<SEC-DOCUMENT>0001104659-22-103111.txt : 20230321
<SEC-HEADER>0001104659-22-103111.hdr.sgml : 20230321
<ACCEPTANCE-DATETIME>20220927060234
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-103111
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tuniu Corp
		CENTRAL INDEX KEY:			0001597095
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		TUNIU BUILDING, NO. 699-32
		STREET 2:		XUANWUDADAO, XUANWU DISTRICT
		CITY:			NANJING
		STATE:			F4
		ZIP:			210042
		BUSINESS PHONE:		86 25 86853969

	MAIL ADDRESS:	
		STREET 1:		TUNIU BUILDING, NO. 699-32
		STREET 2:		XUANWUDADAO, XUANWU DISTRICT
		CITY:			NANJING
		STATE:			F4
		ZIP:			210042
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-right: 0.25in; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Tuniu Corporation</B></P>

<P STYLE="margin-right: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Tuniu Building No.&nbsp;32</P>

<P STYLE="margin-right: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Suningdadao, Xuanwu District</P>

<P STYLE="margin-right: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Nanjing, Jiangsu Province 210042</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: right">People&rsquo;s Republic of China</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 27, 2022</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Jennifer O'Brien</P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 5%"></TD><TD STYLE="font-size: 10pt; width: 4%"><B>Re:</B></TD><TD STYLE="font-size: 10pt; width: 66%"><B>Tuniu Corporation (the &ldquo;Company&rdquo;)</B></TD>
    <TD STYLE="font-size: 10pt; width: 25%">&nbsp;</TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt"><B>Form 20-F for the Fiscal Year Ended December 31, 2021</B></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
                                                                                                                                            <TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><B>Filed on April 29, 2022 (File No. 001-36430)</B></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
                                                                                                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.4pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
</FONT>Ms. O'Brien and Ms. Buskirk,</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter sets forth the Company&rsquo;s responses
to the comments contained in the letter dated September 13, 2022 from the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Securities and
Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) regarding the Company&rsquo;s annual report on Form 20-F for the fiscal year
ended December 31, 2021 filed with the Commission on April 29, 2022 (the &ldquo;<B>2021 Form 20-F</B>&rdquo;). The Staff&rsquo;s comments
are repeated below in bold and are followed by the Company&rsquo;s responses thereto. All capitalized terms used but not defined in this
letter shall have the meaning ascribed to such terms in the 2021 Form 20-F.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Our Holding Company Structure and Contractual
Arrangements with the VIE, page 3</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><B>Please explain whether the VIE structure is used to provide investors with exposure to foreign investment
in China-based companies where Chinese law prohibits direct foreign investment in the operating companies. In addition, please expand
your disclosure to state that investors may never hold equity interests in the Chinese operating company and acknowledge that Chinese
regulatory authorities could disallow the VIE structure, which would likely result in a material change in your operations and/or a material
change in the value of your ADSs, including that it could cause the value of such securities to significantly decline or become worthless.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company respectfully proposes to revise the referenced disclosure as follows in Item 3 of its
future Form 20-F filings (with deletions shown in strikethrough and additions in underline), subject to updates and adjustments to be
made in connection with any material development of the subject matter being disclosed</FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tuniu
Corporation is not an operating company in China but a Cayman Islands holding company with no equity ownership in the variable interest
entity, or VIE. We conduct our business in China through (i)&nbsp;our PRC subsidiaries and (ii)&nbsp;the consolidated affiliated entities
with which we have maintained contractual arrangements. PRC laws and regulations restrict and impose conditions on foreign investment
in value-added telecommunication services and certain other businesses. Accordingly, we operate these businesses in China through the
VIE<U>, and such structure is used to provide investors with exposure to foreign investment in China-based companies where laws and regulations
in China prohibit or restrict direct foreign investment in certain operating companies</U><STRIKE>, and rely on contractual arrangements
among our PRC subsidiaries, the VIE and its shareholders to control the business operations of the VIE</STRIKE>. Revenues contributed
by the VIE accounted for 48.1%, 90.6% and 53.6% of our total revenues for the&nbsp;years of 2019, 2020 and 2021, respectively. Holders
of our ADSs hold equity interest in Tuniu Corporation, our Cayman Islands holding company, and do not have direct or indirect equity interest
in the VIE<U>, and may never directly hold equity interests in the VIE</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white">A
series of contractual agreements, including powers of attorney, equity interest pledge agreements, cooperation agreements, purchase option
agreements and shareholders&rsquo; voting rights agreements, have been entered into by and among our wholly owned PRC subsidiary, Beijing
Tuniu Technology Co.,&nbsp;Ltd., or Beijing Tuniu, the VIE and its shareholders. As a result of the contractual arrangements, we <STRIKE>have
effective control over and</STRIKE> are considered the primary beneficiary of the VIE, and we have consolidated the financial results
of the VIE in our consolidated financial statements <U>under U.S. GAAP for accounting purposes</U>. For more details of these contractual
arrangements, see &ldquo;Item&nbsp;4. Information on the Company&mdash;C. Organizational Structure.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white">However,
the contractual arrangements may not be as effective as direct ownership in providing us with control over the VIE and we may incur substantial
costs to enforce the terms of the arrangements. There are substantial uncertainties regarding the interpretation and application of current
and future PRC laws, regulations and rules&nbsp;regarding the status of our rights with respect to our contractual arrangements with the
VIE and its shareholders. It is uncertain whether any new PRC laws or regulations relating to VIE structures will be adopted or if adopted,
what they would provide. If we or the VIE is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain
or maintain any of the required permits or approvals, the relevant PRC authorities would have broad discretion to take action in dealing
with such violations or failures. <U>The PRC regulatory authorities could disallow the VIE structure, which would likely result in a material
adverse change in our operations and cause our ADSs to decline significantly in value or become worthless. </U>Our holding company, our
PRC subsidiaries and VIE, and investors of our company face uncertainty about potential future actions by the PRC government that could
affect the enforceability of the contractual arrangements with the VIE and, consequently, significantly affect the financial performance
of the VIE and our company as a whole. In addition, these agreements have not been tested in China courts. For a detailed description
of the risks associated with our corporate structure, please refer to risks disclosed under &ldquo;Item&nbsp;3. Key Information&mdash;D.
