<SEC-DOCUMENT>0001062993-16-010590.txt : 20161028
<SEC-HEADER>0001062993-16-010590.hdr.sgml : 20161028
<ACCEPTANCE-DATETIME>20160718094603
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001062993-16-010590
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA BAK BATTERY INC
		CENTRAL INDEX KEY:			0001117171
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				880442833
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BAK INDUSTRIAL PARK, MEIGUI STREET
		STREET 2:		HUAYUANKOU ECONOMIC ZONE
		CITY:			DALIAN
		STATE:			F4
		ZIP:			116422
		BUSINESS PHONE:		(86)(411)6251-0619

	MAIL ADDRESS:	
		STREET 1:		BAK INDUSTRIAL PARK, MEIGUI STREET
		STREET 2:		HUAYUANKOU ECONOMIC ZONE
		CITY:			DALIAN
		STATE:			F4
		ZIP:			116422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDINA COFFEE INC
		DATE OF NAME CHANGE:	20000626
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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   <TITLE>China BAK Battery, Inc.: CORRESP - Filed by newsfilecorp.com</TITLE>
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<P align=right>July 18, 2016 </P>
<P align=justify>Michael Fay <BR>Division of Corporation Finance <BR>U.S.
Securities and Exchange Commission <BR>100 F Street, NE <BR>Washington, DC 20549
</P>
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  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%"><B>Re:</B> </TD>
    <TD align=left width="90%">&nbsp;<B>China BAK Battery, Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="90%">&nbsp;<B>Form 10-K for the Fiscal Year Ended
      September 30, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="90%">&nbsp;<B>Filed January 13, 2016</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="90%">&nbsp;<B>Form 10-Q for the Quarterly Period
      Ended March 31, 2016</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="90%">&nbsp;<B>Filed May 16, 2016</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="90%"><B>File No. 001-32898</B> </TD></TR></TABLE>
<P align=justify>Dear Mr. Fay: </P>
<P align=justify style="text-indent:5%">On behalf of China BAK Battery, Inc. (the &#147;<I>Company</I>&#148;), I
hereby submit the Company&#146;s responses to the comments of the staff (the
&#147;<I>Staff&#148;</I>) of the Securities and Exchange Commission (the
&#147;<I>Commission</I>&#148;), dated June 17, 2016 with respect to the above-referenced
Form 10-K for the fiscal year ended September 30, 2015 (the &#147;<I>Form</I>
<I>10-K</I>&#148;) and the Form 10-Q for the quarterly period ended March 31, 2016
(the &#147;<I>Form</I> <I>10-Q</I>&#148;). </P>
<P align=justify style="text-indent:5%">For the convenience of the Staff, a summary of the Staff&#146;s
comments is included and is followed by the corresponding response of the
Company. References in this letter to &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to the Company,
and &#147;you&#148; and &#147;your&#148; refer to the Staff, unless the context indicates otherwise.
</P>
<P align=justify><U>Form 10-K for the Fiscal Year Ended September 30, 2015</U>
</P>
<P align=justify><U>Item 7. Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations</U> </P>
<P align=justify><U>Government Grant Income, page 30</U> </P>
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  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B>Please explain to us your accounting treatment for the
      $23.1 million government grant income recognized in fiscal 2015 and
      whether you have any continuing obligations related to this
    grant.</B></P></TD></TR></TABLE><BR>
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<P align=justify>Michael Fay <BR>July 18, 2016 <BR>Page 2 of 7</P>
<P align=justify><B>COMPANY RESPONSE: </B>We received a subsidy of $23.6 million
(RMB150 million) in September 2013 from the Management Committee of Dalian
Economic Zone (the &#147;Management Committee&#148;) of Dalian City to finance the costs
and projected operating loss incurred during the move of our new facilities in
Dalian. The Company initially deferred the recognition of the subsidy as income
when it was first received in September 2013. In December 2014, the Company
moved its facilities and recognized $23.1 million as government grant income
after offsetting the related removal expenditures of $1.0 million. There were no
other obligations related to this grant.<B> </B></P>
<P align=justify><U>Financial Statements</U> </P>
<P align=justify><U>Note 1. Principal Activities, page F-7</U> </P>
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  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B>We see your disclosure on page 2 that you received
      most of the operating assets, customers, employees, patents and
      technologies of your former subsidiary BAK
Tianjin.</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Please address the following:
</B></P>
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  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%">&#149; </TD>
    <TD align=left width="85%"><B>Tell us the reasons that you reacquired
      these assets and operations and describe how</B> <B>you accounted for the
      transaction.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%">&#149; </TD>
    <TD align=left width="85%"><B>Tell us where you have provided the
      disclosures required by ASC 805-10-50.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%">&#149; </TD>
    <TD align=left width="85%"><B>Explain to us why it was appropriate to
      record a gain related to the disposition of these</B> <B>assets in fiscal
      2014 when you reacquired them soon thereafter.</B> </TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE: </B>BAK Tianjin was a wholly-owned
subsidiary of BAK International Limited (&#147;BAK International&#148;), a subsidiary of
the Company until June 30, 2014. BAK International together with its
subsidiaries were engaged in the manufacture and sale of batteries for use in
