technologies
and services or decreases in information technology spending, it would result in decreased revenues and our business would be
adversely affected.&rdquo;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         each of the three sources of revenue that you identify on the bottom of page 2, please
                                         disclose the percentage of your total revenue that each source contributes.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 63 of Form F-1.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">&ldquo;We
currently derive our revenues from three sources: (1) revenue from application development services generated from <I>Powerbridge
System Solutions,</I> which require us to perform services including project planning, project design, application development
and system integration based on customers&rsquo; specific needs. These services also require significant production and customization;
(2) revenue from consulting and technical support services primarily generated from <I>Powerbridge System Solutions</I>, and (3)
revenue from subscription services generated from <I>Powerbridge SaaS Services</I>. <B><I>We currently generate most of our revenues
from application development services, which represented 89.5% and 90.4% of total revenue in fiscal 2017 and 2016, respectively.
</I></B><STRIKE>We also generate revenue from </STRIKE><B><I>Revenue from consulting and technical support services </I></B><STRIKE>which
</STRIKE><B><I>represented 6.6% and 5.2% of total revenue in fiscal 2017 and 2016, respectively. </I></B><STRIKE>Further, we generate
revenue from </STRIKE><B><I>Revenue from subscription services</I></B><STRIKE>, which</STRIKE> <B><I>represented 3.9% and 4.4%
of total revenue in fiscal 2017 and 2016, respectively</I></B>. <B><I>For the fiscal years ending December 31, 2016 and 2017,
our revenues were US$21.2 million and US$21.6 million, respectively. Our net profit grew from US$3.5 million in 2016 to US$4.0
million in 2017. For the six months ended June 30, 2017 and 2018, our revenues were US$6.6 million and US$7.9 million, respectively.
Our net profit was US$1.5 million and US$1.3 million for the six months ended June 30, 2017 and 2018, respectively.</I></B>&rdquo;</FONT></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; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note your disclosure in the last paragraph that you have a &quot;total of 3,470 corporate
                                         and government customers.&quot; We also note your disclosure on page 74 that this number
                                         represents &quot;accumulated&quot; customers and not necessarily the number of revenue
                                         generating customers in the most recently completed fiscal year. Please revise the disclosure
                                         here and throughout the prospectus to clarify this metric. In this regard, please include
                                         enough information so investors can clearly understand if this number represents current
                                         customers, historic customers, revenue generating customers or some combination of the
                                         aforementioned groups.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure in Form F-1 to clarify the noted metric and allow
investors to clearly understand what the figures represent (i.e., current customers, historic customers, revenue generating
customers or some combination of the aforementioned groups). An example of the revised language, which is included on page
63 of Form F-1 is set forth below; the remainder of the disclosure in Form F-1 is similarly revised to reflect this
information.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">&ldquo;As
of the date of this prospectus, we have <B><I>historically accumulated</I></B> a total of 3,470 corporate and government customers
engaged in global trade, including 3,105 <STRIKE>import and export</STRIKE> <B><I>international trade</I></B> businesses and manufacturers
in diverse vertical industries, 95 government agencies and regulatory authorities, and 270 logistics and other various service
providers. <B><I>For the fiscal year ended December 31, 2016, we generated revenue from a total of 1,757 customers, of which 1,010
are international trade businesses and manufacturers, 55 are government agencies and authorities, and 692 are logistics and other
service providers. For the fiscal year ended December 31, 2017, we generated revenue from a total of 1,633 customers, of which
936 are international trade businesses and manufacturers, 70 are government agencies and authorities, and 627 are logistics and
other service providers</I></B>.</FONT></P>

<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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>As
of the date of this prospectus</I></B>, we had a total of 231 full-time employees, of which 82 are in research and development,
37 are in sales and marketing, 89 are in technical and customer services, and 23 are in general and administration.&rdquo;</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Our
Growth Strategy, page 4</U></B>&nbsp;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         disclose the actions you plan to take in order to &ldquo;continually increase revenue&rdquo;
                                         from your existing customers.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 4 and page 68 of Form F-1.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>&ldquo;Increase
Revenue with Existing Customers</I></B>. <STRIKE>We have a large number of corporate and government customers that currently utilize
our global trade software application and technology solutions and services. We are leveraging our long-standing trust and strong
relationship with our existing customers to continually increase revenue with our expanding solutions and services. </STRIKE><B><I>We
have a large number of corporate and government customers that currently utilize our global trade software application and technology
services. We intend to increase our revenue through leveraging and broadening our relationships with existing customers by helping
them identify new use cases for our existing solutions and services and solving more problems for them by providing new solutions
and services</I></B>.&rdquo;</FONT></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; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Our
Corporate Structure, page 6</U></B>&nbsp;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         tell us how your corporate structure complies with Chinese foreign investment laws and
                                         regulations, such as restrictions on foreign ownership. In this regard, we note your
                                         disclosure beginning on page 84 regarding government regulation.</FONT></TD></TR></TABLE>

<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">&nbsp;</FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 6 of Form F-1.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><I>&ldquo;<B>Compliance
with Foreign Investment</B></I></FONT></P>

<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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>All
limited liability companies incorporated and operating in the PRC are governed by the Company Law of the People's Republic of
China, or the Company Law, which was amended and promulgated by the Standing Committee of the National People's Congress on October
26, 2018 and came into effect on the same day. Foreign invested enterprises must also comply with the Company Law, with exceptions
as specified in the relevant foreign investment laws. According to our corporate structure as of the date of this prospectus,
as 100% of the equity interests of Powerbridge Zhuhai are entirely and indirectly held by our company through Powerbridge HK,
therefore, Powerbridge Zhuhai, a wholly foreign-owned enterprise (&ldquo;WFOE&rdquo;) of Powerbridge HK, should be regarded as
a foreign-invested enterprise and comply both the Company Law and other applicable foreign investment laws. </I></B></FONT></P>

<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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>With
respect to the establishment and operation of WFOEs, the MOFCOM, and the National Development and Reform Commission, or NDRC,
promulgated the Catalogue of Industries for Guiding Foreign Investment, or the Catalogue (2017 Version), as amended on June 28,
2017, which came into effect on August 28, 2017. The Catalogue divides industries for foreign investment into three categories:
encouraged, restricted and prohibited. Those industries not set out in the Catalogue shall be classified as industries permitted
for foreign investment. The Catalogue serves as the main basis for management and guidance for the MOFCOM to manage and supervise
foreign investments to PRC. In addition, in June 2018, MOFCOM and NDRC promulgated the Special Management Measures (Negative List)
for the Access of Foreign Investment, or the Negative List, effective July 2018. The Negative List expands the scope of permitted
industries by foreign investment by reducing the number of industries that fall within the Negative List where restrictions on
the shareholding percentage or requirements on the composition of board or senior management still exists. According to the Catalogue
and the Negative List, IT services, the main business that our PRC subsidiary presently conduct, are neither restricted nor prohibited.&rdquo;</I></B></FONT></P>

<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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Page
91</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><I>&ldquo;<B>Regulations
Related to Foreign Investment</B></I></FONT></P>

<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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>Investment
activities in China by foreign investors are principally governed by the Guidance Catalogue of Industries for Foreign Investment,
which was promulgated by MOFCOM and the National Development and Reform Commission, as amended from time to time. Industries listed
in the catalogue are divided into three categories: encouraged, restricted and prohibited. Industries not listed in the catalogue
are generally open to foreign investment unless specifically restricted by other PRC regulations. Establishment of wholly foreign-owned
enterprises is generally allowed in encouraged industries. For some restricted industries, foreign investors can only conduct
investment activities through equity or contractual joint ventures, while in some cases PRC partners are required to hold the
majority interests in such joint ventures. In addition, projects in the restricted category are subject to higher-level governmental
approvals. Foreign investors are not allowed to invest in industries in the prohibited category.&rdquo;</I></B></FONT></P>

<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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Emerging
Growth Company Status, page 7</U></B>&nbsp;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note that, as an emerging growth company under the JOBS Act, you have elected to use
                                         the extended transition period for complying with new or revised accounting standards
                                         under Section 7(a)(2)(B) of the Securities Act. Please revise to include a risk factor
                                         disclosing this election and that, as a result of this election, your financial statements
                                         may not be comparable to companies that comply with public company effective dates.</FONT></TD></TR></TABLE>