Risk Factors&mdash;Risks Related to Our Corporate Structure.&rdquo;&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 3</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white">The
Company also respectfully advises the Staff to refer to the Company&rsquo;s response to comment #7, wherein the Company has proposed revised
risk factor disclosure about VIE structures for use in its future Form 20-F filings.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><B>Please expand your disclosure to address how recent statements and regulatory actions by China&rsquo;s
government, such as those related to the use of variable interest entities and data security or anti-monopoly concerns, have or may impact
the company&rsquo;s ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company respectfully proposes to revise the referenced disclosure as follows in Item 3 of its
future Form 20-F filings (with deletions shown in strikethrough and additions in underline), subject to updates and adjustments to be
made in connection with any material development of the subject matter being disclosed</FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
government&rsquo;s significant authority in regulating our operations and its oversight and control over offerings conducted overseas
by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to
offer securities to investors. <U>The laws and regulations governing the internet industry in China are relatively new and quickly evolving,
hence bringing uncertainties to their interpretation and enforcement. </U></FONT>Implementation of industry-wide regulations, including
data security or anti-monopoly related regulations, in this nature may cause the value of such securities to significantly decline <FONT STYLE="background-color: white"><U>or
become worthless</U></FONT>. For more details, see &ldquo;Item&nbsp;3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing
Business in China&mdash;The PRC government&rsquo;s significant oversight over our business operation could result in a material adverse
change in our operations and the value of our ADSs.&rdquo;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
PRC regulatory and enforcement regime with regard to data security and privacy is evolving and may be subject to different interpretations
or significant changes without prior notice. In the event that any new development requires us to change our business operations relevant
to data security, data privacy or cybersecurity in general, we cannot assure you that we can comply with such new requirements in a timely
manner or at all. Some recently promulgated rules in this regime include the PRC Data Security Law and the Personal Information Protection
Law released in 2021, which posed additional challenges to our cybersecurity and data privacy compliance. The Cybersecurity Review </U></FONT><U>Measures
promulgated in December 2021 and the Regulations on the Network Data Security published for public comments in November 2021 imposed potential
additional restrictions on China-based overseas-listed companies like us. If future implementing rules of the Cybersecurity Review Measures
and the enacted version of the Regulations on the Network Data Security mandate clearance of cybersecurity review and other specific actions
to be taken by issuers like us, we face uncertainties as to whether these additional procedures can be completed by us timely, or at all,
which may subject us to government enforcement actions and investigations, fines, penalties, or suspension of our non-compliant operations,
and materially and adversely affect our business and results of operations and the price of our ADSs. See &ldquo;Item 3. Key Information&mdash;D.
Risk Factors&mdash;Risks Related to Our Business and Industry&mdash;Our business generates and processes a large amount of data, and we
are required to comply with PRC and other applicable laws relating to privacy and cybersecurity. The improper use or disclosure of data
could have a material and adverse effect on our business and prospects.&rdquo;</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 4</P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><U>In addition, on December 24, 2021,
the CSRC issued a draft of the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic
Companies, or the Draft Provisions, and the CSRC issued a draft of Administration Measures for the Filing of Overseas Securities Offering
and Listing by Domestic Companies, or the Draft Administration Measures, for public comments. The Draft Provisions and the Draft Administration
Measures, collectively, the Draft Overseas Listing Regulations, set out the new regulatory requirements and filing procedures for Chinese
companies seeking direct or indirect listing in overseas markets. As of the date of this annual report, the Draft Overseas Listing Regulations
were released only for soliciting public comments at this stage and their provisions and anticipated adoption or effective date are subject
to changes and thus their interpretation and implementation remain substantially uncertain. However, assuming the Draft Overseas Listing
Regulations were to be adopted as-is, if we fail to obtain the relevant approval or complete other review or filing procedures for any
future offshore offering or listing, we may face sanctions by the CSRC or other PRC regulatory authorities, which may include fines and
penalties on our operations in China, limitations on our operating privileges in China, restrictions on or prohibition of the payments
or remittance of dividends by our subsidiaries in China, restrictions on or delays to our future financing transactions offshore, or other
actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation and prospects,
as well as the trading price of our ADSs. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business
in China&mdash;The approval of or filing with the CSRC or other PRC government authorities may be required in connection with our offshore
offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete
such filing.&rdquo;</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><U>Furthermore,
the PRC regulators have promulgated new anti-monopoly and competition laws and regulations and strengthened the enforcement under these
laws and regulations. There remain uncertainties as to how the laws, regulations and guidelines recently promulgated will be implemented
and whether these laws, regulations and guidelines will have a material impact on our business, financial condition, results of operations
and prospects. We cannot assure you that our business operations comply with such regulations and authorities&rsquo; requirements in all
respects. If any non-compliance is raised by relevant authorities and determined against us, we may be subject to fines and other penalties.