cellular telephones, as well as various other portable electronic applications,
including high-power handset telephones, laptop computers, power tools, digital
cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric
vehicles, and general industrial applications. After the disposal of BAK
International and its subsidiaries on June 30, 2014, we focused on the
manufacture, commercialization and distribution of high power lithium ion
rechargeable batteries for use in cordless power tools, light electric vehicles,
hybrid electric vehicles, electric cars, electric buses, uninterruptable power
supplies and other high power applications. </P>
<P align=justify>BAK Tianjin began its R&amp;D, manufacturing and distribution
of high-power lithium battery and battery modules in December 2006, for use in
electric cars, electric bicycles, UPS, and other applications. To implement our
new strategy on high power lithium ion rechargeable batteries, we reacquired
most of the operating assets, including customers, employees, patents and
technologies of BAK Tianjin. This included approximately 85% of machinery and
equipment of BAK Tianjin (in terms of book value), at an amount equal to the
value at disposal (that is, the book value at disposal). This did not include
the Research and Development Centre in Shenzhen that we were leasing out at the
time of disposal. We also did not record the acquisition of intangible assets of
BAK Tianjin, all of which were internally developed. </P>
<P align=center>2 </P>
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<P align=justify>Michael Fay <BR>July 18, 2016 <BR>Page 3 of 7 </P>
<P align=justify>The gain on disposal of $61.3 million that we recorded in the
fiscal year ended September 30, 2014 was mainly related to the market value
appreciation of our Research and Development Centre in Shenzhen. No gain or loss
resulted from the disposal of machinery and equipment of BAK Tianjin that we
reacquired . </P>
<P align=justify><U>Note 1. Discontinued Operations, page F-11</U> </P>
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  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B>We see that you have reflected your property leasing
      and management business as discontinued operations. We also see that
      discontinued operations include the net assets of the &#147;Disposal Group.&#148;
      Please address the following:</B><B>.</B></P></TD></TR></TABLE><BR>
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  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="85%">
      <P align=justify><B>Describe to us the specific operations or activities
      that are presented as discontinued</B> <B>operations in your financial
      statements and explain in detail your reasons for</B> <B>concluding that
      they should be classified as discontinued operations.</B>
  </P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE: </B>Between July 2013 and June 2014, we
were engaged in the business of property leasing and management of our Research
and Development Centre located in Shenzhen through our then subsidiary, Shenzhen
BAK . After the disposition of our equity interest in the &#147;Disposal Group&#148; on
June 30, 2014, we are no longer engaged in any property leasing and management.
As such, the property leasing and management business was classified as
discontinued operations. </P>
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  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="85%"><B>Tell us where you have reported revenues and
      expenses from</B> <B>operations</B> <B>of</B> <B>the</B> <B>Disposal Group
      each fiscal period in your statements of operations.</B>
</TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE: </B>We generated revenue from our property
leasing and management activity from July 2013 to June 30, 2014 and recorded the
related revenue of $0.40 million for the fiscal year ended September 30, 2013
under other income. We recorded related revenue of $1.2 million and $2.6 million
under &#147;Net revenues&#148;, and the related cost of $0.3 million and $0.6 million
under &#147;Cost of revenues&#148;, for the quarters ended December 31, 2013 and March 31,
2014, respectively. We reclassified the related year-to-date revenues and costs
of revenue of $4.1 million and $0.9 million for the nine months ended June 30,
2014 and the year ended September 30, 2014, respectively, to discontinued
operations for the fiscal year ended September 30, 2014. </P>
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  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="85%">
      <P align=justify><B>Further, if you have included the Disposal Group in
      your discontinued operations,</B> <B>explain to us how the repurchase of
      the assets of Bak Tianjin, discussed on page 2,</B> <B>impacted this
      classification. Please refer to the requirements of ASC 205-20-45.</B>
    </P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE: </B>As explained above, the discontinued
operations refer to the discontinuation of our property leasing and management
business. The repurchase of the assets of BAK Tianjin, as discussed above, did
not include the assets related to these operations. </P>
<P align=center>3 </P>
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<P align=justify>Michael Fay <BR>July 18, 2016 <BR>Page 4 of 7 </P>
<P align=justify><U>Note 8. Property, Plant and Equipment, net, page F-19</U>
</P>
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  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>We note the disclosure on page 11 of your prior year
      Form 10-K that construction of the Dalian facilities was expected to be
      completed by the end of January 2015 and commercial operations were
      expected to begin by the end of March 2015. However, we see the disclosure
      on page 8 that construction is now expected to be completed in June 2016.
