<SEC-DOCUMENT>0001193125-18-073666.txt : 20180419
<SEC-HEADER>0001193125-18-073666.hdr.sgml : 20180419
<ACCEPTANCE-DATETIME>20180307165714
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-073666
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sunlands Online Education Group
		CENTRAL INDEX KEY:			0001723935
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING 4-6, CHAOLAI SCIENCE PARK
		STREET 2:		NO. 36 CHUANGYUAN RD, CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100012
		BUSINESS PHONE:		86 10 52413738

	MAIL ADDRESS:	
		STREET 1:		BUILDING 4-6, CHAOLAI SCIENCE PARK
		STREET 2:		NO. 36 CHUANGYUAN RD, CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100012
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>New&nbsp;York</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Northern&nbsp;California</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Washington DC</B></P>
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<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><B>Hong&nbsp;Kong</B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Davis Polk&nbsp;&amp; Wardwell LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2201 China
World Office 2</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1 Jian Guo Men Wai Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chaoyang
District</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Beijing 100004</P></TD>
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<TD VALIGN="top" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">86 10 8567 5000 tel</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">86 10 8567 5123
fax</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;7, 2018 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Sunlands Online Education Group (CIK No. 0001723935) </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Responses to the Staff&#146;s Comments on
the Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> Filed </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">on February&nbsp;23, 2018 (File no. <FONT
STYLE="white-space:nowrap">333-223190)</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Paul Fischer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Celeste&nbsp;M. Murphy </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Christie Wong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Terry French </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Telecommunications </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr. Fischer, Ms. Murphy, Ms. Wong and Mr. French: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of our client, Sunlands Online Education Group, an exempted company incorporated under the laws of the Cayman Islands (the &#147;<B>Company</B>&#148;), we submit to the staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange
Commission (the &#147;<B>Commission</B>&#148;) this letter setting forth the Company&#146;s responses to the comments contained in the Staff&#146;s letter dated March&nbsp;2, 2018 on the Company&#146;s registration statement on Form <FONT
STYLE="white-space:nowrap">F-1</FONT> filed on February&nbsp;23, 2018 (the &#147;<B>Registration Statement</B>&#148;). Concurrently with the submission of this letter, the Company is filing its amendment no. 1 to the registration statement on Form <FONT
STYLE="white-space:nowrap">F-1</FONT> (the &#147;<B>Amended Registration Statement</B>&#148;) and certain exhibits via EDGAR with the Commission. On behalf of the Company, we wish to thank you and other members of the Staff for your prompt response
to the Company&#146;s request for comments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To facilitate your review, we have separately delivered to you today four courtesy copies of the Amended
Registration Statement, marked to show changes to the Registration Statement, and two copies of the submitted exhibits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has responded to all
of the Staff&#146;s comments by revising the Registration Statement to address the comment, or by providing supplemental information as requested by the Staff. The Staff&#146;s comments are repeated below in bold, followed by the Company&#146;s
response to the comments as well as a summary of the responsive actions taken. We have included page numbers to refer to the location in the Amended Registration Statement where the language addressing a particular comment appears. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company currently contemplates to launch the offering, subject to market conditions, on or around March 14, 2018. As such, we would be grateful if the
Staff could respond promptly with additional comments, if any, on the Amended Registration Statement prior to the contemplated public offering. </P>

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 2
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<TD VALIGN="top" ALIGN="right">March 7, 2018</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to revising
the disclosure in response to the Staff&#146;s comments, the Company has also included other information and data to reflect recent developments, including the audited consolidated financial statements and certain operating data for the year ended
December&nbsp;31, 2017. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Offering, page 8 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note that you have adopted a triple-class ordinary share structure that will become effective upon the completion of this offering. With a view towards disclosure, please advise us why the Board determined to
adopt this triple-class structure in connection with Sunlands&#146; initial public offering. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully
submits to the Staff that the triple-class voting structure has been approved by the Board of Directors (the &#147;<B>Board</B>&#148;) and the existing shareholders of the Company in connection with their consideration and approval of the
Company&#146;s fourth amended and restated memorandum and articles of association, which will become effective upon the completion of this offering.&nbsp;When approving such voting structure, the Board has considered the following key factors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">First, the Board believes it is critical to the Company&#146;s long-term success to allow its founders and senior management, who have been
playing instrumental roles in the past success of the Company, to retain control of the company after this offering. The Board would like them to continue to drive the strategic decisions of the Company, including significant acquisitions and
investments, without being subject to short-term pressure, thereby creating sustainable long-term value for all shareholders, including the public shareholders of the Company.</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Second, the Board considers it to be in the best interests of the Company to give Primavera Capital (&#147;<B>Primavera</B>&#148;), its largest
outside investor who currently beneficially owns approximately 13.2% of all voting shares of the Company, additional voting power represented by Class&nbsp;B ordinary shares to partly mitigate the dilutive impacts of the offering and the
Class&nbsp;C super-voting shares on Primavera&#146;s ability to participate in major corporate decisions after the offering.&nbsp;The Board believes that it is in the best interests of the Company to maintain a long-term cooperative relationship
with Primavera, who has demonstrated long-term commitment to the Company as a major investor and is expected to continue to support the Company&#146;s future growth and development.</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In light of the above considerations, the Board has determined that adopting a triple-class voting structure would be in the best interests of
the Company&#146;s public shareholders in the long-term.</P>

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 3
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<TD VALIGN="top" ALIGN="right">March 7, 2018</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has included a comprehensive risk factor on the impacts of the triple-class
structure in its Registration Statement. In response to the Staff&#146;s comment, the Company has added disclosure to elaborate on its rationale for adopting the triple-class voting structure on page 165 of the Amended Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Corporate Structure, page 65 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise to disclose the respective voting and economic interests of the Series A, Series B, and Series C shareholders following the completion of the offering. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully submits to the Staff that it has already included the requested disclosure on the cover page of the prospectus. In
response to the Staff&#146;s comment, the Company has revised the corporate structure chart on pages 5 and 69 of the Amended Registration Statement to further clarify the respective voting and economic interests of the shareholders following this
offering. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </P>

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 4
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<TD VALIGN="top" ALIGN="right">March 7, 2018</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions regarding this submission, please contact me at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">+86-10-8567-5005</FONT></FONT> (li.he@davispolk.com) and/or James C. Lin at <FONT STYLE="white-space:nowrap">+852-2533-3368</FONT> (james.lin@davispolk.com). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for your time and attention. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Yours&nbsp;sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Li He</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Li
He</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;Tongbo Liu, Chief Executive Officer </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Yipeng Li, Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sunlands Online Education Group </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;David Zhang, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kirkland&nbsp;&amp; Ellis International LLP </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Deloitte Touche Tohmastu Certified Public Accountants LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
