<SEC-DOCUMENT>0001104659-22-045244.txt : 20220916
<SEC-HEADER>0001104659-22-045244.hdr.sgml : 20220916
<ACCEPTANCE-DATETIME>20220413060909
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-045244
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			36Kr Holdings Inc.
		CENTRAL INDEX KEY:			0001779476
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5-6/F, TWR A1, JUNHAO CENTRAL PARK PLAZA
		STREET 2:		NO. 10 SOUTH CHAOYANG PARK AVENUE
		CITY:			CHAOYANG DISTRICT, BEIJING
		STATE:			F4
		ZIP:			00000
		BUSINESS PHONE:		86 10 5825 4106

	MAIL ADDRESS:	
		STREET 1:		5-6/F, TWR A1, JUNHAO CENTRAL PARK PLAZA
		STREET 2:		NO. 10 SOUTH CHAOYANG PARK AVENUE
		CITY:			CHAOYANG DISTRICT, BEIJING
		STATE:			F4
		ZIP:			00000
</SEC-HEADER>
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<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">April&nbsp;13,
2022</FONT></P>

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

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    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Division of Corporation
  Finance</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. Securities&nbsp;&amp;
  Exchange Commission</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">100 F Street, NE</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Washington, D.C. 20549</FONT></TD></TR>
</TABLE>

