<SEC-DOCUMENT>0001144204-16-141930.txt : 20170825
<SEC-HEADER>0001144204-16-141930.hdr.sgml : 20170825
<ACCEPTANCE-DATETIME>20161230161732
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-16-141930
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dragon Victory International Ltd
		CENTRAL INDEX KEY:			0001682241
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTORS, NEC [6799]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		23 LIME TREE BAY AVE
		STREET 2:		PO BOX 32311
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY11209
		BUSINESS PHONE:		86-571-82213772

	MAIL ADDRESS:	
		STREET 1:		23 LIME TREE BAY AVE
		STREET 2:		PO BOX 32311
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY11209
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt">December 30, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">December 30, 2016</P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Dragon Victory International Limited </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Registration Statement on Form F-1 </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Filed December 6, 2016 </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>File No. 333-214932</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">This letter
is in response to the letter dated December 20, 2016, from the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission
(the &ldquo;Commission&rdquo;) addressed to Dragon Victory International Limited (the &ldquo;Company&rdquo;, &ldquo;we&rdquo;,
&ldquo;our&rdquo;).&nbsp;&nbsp;For ease of reference, we have repeated the Commission&rsquo;s comments in this response and numbered
them accordingly.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">An amended Registration Statement on Form F-1
submitted accompanying this Response Letter, is referred to as Amendment No.&nbsp;1.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Overview, Page 1 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>The summary of your business services must provide a balanced discussion of the three lines of businesses you are currently
pursuing. In light of your results of operations for the period ended September 30, 2016, during which 93.47% of your revenue was
generated from your incubation services, as well as your updated risk factor disclosure on page 10 stating that your &ldquo;business
strategies and model are constantly being tested by <B>the
                                         market and operating results, and [you] pursue to adjust [your] allocation of resources
                                         among [your] three business segments &hellip; accordingly,&rdquo; the summary description
                                         of your business should de-emphasize the focus on the crowdfunding platform business
                                         and provide similar prominence to the other two business segments to help investors better
                                         understand the true nature of your current business.</B></B></TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In response to Staff&rsquo;s
comments, the Registration Statement has been revised. Please refer to the revised disclosure on pages 1, 2, 3, 5 and 55 of
the Amendment No.&nbsp;1.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>We note your revised disclosure in response to comment one. Please further revise your disclosure to indicate what percentage
of registered users have actively participated in a successful funding through your platform, and, to the extent possible, the
percentage of registered users who are repeat active participants. In this regard, we note your disclosure on page 60 indicating
that first time registered users may be viewing rather than participating in a project.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on pages 2 and 64 of the Amendment No.&nbsp;1.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt">December 30, 2016</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><U>We may experience significant fluctuation in revenues
to be generated by our financial</U> <U>services &hellip;, page 12</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>We note your response to comment 12 and your disclosure that you received a finder&rsquo;s fee of 80% for your services
in assisting in raising approximately $387,000. We also note that, while you negotiate these fees on a case-by-case basis, you
&ldquo;do not anticipate&hellip; receiving comparable fee payment&rdquo; for any of your future projects. In order to provide more
meaningful disclosure about these fees and their impact on your future revenues, please either disclose an anticipated range of
fees that you reasonably expect to receive based on known market trends or, if that is not possible, disclose that you cannot reasonably
estimate such a range.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on page 12 of the Amendment No.&nbsp;1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><U>Management &rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations, page 37</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><U>Factors and Trends Affecting Our Results of Operations,
page 38</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>Please revise your disclosure to provide an objective basis for your statement that you
                                                                       consider your crowdfunding service operation as the core aspect of your business operations. In addressing this comment,
                                                                       please ensure to discuss your sources of revenue to date, including the impact from investing activities and related party
                                                                       transactions.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on pages 39 and 40 of the Amendment No.&nbsp;1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt"><U>Six Months Ended September 30, 2016 to Six
Months Ended September 30, 2015, page 43</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Please expand your disclosure to explain what drove the increase in demand for incubator services. We also note that you
describe the diversion of your resources to incubator services as temporary, while elsewhere in the filing you seem to indicate
that, depending on how the market reacts to your operating results, you may continue to adjust your reallocation of resources.
To provide investors with a clear picture of your operating plan and strategic objectives for the next 12 months, in an appropriate
section of the filing, please revise your disclosure to indicate the management&rsquo;s understanding of the current business environment
affecting all three of your business segments, and of the trends that will most likely impact your results of operations in these
three segments. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration
Statement has been revised. Please refer to the revised disclosure on pages 42 and 66 regarding what drove the increase in
demand for incubator services and additional discussion about management&rsquo;s understanding of the current business
environment and trends on page 40 of Amendment No.&nbsp;1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt"><U>Selling, General and Administrative Expenses,
page 40</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>Given that over 90% of your revenues for the period were generated from the incubator services, please expand your disclosure
to describe the nature of expenses associated with this segment of the business. In addition, please explain what percentage of
expenses represented marketing expenses. In this regard we note your revised disclosure at the end of page 64 stating that your
marketing expense on your Fast Track program has increased from 18.4% in the year ended March 31, 2016, to 60.3% for the six months
ended September 30, 2016. </B></TD></TR></TABLE>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt">December 30, 2016</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on pages 42 and 43 of the Amendment No.&nbsp;1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt"><U>Six Months Ended September 30, 2016 Compared
to Six Month Ended September 30, 2015</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt"><U>Net Cash Provided by/Used In Operating Activities,
page 43</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Your
                                         disclosure here and in the section covering your cash flows by/used in operating activities
                                         for the year ended March 31, 2015 compared to the year ended March 31, 2016 appears to
                                         simply repeat the items reported in your statement of cash flows. Please revise to provide
                                         a discussion of the primary drivers and other material factors necessary for investors
                                         to understand your cash flows. For guidance, please refer to Items 303(a)(1) and 303(a)(2)
                                         of Regulation S-K. </B></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on pages 45, 46, 47, 48 and 49 of the Amendment No.&nbsp;1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt"><U>Net Cash Used in Investing Activities, page
43</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><B>We note that these investments are not a part of your current strategic objective. Please expand your disclosure to indicate
whether you plan to continue to make similar types of investments in the future. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on page  47 of the Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD><B>Since you disclose that these investments are not a part of your current strategic objective, please add risk factor disclosure
to so indicate, as well as to alert investors that they should not rely on income attributable to your investment activities as
an indication of your future earnings. Please also revise to add a prominent cross-reference to the risk factor in this section.