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

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<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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we added the following risk factor to page 37 of the Form F-1:</FONT></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; font-size: 10pt">&nbsp;&nbsp;</FONT></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; font-size: 10pt"><I>&ldquo;<B>We
are an&nbsp;emerging growth&nbsp;company and may take advantage of certain reduced reporting requirements.</B></I></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>We
are an &quot;emerging growth&nbsp;company,&quot; as defined in the JOBS Act, and we may take advantage of certain exemptions from
various requirements applicable to other public companies that are not&nbsp;emerging growth&nbsp;companies including, most significantly,
not being required to comply with the auditor attestation requirements of Section 404 of Sarbanes-Oxley Act of 2002 for so long
as we are an&nbsp;emerging growth&nbsp;company. As a result, if we elect not to comply with such auditor attestation requirements,
our investors may not have access to certain information they may deem important.</I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>The
JOBS Act also provides that an&nbsp;emerging growth&nbsp;company does not need to comply with any new or revised financial accounting
standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.
We do not plan to &quot;opt out&quot; of such exemptions afforded to an&nbsp;emerging growth&nbsp;company. As a result of this
election, our financial statements may not be comparable to companies that comply with public company effective data</I></B><I>.&rdquo;</I></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Use
of Proceeds, page 37</U></B>&nbsp;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         revise to quantify the net proceeds if the overallotment option is exercised in full.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure in the Use of Proceeds section on page 39 of Form F-1
as set forth below. The percentage of proceeds we intend to use for the specified categories will remain the same regardless of
whether or not the overallotment option is exercised, so we chose to remove reference to specific dollar amounts and instead simply
provide the intended percentage of proceeds for each intended category.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">&ldquo;We
estimate that we will receive net proceeds from the sale of Ordinary Shares of approximately up to $[&#9679;] million, based upon
an assumed Offering Price of $[&#9679;] per share, the midpoint of the range set forth on the cover page of this prospectus, and
assuming no exercise of the overallotment and after deducting estimated underwriting discounts and commissions and estimated offering
expenses<B><I>; our net proceeds will increase to $[&#9679;] if the overallotment is exercised in full</I></B>.</FONT></P>

<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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Each
$0.25 increase (decrease) in the assumed Offering Price of $[&#9679;] per share, the midpoint of the range set forth on the cover
page of this prospectus, would increase (decrease) the net proceeds to us from this Offering by approximately $[&#9679;], assuming
the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and assuming no exercise of
the overallotment and after deducting estimated underwriting discounts and commissions. <B><I>If the overallotment is exercised
in full, each $0.25 increase (decrease) in the assumed Offering Price of $[&#9679;] per share, the midpoint of the range set forth
on the cover page of this prospectus, would increase (decrease) the net proceeds to us from this Offering by approximately $[&#9679;],
assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same after deducting estimated
underwriting discounts and commissions.</I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">We
intend to use the net proceeds of this Offering as follows:</FONT></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">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    <STRIKE>$[&#9679;] or </STRIKE>35% for research and development;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&#9679;</FONT></TD>
    <TD STYLE="width: 90%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    <STRIKE>$[&#9679;] or </STRIKE>25% sales and marketing effort;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&#9679;</FONT></TD>
    <TD STYLE="width: 90%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    <STRIKE>$[&#9679;] or </STRIKE>20% reserved for strategic alliances and acquisitions</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&#9679;
    </FONT></TD>
    <TD STYLE="width: 90%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    <STRIKE>$[&#9679;] or </STRIKE>20% for working capital and general corporate purposes.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
precise amounts and percentage of proceeds we would devote to particular categories of activity will depend on prevailing market
and business conditions as well as particular opportunities that may arise from time to time. This expected use of our net proceeds
from this Offering represents our intentions based upon our current plans and business conditions, which could change in the future
as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending
on numerous factors, including any unforeseen cash needs. Similarly, the priority of our prospective uses of proceeds will depend
on business and market conditions are they develop. Accordingly, our management will have significant flexibility and broad discretion
in applying the net proceeds of the offering. If an unforeseen event occurs or business conditions change, we may use the proceeds
of this Offering differently than as described in this prospectus.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">In
utilizing the proceeds of this Offering, we are permitted under PRC laws and regulations to provide funding to our PRC subsidiary
and branches only through loans or capital contributions. Subject to satisfaction of applicable government registration and approval
requirements, we may extend inter-company loans or make additional capital contributions to our PRC subsidiary and branches to
fund its capital expenditures or working capital. <FONT STYLE="background-color: white"><B><I>There is, in effect, no statutory
limit on the amount of capital contribution that we can make to our PRC subsidiary. This is because there are no statutory limits
on the amount of registered capital for our PRC subsidiary, and we are allowed to make capital contributions to our PRC subsidiary
by subscribing for its initial registered capital and increased registered capital, provided that the PRC subsidiary completes
the relevant necessary filing and registration procedures in accordance with the applicable laws and regulations. With respect
to loans to the PRC subsidiary by us, (i) if the relevant PRC subsidiary determines to adopt the traditional foreign exchange
administration mechanism, or the current foreign debt mechanism, the outstanding amount of the loans shall not exceed the difference
between the total investment and the registered capital of the PRC subsidiary and there is, in effect, no statutory limits on
the amount of loans that we can make to our PRC subsidiary under this circumstance since we can increase the registered capital
of our PRC subsidiary by making capital contributions to them, subject to the completion of relevant registrations, and the difference
between the total investment and the registered capital will increase accordingly; and (ii) if the relevant PRC subsidiary determines
to adopt the foreign exchange administration mechanism as provided in the Notice of the People's Bank of China (&ldquo;PBOC&rdquo;)
on Full-coverage Macro-prudent Management of Cross-border Financing (the &ldquo;PBOC Notice No.&nbsp;9&rdquo;), the risk-weighted
outstanding amount of the loans, which shall be calculated based on the formula provided in the PBOC Notice No.&nbsp;9, shall
not exceed 200% of the net asset of the relevant PRC subsidiary. According to the PBOC Notice No.&nbsp;9, after a transition period
of one year since the promulgation of the PBOC Notice No.&nbsp;9, the PBOC and SAFE will determine the cross-border financing
administration mechanism for the foreign-invested enterprises after evaluating the overall implementation of the PBOC Notice No.&nbsp;9.
As of the date hereof, neither PBOC nor SAFE has promulgated and made public any further rules, regulations, notices or circulars
in this regard. It is uncertain which mechanism will be adopted by PBOC and SAFE in the future and what statutory limits will
be imposed on us when providing loans to our PRC subsidiary. </I></B></FONT></FONT></P>

