<SEC-DOCUMENT>0001104659-20-131457.txt : 20210209
<SEC-HEADER>0001104659-20-131457.hdr.sgml : 20210209
<ACCEPTANCE-DATETIME>20201202135227
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-131457
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Kuke Music Holding Ltd
		CENTRAL INDEX KEY:			0001809158
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING 96, 4 SAN JIAN FANG SOUTH BLOCK
		STREET 2:		CHAO YANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100024
		BUSINESS PHONE:		86-10-6561-0392

	MAIL ADDRESS:	
		STREET 1:		BUILDING 96, 4 SAN JIAN FANG SOUTH BLOCK
		STREET 2:		CHAO YANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100024
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hong   Kong</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:   +852 3761 3300</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:   +852 3761 3301</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.kirkland.com</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David   Zhang</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To   Call Writer Directly<br>   +852 3761 3318</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">david.zhang@kirkland.com</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 2, 2020</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONFIDENTIAL</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Katherine Bagley</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.</font>&nbsp;Lilyanna Peyser<br>  <br> Office of Trade&nbsp;&amp; Services</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Office of Finance<br> Securities and Exchange Commission <br> 100 F Street, N.E. <br> Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Kuke Music Holding Limited<br> Draft Registration Statement on Form&nbsp;F-1<br> Confidentially Submitted November&nbsp;13, 2020<br> CIK No.&nbsp;0001809158</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;Bagley and Ms.&nbsp;Peyser:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of our client, Kuke Music Holding Limited (the &#147;<b><i style="font-weight:bold;">Company</i></b>&#148;), 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 &#147;<b><i style="font-weight:bold;">Commission</i></b>&#148;) this letter setting forth the Company&#146;s responses to the comments contained in the staff&#146;s letter dated November&nbsp;23, 2020 on the Company&#146;s draft registration statement on Form&nbsp;F-1 confidentially submitted on Number 13, 2020 relating to a proposed initial public offering in the United States of American Depositary Shares, representing the Company&#146;s ordinary shares (the &#147;<b><i style="font-weight:bold;">Draft Registration Statement</i></b>&#148;).&#160; Concurrently with the submission of this letter, the Company is submitting its revised draft registration statement on Form&nbsp;F-1 (the &#147;<b><i style="font-weight:bold;">Revised Draft Registration Statement</i></b>&#148;) and certain exhibits thereto via EDGAR to the Commission for confidential review pursuant to the Jumpstart Our Business Startups Act.&#160; Simultaneously with the submission via EDGAR, the Company is delivering to the staff via hand delivery five courtesy copies of this letter and the Revised Draft Registration Statement, marked to show changes to the Draft Registration Statement, and two courtesy copies of the submitted exhibits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">PARTNERS: </font></b><font size="1" style="font-size:7.0pt;">&#160;&#160;Pierre-Luc&nbsp;Arsenault3&nbsp;| Manas&nbsp;Chandrashekar6&nbsp;| Lai&nbsp;Yi&nbsp;Chau&nbsp;| Justin&nbsp;M.&nbsp;Dolling6&nbsp;| David&nbsp;Patrick&nbsp;Eich1,5,6&nbsp;| Liu&nbsp;Gan2&nbsp;| Karen&nbsp;K.Y.&nbsp;Ho&nbsp;| Damian&nbsp;C.&nbsp;Jacobs6&nbsp;| Ka&nbsp;Man&nbsp;Lau&nbsp;| Guang&nbsp;Li3&nbsp;| Neil&nbsp;E.M.&nbsp;McDonald&nbsp;| Kelly&nbsp;Naphtali&nbsp;| Ram&nbsp;Narayan3&nbsp;| Amy&nbsp;Y.M.&nbsp;Ngan9&nbsp;| Nicholas&nbsp;A.&nbsp;Norris6&nbsp;| Paul&nbsp;S.&nbsp;Quinn&nbsp;| Michael&nbsp;D.&nbsp;Rackham6&nbsp;| Richard&nbsp;C.C.&nbsp;Sharpe&nbsp;| Jesse&nbsp;D.&nbsp;Sheley#&nbsp;| Arthur&nbsp;K.H.&nbsp;Tso&nbsp;| Li&nbsp;Chien&nbsp;Wong&nbsp;| David&nbsp;Yun6&nbsp;| Jacqueline&nbsp;B.N.