<SEC-DOCUMENT>0001104659-22-000531.txt : 20221101
<SEC-HEADER>0001104659-22-000531.hdr.sgml : 20221101
<ACCEPTANCE-DATETIME>20220103183907
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-000531
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Recon Technology, Ltd
		CENTRAL INDEX KEY:			0001442620
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ROOM 601, 1 SHUI'AN SOUTH STREET
		STREET 2:		CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100012
		BUSINESS PHONE:		86 10 8494-5799

	MAIL ADDRESS:	
		STREET 1:		ROOM 601, 1 SHUI'AN SOUTH STREET
		STREET 2:		CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100012
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2128663d2_correspimg001.jpg" ALT=""></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: center">Room 601, 1 Shui&rsquo;an South Street, Chaoyang
District</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: center">Beijing 100012, People&rsquo;s Republic of China</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">January 3, 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">Loan Lauren Nguyen, Legal Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Energy&nbsp;&amp; Transportation</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">U.S. 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. 20549-4631</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: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Recon Technology, Ltd</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: justify"><B>Registration Statement on Form&nbsp;F-3</B></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: justify"><B>Filed July&nbsp;9, 2021</B></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: justify"><B>File No.&nbsp;333-257806</B></TD></TR>
     </TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Ms.&nbsp;</FONT>Nguyen:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In response to the comments set forth in your letter dated November
19, 2021, we are writing to supply additional information and to indicate the changes we have made in the enclosed Pre-effective Amendment
2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT> to the Registration Statement on Form F-3 (the &ldquo;Amendment 1&rdquo;). Capitalized
terms used herein shall have the meanings ascribed to them in the Registration Statement unless otherwise defined herein. We have also
enclosed two redlined copies of Amendment  2 compared against the Registration Statement filed on July 9, 2021 for your review.</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">Amendment No. 2 to Registration Statement on Form F-3 filed January
3, 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><U>Cover Page</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><B>We note your response to prior comment 3 and reissue in part. You defined &ldquo;VIEs&rdquo; here to include your PRC variable
interest entities &quot;Nanjing Recon Technology Co., Beijing BHD Petroleum Technology Co., and Future Gas Station (Beijing) Technology,
Ltd., or 'Nanjing Recon,' 'BHD,' and 'FGS,' respectively.&quot; However, you also state that &quot;[You] mainly conduct [y]our business
through [y]our VIEs, Nanjing Recon, BHD and their respective subsidiaries by means of Contractual Arrangements.&quot; Please revise to
clarify your disclosure. Also revise to refrain from using terms such as &ldquo;our&rdquo; when describing activities or functions of
a VIE.</B></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">We have revised accordingly:</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 0pt 0.5in; text-align: justify">Unless otherwise stated, as used in
this prospectus and in the context of describing our operations and consolidated financial information, &ldquo;we,&rdquo; &ldquo;us,&rdquo;
 &ldquo;Company,&rdquo; or &ldquo;our,&rdquo; refers to RECON TECHNOLOGY, LTD, a Cayman Island holding company. &ldquo;VIEs&rdquo; refers
to the PRC variable interest entities and their subsidiaries (Nanjing Recon Technology Co., Beijing BHD Petroleum Technology Co., and
Future Gas Station (Beijing) Technology, Ltd., or &ldquo;Nanjing Recon,&rdquo; &ldquo;BHD,&rdquo; and &ldquo;FGS,&rdquo; respectively).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised this disclosure and throughout the filing removing
references to &ldquo;our&rdquo; when describing activities or functions of a VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><B>We note your disclosure here and throughout your filing that you control and receive economic benefits of Recon Technology's business
operations through the Contractual Arrangements. We also note the disclosure on page 5 that you are the primary beneficiary of the VIEs.
However, you or your investors do not have an equity ownership in, direct foreign investment in, or control through such ownership/investment
of the VIEs. As such, when describing the design of the VIE agreements and related outcome, please refrain from implying that the VIE
agreement is equivalent to an equity ownership in the business of the VIE. Any references to control or benefits that accrue to you because
of the VIE should be limited to and clearly describe the conditions you met for consolidation of the VIE under U.S. GAAP and your disclosure
should clarify that, for accounting purposes, you will be the primary beneficiary. In addition, your disclosure should note, if true,
that the agreements have not been tested in a court of law.</B></TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1in; text-indent: 0in; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2128663d2_correspimg001.jpg" ALT=""></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: center">Room 601, 1 Shui&rsquo;an South Street, Chaoyang
District</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: center">Beijing 100012, People&rsquo;s Republic of China</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised the cover page with the following (emphasis added):</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
mainly conduct our business through the VIEs, Nanjing Recon, BHD and their respective subsidiaries by means of Contractual Arrangements.
Because we do not hold equity interests in the VIEs and their subsidiaries, we are subject to risks due to the uncertainty of the interpretation
and application of the PRC laws and regulations regarding VIEs and the VIE structure, including but not limited to regulatory review of
overseas listing of PRC companies through a special purpose vehicle, and the validity and enforcement of the contractual arrangements
with our VIEs. We are also subject to the risk that the PRC government could disallow the VIE structure, which would likely result in
a material change in our operations and as a result the value of Ordinary Shares may depreciate significantly or become worthless.&nbsp;<B>At
the time of this filing, the Contractual Agreements have not been tested in a court of law.</B></FONT> &nbsp;</P>