<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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt; background-color: white"><B><I>According
to the relevant PRC laws and regulations, in terms of capital contributions, it typically takes about eight weeks to complete
the relevant filings and registrations; In terms of loans, the SAFE registration process typically takes about four weeks to complete,
provided that all the necessary procedures could be successfully consummated by the relevant PRC subsidiary, as case may be, and/or
our company. While we currently see no material obstacles to completing the filing and registration procedures with respect to
future capital contributions and loans to our PRC subsidiary, we cannot assure you that we will be able to obtain these government
registrations or approvals on a timely basis, if at all. See &ldquo;Risk Factors&mdash;Risks Related to Doing Business in China&mdash;We
cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals
on a timely basis, if at all, with respect to future loans by us to our PRC subsidiary or controlled PRC affiliate or with respect
to future capital contributions by us to our PRC subsidiary. If we fail to complete such registrations or obtain such approvals,
our ability to use the proceeds we receive from this Offering and to capitalize or otherwise fund our PRC operations may be negatively
affected, which could adversely and materially affect our liquidity and our ability to fund and expand our business&rdquo;, and
&ldquo;Risk Factors&mdash;Risks Related to Doing Business in China&mdash;</I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
we cannot assure you that the PRC government will not take measures in the future to restrict access to foreign currencies for
current account transactions.<FONT STYLE="background-color: white">&rdquo; It is likely that we will need to convert some of our
net proceeds in U.S. dollars into Renminbi in order to use as proceeds as contemplated in this section. For details of PRC regulations
governing foreign currency conversion, see &ldquo;Government Regulation&mdash;Regulation of Foreign Currency Exchange and Dividend
Distribution.</FONT></FONT></I></B></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; font-size: 10pt">&nbsp;&nbsp;</FONT></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">&nbsp;</FONT></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; font-size: 10pt"><B><I>Pending
remitting the Offering proceeds to the PRC, we intend to invest our net proceeds in short-term, interest bearing, investment-grade
obligations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 38.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt">Although
we may use a portion of the proceeds for the acquisition of, or investment in, companies, technologies, products or assets that
complement our business, we have no present understandings, commitments or agreements to enter into any acquisitions or make any
investments. We cannot assure you that we will make any acquisitions or investments in the future.<B><I>&rdquo;</I></B></FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         refer to the second to last paragraph of this section. Please quantify the estimated
                                         net proceeds which may be loaned or contributed to your PRC subsidiaries without additional
                                         registration or approval. To the extent you will be required to obtain additional approvals
                                         to loan or contribute the proceeds of this offering, please discuss the anticipated time
                                         frame for receipt of and the likelihood you will obtain the necessary approvals.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 39 of Form F-1, as set forth in the revised language
provided in response to Comment 9 above.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Management's
Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources, page 47</U></B>&nbsp;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note your disclosures in your dividend policy on page 37 regarding the statutory reserve
                                         requirements for your subsidiaries. Please revise your disclosure here to include a discussion
                                         of these reserve requirements and of their potential impact on your liquidity. Refer
                                         to Item 5.B.1(b) of Form 20-F.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 53 of Form F-1.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B>&ldquo;Liquidity
and Capital Resources</B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt">Substantially
all of our operations are conducted in China and all of our revenue, expenses, and cash are denominated in RMB. RMB is subject
to the exchange control regulation in China, and, as a result, we may have difficulty distributing any dividends outside of China
due to PRC exchange control regulations that restrict our ability to convert RMB into U.S. dollars. <B><I>As of June 30, 2018,
cash of approximately $0.6 million were fully held by the Company and its subsidiary in mainland PRC.</I></B> <STRIKE>As of December
31, 2017, cash of approximately $3.0 million were fully held by the Company and its subsidiaries in mainland PRC. We would need
to accrue and pay withholding taxes if we were to distribute funds from our subsidiaries in China to our offshore subsidiaries.
We do not intend to repatriate such funds in the foreseeable future, as we plan to use existing cash balance in PRC for general
corporate purposes.</STRIKE></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>The
Cayman holding company is a holding company with no material operations of its own. We conduct our operations primarily through
our subsidiary in China. As a result, the Company's ability to pay dividends depends upon dividends paid by our subsidiary. Our
subsidiary in China are permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance
with PRC accounting standards and regulations. Under PRC law, our subsidiary is required to set aside at least 10% of its after-tax
profits each year based on PRC accounting standards, if any, to fund certain statutory reserve funds until such reserve funds
reach 50% of its registered capital. The statutory reserve funds are not distributable as cash dividends. Remittance of dividends
by our subsidiary out of China is subject to examination by the banks designated by SAFE. Our subsidiary has not paid dividends
and will not be able to pay dividends until it generates accumulated profits and meet the requirements for statutory reserve funds.
In addition, we would need to accrue and pay withholding taxes if we were to distribute funds from our subsidiary in China to
us. We do not intend to repatriate such funds in the foreseeable future, as we plan to use existing cash balance in PRC for general
corporate purposes.</I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;&nbsp;</I></B></FONT></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><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><STRIKE>We
would need to accrue and pay withholding taxes if we were to distribute funds from our subsidiaries in China to our offshore subsidiaries.
We do not intend to repatriate such funds in the foreseeable future, as we plan to use existing cash balance in PRC for general
corporate purposes.</STRIKE></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>In
assessing our liquidity, we monitor and analyze our cash on hand, our ability to generate sufficient revenue sources in the future
and our operating and capital expenditure commitments. As of June 30, 2018, we had cash of approximately $0.6 million. Our current
assets were approximately $17.3 million, and our current liabilities were approximately $15.7 million. As of December 31, 2017,
we had cash of approximately $3.0 million. Our current assets were approximately $17.6 million, and our current liabilities were
approximately $16.6 million. For years ended December 31, 2017 and 2016, our operating cash flow was positive. Our operation cash
flow was negative for the six months ended June 30, 2018 and 2017, because most of our collections are completed in the second
half of the year. To support our working capital, on October 8, 2018, our subsidiary Powerbridge Zhuhai entered into a loan agreement
with China Bank of Communication to obtain a loan of $302,124 for a term of one year and at a fixed annual interest rate of 5.4%.
We have historically funded our working capital needs primarily from operations, bank loans, advance payments from customers and
shareholders. Our working capital requirements are affected by the efficiency of our operations, the numerical volume and dollar
value of our revenue contracts, the progress or execution on our customer contracts, and the timing of accounts receivable collections.
Our management believes that current levels of cash and cash flows from operations will be sufficient to meet our anticipated
cash needs for at least the next 12 months from the date of this prospectus. However, it may need additional cash resources in
the future if it experiences changed business conditions or other developments, and may also need additional cash resources in
the future if it wishes to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If
it is determined that the cash requirements exceed our amounts of cash on hand, we may seek to issue debt or equity securities
or obtain a credit facility.</I></B> <STRIKE>In assessing our liquidity, we monitor and analyze our cash on hand, our ability to
generate sufficient revenue sources in the future and our operating and capital expenditure commitments. As of December 31, 2017,
we had cash of approximately $3.0 million. Our current assets were approximately $17.6 million, and our current liabilities were
approximately $16.6 million. For the years ended December 31, 2017 and 2016, our cash flow from operating activities was both
positive. We have historically funded our working capital needs primarily from operations, bank loans, advance payments from customers
and shareholders. Our working capital requirements are affected by the efficiency of our operations, the numerical volume and
dollar value of our revenue contracts, the progress or execution on our customer contracts, and the timing of accounts receivable
collections. Our management believes that current levels of cash and cash flows from operations and the proceeds from this Offering
will be sufficient to meet our anticipated cash needs for at least the next 12 months from the date of this prospectus. However,
we may need additional cash resources in the future if we experience changed business conditions or other developments, and may
also need additional cash resources in the future if we wish to pursue opportunities for investment, acquisition, strategic cooperation
or other similar actions. If it is determined that the cash requirements exceed our amounts of cash on hand, we may seek to issue
debt or equity securities or obtain a credit facility.</STRIKE>&rdquo;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         expand your analysis of operating cash flows to include an explanation for your increase
                                         in accounts payable, including any significant changes related to the timing of your
                                         payments or supplier terms. Describe the terms and levels of any significant financing
                                         arrangements provided by your suppliers. Refer to Item 5.B.1 of Form 20-F and Section
                                         III.C of SEC Release No. 33-6835.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 54 of Form F-1.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">&ldquo;<B><I>Operating
Activities</I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Net