&nbsp;Zheng3,6</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">REGISTERED FOREIGN LAWYERS: </font></b><font size="1" style="font-size:7.0pt;">&#160;&#160;Michelle&nbsp;Cheh8&nbsp;| Daniel&nbsp;Dusek3&nbsp;| James&nbsp;A.&nbsp;Hill6&nbsp;| David&nbsp;M.&nbsp;Irvine6&nbsp;| Benjamin&nbsp;W.&nbsp;James4&nbsp;| Cori&nbsp;A.&nbsp;Lable2&nbsp;| Wei&nbsp;Yang&nbsp;Lim6&nbsp;| Xiaoxi&nbsp;Lin3&nbsp;| Yazhe&nbsp;Liu3&nbsp;| Daniel&nbsp;A.&nbsp;Margulies6&nbsp;| Mi&nbsp;Tang3&nbsp;| Wenchen&nbsp;Tang3&nbsp;| Liyong&nbsp;Xing3&nbsp;| David&nbsp;Zhang3</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">ADMITTED IN: </font></b><font size="1" style="font-size:7.0pt;">&#160;&#160;1&nbsp;State&nbsp;of&nbsp;Illinois&nbsp;(U.S.A.); 2&nbsp;Commonwealth&nbsp;of&nbsp;Massachusetts&nbsp;(U.S.A.); 3&nbsp;State&nbsp;of&nbsp;New&nbsp;York&nbsp;(U.S.A.); 4&nbsp;State&nbsp;of&nbsp;Texas&nbsp;(U.S.A.); 5&nbsp;State&nbsp;of&nbsp;Wisconsin&nbsp;(U.S.A.); 6&nbsp;England&nbsp;and&nbsp;Wales; 7&nbsp;Singapore; 8&nbsp;Victoria&nbsp;(Australia); 9&nbsp;New&nbsp;South&nbsp;Wales&nbsp;(Australia); #&nbsp;non-resident</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Beijing Boston Chicago Dallas Houston London Los Angeles Munich New York Palo Alto Paris San Francisco Shanghai Washington, D.C.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The staff&#146;s comments are repeated below in bold and are followed by the Company&#146;s responses. We have included page&nbsp;references in the Revised Draft 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 Draft Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment No.&nbsp;2 to Draft Registration Statement on Form&nbsp;F-1, submitted November&nbsp;13, 2020</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;PRC laws and regulations over direct investment in and loans to PRC entities . . .&#148;, page&nbsp;36</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">We note your response to comment 2, including that your subsidiaries do not have any current plan to increase their registered capital and therefore are not required to complete the relevant filing and registration procedures. Please disclose the amount of capital that you are currently able to contribute to your PRC subsidiaries, based upon their current registered capital.&#160; In this regard, we note your disclosure that &#147;there is no statutory limit to the amount of funding that [you] can provide to [y]our PRC subsidiaries through capital contributions, because there is no statutory limit on the amount of registered capital for [y]our PRC subsidiaries and [you] are allowed to make capital contributions to [y]our PRC subsidiaries by subscribing for their registered capital.&#148; Therefore, it appears that your capital contributions will be limited to the current registered capital of your PRC subsidiaries.</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In response to the Staff&#146;s comments, the Company has revised the disclosure on pages 37 and 38 of the Revised Draft Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations The COVID-19 Pandemic, page&nbsp;74</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">2.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">We note your response to comment 4, including that, as the Company was only able to resume organizing live classical music events in October&nbsp;2020, it is not in a position to accurately assess the extent to which the COVID-19 pandemic has had on its ticket sales and sponsorship fees. However, you disclose throughout your filing that &#147;due to restrictions on public gatherings, travel bans and the general population&#146;s fears regarding contracting COVID-19, [you] had to cancel the production of many on-ground, live classical music events and, for this year&#146;s Beijing Music Festival, which was held in October&nbsp;2020, [you] were not able to organize as many live classical music performances or invite as many performing artists as [you] had been able to, which has led to decreased ticket sales and related sponsorship fees.&#148; Please quantify the estimated decrease in ticket sales and sponsorship fees due to restrictions related to the COVID-19 pandemic, or provide us with further detail as to why that is not possible and/or appropriate.