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

<P STYLE="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"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>For U.S. GAAP purposes</B>, each VIE has its own operating
cash flow. Cash flow between our Company and the VIEs primarily consists of transfers from us to the VIEs for supplemental working capital,
which is mainly used in purchase of materials and payment of operating expenses and investments. In addition, the VIEs occasionally make
payments on our<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT> behalf when we experience a cash shortage For the fiscal years ended
June 30, 2020 and 2021, cash transferred from the Company to its VIEs was RMB1,890,340 and RMB9,000,000, respectively<FONT STYLE="font-size: 10pt">&nbsp;</FONT>.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT>
There was no cash transferred from the VIEs to the Company or fees paid on behalf of the Company by the VIEs during the years ended June
30, 2020 or 2021. Neither we nor the VIEs have present plans to distribute earnings or settle amounts owed under the Contractual Agreements.
<B>Cash in the VIEs are expected to be retained for business growth and operation.</B> No dividends or distributions have been declared
to pay to us from our subsidiaries or our VIEs. No dividends or distributions were made to any U.S. investors. For a description of our
corporate structure and VIE contractual arrangements, see &ldquo;<I>Corporate History and Structure</I>.&rdquo; See also &ldquo;<I>Risk
Factors &ndash; Risks Related to Our Corporate Structure</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><B>We note your disclosure that the VIE structure is used to replicate foreign investment in China-based companies. We note, however,
that the structure provides contractual exposure to foreign investment in such companies rather than replicating an investment. Please
revise accordingly.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised the cover page with the following:</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 0pt 0.5in; text-align: justify">The VIE structure provides contractual
exposure to foreign investment in Chinese-based companies, pursuant to which account rules require us to consolidate such VIEs&rsquo;
financial results in our financial statements. VIE structures are generally used where Chinese law prohibits direct foreign investment
in the operating companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Prospectus Summary, page 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><B>We note your response to prior comment 4 and reissue it in part. In your prospectus summary, identify clearly the entity in which
investors are purchasing their interest. Also revise the disclosure on page 4 to clarify that you are not a Chinese operating company
but a Cayman Islands holding company with operations conducted by your subsidiaries and through contractual arrangements.</B></TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2128663d2_correspimg001.jpg" ALT=""></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: center">Room 601, 1 Shui&rsquo;an South Street, Chaoyang
District</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: center">Beijing 100012, People&rsquo;s Republic of 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">We have revised our prospectus summary to clearly identify to investors
that Recon Technology, Ltd is the entity for purchasing its interest. We have revised the disclosure on page 4 to clarify that we are
not a Chinese operating company but a Cayman Islands holding company with operations conducted by our subsidiaries and through contractual
arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD><B>We note your response to prior comment 5 and reissue it in part. In your risk factor summary, disclose the risk that the Chinese
government may intervene or influence your operations at any time.</B></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">We have revised the risk factor summary under &ldquo;Risks Related
to Doing Business in China&rdquo; with the following:</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">The Chinese government may
intervene or influence our operations at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD><B>We note your response to prior comment 6. Please expand to disclose the consequences to you and your investors if you do not receive
or maintain the approvals, inadvertently conclude that such approvals are not required, or applicable laws, regulations, or interpretations
change and you are required to obtain approval in the future.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised our prospectus summary under &ldquo;<I>Permission Required
from the PRC Authorities for the VIEs&rsquo; Operation</I>&rdquo; with the following:</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 0pt 0.5in; text-align: justify">The General Office of the Central Committee
of the Communist Party of China and the General Office of the State Council jointly issued the &ldquo;Opinions on Severely Cracking Down
on Illegal Securities Activities According to Law&rdquo; (the &ldquo;Opinions&rdquo;), which were made available to the public on July
6, 2021. The Opinions emphasized the need to strengthen administration over illegal securities activities and the need to strengthen supervision
with respect to overseas listings of Chinese companies. The Opinions and any related implementing rules to be enacted may subject us to