cash provided in operating activities was approximately $1.2 million for the year ended December 31, 2017, as compared to approximately
$5.2 million for the same period in 2016. Cash provided in operating activities for the year ended December 31, 2017 <STRIKE>was
</STRIKE>mainly <STRIKE>due to</STRIKE> <B><I>consisted of</I></B> approximately $4.0 million of net income, the collection of
approximately $0.3 million of prepayments, deposits and other assets, the increase of approximately $4.0 million of accounts payable,
$0.4 million of tax payable, and $0.3 million of deferred revenue offset by the increase of approximately $7.3 million in accounts
receivable due to increase of revenue, and decrease of approximately $0.8 million of advanced payments from customers.</FONT></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; font-size: 10pt">&nbsp;&nbsp;</FONT></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">&nbsp;</FONT></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; font-size: 10pt"><STRIKE>The
significant increase in accounts receivable at December 31, 2017 compared to December 31, 2016 was because of increased contract
volume and contract progress for certain large contracts with our customers. Those customers are mainly comprised of large business
enterprises, governments and related agencies. The average accounts receivable turnover in days for fiscal 2017 was 154 days,
more than doubled from 64 days in fiscal 2016. Our management reviews the accounts receivable on a periodic basis and makes allowances
when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts receivable
balances, we consider several factors, including the age of the balance, the customer&rsquo;s payment history, and current credit-worthiness,
and current economic trends. Typically, the Company includes unbilled receivables in accounts receivable for contracts on which
revenue has been recognized, but for which the customer has not yet been billed. As of December 31, 2017 and 2016, the unbilled
receivable of $8,533,199 and $4,460,773 were included in accounts receivable. As of August 27, 2018, approximately $2.9 million
of accounts receivable balance as of December 31, 2017 was collected, representing 64.3% of the billed accounts receivable balance
as of December 31, 2017.</STRIKE></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><STRIKE>Cash
provided by operating activities for the year ended December 31, 2016 was mainly due to an approximately of $3.5 million of net
income, the collection of approximately $0.2 million of prepayments, deposits and other assets, the increase of approximately
$4.1 million of accounts payable, $0.7 million of tax payable offset by the increase of approximately of $3.1 million of accounts
receivable and the decrease of approximately $0.2 million of customer deposits.</STRIKE></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><STRIKE>Net
cash used in investing activities was approximately $2.2 million for fiscal 2017, as compared to approximately $1.4 million for
fiscal 2016. Cash used in investing activities for fiscal 2017 was mainly due to approximately $1.1 million purchase of office
equipment and furniture and approximately $0.8 million spending for capitalized development cost. Cash used in investing activities
for fiscal 2016 was mainly due to approximately $0.8 million spending for capitalized development costs and $0.4 million purchase
of office equipment and furniture.</STRIKE></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>Net
cash provided by operating activities for the year ended December 31, 2016 mainly consisted of an approximately of $3.5 million
of net income, the collection of approximately $0.2 million of prepayments, deposits and other assets, the increase of approximately
$4.1 million of accounts payable, $0.7 million of tax payable offset by the increase of approximately of $3.1 million of accounts
receivable and the decrease of approximately $0.2 million of customer deposits.</I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>Net
cash used in operating activities for the six months ended June 30, 2018 mainly consisted of an approximately $1.3 million of
net income, an increase of approximately $2.4 million in accounts receivables due to increase of revenue, an increase of approximately
$1.1 million of prepayments, deposits and other assets, the payments of approximately $0.3 million in salaries and benefits payable,
the payments of approximately $0.4 million in taxes payable, offset by an increase of approximately $0.9 million in accounts payable.</I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><STRIKE>Net
cash used in financing activities was approximately $0.5 million for fiscal 2017, as compared to approximately $0.7 million for
fiscal 2016. Cash used in financing activities for the year ended December 31, 2017 was mainly due to the repayment of related
party balance of $0.8 million offset by net proceed from bank loan of $0.2 million. Cash used in financing activities for fiscal
2016 was mainly due to repayment of related party balance of $0.7 million and repayment of bank loan of $0.2 million, offset by
proceed received from bank loan of $0.2 million</STRIKE>.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>Net
cash used by operating activities for the six months ended June 30, 2017 mainly consisted of approximately $1.5 million of net
income, an increase of $2.8 million in accounts receivable, an increase of approximately $0.9 million of prepayments, deposits
and other assets, the payments of approximately $0.9 million in salaries and benefits payable, offset by an increase of approximately
$0.8 million in accounts payable, and an increase of approximately of $ 0.5 million in customer deposits.</I></B></FONT></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; font-size: 10pt">&nbsp;&nbsp;</FONT></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">&nbsp;</FONT></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; font-size: 10pt"><B><I>Our
accounts payable balance significantly increased from approximately $7.4 million as of December 31, 2016 to $12.1 million as of
December 31, 2017 and further increased to $12.7 million as of June 30, 2018. The increase in accounts payable was mainly due
to increase purchase from our suppliers and subcontractors for the ongoing projects with our customers. Our payable balances with
suppliers are due when the Company received customer payment on the projects. Base on the long term relationship, we might be
able to slow down payments based on the Company&rsquo;s working capital. As of December 31, 2017 and 2016, 98.2% and 98.0% of
accounts payable balance were aged within one year, respectively. We have never entered into any long term financing arrangements
with our suppliers.</I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>The
significant account receivable balances as of June 30, 2018, December 31, 2017 and 2016 was because of the increasing contract
volume and contract progress for certain large contracts with our customers. During fiscal 2017, the Company recognized revenue
from 67 major contracts, increased by 15.5% from 58 major contracts in fiscal 2016. For the six months ended June 30, 2018, the
Company recognized revenue from 77 major contracts, increased by 28.3% from 60 major contracts for the same period of last year.
As of December 31, 2017, four major customers accounted for in total of 58.9% of the Company&rsquo;s accounts receivable and 59.4%
of unbilled accounts receivable balances. The aggregated revenues from these customers represented 45.6% of total revenue in fiscal
2017. In fiscal 2017, revenue recognized from three of these four customers are related to new application development service
contracts entered in fiscal 2017 with percentage completion progress of 87.5%, 92.8% and 100% as of December 31, 2017, respectively.
Revenue recognized from one customer is related to a 2016 contract with percentage completion of 92.3% and 58.9% as of December
31, 2017 and 2016, respectively. As of June 30, 2018, two customers accounted for in total of 29.3% of the Company&rsquo;s accounts
receivable and 33.2% of unbilled accounts receivable balances. The aggregated revenues from these customers represented 5.1% of
total revenue for the six months ended June 30, 2018 due to major progress on the project have been achieved in fiscal 2017. </I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>Those
above customers are mainly comprised of large government organizations</I></B>&nbsp; <B><I>and related agencies with good credit
history. They generally negotiated to pay us in three or less phases through the contract term and a significant portion (50%)
of contract amount usually is billed in the last phase upon the completion of the related projects. For the year ended December
31, 2017 and six months ended June 30, 2018, the Company had more contract with government and related agency customers and those
projects were under progress. As a result, the Company&rsquo;s account receivable balance increased to $13.1 million as of December
31, 2017 from $5.1 million as of December 31, 2016 and further increased to $15.1 million as of June 30, 2018. The average accounts
receivable turnover in days for the years ended December 31, 2017 and 2016 and for the six months ended June 30, 2018 was 154
days and 64 days and 329 days respectively. </I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>Our
management reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability
of individual balances. In evaluating the collectability of individual accounts receivable balances, we consider several factors,
including the age of the balance, the customer's payment history, and current credit-worthiness, and current economic trends.
Typically, the Company includes unbilled receivables in accounts receivable for contracts on which revenue has been recognized,
but for which the customer has not yet been billed. As of June 30, 2018, December 31, 2017 and 2016, the unbilled receivable of
$11,196,237, $8,533,199 and $4,460,773 were included in accounts receivable, respectively. As of October 29, 2018, approximately
$6.2 million of accounts receivable balance as of December 31, 2017 was collected. It presented that 90% of billed accounts receivable
balance as of December 31, 2017 were collected by October 29, 2018. In addition, certain major customers confirmed to settle their
outstanding balance of approximately $3.9 million prior to December 31, 2018. As a result, 70% of unbilled balance as of December
31, 2017 were collected or confirmed to be collected prior to December 31, 2018. The Company expects to collect the remaining
balances as at June 30, 2018 within one year</I></B>.&rdquo;</FONT></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; font-size: 10pt">&nbsp;&nbsp;</FONT></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">&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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note the significant increase in your accounts receivable turnover in days from 64 days
                                         in fiscal 2016 to 154 days in fiscal 2017. Please disclose the factors that led to slower
                                         collections during this period. Also, please elaborate on the correlation between the
                                         significant increase in accounts receivable and the increase in contract volume and contract
                                         progress for certain large contracts, considering the percentage change in revenue. In
                                         addition, please provide us with and tell us how you considered disclosure of an aging
                                         analysis of accounts receivable as of each balance sheet date to highlight any trends
                                         and uncertainties with respect to liquidity.</FONT></TD></TR></TABLE>

