<SEC-DOCUMENT>0001104659-22-079463.txt : 20220819
<SEC-HEADER>0001104659-22-079463.hdr.sgml : 20220819
<ACCEPTANCE-DATETIME>20220713141824
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-079463
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TH International Ltd
		CENTRAL INDEX KEY:			0001877333
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		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>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><FONT STYLE="font-size: 10pt">29th Floor, China
World Office 2</FONT></TD>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Beijing 100004 P.R.C.</FONT></TD>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Telephone: +86 10 5737 9300</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Steve Lin</FONT></TD></TR>
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<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Facsimile: +86 10 5737 9301004</FONT></TD>
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<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">steve.lin@kirkland.com</FONT></TD></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">www.kirkland.com</TD>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">July 13, 2022</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<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"><B>CONFIDENTIAL</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.&nbsp;Tatanisha Meadows<BR>
Mr.&nbsp;Adam Phippen<BR>
Mr.&nbsp;Brian Fetterolf<BR>
Ms.&nbsp;Lilyanna Peyser</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">Division of Corporation Finance<BR>
Office of Trade &amp; Services<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

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

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TH International Limited<BR>
    Amendment No. 7 to Registration Statement on Form F-4</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed July 5, 2022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">File No. 333-259743</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></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">Dear Ms.&nbsp;Meadows, Mr.&nbsp;Phippen, Mr.&nbsp;Fetterolf, and Ms.&nbsp;Peyser:</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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
behalf of our client, TH International Limited (the &ldquo;<B><I>Company</I></B>&rdquo;), a foreign private issuer incorporated under
the laws of the Cayman Islands, we are submitting to the staff of the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
this letter setting forth the Company&rsquo;s responses to the comments contained in the Staff</FONT>&rsquo;s letter dated July 12, 2022,
on the Company&rsquo;s revised Registration Statement on Form&nbsp;F-4 publicly filed on July 5, 2022, relating to a proposed business
combination (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;). Concurrently with the submission of this letter, the Company is
filing its revised Registration Statement on Form&nbsp;F-4 (the &ldquo;<B><I>Revised Registration Statement</I></B>&rdquo;) and certain
exhibits thereto via EDGAR to the Commission for review pursuant to the Jumpstart Our Business Startups Act. Simultaneously with the filing
via EDGAR, the Company is delivering to the staff via hand delivery five courtesy copies of this letter and the Revised Registration Statement,
marked to show changes to the Registration Statement, and two courtesy copies of the filed exhibits.</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-indent: 0.5in">The Staff&rsquo;s comments are repeated below in
bold and are followed by the Company&rsquo;s responses. We have included page&nbsp;references in the Revised Registration Statement where
the language addressing a particular comment appears. Terms used but not otherwise defined herein have the meanings set forth in the Revised
Registration Statement.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#36131;&#20219;&#26377;&#38480;&#21512;&#20249; &#38750;&#20013;&#22269;&#25191;&#19994;&#24459;&#24072;
&bull; Licensed foreign lawyers only</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Austin&nbsp;&nbsp; Bay&nbsp;Area&nbsp;&nbsp; Boston&nbsp;&nbsp; Brussels&nbsp;&nbsp; Chicago&nbsp;&nbsp;
Dallas&nbsp;&nbsp; Hong&nbsp;Kong&nbsp;&nbsp; Houston&nbsp;&nbsp; London&nbsp;&nbsp; Los&nbsp;Angeles&nbsp;&nbsp; Munich&nbsp;&nbsp; New&nbsp;York&nbsp;&nbsp; Paris&nbsp;&nbsp; Salt&nbsp;Lake&nbsp;City&nbsp;&nbsp; Shanghai&nbsp;&nbsp; Washington,&nbsp;D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47pt; text-align: justify">&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 13, 2022</P>

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

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    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Amendment No. 7 to Registration Statement on Form F-4 filed July
    5, 2022</U></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"><U>Risk Factors</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&quot;The mutual termination of BofA Securities's engagements as
    a joint placement agent and financial advisor to THIL may indicate that . . . &quot;, page 89</U></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>1.&nbsp;&nbsp;&nbsp;&nbsp; </I></B></FONT>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We note your disclosure that the &quot;termination of BofA Securities&rsquo;s engagements as a joint placement agent and financial advisor to THIL <U>may indicate</U> that it is unwilling to be associated with the disclosure in this proxy statement/prospectus or the underlying business or financial analysis related to the Business Combination&quot; (emphasis added), as well as additional instances of similar disclosure in which you discuss the termination / resignation of BofA Securities and UBS (for example, on pages xxii, 90, 91, 126 and 128). Please remove &quot;may indicate&quot; in each applicable instance to instead indicate that the applicable financial advisor &quot;is unwilling&quot; to be associated with the disclosure or underlying analysis.</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In</FONT> response to the Staff&rsquo;s comments, the Company has revised the disclosure on pages xxii, 89, 90, 91, 126 and 128 of the Revised Registration Statement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination of BofA Securities's Engagements, page 124</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>2.&nbsp;&nbsp;&nbsp;&nbsp; </I></B></FONT><B><I><FONT STYLE="font-size: 10pt">&nbsp;</FONT></I></B></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We note your response to comment 1, as well as your deleted disclosure. In your discussion of how &quot;BofA Securities has declined to provide the letter . . . ,&quot; you continue to refer to &quot;disclosure with respect to THIL and Silver Crest&rsquo;s understanding that a number of advisory firms, including BofA Securities, are generally seeking to withdraw from pending de-SPAC transactions due to the recent rule proposals by the SEC.&quot; As you have deleted the referenced disclosure, please also delete this description of such disclosure when discussing the letter request to both BofA Securities and to UBS. Please make conforming changes in your section entitled &quot;Termination of UBS's Engagements&quot; on page 128, as well as in your risk factors on pages 90 and 91.</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In</FONT> response to the Staff&rsquo;s comments, the Company has revised the disclosure on pages 90, 91, 126 and 128 of the Revised Registration Statement.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have any questions regarding the Revised
Registration Statement, please contact me at steve.lin@kirkland.com, + 86 10 5737 9315 (work) or +86 18610495593 (cell). Questions pertaining
to matters may be directed to the following partner at KPMG Huazhen LLP.</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-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>

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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Steve Lin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steve Lin</FONT></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"></P>

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<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"><IMG SRC="tm2125996d44_correspimg002.jpg" ALT="">&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">July 13, 2022</P>

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

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

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

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    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.c.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lu Yongchen, Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dong Li, Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Linda Zhao, Partner, KPMG Huazhen LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Owen,&nbsp;Esq., Partner, Morrison&nbsp;&amp; Foerster LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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