</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_094620_2246"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In response to the Staff&#146;s comments, the Company has revised the disclosure on page&nbsp;76 of the Revised Draft Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">3.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">We note the following amended disclosure on page&nbsp;74:</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;We had 4,802 new Kukey students during the three months ended September&nbsp;30, 2020 and recruited 6,230 additional Kukey students in October&nbsp;2020. During the three months ended September&nbsp;30, 2020, sales of our Kuke smart pianos, Kuke smart music teaching systems and related accessories increased by RMB1.7 million (US$0.2 million), representing an increase of 196.6% from the three months ended September&nbsp;30, 2019. The number of institutional subscribers who started or renewed their subscription also increased by 82 during the three months ended September&nbsp;30, 2020, as compared to 70 in the six months ended June&nbsp;30, 2020. In addition, the average spending of our licensees increased by approximately 117.2% for the three months ended September&nbsp;30, 2020 compared to the same period in 2019.&#148;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">To provide more balanced disclosure regarding your increase in sales and subscribers for the three months ended September&nbsp;30, 2020, please disclose an estimate of your costs and expenses for the same period, or include narrative disclosure providing additional context for these increases in sales and subscribers.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In response to the Staff&#146;s comments, the Company has revised the disclosure on page&nbsp;77 of the Revised Draft Registration Statement.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">*</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">*</i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">*</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have any questions regarding the Revised Draft Registration Statement, please contact me at david.zhang@kirkland.com, +852 3761 3318 (work) or +852 9124 8324 (cell), or Steve Lin at steve.lin@kirkland.com, +8610 5737 9315 (work) or +86 186 1049 5593 (cell). Questions pertaining to accounting and auditing matters may be directed to the following partner at Ernst&nbsp;&amp; Young.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank you for your time and attention.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very   truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   David Zhang</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David   T. Zhang</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosures</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.4pt;text-indent:-22.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>He Yu, Chairman of the Board and Chief Executive Officer</p>
<p style="margin:0in 0in .0001pt 22.4pt;text-indent:-1.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tony Chan, Chief Financial Officer</font></p>
<p style="margin:0in 0in .0001pt 22.4pt;text-indent:-1.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Zhang,&nbsp;Esq., Partner, Kirkland&nbsp;&amp; Ellis International LLP</font></p>
<p style="margin:0in 0in .0001pt 22.4pt;text-indent:-1.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steve Lin,&nbsp;Esq., Partner, Kirkland&nbsp;&amp; Ellis International LLP</font></p>
<p style="margin:0in 0in .0001pt 22.4pt;text-indent:-1.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amanda Mi Tang,&nbsp;Esq., Partner, Kirkland&nbsp;&amp; Ellis International LLP</font></p>
<p style="margin:0in 0in .0001pt 22.4pt;text-indent:-1.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Samuel Wong, Partner, Ernst&nbsp;&amp; Young</font></p>
<p style="margin:0in 0in .0001pt 22.4pt;text-indent:-1.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James Lin,&nbsp;Esq., Partner, Davis Polk&nbsp;&amp; Wardwell LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_094753_7056"></a></p>
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