<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">&nbsp;</FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 54 of Form F-1, as set forth in the revised
language provided in response to Comment 12 above.</FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt">In
addition, we respectfully advise Staff that we do not believe the accounts receivable aging analysis is necessary, because the
unbilled accounts receivable balance represented over 65% and 87% of accounts receivable balance as of December 31, 2017 and 2016,
respectively and cannot be included in the aging analysis.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Material
PRC Income Tax Considerations, page 103</U></B>&nbsp;&nbsp;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         revise your discussion of PRC tax consequences here and in your risk factor disclosure
                                         on page 30 to emphasize, if true, the potential personal liability investors could have
                                         for paying PRC income tax in certain circumstances.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 110 and in our risk factor disclosure of Form
F-1.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B>&ldquo;Material
PRC Income Tax Considerations</B></FONT></P>

<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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Under
the new EIT Law and the Implementing Rules, an enterprise established outside of the PRC with &ldquo;de facto management bodies&rdquo;
within the PRC is considered as a resident enterprise and will be subject to a PRC income tax <B><I>rate of 25%</I></B> on its
global income. According to the Implementing Rules, &ldquo;de facto management bodies&rdquo; refer to &ldquo;establishments that
carry out substantial and overall management and control over the manufacturing and business operations, personnel, accounting,
properties, etc. of an enterprise.&rdquo; Accordingly, our holding company may be considered a resident enterprise and may therefore
be subject to a PRC income tax on our global income. The State Administration of Taxation issued the Notice Regarding the Determination
of Chinese-Controlled Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies,
or Circular 82, on April 22, 2009. Circular 82 provides certain specific criteria for determining whether the &ldquo;de facto
management body&rdquo; of a Chinese-controlled offshore incorporated enterprise is located in China. Although Circular 82 only
applies to offshore enterprises controlled by PRC enterprises and not those invested in by individuals or foreign enterprises,
the determining criteria set forth in Circular 82 may reflect the State Administration of Taxation&rsquo;s general position on
how the &ldquo;de facto management body&rdquo; test should be applied in determining the tax resident status of offshore enterprises,
regardless of whether they are controlled by PRC enterprises or controlled by or invested in by individuals or foreign enterprises.
If we are considered a resident enterprise and earn income other than dividends from our PRC subsidiary, such PRC income tax on
our global income could significantly increase our tax burden and materially and adversely affect our cash flow and profitability.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>We
do not believe that Powerbridge meets all of the conditions required for PRC resident enterprise. The Company is a company incorporated
outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key assets are
located, and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained,
outside the PRC. For the same reasons, we believe our other entities outside of China are not PRC resident enterprises either.
However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain
with respect to the interpretation of the term &ldquo;de facto management body.&rdquo; There can be no assurance that the PRC
government will ultimately take a view that is consistent with ours.</I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;&nbsp;</I></B></FONT></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><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>However,
if the PRC tax authorities determine that Powerbridge is a PRC resident enterprise for enterprise income tax purposes, we may
be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises. Such
10% tax rate could be reduced by applicable tax treaties or similar arrangements between China and the jurisdiction of our shareholders.
For example, for shareholders eligible for the benefits of the tax treaty between China and Hong Kong, the tax rate is reduced
to 5% for dividends if relevant conditions are met. In addition, non-resident enterprise shareholders may be subject to a 10%
PRC tax on gains realized on the sale or other disposition of ordinary shares, if such income is treated as sourced from within
the PRC. </I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>It
is unclear whether our non-PRC individual shareholders would be subject to any PRC tax on dividends or gains obtained by such
non-PRC individual shareholders in the event we are determined to be a PRC resident enterprise. If any PRC tax were to apply to
such dividends or gains, it would generally apply at a rate of 20% unless a reduced rate is available under an applicable tax
treaty. However, it is also unclear whether non-PRC shareholders of the Company would be able to claim the benefits of any tax
treaties between their country of tax residence and the PRC in the event that the Company is treated as a PRC resident enterprise.</I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>Provided
that our Cayman Islands holding company, Powerbridge, is not deemed to be a PRC resident enterprise, our shareholders who are
not PRC residents will not be subject to PRC income tax on dividends distributed by us or gains realized from the sale or other
disposition of our shares. However, under Circular 7, where a non-resident enterprise conducts an &ldquo;indirect transfer&rdquo;
by transferring taxable assets, including, in particular, equity interests in a PRC resident enterprise, indirectly by disposing
of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor, or the transferee or
the PRC entity which directly owned such taxable assets may report to the relevant tax authority such indirect transfer. Using
a &ldquo;substance over form&rdquo; principle, the PRC tax authority may disregard the existence of the overseas holding company
if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As
a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee would be obligated
to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise.
We and our non-PRC resident investors may be at risk of being required to file a return and being taxed under Circular 7, and
we may be required to expend valuable resources to comply with Bulletin 37, or to establish that we should not be taxed under
Circular 7 and Bulletin 37.</I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><STRIKE>If
the PRC tax authorities determine that Powerbridge or any of our subsidiaries outside of China is a &ldquo;resident enterprise&rdquo;
for PRC enterprise income tax purposes, a number of PRC tax consequences could follow. First, Powerbridge or any of our subsidiaries
outside of China may be subject to enterprise income tax at a rate of 25% on our worldwide taxable income, as well as PRC enterprise
income tax reporting obligations. Second, under the EIT Law and its implementing rules, dividends paid between &ldquo;qualified
resident enterprises&rdquo; are exempt from enterprise income tax.</STRIKE></FONT></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">&nbsp;</FONT></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; font-size: 10pt"><STRIKE>If
Powerbridge or any of our subsidiaries outside of China were treated as a PRC &ldquo;non-resident enterprise&rdquo; under the
EIT Law, then dividends that it receives from its PRC operating subsidiaries (assuming such dividends were considered sourced
within the PRC) (1) may be subject to a 5% PRC withholding tax, if the Arrangement between the Mainland of China and the Hong
Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes
on Income (the &ldquo;PRC &mdash; Hong Kong Tax Treaty&rdquo;) were applicable, or (2) if such treaty does not apply (i.e., because
the PRC tax authorities may deem the Hong Kong enterprise to be a conduit not entitled to treaty benefits), may be subject to
a 10% PRC withholding tax. Any such taxes on dividends could materially reduce the amount of dividends, if any, we could pay to
our shareholders.</STRIKE></FONT></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; font-size: 10pt"><STRIKE>&nbsp;</STRIKE></FONT></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; font-size: 10pt"><STRIKE>Finally,
the new &ldquo;resident enterprise&rdquo; classification could result in a situation in which a 10% PRC tax is imposed on dividends
we pay to our non-PRC shareholders that are not PRC tax &ldquo;resident enterprises&rdquo; and gains derived by them from transferring
our Ordinary Shares or warrants, if such income is considered PRC-sourced income by the relevant PRC authorities. In such event,
we may be required to withhold the 10% PRC tax on any dividends paid to our non-PRC resident shareholders. Our non-PRC resident
shareholders also may be responsible for paying PRC tax at a rate of 10% on any gain realized from the sale or transfer of Ordinary
Shares or warrants in certain circumstances. We would not, however, have an obligation to withhold PRC tax with respect to such
gain. If any such PRC taxes apply, a non-PRC resident shareholder may be entitled to a reduced rate of PRC taxes under an applicable
income tax treaty and or a foreign tax credit against such shareholder&rsquo;s domestic income tax liability (subject to applicable
conditions and limitations).</STRIKE> Prospective investors should consult with their own tax advisors regarding the applicability
of any such taxes, the effects of any applicable income tax treaties, and any available foreign tax credits.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;&nbsp;</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
Factor Disclosure</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&ldquo;We
may be classified as a &ldquo;resident enterprise&rdquo; for PRC enterprise income tax purposes; such classification could result
in unfavorable tax consequences to us and our non-PRC shareholders.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
Enterprise Income Tax Law provides that enterprises established outside of China whose &ldquo;de facto management bodies&rdquo;
are located in China are considered PRC tax resident enterprises and will generally be subject to the uniform 25% PRC enterprise
income tax rate on their global income. In addition, a tax circular issued by the State Administration of Taxation on April&nbsp;22,
2009 regarding the standards used to classify certain Chinese-invested enterprises established outside of China as resident enterprises
clarified that dividends and other income paid by such resident enterprises will be considered to be PRC source income, subject
to PRC withholding tax, currently at a rate of 10%, when recognized by non-PRC enterprise shareholders. This recent circular also
subjects such resident enterprises to various reporting requirements with the PRC tax authorities. Under the implementation rules
to the Enterprise Income Tax Law, a de facto management body is defined as a body that has material and overall management and
control over the manufacturing and business operations, personnel and human resources, finances and other assets of an enterprise.
In addition, the tax circular mentioned above details that certain Chinese-invested enterprises will be classified as resident
enterprises if the following are located or resident in China: senior management personnel and departments that are responsible
for daily production, operation and management; financial and personnel decision making bodies; key properties, accounting books,
company seal, and minutes of board meetings and shareholders&rsquo; meetings; and half or more of the senior management or directors
having voting rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Currently,
there are no detailed rules or precedents governing the procedures and specific criteria for determining de facto management bodies
which are applicable to our company or our overseas subsidiaries. <B><I>We do not believe that Powerbridge meets all of the conditions
required for PRC resident enterprise. The Company is a company incorporated outside the PRC. As a holding company, its key assets
are its ownership interests in its subsidiary, and its key assets are located, and its records (including the resolutions of its
board of directors and the resolutions of its shareholders) are maintained, outside the PRC. For the same reasons, we believe
