<SEC-DOCUMENT>0001213900-21-018772.txt : 20220720
<SEC-HEADER>0001213900-21-018772.hdr.sgml : 20220720
<ACCEPTANCE-DATETIME>20210330172123
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-21-018772
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Golden Sun Education Group Ltd
		CENTRAL INDEX KEY:			0001826376
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		PROFIT HUIYIN SQUARE NORTH BUILDING
		STREET 2:		HUASHAN 2088, UNIT 1001
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200030
		BUSINESS PHONE:		86057756765303

	MAIL ADDRESS:	
		STREET 1:		PROFIT HUIYIN SQUARE NORTH BUILDING
		STREET 2:		HUASHAN 2088, UNIT 1001
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200030
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 30, 2021</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; text-align: justify"><U>Via Edgar</U></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; text-align: justify">Mr. Donald Field</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Securities and Exchange Commission</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Re:</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Golden Sun Education Group Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Draft Registration Statement on Form F-1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Submitted December 18, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CIK No. 0001826376</B></FONT></TD></TR>
  </TABLE>
<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; text-align: justify">Dear Mr. Field:</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; text-align: justify">This letter is in response to the letter dated
January 12, 2021, from the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) addressed
to Golden Sun Education Group Limited (the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, or &ldquo;our&rdquo;). For ease of reference, we have
recited the Commission&rsquo;s comments in this response and numbered them accordingly. An amended draft registration statement on Form
F-1 (the &ldquo;DRS/A&rdquo;) is being filed to accompany this letter.</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; text-align: justify"><U>Draft Registration Statement on Form F-1</U></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; text-align: justify"><U>General</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.</B> <B>Please
provide us with supplemental copies of all written communications, as defined in Rule 405 under the Securities Act, that you, or anyone
authorized to do so on your behalf, have presented or expect to present to potential investors in reliance on Section 5(d) of the Securities
Act, whether or not you retained, or intend to retain, copies of those communications. Please contact the staff member associated with
the review of this filing to discuss how to submit the materials, if any, to us for our review.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company respectfully advises
the Staff that neither it nor anyone authorized to do so on its behalf has presented any written communications, as defined in Rule 405
under the Securities Act, to potential investors in reliance on Section 5(d) of the Securities Act in connection with the proposed offering
of the Company&rsquo;s securities. The Company undertakes to provide to the Staff copies of any such written communications that it, or
anyone authorized to do so on its behalf, presents to potential investors in reliance on Section 5(d) of the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2. We
note that in a number of places the prospectus summarizes the legal opinions of Zhong Lun Law Firm. Please revise the exhibit index to
annotate that you will file a consent from your PRC counsel related to such legal opinions. Refer to Rule 436 of the Securities Act of
1933. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company acknowledges the
Staff&rsquo;s comment and has revised the exhibit index to annotate that it is filing a consent from our PRC counsel related to such legal
opinions.</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; text-align: justify"><U>Our Company, page 1</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3. We
note your disclosure on page 10 that certain of your schools are designated as for-profit and others as not-for-profit. Please revise
the summary to clarify the schools which are designated as not-for-profit and discuss how such designation could effect your future business,
operations and revenues. Please also revise the chart on page 89 accordingly.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on pages 3 and 82 to clarify which schools are designated as not-for-profit and updated its disclosure to discuss how such designation
could affect its future business, operations and revenues. The Company also revised the chart on page 85 of the DRS/A to disclose the
schools&rsquo; designations as for-profit and not-for profit.</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; text-align: justify"></P>

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<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; text-align: justify"><U>The Offering, page 8</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4. Please
revise the disclosure under Voting Rights to clarify that the &ldquo;holder of our Class B Ordinary Shares&rdquo; who will control all matters
submitted to shareholders for approval is Mr. Xueyuan Weng, your Chairman and CEO. In addition, please tell us what consideration you
have given to making such disclosure on the outside prospectus cover page, as well.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
under Voting Rights on page 8 of the DRS/A to clarify that the &ldquo;holder of our Class B Ordinary Shares&rdquo; who will control all
matters submitted to shareholders for approval is Mr. Xueyuan Weng, our Chairman and CEO. The disclosure regarding the voting rights on
the outside prospectus cover page was made to indicate that the Company is a controlled company under Nasdaq rules.</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; text-align: justify"><U>Our business and results of operations mainly
depend on the level of tuition fees, page 10</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5. We
note your disclosure that certain of your schools are designated as not-for-profit. Please revise to quantify the percentage of revenue
derived from your not-for-profit schools which could be affected by future PRC regulations. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on page 10 of the DRS/A to quantify the percentage of revenue derived from its not-for-profit schools which could be affected by future
PRC regulations.</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; text-align: justify"><U>Risk Factors, page 10</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6. We
note your disclosure on page 126 that you owe Mr. Xueyuan Weng approximately $2 million which is due on demand. Please revise to include
a risk factor discussing this related party liability and any associated risks such as its on demand nature.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on page 19 of the DRS/A to include a new risk factor discussing the related party liability and associated risks.</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; text-align: justify"><U>We cannot assure you that we will make any
profits from our operations of Chongwen Middle School, page 13</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7. We
note your disclosure that you are obligated to pay a fixed amount of return on an annual basis to the sponsors of Chongwen Middle School.
Please revise to quantify the fixed amount of return. Please also revise the Chongwen Middle School section on page 56 accordingly.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosures
on pages 12 and 56 of the DRS/A to quantify the fixed amount of return.</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; text-align: justify"></P>