</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on pages 12, 13, and 47 of the Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD><B>We note that Mr. Yu Han made capital contributions to you in order to facilitate a number of investments, which you characterize
as being &ldquo;one-off&rdquo; in nature and not a part of your current strategic objective. We further note that you have made
several advances to Mr. Yu Han and entities in which he has an ownership interest from which you &ldquo;did not derive any monetary
benefit.&rdquo; Please explain, and to the extent necessary disclose, whether Mr. Yu Han&rsquo;s capital contributions to facilitate
these investments during the same period he and the entities in which he maintains an ownership interest were receiving working
capital advances from you, represented a conflict of interest with the company&rsquo;s projected business plan and operations.
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt">December 30, 2016</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration
Statement has been revised. Please refer to the revised disclosure on page 47 of the Amendment No.&nbsp;1. Making equity investment in other entities and working capital advances to Mr.&nbsp;Yu Han and the entities in which he maintains an ownership interest were not consistent with and may have hindered the company's projected business plan
 and operations. Such equity investment and working capital advances to entities affiliated with Mr.&nbsp;Han occurred at the initial stage of our operation when we were a private company and didn't have related party transaction guidelines. We currently do not make nor do we plan to make any equity investment or working capital advances to Mr.&nbsp;Han Yu or his affiliated entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt"><U>Outstanding Receivables, page 44</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>We note that all of the outstanding receivables discussed here were paid off as of October
9, 2016 and that, pursuant to your disclosure on page 83, as of the date of the prospectus you had no outstanding accounts receivable
from related parties. Please revise your disclosure to indicate whether you plan to continue making such advances in the future.</B></FONT><B>
</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on page 47 of the Amendment No.&nbsp;1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><U>Business, page 52</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><U>Three levels of programs on our platform, page 58</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD><B>We note your revised disclosure on page 60 indicating that the increase in the number of Fast Track projects &ldquo;could
provide [you] more potential clients for [y]our incubation and financial services.&rdquo; To the extent known, please disclose
the percentage of projects from which you were able to secure clients for your incubation and financial services and explain how
reliant you are on successful projects converting into potential clients. In this regard, we note that you actively &ldquo;identify
and recruit high quality, viable projects through various incubation campuses of higher education institutions and high-tech incubation
parks&hellip;&rdquo; (refer to &ldquo;Our Strategy&rdquo; disclosure on page 4), which would suggest that you establish a relationship
with these potential projects prior to their participation on your platform.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration
Statement has been revised. Please refer to the revised disclosure on pages 5, 63, 66, and 70 of the Amendment No.&nbsp;1.
Our marketing efforts are focused on generally marketing our platform to projects and entrepreneurs in public events held by
us or co-hosted with incubation parks or higher education incubation institutes, therefore, we have revised language related
to actively &ldquo;identify and recruit high quality, viable projects &hellip;&rdquo; to we &ldquo;attract high quality,
viable projects &hellip;.&rdquo; We note that we do not establish a relationship with potential projects prior to mutual
interaction concerning fundraising on our platform.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><U>Taxation, page 100</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><U>United States Federal Income Taxation, page 102</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><U>Passive Foreign Investment Company, page 104</U></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt">December 30, 2016</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: right"></TD><TD STYLE="width: 0.25in"><B>13.</B></TD><TD STYLE="text-align: left"><B>We note your response to comment 16; however, you did not fully address our comment.
We believe that the risk of your classification as a passive foreign investment company for the tax year ended March 31, 2016
is a material consideration for investors with respect to their investment decision. We believe that this is relevant also in
light of the disclosed investment activities unrelated to your stated business purpose and the potential likelihood that you may
continue to make these investments in the future.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to Staff&rsquo;s comments, the Registration Statement
has been revised. Please refer to the revised disclosure on page 107 of the Amendment No.&nbsp;1.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In responding to your comments, the Company acknowledges that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action
with respect to the filing; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the
federal securities laws of the United States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We appreciate the assistance the Staff has
provided with its comments. If you have any questions, please do not hesitate to call our counsel, Ying Li, Esq. and Joan Wu,
Esq. of Hunter Taubman Fischer &amp; Li LLC, at (212) 732-7184.&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Yu Han</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yu Han </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ying Li, Esq. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Joan Wu, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Hunter Taubman Fischer &amp; Li LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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