our other entities outside of China are not PRC resident enterprises either. However, the tax resident status of an enterprise
is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term
&ldquo;de facto management body.&rdquo; There can be no assurance that the PRC government will ultimately take a view that is
consistent with ours.</I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>However,
if the PRC tax authorities determine that Powerbridge is a PRC resident enterprise for enterprise income tax purposes, we may
be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises. Such
10% tax rate could be reduced by applicable tax treaties or similar arrangements between China and the jurisdiction of our shareholders.
For example, for shareholders eligible for the benefits of the tax treaty between China and Hong Kong, the tax rate is reduced
to 5% for dividends if relevant conditions are met. In addition, non-resident enterprise shareholders may be subject to a 10%
PRC tax on gains realized on the sale or other disposition of ordinary shares, if such income is treated as sourced from within
the PRC. It is unclear whether our non-PRC individual shareholders would be subject to any PRC tax on dividends or gains obtained
by such non-PRC individual shareholders in the event we are determined to be a PRC resident enterprise. If any PRC tax were to
apply to such dividends or gains, it would generally apply at a rate of 20% unless a reduced rate is available under an applicable
tax treaty. However, it is also unclear whether non-PRC shareholders of the Company would be able to claim the benefits of any
tax treaties between their country of tax residence and the PRC in the event that the Company is treated as a PRC resident enterprise.</I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;&nbsp;</I></B></FONT></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><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>Provided
that our Cayman Islands holding company, Powerbridge, is not deemed to be a PRC resident enterprise, our shareholders who are
not PRC residents will not be subject to PRC income tax on dividends distributed by us or gains realized from the sale or other
disposition of our shares. However, under Circular 7, where a non-resident enterprise conducts an &ldquo;indirect transfer&rdquo;
by transferring taxable assets, including, in particular, equity interests in a PRC resident enterprise, indirectly by disposing
of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor, or the transferee or
the PRC entity which directly owned such taxable assets may report to the relevant tax authority such indirect transfer. Using
a &ldquo;substance over form&rdquo; principle, the PRC tax authority may disregard the existence of the overseas holding company
if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As
a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee would be obligated
to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise.
We and our non-PRC resident investors may be at risk of being required to file a return and being taxed under Circular 7, and
we may be required to expend valuable resources to comply with Bulletin 37, or to establish that we should not be taxed under
Circular 7 and Bulletin 37</I></B>.<STRIKE>If our company or any of our overseas subsidiaries is considered a PRC tax resident
enterprise for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow. First, our company
or our overseas subsidiaries will be subject to the uniform 25% enterprise income tax rate as to our global income as well as
PRC enterprise income tax reporting obligations. Second, although under the Enterprise Income Tax Law and its implementing rules
dividends paid to us from our PRC subsidiary would qualify as tax-exempted income, we cannot assure you that such dividends will
not be subject to a 10% withholding tax, as the PRC foreign exchange control authorities, which enforce the withholding tax, have
not yet issued guidance with respect to the processing of outbound remittances to entities that are treated as resident enterprises
for PRC enterprise income tax purposes. Finally, dividends payable by us to our investors and gain on the sale of our shares may
become subject to PRC withholding tax. It is possible that future guidance issued with respect to the new resident enterprise
classification could result in a situation in which a withholding tax of 10% for our non-PRC enterprise investors or a potential
withholding tax of 20% for individual investors is imposed on dividends we pay to them and with respect to gains derived by such
investors from transferring our shares.</STRIKE></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">In
addition to the uncertainty in how the new resident enterprise classification could apply, it is also possible that the rules
may change in the future, possibly with retroactive effect. If we are required under the Enterprise Income Tax law to withhold
PRC income tax on our dividends payable to our foreign shareholders, or if you are required to pay PRC income tax on the transfer
of our shares under the circumstances mentioned above, the value of your investment in our shares <STRIKE>or ADSs </STRIKE>may
be materially and adversely affected. <B><I>These rates may be reduced by an applicable tax treaty, but i</I></B>t is unclear
whether, if we are considered a PRC resident enterprise, holders of our shares would be able to claim the benefit of income tax
treaties or agreements entered into between China and other countries or areas. <B><I>Any such tax may reduce the returns on your
investment in our shares</I></B>.&rdquo;</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Notes
to Consolidated Financial Statements, page F-7</U></B>&nbsp;</FONT></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; font-size: 10pt">&nbsp;&nbsp;<B>&nbsp;</B></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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note your dividend policy disclosure on page 37 describes restrictions which limit the
                                         payment of dividends. Please revise to provide the footnote disclosures outlined in Rule
                                         4-08(e) of Regulation S-X. We note that pursuant to PRC regulations each of your subsidiaries
                                         in China is required to set aside at least 10% of its after-tax profits each year, if
                                         any, to fund a statutory reserve funds until the accumulative amount of such funds reaches
                                         50% of its registered capital. Please tell us where the statutory reserve is presented
                                         in your financial statements. Also, revise to include a footnote to separately disclose
                                         for each subsidiary the registered capital, the amount of after-tax profits set aside
                                         for each year presented, and the funded status of the statutory reserve as of each balance
                                         sheet date. In addition, if applicable, please revise to include the Schedule I information
                                         required by Rule 5-04 of Regulation S-X.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have added the following disclosure on Note 9 on page F-28 of Form F-1.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>&ldquo;Statutory
reserve </I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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">&nbsp;</FONT></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; font-size: 10pt"><B><I>Under
PRC law, the Company's subsidiaries located in the PRC (collectively referred as the (&quot;PRC entities&quot;) are required to
provide for certain statutory reserves. The PRC entities are required to allocate at least 10% of their after tax profits on an
individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue
allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. </I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>Powerbridge
Zhuhai&rsquo;s registered capital was $5,507,998 and Powerbridge Beijing&rsquo;s registered capital was $1,510,620. Both Powerbridge
Zhuhai and Powerbridge Beijing had accumulated deficit for the years ended December 31, 2017 and 2016 and for the six- month periods
ended June 30, 2018 and 2017, as a result, the statutory reserve balances were Nil as of December 31, 2017 and 2016 and June 30,
2018.&rdquo;</I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">We
respectfully advise the Staff that since the Company&rsquo;s subsidiaries in PRC still had accumulated deficit in their functional
currency- RMB for the years ended December 31, 2017 and 2016 and for the six months ended June 30, 2018, they are not required
to set aside the statutory reserve in accordance with PRC law.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Our
subsidiaries located in PRC includes Zhuhai Powerbridge Technology Co., Ltd. (&ldquo;Powerbridge Zhuhai&rdquo;) which further
owns 55% equity interest of Beijing Powerbridge Technology Co., Ltd. (&ldquo;Powerbridge Beijing&rdquo;). Powerbridge Zhuhai&rsquo;s
registered capital was $5,516,719 and Powerbridge Beijing&rsquo;s registered capital was $1,510,620. Both Powerbridge Zhuhai and
Powerbridge Beijing had accumulated deficit for the years ended December 31, 2017 and 2016 and for the six months ended June 30,
2018. As a result, the statutory reserve funds are Nil for the years ended December 31, 2017 and 2016 and for the six months ended
June 30, 2018. The Company determined that the Schedule I information is not required.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Note
2 - Summary of Significant Accounting Policies Revenue Recognition, page F-12</U></B>&nbsp;</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note from your disclosure on page F-21 that as of December 31, 2017, your unbilled accounts
                                         receivable increased to $8.5 million, representing 39% of total revenues for the year.
                                         Please disclose when you expect these amounts to be billed and collected from customers.
                                         In this regard, we note your disclosure that you have the enforceable right on payments
                                         for the work performed. Expand your revenue recognition policy disclosure to describe
                                         the billing contract terms associated with your fixed fee projects.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment, we have modified the following disclosure on page F-21.</FONT></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; 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"><B><I>&ldquo;</I>Note
3 &mdash; Accounts receivable, net</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">&nbsp;</FONT></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; font-size: 10pt">Accounts
receivable, net, consist of the following:</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">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">As of December 31</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center">As of June 30, 2018</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2017</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2016</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">(Unaudited)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Accounts receivable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13,107,350</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,150,180</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; font-style: italic; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; font-style: italic; text-align: right">15,217,261</TD><TD STYLE="width: 1%; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Less: Allowance for doubtful accounts</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(36,285</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(15,083</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: right">(138,701</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total accounts receivable, net</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">13,071,065</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,135,097</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; font-style: italic; text-align: right">15,078,560</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Unbilled
accounts receivable included in accounts receivable above amounted to $8,533,199 and $4,460,773 <B><I>and $11,196,237</I></B>
as of December 31, 2017, December 31, 2016 <B><I>and June 30, 2018</I></B>, respectively. <B><I>The unbilled receivables are expected
to be billed and collected within one year.</I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;&nbsp;</I></B></FONT></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><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>As