See &ldquo;Item 3. Key Information&mdash;Risk Factors&mdash; Risks Related to Doing Business in China&mdash;Any failure or perceived failure
by us to comply with the Platform Economy Anti-Monopoly Guidelines and other anti-monopoly and unfair competition laws and regulations
may result in governmental investigations or enforcement actions, litigation or claims against us and could have an adverse effect on
our business, financial condition and results of operations.&rdquo;</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 5</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white">Risks
and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly
evolving rules&nbsp;and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For
more details, see &ldquo;Item&nbsp;3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business in China&mdash;Uncertainties
in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.&rdquo; <U>These
risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder
our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or be worthless.
For a detailed description of risks related to doing business in China, see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks
Related to Doing Business in China.</U>&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Permissions Required from the PRC Authorities for Our Operations,
page 4</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><B>Please expand your disclosure to state whether you, your subsidiaries, or VIEs are covered by permissions
requirements from the China Securities Regulatory Commission (CSRC), Cyberspace Administration of China (CAC) or any other governmental
agency that is required to approve the VIE&rsquo;s operations, and state affirmatively whether you have received all requisite permissions
or approvals and whether any permissions or approvals have been denied. Please also describe the consequences to you and your investors
if you, your subsidiaries, or the VIEs: (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude that
such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and you are required
to obtain such permissions or approvals in the future.</B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company respectfully proposes to revise the referenced disclosure as follows in Item 3 of its
future Form 20-F filings (with deletions shown in strikethrough and additions in underline), subject to updates and adjustments to be
made in connection with any material development of the subject matter being disclosed</FONT>:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 6</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>Permissions
Required from the PRC Authorities for Our Operations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct our business in China through our subsidiaries and the consolidated affiliated entities in China. Our operations in China are
governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries and VIE have obtained the requisite licenses
and permits from the PRC government authorities that are material for the business operations of our PRC subsidiaries and the VIE in China,
including, among others, a Value-Added Telecommunication Business Operating License issued by the local bureau of the Ministry of Industry
and Information Technology of the PRC, or the MIIT, a Short Messaging Service Access Code Certificate issued by the MIIT, a Food Business
License issued by Jizhou Branch of Tianjin Administration for Market Regulation, Filing Certificates for Operation of Prepacked Food issued
by Xuanwu Branch of Nanjing Administration for Market Regulation, Travel Agency Business Licenses issued by the local bureaus of and/or
the then Ministry of Tourism, or the Ministry of Culture and Tourism which has replaced the Ministry of Tourism, Approval Documents for
Operation of Small-sum Loan Business issued by the Guangzhou Municipal Bureau of Finance, an Insurance Brokerage Business License is issued
by the CBIRC, a Securities and Futures Business Operation License is issued by the CSRC, Insurance Agency Concurrent-business Licenses
issued by the CBIRC, and a Hotel Hygiene License, which is issued by the local bureau of the National Health Commission. Given the uncertainties
of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities,
we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the
future. <U>If we, our subsidiaries, the VIE or the VIE&rsquo;s subsidiaries do not receive or maintain any necessary permissions or approvals,
inadvertently conclude that such permissions or approvals are not required, or if applicable laws, regulations, or interpretations change
and we are required to obtain such permissions or approvals in the future, we cannot assure you that we will be able to obtain the necessary
permissions or approvals in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could
subject us to penalties, including fines, suspension of business and revocation of required licenses, significantly limit or completely
hinder our ability to continue to offer securities to investors and cause the value of such securities to significantly decline or be
worthless</U>. </FONT>For more detailed information, see &ldquo;Item&nbsp;3. Key Information&mdash;D. Risk Factors&mdash;Risks Related
to Doing Business in China&mdash;We may be adversely affected by the complexity, uncertainties and changes in PRC regulations of internet
and related business and companies.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white">Furthermore,
<U>in connection with our previous issuance of securities to foreign investors, under the currently effective PRC laws and regulations,
as of the date of this annual report, we are not aware of any PRC laws or regulations which explicitly require us to obtain any permission
from or complete any filing with the CSRC or go through a cybersecurity review by the CAC, and we, our PRC subsidiaries and the VIE, (i)
have not received any requirement from competent PRC authorities to obtain permissions from the CSRC, (ii) have not received any requirement
from competent PRC authorities to go through cybersecurity review by the CAC, and (iii) have not received or were denied such requisite
permissions by any PRC authority.</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 7</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>However,</U></FONT>
the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment in China-based issuers. For more detailed information, see &ldquo;Item&nbsp;3. Key Information&mdash;D. Risk Factors&mdash;Risks
Related to Doing Business in China&mdash;The approval of or filing with the CSRC or other PRC government authorities may be required in
connection with our offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain
such approval or complete such filing.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in"><B><U>The Holding Foreign Companies Accountable Act, page
4</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><B>We note your disclosure on page 33 that you expect to be identified as a &ldquo;Commission Identified
Issuer&rdquo; shortly after the filing of this annual report on Form 20-F. Please update your disclosure to state that you have been included
in the list of issuers identified under the HFCAA.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company respectfully proposes to revise the referenced disclosure as follows in Item 3 of its
future Form 20-F filings (with deletions shown as strike-through and additions underlined), subject to updates and adjustments to be made
in connection with any material development of the subject matter being disclosed</FONT>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>The
Holding Foreign Companies Accountable Act</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December&nbsp;18, 2020. The HFCAA states if the SEC determines
that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the Public Company
Accounting Oversight Board (United States), or the PCAOB, for three consecutive&nbsp;years beginning in 2021, the SEC shall prohibit our
shares or ADSs from being traded on a national securities exchange. <U>Since our auditor is located in China, a jurisdiction where the
PCAOB has been unable to conduct inspections without the approval of the </U></FONT><U>applicable Chinese authorities, our auditor has
not been and is currently not subject to inspections by the PCAOB, which may impact our ability to remain listed on a United States exchange.