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<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; text-align: justify"><U>Factors Affecting Our Results of Operations,
page 57</U></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; text-align: justify"><B>8. We
note your disclosure that your education service fees for primary and secondary schools is mainly affected by tuition policy set by local
governments. Please revise to expand your discussion of the factors that affect the tuition policy set by local governments and namely
whether your school designations as for-profit or not-for-profit factor into such policies.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on page 57 of the DRS/A to expand its discussion of the factors that affect the tuition policy set by local governments and whether its
school designations as for-profit or not-for-profit factor into such policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-align: justify"><U>Management&rsquo;s Discussion and Analysis</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-align: justify"><U>Off-balance Sheet Commitments and Arrangements,
page 68</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9. Please
disclose the information required by Item 5.E of Form 20-F related to the capital injection obligation. Also, provide the required GAAP
disclosures for this obligation in your financial statement footnotes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on page 64 of the DRS/A to disclose the information required by Item 5.E of Form 20-F related to its capital injection obligation. The
Company has also provided the required GAAP disclosures for this obligation in its financial statement footnotes.</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; text-align: justify"><U>Critical Accounting Policies</U></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; text-align: justify"><U>Revenue recognition, page 69</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10. We
note your disclosure under the headers for both <I>Primary and secondary schools revenue </I>and <I>Tutorial service revenue </I>that
you record your refund liability utilizing the most likely amount method. However, we noted under the <I>Refund Liability </I>header that
you utilize the expected value method. Please clarify and revise here and elsewhere in the notes to your financials which method you currently
use in estimating your refund liability.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on pages 65 and 66 of the DRS/A and in the notes to the financial statements to clarify that the Company estimates and records refund
liability for the portion the Company does not expect to be entitled based on historical refund ratio on a portfolio basis using the expected
value method.</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; text-align: justify"><U>Not-for-Profit/For-profit status, page 93</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11. We
note your disclosure that PRC laws and regulations place limitations on not-for-profit schools related to the receipt of proceeds and
the use of cash surplus. We also note that a large number of your schools are designated as not-for-profit and that these schools currently
contribute to a substantial portion of your revenues. Please revise to discuss in greater detail how your VIE arrangements discussed on
page 53 reconcile with these PRC laws and regulations which appear to place limitations on the use of school proceeds and require you
to reinvest cash surplus back into the schools.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on page 89 of the DRS/A to discuss how the VIE arrangements reconcile with the PRC laws and regulations relating to not-for-profit schools
and the receipt of proceeds and the use of cash surplus.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></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; text-align: justify"><B>12. We
note that you are obligated to pay a fixed amount of return on an annual basis to the sponsors of Chongwen Middle School. We also note
your disclosure that Chongwen Middle School is a not-for-profit school. Please reconcile your disclosure that sponsors of a non-profit
privately-run school are not allowed to receive proceeds from school operations with this required annual payment.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on pages 56 and 93 of the DRS/A to reconcile its disclosure that sponsors of a non-profit privately-run school are not allowed to receive
proceeds from school operations.</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; text-align: justify"><U>Management</U></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; text-align: justify"><U>Compensation of Directors and Executive Officers,
page 120</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>13. Please
update your disclosure regarding the compensation of directors and executive officers as of your most recently completed fiscal year.
Refer to Item 6.B of Form 20-F.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company updated the disclosure
on page 116 of the DRS/A regarding the compensation of directors and executive officers as of its most recently completed fiscal year.</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; text-align: justify"><U>VIE Arrangements, page 126</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>14. We
note that under the Entrustment Agreement you are required to pay the sponsors, which include related parties, a fixed amount of return
on an annual basis. Please revise this section to quantify the amounts paid to the sponsors for the time periods required by Item 7.B
of Form 20-F.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Response: </B>The Company revised its disclosure
on page 122 of the DRS/A to quantify the amounts paid to the sponsors for the time periods required by Item 7.B of Form 20-F.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We appreciate the assistance the Staff has provided with its comments.
If you have any questions, please do not hesitate to call our counsel, Ying Li, Esq., of Hunter Taubman Fischer &amp; Li LLC, at (212)
530-2206.</P>

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

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    <TD STYLE="padding: 0; text-indent: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; border-bottom: black 1.5pt solid; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ <I>Xueyuan Weng</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 60%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 5%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; width: 35%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Xueyuan Weng</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cc: Ying Li, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hunter Taubman Fischer &amp; Li LLC</P>

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">4</P>

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

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

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