compliance requirements in the future. Given the current regulatory environment in the PRC, we are still subject to the uncertainty of
different interpretation and enforcement of the rules and regulations in the PRC adverse to us, which may be announced or implemented
with little or no advance notice. If we were required to obtain approval in the future, any failure to obtain such approval may materially
and adversely impact our results of operations, may limit or completely hinder our ability to offer or continue to offer securities to
investors, and/or may cause the value of such securities to significantly decline or be worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD><B>We note your response to prior comment 7 and reissue it in part. In your prospectus summary, describe any restrictions on foreign
exchange and your ability to transfer cash between entities, across borders, and to U.S. investors. Describe any restrictions and limitations
on your ability to distribute earnings from your businesses, including subsidiaries and/or consolidated VIEs, to the parent company and
U.S. investors as well as the ability to settle amounts owed under the VIE agreements.</B></TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2128663d2_correspimg001.jpg" ALT=""></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: center">Room 601, 1 Shui&rsquo;an South Street, Chaoyang
District</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: center">Beijing 100012, People&rsquo;s Republic of China</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised our prospectus summary under &ldquo;<I>Transfer of
Cash in the VIEs&rdquo;</I> with the following:</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 0pt 0.5in; text-align: justify">We are an exempted holding company incorporated
in the Cayman Islands. If we determine to pay dividends on any of our Ordinary Shares in the future, as an exempted holding company, we
will be dependent on receipt of funds from our WFOE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The main source of funding for the
WFOE is the Exclusive Technical Consultation and Service Agreement signed with the VIEs. According to that agreement, the WFOE is entitled
to 100% of the VIEs&rsquo; quarterly profit by providing exclusive technical consulting services to the VIEs. The VIEs shall pay the
corresponding amount according to the agreement. Current PRC regulations permit our indirect PRC subsidiaries to pay dividends to its
shareholders only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations.
In addition, according to the current effective laws in Cayman Islands and Hong Kong, the resident companies could pay dividends to their
shareholders. And there are no foreign exchange restrictions on these two areas. Therefore, the WFOE can distribute the income obtained
under the Contractual Arrangement to Recon-IN in the form of dividends, with Recon-IN in turn distributing such revenues to us in the
form of dividends, with we in turn would distribute such revenues to U.S. investors in the form of dividends.<B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><B>We note that you have added various tabulations of consolidating information on pages 7 and 8 in response to prior comment 8. However,
it is unclear how you have segregated account balances and activity to distinctly report amounts pertaining to the parent, non-VIE subsidiaries,
and VIE subsidiaries; and it is unclear how amounts depicted as eliminations would represent the consolidating adjustments. Please revise
as necessary to limit the amounts reported in each column to the balances and activity that pertain to the legal entities that are grouped
within each column, prior to consolidation, and to include line item details that are consistent with those utilized in preparing your
financial statements.</B><FONT STYLE="font-size: 10pt">&nbsp;</FONT> <B>Please also reconcile or address any inconsistencies with the
VIE information disclosed in Note 28 on page F-30 of your Form 20-F for the fiscal year ended June 30, 2020, and expand your accompanying
narratives to describe the nature of any assets, operations and cash flows that exist or which occur outside of the VIEs.</B></TD></TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised the prospectus summary with the following:</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: 0.25in">1.</TD><TD>The Form F-3 numbers should now conform to the Form 20-F. We corrected the error on the Form F-3 during our annual audit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&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: 0.25in">2.</TD><TD>All VIE numbers disclosed on page F-30 equal to Notes 28 now.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD><TD><B>We note your new disclosures related to your contractual arrangements. Please revise to include the dates of such material agreements
and file or incorporate by reference these agreements with your registration statement.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have noted the new disclosures related to our contractual arrangements and have revised to include the dates
of such material agreements and either filed or incorporated by reference these agreements with our Form F-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD><TD><B>We note your response to prior comment 9 and reissue in part. Revise the disclosure on page 7 and elsewhere to also disclose that
trading in your securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot
inspect or fully investigate your auditor, and that as a result an exchange may determine to delist your securities.</B></TD></TR></TABLE>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2128663d2_correspimg001.jpg" ALT=""></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: center">Room 601, 1 Shui&rsquo;an South Street, Chaoyang
District</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: center">Beijing 100012, People&rsquo;s Republic of China</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised our prospectus summary on page 7 by adding the following
as a risk factor summary under &ldquo;Risks Related to our Corporate Structure&rdquo;:</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 0pt 0.5in; text-align: justify">Trading in our securities may be prohibited
under the Holding Foreign Companies Accountable Act if the Public Company Accounting Oversight Board determines that it cannot inspect
or fully investigate our auditor, and that as a result an exchange may determine to delist our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Related to Doing Business in China</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Our shares may be delisted under the Holding Foreign Companies
Accountable Act if the</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>PCAOB is unable to inspect, page 13</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD><TD><B>We note from the audit opinion and your risk factor that you have a U.S. based auditor that is registered with the PCAOB and currently
subject to PCAOB inspection. Please disclose any material risks to the company and investors if it is later determined that the PCAOB
is unable to inspect or investigate completely your auditor because of a position taken by an authority in a foreign jurisdiction. For
example, disclose the risk that lack of inspection could cause trading in your securities to be prohibited under the Holding Foreign Companies
Accountable Act and as a result an exchange may determine to delist your securities.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised our risk factors by adding the following disclosure:</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 0pt 0.5in; text-align: justify">In the event that there is a lack of
inspection or if Friedman LLP is unable <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT>to permit an inspection by the PCAOB, however
unlikely, our shares would be prohibited under the HFCA Act which may lead a securities exchange to determine to delist our shares. Such
potential delisting would substantially impair your ability to sell or purchase our shares when you wish to do so, and such risk and uncertainty
associated with a potential delisting due to a lack of inspection would have a negative impact on the price of our shares.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD><TD><B>Please expand your risk factor disclosure to discuss that the United States Senate passed the Accelerating Holding Foreign Companies
Accountable Act, which, if enacted, would decrease the number of non-inspection years from three years to two, thus reducing the time
period before your securities may be prohibited from trading or delisted.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have revised our risk factors by modifying the following disclosure:</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 0pt 0.5in; text-align: justify">The Holding Foreign Companies Accountable
Act, or the HFCA Act, was enacted on December 18, 2020. The HFCA Act states if the SEC determines that a company has filed audit reports
issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning
in 2021, the SEC shall prohibit such shares from being traded on a national securities exchange or in the over the counter trading market
in the U.S.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 24, 2021, the SEC adopted interim
final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. A company will be required
to comply with these rules if the SEC identifies it as having a &ldquo;non-inspection&rdquo; year under a process to be subsequently established
by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements
described above.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Our current auditor, Friedman LLP, 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 their compliance with the applicable professional standards.
We are not aware of any reasons to believe or conclude that Friedman LLP would not permit an inspection by PCAOB or that it may not be
subject to such inspection. However, given the recent developments, we cannot assure you whether NASDAQ or regulatory authorities would
apply additional and more stringent criteria to us after considering the effectiveness of our auditor&rsquo;s audit procedures and quality
control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the
audit of our financial statements.&nbsp;In the event that there is a lack of inspection or if Friedman LLP is unable to permit an inspection
by the PCAOB<FONT STYLE="font-size: 10pt">&nbsp;</FONT>, however unlikely, our shares would be prohibited under the HFCA Act which may
lead a securities exchange to determine to delist our shares. Such potential delisting would substantially impair your ability to sell
or purchase our shares when you wish to do so, and such risk and uncertainty associated with a potential delisting due to a lack of inspection
would have a negative impact on the price of our shares.&nbsp;&nbsp;</P>



