<SEC-DOCUMENT>0001104659-21-118790.txt : 20220819
<SEC-HEADER>0001104659-21-118790.hdr.sgml : 20220819
<ACCEPTANCE-DATETIME>20210923161141
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-118790
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210923

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TH International Ltd
		CENTRAL INDEX KEY:			0001877333
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O CARTESIAN CAPITAL GROUP LLC
		STREET 2:		505 5TH AVENUE, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(1) 917 294 1353

	MAIL ADDRESS:	
		STREET 1:		C/O CARTESIAN CAPITAL GROUP LLC
		STREET 2:		505 5TH AVENUE, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><IMG SRC="tm2125996d4_corresp.jpg" ALT="" STYLE="height: 29px; width: 398px"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Steve Lin</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To Call Writer Directly<BR>
    +86 1057379315</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">steve.lin@kirkland.com</P></TD>
    <TD STYLE="width: 27%"><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">29th Floor, China World Office 2</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">No.1 Jian Guo Men Wai Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Beijing 100004, P.R. China</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">Telephone: +8610 5737 9300<BR>
    Facsimile: +8610 5737 9301</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">www.kirkland.com</P></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: center">September&nbsp;23, 2021</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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; text-align: justify">Washington, D.C. 20549</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: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>TH International Limited<BR>
<U>Filing of Draft Registration Statement on Form&nbsp;F-4</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sir or Madam:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of our client, TH
International Limited (the &ldquo;<B>Company</B>&rdquo;), a foreign private issuer incorporated under the laws of the Cayman Islands,
we are filing the Company&rsquo;s draft registration statement on Form&nbsp;F-4 (the &ldquo;<B>Draft Registration Statement</B>&rdquo;)
relating to the registration the Company&rsquo;s ordinary shares, which have a par value of US$0.0001 per share. The Company has included
in this filing its audited consolidated financial statements as of and for the fiscal years ended December&nbsp;31, 2019 and 2020. In
subsequent filings, the Company plans to include, for the Staff&rsquo;s review, unaudited consolidated financial statements as of June&nbsp;30,
2021 and for the six months ended June&nbsp;30, 2020 and 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions
regarding the Registration Statement, please contact me at Steve Lin at steve.lin@kirkland.com, + 86 10 5737 9315 (work) or +86 18610495593
(cell).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Thank you for your time and
attention.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">Very truly yours,</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Steve Lin</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Steve Lin</TD></TR>
     </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enclosure</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">&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">c.c.</FONT></TD><TD>Yongchen Lu, Chief Executive Officer</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Dong Li, Chief Financial Officer</TD></TR>
                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Steve Lin,&nbsp;Esq., Partner, Kirkland&nbsp;&amp; Ellis
International LLP</TD></TR>
                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Linda Zhao, Partner, KPMG Huazhen LLP</TD></TR>
                                                                                                                                                                              </TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt">Licensed
foreign lawyers only</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: Black">Austin&#8239;&#8239;
Bay Area&#8239;&#8239; Boston&#8239;&#8239; Brussels&#8239;&#8239; Chicago&#8239;&#8239; Dallas&#8239;&#8239; Hong Kong&#8239;&#8239;
Houston&#8239;&#8239; London&#8239;&#8239; Los Angeles&#8239;&#8239; Munich&#8239;&#8239;&#8239;New York&#8239;&#8239; Paris&#8239;&#8239;
Shanghai&#8239;&#8239; Washington, D.C.</FONT></P>

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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2125996d4_corresp.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2125996d4_corresp.jpg
M1TE&.#=AC@$= '<  "'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "P
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M4E)!04%;6UM34U-+2TM04%!$1$1,3$Q%145145%#0T-555565E9/3T](2$A
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MD#@LT/=,0Y+05X8\!CE"GQCI&'1(F$PDJ9 9 #S_H(Y JT 0P9"^T,>(0+0
MX( G^1PC!'W3#$0(  QHV@\U$CAPED"3 #!!/ HI0>"9 RU#X!D& 0& =?TD
M0P$ 9+!"32QH5 " !;$HU,X# "#33RT --$0.@T L,0HU(R2QBP#J: O0DX
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M!7UP01 ;)* ?V<B/ LYXU8%@JA;]D(>@X&"0KP9SK/V8!GURD9!\@)0.; 5
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MVD$0 B-UH2".)HA8!<(,^D@/(=T J=IJ#H#1]B.+ #@@ T1M"K&U0.TM6)H
M)KIJHP?VU4HGISDC8L0%?&Q! >C+_SQ5',5W]".C&>_L!61J!9U69B!@/$@-
M F#"@1"CUT>!^T!@09\J3/#N3$80>K N[T80K( Q W$+'0  ,)!C!D%2_&00
M^,9X^E80_(80T(   ,!+!X%F]*!F!.$.'I4 Q\)Y_>!Y0T5*IG14HY<.J#0#
M$[=Q?(,/U78!ID)R^. !-U 0B; N;,)R8*5[D"8.E^8#"0%//)9@QM</W0,
M>B9J5'-C A$/R(,@U;<01Z=AV<=AVP<16;0 _+$-OT,"U)-B4(1/_=!,$S ^
M670!0K$."@4#=M8ZED(0YW-6!"$" ! $0I9M!$%U.D4 L[4.>#<0R* H('<0
M-A(O0!4!C/\%+@?Q/ #0" 9!*H84!978#P/B!<L5,0CQ AMH6I7W@9?7#]4
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M@ !6)A#>$@($,2"95A![   @,!#L4&P3,(Z% HHQ8$P"P3:"01"_H%#$^ 8
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@[-N^[ON^\!N_\CN_]%N_]GN_^)N_^KN__-N_#1$0 #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