of October 29, 2018, approximately $6.2 million of total accounts receivable balance as of December 31, 2017 was collected. It
presented that 90% of billed accounts receivable balance as of December 31, 2017 was collected by October 29, 2018. In addition,
certain major customers confirmed to settle their outstanding balance of approximately $3.9 million prior to December 31, 2018.
As a result, 70% of unbilled balance as of December 31, 2017 were collected or confirmed to be collected prior to December 31,
2018.&rdquo; </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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; font-size: 10pt">We
also amended the Revenue Recognition section on page 58 and page F-12 as follows.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>&ldquo;</I></B>Revenue
recognition</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
Company derives its revenues from three sources: (1) revenue from application development services, (2) revenue from consulting
and technical support services, and (3) revenue from subscription services.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
Company recognizes revenues when persuasive evidence of an arrangement exists, delivery of goods and service have occurred, the
sales price is fixed or determinable, and collectability is reasonably assured. All of the Company&rsquo;s contracts with customer
do not contain cancelable and refund-type provisions.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">(1)
Revenue from application development services</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>The
Company&rsquo;s application development service contracts are primarily on a fixed-price basis, which require the Company to perform
services including project planning, project design, application development and system integration based on customers&rsquo;
specific needs. These services also require significant production and customization. Upon delivery of the services, customer
acceptance is generally required. In the same contract, the Company is generally required to provide post-contract customer support
(&ldquo;PCS&rsquo;) for a period from three months to three years (&ldquo;PCS period&rdquo;) after the customized application
development services are delivered. The type of services for PCS clause is generally not specified in the contracts or as stand-ready
services on when-and-if-available basis.</I></B></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Multiple
Deliverable Arrangements</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>The
Company generally enters into arrangements with multiple deliverables for customized application development services contracts.
If the deliverables have standalone value at contract inception, the Company accounts for each deliverable separately. The Company
determines application development service, PCS or specific service, if applicable, as separated deliverables in the fixed-fee
application development service contract. The Company allocates contract revenue to the identified separate units based on their
relative selling prices. In accordance with ASC 605-25-30, the Company uses a hierarchy to determine the selling price to be used
for allocating revenue to the deliverables: (i) vendor-specific objective evidence of fair value (&ldquo;VSOE&rdquo;), (ii) third-party
evidence of the selling price (&ldquo;TPE&rdquo;) and (iii) best estimate of the selling price (&ldquo;BESP&rdquo;. The Company
uses VSOE of selling price in the selling price allocation in all instances where it exists. VSOE of selling price for products
and services is determined when a substantial majority of the selling prices fall within a reasonable range when sold separately.
The Company has not established VSOE for application development service and PCS due to lack of pricing consistency and variety
of different service provided. In addition, the Company&rsquo;s customized application differs substantially from that of competitors,
it is difficult to obtain the reliable standalone competitive pricing necessary to establish TPE. Accordingly, the Company uses
its BESP of application development services, hardware, consulting and technical support services and subscription services, if
applicable, as the basis of revenue allocation. The Company determines BESP by considering its overall pricing objectives and
market conditions. Significant pricing practices taken into consideration include the size and volume of the transactions, the
geographic area where services are sold, historical standalone sales and contract prices.</I></B> <STRIKE>The Company generally
enters into arrangements with multiple deliverables for customized application development services, hardware, consulting and
technical support services and subscription services, if applicable. If the deliverables have standalone value at contract inception,
the Company accounts for each deliverable separately. The Company allocates contract revenue to the identified separate units
based on their relative selling prices. The Company uses a hierarchy to determine the selling price to be used for allocating
revenue to the deliverables: (i) vendor-specific objective evidence of fair value (&ldquo;VSOE&rdquo;), (ii) third-party evidence
of the selling price (&ldquo;TPE&rdquo;) and (iii) best estimate of the selling price (&ldquo;BESP&rdquo;). The Company uses VSOE
of selling price in the selling price allocation in all instances where it exists. VSOE of selling price for products and services
is determined when a substantial majority of the selling prices fall within a reasonable range when sold separately. Otherwise,
BESP is used because the Company&rsquo;s customized application differs substantially from that of competitors, it is difficult
to obtain the reliable standalone competitive pricing necessary to establish TPE. Accordingly, the Company uses its BESP of application
development services, hardware, consulting and technical support services and subscription services, if applicable, as the basis
of revenue allocation. The Company determines BESP by considering its overall pricing objectives and market conditions. Significant
pricing practices taken into consideration include the size and volume of the transactions, the geographic area where services
are sold, historical standalone sales and contract prices.</STRIKE></FONT></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; font-size: 10pt">&nbsp;&nbsp;</FONT></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">&nbsp;</FONT></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; font-size: 10pt"><STRIKE>The
Company&rsquo;s application development service contracts are primarily on a fixed-price basis, which require the Company to perform
services including project planning, project design, application development and system integration based on customers&rsquo;
specific needs. These services also require significant production and customization. Upon delivery of the services, customer
acceptance is generally required. In the same contract, the Company is generally required to provide post-contract customer support
(&ldquo;PCS&rsquo;) for a period from three months to three years (&ldquo;PCS period&rdquo;) after the customized application
development services are delivered. The type of services for PCS clause is generally not specified in the contracts or as stand-ready
services on when-and-if-available basis.</STRIKE></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Revenue
allocated to customized application development services is recognized as the service is performed using the percentage of completion
method of accounting, under which the total value of revenue is recognized on the basis of the percentage that total cost to date
bears to the total expected costs. The Company considers labor costs and related material costs for the input measurement as the
best available indicator of the progress, <STRIKE>of the</STRIKE> pattern and timing in which contract obligations are fulfilled.
The Company has a long history of providing these services resulting in its ability to reasonably estimate the labor costs and
related material costs expected to be incurred and the progress toward completion on each fixed-price customized contract based
on the proportion of labor costs and related material costs incurred to date relative to total estimated labor costs and related
material costs at completion. Estimated contract costs are based on the budgeted labor costs and related material costs, which
are updated based on the progress toward completion on a monthly basis. <STRIKE>Pursuant to the contract terms, the Company has
enforceable right on payments for the work performed. Provisions for estimated losses, if any, on uncompleted contracts are recorded
in the period in which such losses become probable based on the current contract estimates. In instances where substantive acceptance
provisions are specified in customer contracts, revenues are deferred until all acceptance criteria have been met. To date, the
Company has not incurred a material loss on any contracts. However, as a policy, provisions for estimated losses on such engagements
will be made during the period in which a loss becomes probable and can be reasonably estimated. The fixed-priced application
development contracts provide customers with rights to specified PCS or to unspecified PCS that is if and when available.</STRIKE></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><I>The
Company&rsquo;s application development service revenues are generated primarily from contracts with PRC government or related
agencies and state-owned enterprises. The contracts contain negotiated billing terms which generally include multiple payment
phases throughout the contract term and a significant portion of contract amount usually is billed upon the completion of the
related projects. Pursuant to the contract terms, the Company has enforceable right on payments for the work performed.</I></B>
<STRIKE>Revenue allocated to specific PCS or other services is recognized as the related services are rendered. Revenue allocated
to unspecific PCS component is deferred and recognized on a straight-line basis over the PCS period.</STRIKE></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>Provisions
for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on
the current contract estimates. In instances where substantive acceptance provisions are specified in customer contracts, revenues
are deferred until all acceptance criteria have been met. To date, the Company has not incurred a material loss on any contracts.
However, as a policy, provisions for estimated losses on such engagements will be made during the period in which a loss becomes
probable and can be reasonably estimated. The fixed-priced application development contracts provide customers with rights to
specified PCS or to unspecified PCS that is if and when available.</I></B></FONT></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; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></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; font-size: 10pt"><B><I>The
unspecified PCS is stand-ready service on when-and-if-available basis. It grants the customers on line and telephone access to
technical support personnel during the term of the service. Specified PCS includes specified service term in the contract such
as training. Revenue allocated to specified PCS or other services is recognized as the related services are rendered. Revenue
allocated to unspecified PCS component is deferred and recognized on a straight-line basis over the PCS period.&rdquo;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;&nbsp;</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">&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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note from your disclosure on page 48 that as of August 27, 2018, $2.9 million or 64%
                                         of your $4.6 million billed accounts receivable balance as of December 31, 2017 was collected.
                                         Please describe the payment terms for those arrangements for which you have not collected
                                         the full amount for the services billed. Please tell us how the payment terms compare
                                         to payment terms normally provided, as well as any concessions provided to these customers.
                                         To the extent your arrangements include extended payment terms or concessions, tell us
                                         what impact this has on your ability to make reasonably dependable estimates of total
                                         contract revenue in your application of the percentage-of-completion method of contract
                                         accounting. Refer to ASC 605-35-25-57.</FONT></TD></TR></TABLE>