On May 4, 2022, in connection with its implementation of the HFCAA, the SEC conclusively named Tuniu as a &ldquo;Commission-Identified
Issuer&rdquo; following the filing of Tuniu&rsquo;s 2021 Form 20-F with the SEC on April 29, 2022.</U> <STRIKE>Since our auditor is located
in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor
is not currently inspected by the PCAOB, which may impact our ability to remain listed on a United States or other foreign exchange. </STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>On
August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission, or the CSRC, and Ministry of
Finance of the People's Republic of China, or the PRC Ministry of Finance, &nbsp;taking</U></FONT><U> the first step toward opening access
for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong without any
limitations on scope. However, uncertainties exist with respect to the implementation of this framework and there is no assurance that
the PCAOB will be able to execute, in a timely manner, its future inspections and investigations in a manner that satisfies the Statement
of Protocol.</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 8</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>In
accordance with the HFCAA, our securities will be prohibited from being traded on a national securities exchange or in the over-the-counter
trading market in the United States in 2024 if the PCAOB is unable to inspect and investigate completely public accounting firms headquartered
in mainland China and Hong Kong</U></FONT><U>, or in 2023 if proposed changes to the law are enacted. As a result, the Nasdaq may determine
to delist our securities.</U> <STRIKE>The related risks and uncertainties could cause the value of our ADSs to significantly decline.
</STRIKE>For more details, see &ldquo;Item&nbsp;3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business in China&mdash;The
PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability
of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections&rdquo; and &ldquo;Item&nbsp;3.
Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business in China&mdash;Our ADSs will be prohibited from trading in
the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, in 2024 if the PCAOB is unable to inspect <STRIKE>or
fully </STRIKE><U>and</U> investigate <U>completely</U> auditors located in China, or in 2023 if proposed changes to the law are enacted.
The <U>prohibition from trading and</U> delisting <STRIKE>of</STRIKE> our ADSs, or the threat of their being delisted <U>and prohibition
from trading</U>, may materially and adversely affect the value of your investment.&rdquo;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">The Company also respectfully proposes
to revise the relevant risk factor under Item 3.D. in its future Form 20-F filings (with deletions shown as strike-through and additions
underlined), subject to such updates and adjustments to be made in connection with any material developments of the subject matter being
disclosed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><B><I>The PCAOB
is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of
the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, as an
auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United
States pursuant to which the PCAOB conducts regular inspections to assess <STRIKE>its</STRIKE> <U>such firms&rsquo;</U> compliance with
the applicable professional standards. Since our auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct
inspections without the approval of the <U>applicable</U> Chinese authorities, our auditor <U>has </U><STRIKE>is </STRIKE>not <U>been
and is </U>currently <U>not subject to inspections</U> <STRIKE>inspected </STRIKE>by the PCAOB. As a result, we and investors in our ADSs
are deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections of <STRIKE>auditors</STRIKE></FONT>
<U>accounting firms registered with the PCAOB </U>in <U>mainland</U> China <U>and Hong Kong</U> makes it more difficult to evaluate the
effectiveness of our independent registered public accounting firm&rsquo;s audit procedures or quality control procedures as compared
to auditors outside of <U>mainland</U> China <U>and Hong Kong</U> that are subject to the PCAOB inspections, which could cause investors
and potential investors in our ADSs to lose confidence in <STRIKE>our audit procedures and reported financial information and </STRIKE>the
quality of <STRIKE>our</STRIKE> <U>work performed by our independent registered public accounting firm and the Company&rsquo;s</U> financial
statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 9</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>On
August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the PRC Ministry of Finance, taking </U></FONT><U>the first
step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China
and Hong Kong without any limitations on scope.  However, uncertainties exist with respect to the implementation of this framework and there is no assurance
that the PCAOB will be able to execute, in a timely manner, its future inspections and investigations in a manner that satisfies the Statement
of Protocol.</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holding Foreign Companies Accountable Act, or the HFCAA, was signed into law on December 18, 2020. The HFCAA states if the SEC determines
that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection for the PCAOB for
three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange
or in the over-the-counter trading market in the United States. On December 2, 2021, the SEC adopted final amendments implementing the
disclosure and submission requirements of the HFCAA, pursuant to which the SEC will identify an issuer as a &ldquo;Commission Identified
Issuer&rdquo; if the issuer has filed an annual report containing an audit report issued by a registered public accounting firm that the
PCAOB has determined it is unable to inspect and <STRIKE>or </STRIKE>investigate completely, and will then impose a trading prohibition
on an issuer after it is identified as a Commission-Identified Issuer for three consecutive years. On December 16, 2021, the PCAOB issued
a report to notify the SEC of its determination that the PCAOB is unable to inspect and <STRIKE>or</STRIKE> investigate completely registered
public accounting firms headquartered in <U>mainland </U>China <U>and Hong Kong</U>. The PCAOB identified our auditor as one of the registered
public accounting firms that the PCAOB is unable to inspect and <STRIKE>or</STRIKE> investigate completely. <STRIKE>Therefore, we expect
to be identified as a &ldquo;Commission Identified Issuer&rdquo; shortly after the filing of this annual report on Form 20-F. </STRIKE><U>On
May 4, 2022, in connection with its implementation of the HFCAA, the SEC conclusively named Tuniu as a &ldquo;Commission-Identified Issuer&rdquo;
following the filing of Tuniu&rsquo;s 2021 Form 20-F with the SEC on April 29, 2022.</U></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 10</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>On
August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the PRC Ministry of Finance, taking </U></FONT><U>the first
step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China
and Hong Kong without any limitations on scope. See &ldquo;&mdash;The PCAOB is currently unable to inspect our auditor in relation to
their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives
our investors with the benefits of such inspections.&rdquo;</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><U>Furthermore,
by the end of 2022, the PCAOB is required to assess whether mainland China and Hong Kong each remains a jurisdiction where the PCAOB is