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

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2128663d2_correspimg001.jpg" ALT=""></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: center">Room 601, 1 Shui&rsquo;an South Street, Chaoyang
District</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: center">Beijing 100012, People&rsquo;s Republic of China</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The SEC may propose additional rules
or guidance that could impact us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President&rsquo;s
Working Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors from Significant Risks from Chinese
Companies to the then President of the United States. This report recommended the SEC implement five recommendations to address companies
from jurisdictions that do not provide the PCAOB with sufficient access to fulfil its statutory mandate. Some of the concepts of these
recommendations were implemented with the enactment of the HFCA Act. However, some of the recommendations were more stringent than the
HFCA Act. For example, if a company&rsquo;s auditor was not subject to PCAOB inspection, the report recommended that the transition period
before a company would be delisted would end on January 1, 2022.&nbsp;The SEC has announced that the SEC staff is preparing a consolidated
proposal for the rules regarding the implementation of the HFCA Act and to address the recommendations in the PWG report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On June 22, 2021, the U.S. Senate passed
a bill titled as the Accelerating Holding Foreign Companies Accountable Act, or AHFCA Act which, if passed by the U.S. House of Representatives
and signed into law, would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the Holding
Foreign Companies Accountable Act from three years to two.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the PCAOB adopted a final rule on September 22, 2021 implementing the HFCA Act. Such final rule, however, remains subject to the SEC&rsquo;s
approval and it remains </FONT>when the SEC will complete its rulemaking and when such rules will become effective and what, if any, of
the PWG recommendations and or PCAOB&rsquo;s rule will be adopted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The implications of this possible regulation
in addition to the requirements of the HFCA Act and possibly, the AHFCA Act, if enacted, are uncertain. Such uncertainty could cause the
market price of our shares to be materially and adversely affected, and our securities could be delisted or prohibited from being traded
on the national securities exchange earlier than would be required by the HFCA Act or the AHFCA Act. If our shares are unable to be listed
on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our shares when you
wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Information Incorporated by Reference, page 20</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD><TD><B>Please update </B><FONT STYLE="font-size: 10pt">&nbsp;</FONT><B>the information in this section to include your annual report on
Form 20-F for the fiscal year ended June 30, 2021 and any other subsequent filings.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have updated the information in the section titled &ldquo;Information
Incorporated by Reference&rdquo; on page 20 to include our annual report on the Form 20-F for the fiscal year ended June 30, 2021, as
filed with the SEC on November 15, 2021.</P>

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

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

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2128663d2_correspimg001.jpg" ALT=""></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: center">Room 601, 1 Shui&rsquo;an South Street, Chaoyang
District</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: center">Beijing 100012, People&rsquo;s Republic of China</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company is hopeful that the foregoing answers adequately address
the Staff&rsquo;s questions and looks forward to answering any further questions the Staff may have. You may contact me or the Company&rsquo;s
attorney Anthony Basch (804.771.5725) with any further questions. In addition, the Company acknowledges that:</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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The Company is responsible for the adequacy and accuracy of the disclosure in the filing;</TD></TR></TABLE>

<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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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</TD></TR></TABLE>

<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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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.</TD></TR></TABLE>



<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-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Sincerely,</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Liu Jia</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Liu Jia</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