<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">&nbsp;</FONT></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; font-size: 10pt"><B>Response:
</B>The Company respectfully advises the Staff that the Company has never entered into extended payment terms or concessions with
our customer for the years ended December 31, 2017 and 2016 and for the six months ended June 30, 2018. From the past experience,
the Company has never had any significant loss in collection of the contract amount.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
payment term for the arrangements with uncollected balance are similar to those collected. As of October 29, 2018, approximately
90% of billed accounts receivable balance as of December 31, 2017 was collected.. The outstanding balance were mainly related
to certain government, related agencies and stated owned enterprises and considered collectable from the perspective of the customer&rsquo;s
ability to pay. Due to the complicated government approval process for payments, it could takes extra time for our customers to
pay off the balances. With the increasing communication with our customer and improved collection efforts, we believe we are able
to successfully collect the balance.</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         note that your application development service contracts include post-contract customer
                                         support (&ldquo;PCS&rdquo;) for a period of three months to three years. Please clarify
                                         the nature of the services included in the specified PCS and the unspecified PCS. Please
                                         tell us and revise your filing to clarify your accounting for PCS included in these contracts,
                                         including whether or not you have established vendor-specific objective evidence of fair
                                         value (&ldquo;VSOE&quot;) for your PCS. To the extent you do not have VSOE for specified
                                         and/or unspecified PCS, explain how you recognize revenue for the entire arrangement.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on Note 2 on page F-12 of Form F-1; as set forth in
the revised language provided in response to Comment 16 above. The remainder of the disclosure in Form F-1 is similarly
revised to reflect this information.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
nature of unspecified PCS is stand-ready service on when-and-if-available basis. It grants the customers on line and telephone
access to technical support personnel during the term of the service. Specified PCS includes specified service term in the contract
such as training.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
Company considers PCS (including specified or unspecified PCS) as separated service elements in the fixed-fee customized application
development service contract and uses its best estimate of the selling price (&ldquo;BESP&rdquo;) of PCS as the basis of revenue
allocation in accordance with Accounting Standards Codification (&ldquo;ASC&rdquo;) 605-25-30.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
Company has not established vendor-specific objective evidence of fair value (&ldquo;VSOE&quot;) for PCS and due to lack of pricing
consistency and variety of different service provided. In addition, the Company&rsquo;s customized application differs substantially
from that of competitors, it is difficult to obtain the reliable standalone competitive pricing necessary to establish third-party
evidence of the selling price (&ldquo;TPE&rdquo;). Accordingly, the Company uses its BESP of application development services
and PCS, if applicable, as the basis of revenue allocation in the multiple deliverable arrangement. The Company determines BESP
by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include
the size and volume of the transactions, the geographic area where services are sold, historical standalone sales and contract
prices.</FONT></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; font-size: 10pt">&nbsp;&nbsp;</FONT></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">&nbsp;</FONT></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; font-size: 10pt">Revenue
allocated to customized application development services is recognized as the service is performed using the percentage of completion
method of accounting, under which the total value of revenue is recognized on the basis of the percentage that total cost to date
bears to the total expected costs. Revenue allocated to specific PCS or other services is recognized as the related services are
rendered. Revenue allocated to unspecific PCS component is deferred and recognized on a straight-line basis over the PCS period.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
Company has considered the guidance in ASC 985-605 and has determined that the Company&rsquo;s arrangements with clients do not
fall within the scope of software revenue recognition guidance of ASC 985-605. The Company has analyzed the scope of the software
revenue recognition guidance in ASC 985-605-15-3 and concluded that it is not currently required to apply such software revenue
recognition guidance to any of its services because the focus of the Company&rsquo;s service offering has been customized solutions
provided to its clients, and the Company has not been licensing, selling, leasing or otherwise marketing software.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">In
reaching this conclusion, the Company considered the following factors specified by ASC 985-605-15-13:</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">As
part of its software development services, the Company focuses on developing customized applications for its clients. Although
the Company has used certain software tools in its services, the Company has not historically licensed, sold or otherwise marketed
any core or off-the-shelf software products to its clients as part of its solutions and services or separately. Thus, the Company&rsquo;s
past arrangements with clients have never included a software licensing element. The Company has not generated any significant
amounts of revenues from its software. The software has not been a focus of marketing, and the Company has been marketing its
services as provision of highly customized solutions to client&rsquo;s needs and orders not focused around any readily available
software solution.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">The
Company&rsquo;s services are highly customized to clients&rsquo; needs and have not been focused around any specific software
solution. Therefore, historically, the Company has not incurred significant amounts of time and effort nor incurred significant
cost to develop software that it intends to sell, lease, or otherwise market. The Company&rsquo;s customer support type service
has not provided enhancements and upgrades to software licensed, sold or otherwise marketed.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Based
on the foregoing, the Company has concluded that software is not the key element of marketing its service offerings for the years
ended December 31, 2017 and 2016. Therefore, the Company&rsquo;s arrangements with clients do not fall within the requirement
of VOSE under ASC 985-605-25-6.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>Note
3 &ndash; Accounts Receivable, page F-21</U></B></FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         revise to disclose the amount of billed and unbilled accounts receivable that are expected
                                         to be collected after one year. We refer you to Item 5.02(3)(c)(4) of Regulation S-X.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment we have revised the disclosure on page 57 of Form F-1; the remainder of the
disclosure in Form F-1 is similarly revised to reflect this information.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">&ldquo;<U>Accounts
receivable, net</U></FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt">Accounts
receivable, net, is stated at the original invoiced amount net of write-offs and allowance for doubtful accounts. The Company
reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual
balances. Past-due balances over 90 days are reviewed individually for collectability. In evaluating the collectability of individual
accounts receivable balances, the Company considers several factors, including the age of the balance, the customer&rsquo;s payment
history, current credit-worthiness, and current economic trends. Accounts receivable balances are written off after all collection
efforts have been exhausted. Typically, the Company includes unbilled receivables in accounts receivable for contracts on which
revenue has been recognized, but for which the customer has not yet been billed. <B><I>Unbilled receivables, substantially all
of which are expected to be billed and collected within one year, are stated at their estimated realizable value and consist of
costs and fees billable on contract completion or the occurrence of contractual payment phase.</I></B>&rdquo;</FONT></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; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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; font-size: 10pt">We
respectfully advise the Staff that all of the billed and unbilled receivables, are expected to be billed and collected within
one year.</FONT></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; font-size: 10pt">&nbsp;</FONT></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; font-size: 10pt"><B><U>General</U></B></FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         provide us with copies of all written communications, as defined in Rule 405 under the
                                         Securities Act, that you, or anyone authorized to do so on your behalf, present to potential
                                         investors in reliance on Section 5(d) of the Securities Act, whether or not they retain
                                         copies of the communications.</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
In response to the Staff&rsquo;s comment, the Company respectfully informs the Staff that neither it nor its underwriters has
presented any written communications, as defined in Rule 405 under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), to potential investors in reliance on Section 5(d) of the Securities Act. The Company represents to the extent that
there are any such written communications that the Company, or anyone authorized to do so on its behalf, presents to potential
investors in reliance on Section 5(d) of the Securities Act, it will provide them to the Staff. In such case, the Company further
confirms that no copies of such written communications will be retained by potential investors if such communications occur during
the 30 days immediately preceding the date of publicly filing the registration statement.</FONT></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; font-size: 10pt">.</FONT></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; 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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                         provide us with copies of any graphical materials or artwork you intend to use in your
                                         prospectus. Upon review of such materials, we may have further comments. For guidance,
                                         refer to Question 101.02 of the Securities Act Forms Compliance and Disclosure Interpretations.&nbsp;</FONT></TD></TR></TABLE>

<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>&nbsp;</B></FONT></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; font-size: 10pt"><B>Response</B>:
We are enclosing copies of all graphic materials and artwork we intend to use in the prospectus with this response letter.</FONT></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; font-size: 10pt">&nbsp;</FONT></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">We
thank the Staff for its review of the foregoing. If you have further comments, we ask that you forward them by electronic mail
to our counsel, Arila Zhou at azhou@htflawyers.com or by telephone at 212-530-2207.</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">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Ban Lor </I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ban
        Lor</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">CEO</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hunter
    Taubman Fischer &amp; Li LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

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