not able to inspect and investigate completely auditors registered with the PCAOB. If the PCAOB again concludes that it is not able to
inspect and investigate completely the audit firms in mainland China and Hong Kong, we will be identified as a &ldquo;Commission-Identified
Issuer&rdquo; for a second consecutive year after we file our Form 20-F for the fiscal year ending December 31, 2022 which is due by April
30, 2023.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
the PCAOB will be able to</FONT> <U>satisfactorily</U> conduct inspections <STRIKE>of our auditor</STRIKE> <U>and investigations of registered
public accounting firms headquartered in mainland China and Hong Kong </U>before the issuance of our financial statements on Form&nbsp;20-F
for the&nbsp;year ending December&nbsp;31, 2023 which is due by April&nbsp;30, 2024, or at all, is subject to substantial uncertainty
and depends on a number of factors out of our, and our auditor&rsquo;s, control, <U>including the implementation of the Statement of Protocol
signed by the PCAOB and the Chinese authorities. If the PCAOB is unable to inspect and investigate completely registered public accounting
firms headquartered in mainland China and Hong Kong by the end of 2023, we will be identified as a &ldquo;Commission-Identified Issuer&rdquo;
for a third consecutive year after we file our Form 20-F for the </U>fiscal <U>year ending December 31, 2023. In such case, we would be
subject to the delisting and prohibition of trading requirements of the HFCAA</U>. <STRIKE>If our shares and ADSs are prohibited from
trading in the United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for our shares
will develop outside of the United States. Such a prohibition would substantially impair your ability to sell or purchase our ADSs when
you wish to do so, and the risk and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also,
such a prohibition would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material
adverse impact on our business, financial condition, and prospects.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>On
June&nbsp;22, 2021, the U.S. Senate passed a bill which would </STRIKE></FONT><U>There have been various initiatives to</U> reduce the
number of consecutive non-inspection&nbsp;years required for triggering the prohibitions under the HFCAA from three&nbsp;years to two.
On <U>June 22, 2021, the U.S. Senate passed a bill to that effect, and on</U> February&nbsp;4, 2022, the U.S. House of Representatives
passed a bill which contained, among other things, an identical provision. If this provision is enacted into law and the number of consecutive
non-inspection&nbsp;years required for triggering the prohibitions under the HFCAA is reduced from three&nbsp;years to two, then our shares
and ADSs could be prohibited from trading in the United States <U>after the Company files its annual report on Form 20-F for the</U> fiscal
<U>year ending December 31, 2022 if the PCAOB is unable to inspect and investigate completely auditors located in China</U> <STRIKE>in
2023</STRIKE>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 11</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><U>If
our shares and ADSs are prohibited from trading in the United States, there is no certainty that we will be able to list on a non-U.S.
exchange or that a market for our shares will develop outside of the United States. Such a prohibition would substantially impair your
ability to sell or purchase our ADSs when you wish to do so, and the risk and uncertainty associated with delisting would have a negative
impact on the price of our ADSs. Also, such a prohibition would significantly affect our ability to raise capital on terms acceptable
to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; background-color: white"><U></U>In addition, the
Company undertakes to ensure that the disclosure in its future filings will reflect the then current regulatory landscape related to
the Statement of Protocol, whether its auditor is subject to the PCAOB&rsquo;s reassessed determinations, and whether and how the HFCAA
and related regulations will affect the Company, as appropriate in the circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in"><B><U>D. Risk Factors, page 11</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B>Please revise the order of your Summary of Risk Factors and subsequent Risk Factor section to place
the &lsquo;Risks Related to Our Corporate Structure&rsquo; and &lsquo;Risks Related to Doing Business in China&rsquo; as the first two
risk factors.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company undertakes to revise its summary of risk factors as follows in Item 3 of its future
Form 20-F filings (with deletions shown as strike-through and additions underlined) and to make conform changes in subsequent risk factor
section, subject to updates and adjustments to be made in connection with any material development of the subject matter being disclosed</FONT>:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white">Investing
in our ADSs involves significant risks. You should carefully consider all of the information in this annual report before making an investment
in our ADSs. Below is a summary of material risks we face, organized under relevant headings. These risks are discussed more fully in
Item&nbsp;3. Key Information&mdash;D. Risk Factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>Risks
Related to Our Corporate Structure</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We rely on contractual arrangements with Nanjing Tuniu and its shareholders for the operation of our business,
which may not be as effective as direct ownership. If Nanjing Tuniu or its shareholders fail to perform their obligations under these
contractual arrangements, we may have to resort to litigation or arbitration to enforce our rights, which may be time-consuming, unpredictable,
expensive and damaging to our operations and reputation. If we are unable to maintain effective control we would not be able to continue
to consolidate the financial results of the consolidated affiliated entities with our financial results;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Substantial uncertainties and restrictions exist with respect to the interpretation and application of
PRC laws and regulations relating to restrictions&nbsp;on foreign investment in value-added telecommunications and travel companies in
China. If the PRC government <U>determines that the contractual arrangements constituting part of the VIE structure</U> <STRIKE>finds
that the structure we have adopted for our business operations </STRIKE>do<STRIKE>es</STRIKE> not comply with PRC laws and regulations,
we could be subject to severe penalties, including shutting down of our online platform<U>, and our ADSs may decline in value or become
worthless</U>; <STRIKE>and</STRIKE></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 12</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Substantial uncertainties exist with respect to the interpretation and implementation of adopted PRC Foreign
Investment Law and its implementation rules&nbsp;and how they may impact the viability of our current corporate structure, corporate governance
and business operations<U>; and</U><STRIKE>.</STRIKE></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>PRC regulation of direct investment and loans by offshore holding companies to PRC entities and governmental
control of currency conversion may delay or limit us from using the proceeds of our financing activities, or making additional capital
contributions or loans to our PRC subsidiaries and the consolidated affiliated entities<FONT STYLE="background-color: white">, which could