      Please tell us the reasons for the delay and provide us an update on your
      progress towards completion, including whether your facility will be
      completed in June 2016.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE: </B>Page 11 of our prior year Form 10-K
refers to the first phase of the development of our Dalian facility, which is
comprised of 2 plants. Original completion date was targeted at the end of
January 2015 and commercial operations were expected to begin by the end of
March 2015. However, we experienced a few months&#146; delay due to various reasons,
such as the inclement weather, delay of delivery of construction materials and
machineries by our suppliers. We have completed the construction of these two
plants of the Dalian facility and their commercial operation began in July 2015.
Please see relevant disclosures under Item 2 Properties on page 24 of the Form
10-K for the fiscal year 2015. </P>
<P align=justify>On page 8 of the Form 10-K for fiscal 2015, we disclosed &#147;the
remaining part of the facility is expected to be completed by June 2016.&#148; Such
construction refers to the second phase of the development of our Dalian
facility. We are in the process of constructing two more plants at the facility.
Due to the delay of our first phase development of our Dalian facility as
described above, we now expect that the construction of these two additional
plants will be completed in August 2016 whereas the installation of machineries
is expected to be completed in October 2016. Commercial operation of these two
plants is expected to begin in November 2016. </P>
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  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>We note the discussion on page F-19 that you have not
      yet obtained property ownership of the buildings in the Dalian
      manufacturing facilities. Please explain to us your basis for recording
      these assets in your financial statements in view of the fact that you do
      not have legal ownership.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE: </B>We built our facilities on the land
for which we have already obtained the related land use right. We have submitted
applications to the Chinese government for the ownership certificates on the
completed buildings located on these lands. We originally expected to receive
the ownership certificates by March 2016 as we disclosed on page F-19 of the
Form 10-K. However, the application process takes longer than we expected and we
have not obtained the certificates as of today. </P>
<P align=justify>However, since we have obtained the land use right in relation
to the land, we believe we have legal title to the buildings thereon albeit the
lack of ownership certificates. As soon as the Chinese government completes its
formalities, we will obtain the ownership certificates. </P>
<P align=center>4 </P>
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<P align=justify>Michael Fay <BR>July 18, 2016 <BR>Page 5 of 7 </P>
<P align=justify><U>Note 20. Concentrations of Credit Risk, page F-29</U> </P>
<TABLE
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  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B>On page F-9 you disclose that you disposed of your
      equity interest in BAK Tianjin effective June 30, 2014. On page 2 you
      indicate that you later reacquired most of the operating assets of BAK
      Tianjin. Please describe to us the type of transactions you undertook with
      BAK Tianjin during the reported periods and explain how you recorded
      related costs and revenues from these transactions. Tell us your
      consideration of the guidance in ASC 605 in accounting for these
      transactions.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE: </B>After the disposal of the equity
interest in BAK Tianjin and before the completion of our Dalian facilities, our
revenue mainly came from the sale of batteries manufactured by BAK Tianjin under
outsourcing arrangements between us and BAK Tianjin. BAK Tianjin is now a
supplier of the Company and the Company does not have any significant benefits
or liability from the operating results of BAK Tianjin except for the normal
risk of a supplier. </P>
<P align=justify>The following summarizes our transactions with BAK Tianjin for
the fiscal years ended September 30, 2014 and 2015:- </P>
<TABLE
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>During the years ended September 30, 2014 and 2015, the
      Company purchased machinery and equipment from BAK Tianjin in the amount
      of $4.3 million and $6.8 million (inclusive of VAT),
  respectively.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>For the fiscal year ended September 30, 2015, Dalian BAK
      Power purchased batteries of approximately $10.5 million (2014: $3.3
      million) from BAK Tianjin and $1.2 million from other
  manufacturers.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>For the years ended September 30, 2014 and 2015, we
      generated revenues of $98,459 and $1,470,579 from BAK Tianjin,
      respectively. The related costs of revenues were $79,744 and $1,356,840,
      respectively. The Company made sales to a few overseas customers via BAK
      Tianjin which had the related export license and to a few customers via