materially and adversely affect our liquidity and our ability to fund and expand our business.</FONT></U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>Risks
Related to Doing Business in China</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The approval of&nbsp;or&nbsp;filing with the CSRC or other PRC government authorities may be required
in connection with our offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to
obtain such approval or complete such filing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our
financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of
such inspections;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal
protections available to you and us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The PRC government&rsquo;s significant oversight over our business operation could result in a material
adverse change in our operations and the value of our ADSs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes in China&rsquo;s economic, political or social conditions or government policies could have a
material adverse effect on our business and operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">A severe or prolonged downturn in the Chinese or global economy could materially and adversely affect
the leisure travel industry and our business, results of operations and financial condition;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The PRC government regulates travel and other related industries. If we fail to obtain or maintain all
pertinent permits and approvals or if the PRC government imposes more restrictions on these industries, our business may be adversely
affected;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Any failure or perceived failure by us to comply with the Platform Economy Anti-Monopoly Guidelines and
other anti-monopoly and unfair competition laws and regulations may result in governmental investigations or enforcement actions, litigation
or claims against us and could have an adverse effect on our business, financial condition and results of operations;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 13</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">PRC regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiaries&rsquo;
ability to increase their registered capital or distribute profits to us, limit our ability to inject capital into our PRC subsidiaries,
or otherwise expose us to liabilities and penalties under PRC laws; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Rising political tension, particularly between U.S. and China, may adversely impact our business, financial
condition, and results of operations.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>Risks
Related to Our Business and Industry </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Our business operation, financial condition, results of operations and cash flows have been and are likely
to continue to be materially and adversely affected by the COVID-19 outbreak and spread;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Declines or disruptions in the leisure travel industry may materially and adversely affect our business
and results of operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We face risks related to natural disasters and health epidemics;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">If we do not continue to provide competitive travel products and services, we may not be able to attract
new customers or retain existing customers, and our business, financial condition and results of operations could suffer;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Failure to maintain the quality of customer services could harm our reputation and our ability to retain
existing customers and attract new customers, which may materially and adversely affect our business, financial condition and results
of operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We have incurred losses in the past and will likely incur losses in the future;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We face intense competition and may not be able to compete successfully against existing and new competitors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Our business generates and processes a large amount of data, and we are required to comply with PRC and
other applicable laws relating to privacy and cybersecurity. The improper use or disclosure of data could have a material and adverse
effect on our business and prospects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">If we are unable to maintain existing relationships with travel suppliers, or develop relationships with
new travel suppliers on favorable terms or terms similar to those we currently have, our business and results of operations may suffer;&nbsp;and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We may be subject to legal or administrative proceedings regarding our travel products and services, information
provided on our online platform or other aspects of our business operations, which may be time-consuming to defend and affect our reputation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>Risks
Related to our ADSs and Class&nbsp;A Ordinary Shares</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ADSs may be delisted from the Nasdaq Global Market as a result of our failure of meeting the Nasdaq
Global Market continued listing requirements;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 14</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The trading prices of our ADSs have fluctuated and may continue to be volatile regardless of our operating
performance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Our dual class share structure with different voting rights will limit your ability to influence corporate
matters and could discourage others from pursuing any change of control transactions that holders of our Class&nbsp;A ordinary shares
and ADSs may view as beneficial; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The sale or availability for sale of substantial amounts of our Class&nbsp;A ordinary shares and/or ADSs
could adversely affect their market price.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B><U>Risks Related to Our Corporate Structure, page 27</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><B>Please revise to include a risk factor that describes the significant liquidity risks that your corporate
structure and being based in or having the majority of the company&rsquo;s operations in China poses to investors. Please also include
a cross-reference to this risk factor in your Summary of Risk Factors.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company respectfully proposes to revise the referenced disclosure as follows in Item 3 of its
future Form 20-F filings (with deletions shown as strike-through and additions underlined), subject to updates and adjustments to be made
in connection with any material development of the subject matter being disclosed</FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</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>PRC
regulation of direct investment and loans by offshore holding companies to PRC entities and governmental control of currency conversion
may delay or limit us from using the proceeds of our financing activities, or making additional capital contributions or loans to our
PRC subsidiaries and the consolidated affiliated entities<FONT STYLE="background-color: white"><U>, which could materially and adversely
affect our liquidity and our ability to fund and expand our business</U></FONT></I></B></FONT><B><I>.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>We
are not an operating company in China but a Cayman Island holding company conducting our operations in China through our PRC subsidiaries
and the consolidated affiliated entities.</U></FONT><U> <FONT STYLE="background-color: white">Holders of our ADSs hold equity interest
in Tuniu Corporation, our Cayman Islands holding company, and do not have direct or indirect equity interest in the VIE.</FONT></U> Any
capital contributions or loans that we, as an offshore entity, make to our PRC subsidiaries and the consolidated affiliated entities,
including from the proceeds of our financing activities, such as our private placements, are subject to PRC laws and regulations. Under
PRC laws and regulations, we are permitted to utilize such proceeds to fund our existing PRC subsidiaries and the consolidated affiliated
entities only through loans or capital contributions or to establish new PRC subsidiaries or new PRC consolidated affiliated entities,
subject to applicable government registration and approval requirements. Currently, there is no statutory limit to the amount of funding
that we can provide to our PRC subsidiaries through capital contributions. However, the maximum amount we can loan to our PRC subsidiaries
and the consolidated affiliated entities is subject to statutory limits. According to current PRC laws and regulations, we can provide
funding to our PRC subsidiaries through loans of up to either (i)&nbsp;the amount of the difference between the respective registered
total investment amount and registered capital of each of our PRC subsidiaries, or the Total Investment and Registered Capital Balance,
or (ii)&nbsp;two times, or the then applicable statutory multiple, the amount of their respective net assets, calculated in accordance
with PRC GAAP, or the Net Assets Limit, at our election. We may also fund the consolidated affiliated entities through cross-border loans
and the maximum amount would be their respective Net Assets Limit. Increasing the Total Investment and Registered Capital Balance of our
PRC subsidiaries is subject to governmental procedures and may require a PRC subsidiary to increase its registered capital at the same
time. If we choose to make a loan to a PRC subsidiary or PRC consolidated affiliated entity based on its Net Assets Limit, the maximum
amount we would be able to loan to the relevant PRC subsidiary or PRC consolidated affiliated entity would depend on the relevant PRC
entity&rsquo;s net assets and the applicable statutory multiple at the time of calculation. <U>Moreover, any medium or long-term loan
to be provided by us to the VIE or other domestic PRC entities must also be registered with the NDRC.</U> PRC laws and regulations may
also impose more stringent limitations to cross-border loans, which will also have negative impacts on our ability to fund our PRC entities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 15</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white">In
August&nbsp;2008, SAFE promulgated a SAFE Circular 142 regulating the conversion by a foreign-invested enterprise of foreign currency
registered capital into Renminbi by restricting how the converted Renminbi may be used. SAFE Circular 142 provides that the Renminbi capital
converted from foreign currency registered capital of a foreign-invested enterprise may only be used for purposes within the business
scope approved by the applicable government authority and unless otherwise provided by law, such Renminbi capital may not be used for
equity investments in the PRC. Although on July&nbsp;4, 2014, the SAFE issued the Circular of the SAFE on Relevant Issues Concerning the
Pilot Reform in Certain Areas of the Administrative Method of the Conversion of Foreign Exchange Funds by Foreign-invested Enterprises,
or SAFE Circular 36, which launched a pilot reform of the administration of the settlement of the foreign exchange capitals of foreign-invested
enterprises in certain designated areas from August&nbsp;4, 2014 and some of the restrictions under SAFE Circular 142 will not apply to
the settlement of the foreign exchange capitals of the foreign-invested enterprises established within the designated areas and such enterprises
are allowed to use its Renminbi capital converted from foreign exchange capitals to make equity investments, our PRC subsidiary is not
established within the designated areas. On March&nbsp;30, 2015, SAFE promulgated Circular 19, to expand the reform nationwide. Circular
19 came into force and replaced both Circular 142 and Circular 36 on June&nbsp;1, 2015. Circular 19 allows foreign-invested enterprises
to make equity investments by using Renminbi funds converted from foreign exchange capital. However, Circular 19 continues to prohibit
foreign-invested enterprises from, among other things, using Renminbi funds converted from its foreign exchange capital for expenditure
beyond its business scope, providing entrusted loans or repaying loans between non-financial enterprises. In June&nbsp;2016, SAFE promulgated
Notice on Reforming and Standardizing the Administrative Provisions on Capital Account Foreign Exchange Settlement which further stipulates
that foreign-invested enterprises shall not use Renminbi funds converted from foreign exchange capital for providing loans to non-affiliated
enterprises, except as otherwise expressly permitted under its business scope. In addition, SAFE strengthened its oversight of the flow
and use of the Renminbi capital converted from foreign currency registered capital of a foreign-invested company. The business scopes
of Beijing Tuniu and Tuniu (Nanjing) Information Technology Co.,&nbsp;Ltd., or Tuniu Nanjing Information Technology, include research
and development of computer software, network information technology products, computer application systems, e-commerce systems, network
security systems and computer system integration; technology services, consulting and transfers; sales of self-developed products; investment
consulting; business information consulting; and conference services and public relations advice. Beijing Tuniu and Tuniu Nanjing Information
Technology may only use Renminbi converted from foreign exchange capital contribution for activities within their respective approved
business scope. In addition, the use of such Renminbi capital may not be altered without SAFE approval, and such Renminbi capital may
not in any case be used to repay Renminbi loans if the proceeds of such loans have not been used. Violations of these Circulars could
result in severe monetary or other penalties. If we convert the net proceeds we receive from our financing activities, such as our private
placement into Renminbi pursuant to these Circulars, our use of Renminbi funds for general corporate purposes must be within the business
scopes of our PRC subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><U>Due
to the restrictions imposed on loans in foreign currencies extended to any PRC domestic companies, we may not be able to make such loans
to the subsidiaries of our wholly foreign-owned subsidiaries in China and the consolidated affiliated entities in China. Meanwhile, we
may not be able to finance the activities of the consolidated affiliated entities by means of capital contributions given the restrictions
on foreign investment in the businesses that are currently conducted by the consolidated affiliated entities.</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><U>In
light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies,
we cannot assure you that we will be able to complete the necessary government registrations or record-filings on a timely basis, if at
all, with respect to future loans to our PRC subsidiaries or any consolidated affiliated&nbsp;entity or future capital contributions by
us to our wholly foreign-owned subsidiaries in China. As a result, uncertainties exist as to our ability to provide prompt financial support