      BAK Tianjin who preferred to transact with BAK Tianjin, which has a longer
      history of operation than our subsidiaries. We recognized revenues upon
      shipment of products to BAK Tianjin, which assumed the credit risk and
      inventory risk thereafter.</P></TD></TR></TABLE>
<P align=justify><U>Form 10-Q for the Quarterly Period Ended March 31, 2016</U>
</P>
<P align=justify><U>Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations</U> </P>
<P align=justify><U>Capital Expenditures, page 10</U> </P>
<P align=center>5 </P>
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<P align=justify>Michael Fay <BR>July 18, 2016 <BR>Page 6 of 7 </P>
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  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD>
      <P align=justify><B>We note total capital expenditures for the remainder
      of the year will reach approximately $29.3 million. We also see on page 8
      that at March 31, 2016 unutilized committed banking facilities were $0.8
      million and cash and cash equivalents were $1.6 million. Please explain to
      us your plans to fund these capital
expenditures.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE: </B>We plan to fund the capital
expenditures through bank borrowings and equity financing. On June 13, 2016, our
subsidiary Dalian BAK Power entered into a three-year banking facility letter
with Bank of Dandong for a loan with a maximum amount of $19.6 million (RMB130
million). The banking facility includes $19.6 million (RMB130 million) of long
term loans. As of June 30, 2016, the principal amounts outstanding under our
credit facilities and lines of credit were as follows: </P>
<DIV>
<TABLE
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borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=left></TD>
    <TD noWrap align=left width="33%">Maximum amount available </TD>
    <TD noWrap align=left width="33%">Amount borrowed <BR>(includes bank loans
      and bills payable) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="33%">$ </TD>
    <TD align=center width="33%">$ </TD></TR>
  <TR vAlign=top>
    <TD align=left>Long-term credit facilities </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bank of Dandong </TD>
    <TD align=left width="33%">19.6 million </TD>
    <TD align=left width="33%">14.9 million </TD></TR></TABLE></DIV>
<P align=justify>On July 6, 2016, our subsidiary Dalian BAK Power also entered
into a banking facility letter with Bank of Dalian for a maximum loan of
approximately $4.5 million (RMB 30 million) with a term until July 5, 2017. The
banking facilities include $1.5 million (RMB 10 million) of short term loans and
$3.0 million (RMB 20 million) banking acceptance bills. As of July 15, 2016, we
have used all the facilities granted by Bank of Dalian. </P>
<P align=justify>We are in discussions with other banks in China for further
loan financing with a potential maximum facility amount of about $15.0 million.
We are also in discussions with investors for potential equity financing. </P>
<P align=justify>As of July 15, 2016, we obtained advances of $5.7 million from
certain individual investors. </P>
<P align=justify>We will adjust the timing of our capital expenditures depending
on the availability of new loans and equity financing. </P>
<P align=center>6 </P>
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<P align=justify>Michael Fay <BR>July 18, 2016 <BR>Page 7 of 7 </P>
<P align=center>************************************************** </P>
<P align=justify style="text-indent:5%">In connection with the Company&#146;s response to the foregoing
comments, the Company hereby acknowledges that </P>
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  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149;&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>the Company is responsible for the adequacy and accuracy
      of the disclosure in the filing; </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="85%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>Staff comments or changes to disclosure in response to
      Staff comments do not foreclose the Commission from taking any action with
      respect to the filing; and </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="85%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>the Company may not assert Staff comments as a defense in
      any proceeding initiated by the Commission or any person under the federal
      securities laws of the United States. </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">If you would like to discuss any of our responses to the
Staff&#146;s comments or if you would like to discuss any other matters, please
contact Qixiang Sun at (202)-663-8349, of Pillsbury Winthrop Shaw Pittman LLP,
our outside counsel. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Sincerely, </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">CHINA BAK BATTERY, INC. </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">By: <U>/s/ Wenwu Wang</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Wenwu Wang </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Interim Chief Financial Officer
</TD></TR></TABLE>
<P align=center>7 </P>
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