to our PRC subsidiaries or the consolidated affiliated entities when needed. If we fail to complete such registrations or record-filings,
our ability to use foreign currency, including the proceeds we received from our initial public offering, and to capitalize or otherwise
fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund
and expand our business.</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Risks Related to Our Corporate Structure</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>PRC regulation of direct investment and loans by offshore holding companies to PRC entities and governmental
control of currency conversion may delay or limit us from using the proceeds of our financing activities, or making additional capital
contributions or loans to our PRC subsidiaries and the consolidated affiliated entities<FONT STYLE="background-color: white">, which could
materially and adversely affect our liquidity and our ability to fund and expand our business.</FONT></U></TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">September 27, 2022</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B><U>Substantial uncertainties and restrictions exist with
respect to the interpretation and application of PRC laws and regulations ..., page 27</U></B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><B>Revise your risk factor to acknowledge that if the PRC government determines that the contractual
arrangements constituting part of the VIE structure do not comply with PRC regulations, or if these regulations change or are interpreted
differently in the future, your ADSs may decline in value or become worthless if the determinations, changes, or interpretations result
in your inability to assert contractual control over the assets of your PRC subsidiaries or the VIEs that conduct all or substantially
all of your operations.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company respectfully proposes to revise the referenced disclosure as follows in Item 3 of its
future Form 20-F filings (with deletions shown as strike-through and additions underlined), subject to updates and adjustments to be made
in connection with any material development of the subject matter being disclosed</FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</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>Substantial
uncertainties and restrictions exist with respect to the interpretation and application of PRC laws and regulations relating to restrictions
on foreign investment in value-added telecommunications and travel companies in China. If the PRC government <U>determines that the contractual
arrangements constituting part of the VIE structure</U></I></B></FONT><B><I> <STRIKE>finds that the structure we have adopted for our
business operations </STRIKE>do<STRIKE>es</STRIKE> not comply with PRC laws and regulations, we could be subject to severe penalties,
including shutting down of our online platform<U>, and our ADSs may decline in value or become worthless</U>.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="background-color: white">In
the opinion of our PRC counsel, Fangda Partners, the <STRIKE>ownership </STRIKE>structure of Nanjing Tuniu, each of the shareholders&rsquo;
voting rights agreement, powers of attorney, equity interest pledge agreement and purchase option agreement entered into among Beijing
Tuniu, Nanjing Tuniu and the shareholders of Nanjing Tuniu, and the cooperation agreement between Beijing Tuniu and Nanjing Tuniu, which
establish our contractual arrangement with Nanjing Tuniu and its shareholders, and these agreements are valid, binding and enforceable
in accordance with their terms. However, </FONT><U>as of the date of this annual report, the legality and enforceability of our contractual
arrangements, as a whole, have not been tested in any PRC court, and we cannot guarantee you that the contractual arrangements, as a whole,
would ultimately be legal or enforceable if they were to be tested in a PRC court. </U><FONT STYLE="background-color: white">We are <U>also</U>
advised by our PRC counsel, Fangda Partners, that there are substantial uncertainties regarding the interpretation and application of
current or future PRC laws and regulations and there can be no assurance that the PRC government will ultimately take a view that is consistent
with the opinion of our PRC counsel stated above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
<STRIKE>our ownership</STRIKE> <U>the VIE</U> structure, contractual arrangements and business of our company, our PRC subsidiaries or
the consolidated affiliated entities are found to be in violation of any existing or future PRC laws or regulations, or we fail to obtain
or maintain any of the required permits or approvals, the relevant government authorities would have broad discretion in dealing with
such violations, including levying fines, confiscating our income or the income of our PRC subsidiaries or the consolidated affiliated
entities, revoking the business licenses or operating licenses of our PRC subsidiaries or the consolidated affiliated entities, shutting
down our servers or blocking our online platform, discontinuing or placing restrictions or onerous conditions on our operations, requiring
us to undergo a costly and disruptive restructuring, restricting or prohibiting our use of proceeds from our financing activities, such
as our private placements, to finance our business and operations in China, and taking other regulatory or enforcement actions that could
be harmful to our business. Any of these actions could cause significant disruption to our business operations and severely damage our
reputation, which would in turn materially and adversely affect our business, financial condition and results of operations. <U>If the
PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC laws and regulations,
or if these regulations change or are interpreted differently in the future, our ADSs may decline in value or become worthless if we are
unable to assert our contractual control rights over the assets of the VIE.</U></FONT> If any of these occurrences result in our inability
to direct the activities of any of the consolidated affiliated entities that most significantly impact its economic performance, and/or
our failure to receive the economic benefits from any of the consolidated affiliated entities, we may not be able to consolidate the entity
in our consolidated financial statements in accordance with U.S. GAAP.</P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any additional
questions or comments regarding the 2021 Form 20-F, please contact the undersigned at +86 25 8685 3969 or the Company&rsquo;s U.S. counsel,
Haiping Li of Skadden, Arps, Slate, Meagher &amp; Flom LLP at +86 21 6193 8210 or haiping.li@skadden.com.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Anqiang Chen</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Anqiang Chen</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Financial Controller</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.7pt">&nbsp;</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">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD><TD>Dunde Yu, Chief Executive Officer, Tuniu Corporation</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Haiping Li, Esq., Partner, Skadden, Arps, Slate, Meagher
 &amp; Flom LLP</TD></TR>
                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Jack Li, Partner, PricewaterhouseCoopers Zhong Tian LLP&nbsp;</TD></TR>
                                                                                                                                                                                                              </TABLE>

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