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    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Re:</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">36Kr Holdings Inc.</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;20-F for
  Fiscal Year Ended December&nbsp;31, 2020</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Response dated November&nbsp;24,
  2021</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">File No.&nbsp;001-39117</FONT></TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Attn:</I></FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Division of Corporation
  Finance</I></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Office of Trade&nbsp;&amp;
  Services</I></FONT></TD></TR>
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<P STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>VIA
EDGAR</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dear Stephen
Kim and Doug Jones:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">This letter
sets forth the responses of 36Kr Holdings Inc. (&ldquo;36Kr&rdquo; or the &ldquo;Company&rdquo;) to the comment (the &ldquo;Comment&rdquo;)
the Company received from the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) in a letter dated March&nbsp;31, 2022.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">For your
convenience, we have included herein the comment in bold, and the Company&rsquo;s responses are set forth immediately below the Comment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Annual
Report on Form&nbsp;20-F for Fiscal Year Ended December&nbsp;31, 2020 </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Item
3, Key Information, page&nbsp;1</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please
note your response to comment 1. Please disclose that your contractual arrangements with the VIE have not been tested in court. Additionally,
please do not disclose or otherwise imply that the VIE structure is designed to <I>replicate </I>substantially the same economic benefits
as would be provided by direct ownership. Instead, please clarify that this structure provides <I>contractual exposure </I>to foreign
investment in such companies rather than replicating. Please revise your disclosure accordingly.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Response</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s Comments, the Company respectfully advises the Staff that it intends to revise the proposed disclosure
on page&nbsp;1 of the 2020 Annual Report in its 2021 Annual Report as follows: </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>This
structure allows us to exercise effective control over the VIEs, and <STRIKE>is designed to replicate substantially the same
economic benefits as would be provided by direct ownership </STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>be
considered the primary beneficiary of the VIEs, which serves the purpose of consolidating the VIEs&rsquo; operating results in our
financial statements under the U.S. GAAP. This structure also provides contractual exposure to foreign investment in such
companies</U></FONT></I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">. <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>[As
of the date of this annual report, to the best knowledge of our Company, our directors and management, our VIE agreements have not
been tested in a court of law in the PRC.<FONT STYLE="font-size: 10pt"><B><SUP>1</SUP></B></FONT></U>] </FONT></FONT></I><I>If
the PRC government deems that our contractual arrangements with the VIE do not comply with PRC regulatory restrictions on foreign
investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future,
we could be subject to material penalties or be forced to relinquish our interests in those operations or otherwise significantly
change our corporate structure. We and our investors face significant uncertainty about potential future actions by the PRC
government that could affect the legality and enforceability of the contractual arrangements with the VIE and, consequently,
significantly affect our ability to consolidate the financial results of the VIE and the financial performance of our company as a
whole. Our ADSs may decline in value or become worthless if we are unable to effectively enforce our contractual control rights over
the assets and operations of the VIE that conduct a significant portion of our business in China. See &ldquo;Item 3. Key
Information&mdash;3.D. Risk Factor&mdash;Risks Related to Our Corporate Structure&rdquo; for detailed discussion.</I>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1
</SUP>Note to the Staff: the Company respectfully advises the Staff that to the best knowledge of the Company, its directors and management,
our VIE agreements have not been tested in a court of law in the PRC as of the date of this submission. The Company will re-confirm this
statement as of the date of the 2021 Annual Report.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your response to comments 2 and 9. Please disclose whether your auditor is subject to the determinations announced by the PCAOB
on December&nbsp;16, 2021.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Response</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s Comments, the Company intends to replace risk factors of &ldquo;Item 3. Key Information&mdash;3.D. Risk
Factor&mdash; Risks Related to Doing Business in China&mdash;The audit report included in this annual report is prepared by an auditor
who is not inspected by the Public Company Accounting Oversight Board and as such, our investors are deprived of the benefits of such
inspection&rdquo; and &ldquo;&mdash;The recent enactment of the Holding Foreign Companies Accountable Act, the SEC&rsquo;s ongoing rulemaking
with respect to such law, and other legislative developments in the United States may result in delisting of the ADSs&rdquo; of the 2020
Annual Report in its 2021 Annual Report with the following risk factors:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>The
PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability
of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Our
auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, as
an auditor of companies that are traded publicly in the United States and a firm registered with the Public Company Accounting Oversight
Board (United States), or the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections
to assess its compliance with the applicable professional standards. Since our auditor is located in China, a jurisdiction where the
PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently inspected
by the PCAOB.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>This
lack of the PCAOB inspections in China prevents the PCAOB from fully evaluating audits and quality control procedures of our independent
registered public accounting firm. As a result, we and investors are deprived of the benefits of such PCAOB inspections. The inability
of the PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of our independent registered
public accounting firm&rsquo;s audit procedures or quality control procedures as compared to auditors outside of China that are subject
to the PCAOB inspections, which could cause investors and potential investors in our ADSs to lose confidence in our audit procedures
and reported financial information and the quality of our financial statements.</I></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Our
ADSs may be delisted and our ADSs and Class&nbsp;A ordinary shares may be prohibited from trading in the over-the-counter market under
the Holding Foreign Companies Accountable Act, or the HFCAA, if the PCAOB is unable to inspect or fully investigate auditors located
in China. On December&nbsp;16, 2021, PCAOB issued the HFCAA Determination Report, according to which our auditor is subject to the determinations
that the PCAOB is unable to inspect or investigate completely. Under the current law, delisting and prohibition from over-the-counter
trading in the U.S. could take place in 2024. If this happens there is no certainty that we will be able to list our ADSs or Class&nbsp;A
ordinary shares on a non-U.S. exchange or that a market for our ADSs or Class&nbsp;A ordinary shares will develop outside of the U.S.
The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular China&rsquo;s, the Holding Foreign Companies Accountable Act, or the HFCAA has been signed into law on December&nbsp;18,
2020. The HFCAA states if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has
not been subject to inspection for the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our Class&nbsp;A ordinary
shares or ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the U.S. Accordingly,
under the current law this could happen in 2024.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>On
December&nbsp;2, 2021, the SEC adopted final amendments to its rules&nbsp;implementing the HFCAA (the &ldquo;Final Amendments&rdquo;).
The Final Amendments include requirements to disclose information, including the auditor name and location, the percentage of shares
of the issuer owned by governmental entities, whether governmental entities in the applicable foreign jurisdiction with respect to the
auditor has a controlling financial interest with respect to the issuer, the name of each official of the Chinese Communist Party who
is a member of the board of the issuer, and whether the articles of incorporation of the issuer contains any charter of the Chinese Communist
Party. The Final Amendments also establish procedures the SEC will follow in identifying issuers and prohibiting trading by certain issuers
under the HFCAA.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>On
December&nbsp;16, 2021, PCAOB issued the HFCAA Determination Report, according to which our auditor is subject to the determinations
that the PCAOB is unable to inspect or investigate completely. The HFCAA or other efforts to increase U.S. regulatory access to audit
information could cause investor uncertainty for affected issuers, including us, and the market price of the ADSs could be adversely
affected.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>In
March&nbsp;2022, the SEC issued its first &ldquo;Conclusive list of issuers identified under the HFCAA&rdquo; indicating that those companies
are now formally subject to the delisting provisions if they remain on the list for three consecutive years. We anticipate being added
to the list shortly after the filing of this annual report. Additionally, whether the PCAOB will be able to conduct inspections of our
auditor before the issuance of our financial statements on Form&nbsp;20-F for the year ended December&nbsp;31, 2023, which is due by
April&nbsp;30, 2024, or at all, is subject to substantial uncertainty and depends on factors out of our and our auditor&rsquo;s control.
If our auditor is unable to be inspected in time, we could be delisted from the NASDAQ and our ADSs will not be permitted for trading
 &ldquo;over-the-counter&rdquo; either. Such a delisting would substantially impair your ability to sell or purchase our ADSs when you
wish to do so, and the risk and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such
a delisting would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material
adverse impact on our business, financial condition, and prospects. If our ADS are delisted from the U.S. Exchange and are prohibited
from trading in the over-the-counter market in the U.S. there is no certainty that we will be able to list on a non-U.S. exchange or
that a market for our shares will develop outside of the U.S.</I></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>The
potential enactment of the Accelerating Holding Foreign Companies Accountable Act would decrease the number of non-inspection years from
three years to two years, thus reducing the time period before our ADSs may be delisted or prohibited from over-the-counter trading.
If this bill were enacted, our ADS could be delisted from the exchange and prohibited from over-the-counter trading in the U.S. in 2023.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>On
June&nbsp;22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, or the AHFCA Act, which, if enacted
into law, would amend the HFCAA and require the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S. stock exchanges
if its auditor is not subject to PCAOB inspections for two consecutive years, instead of three consecutive years as currently enacted
in the HFCAA.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>On
February&nbsp;4, 2022, the U.S. House of Representatives passed the America Competes Act of 2022 which includes the exact same amendments
as the bill passed by the Senate. The America Competes Act however includes a broader range of legislation not related to the HFCAA in
response to the U.S. Innovation and Competition Act passed by the Senate in 2021. The U.S. House of Representatives and U.S. Senate will
need to agree on amendments to these respective bills to align the legislation and pass their amended bills before the President can
sign into law. It is unclear when the U.S. Senate and U.S. House of Representatives will resolve the differences in the U.S. Innovation
and Competition Act and the America Competes Act of 2022 bills currently passed, or when the U.S. President will sign on the bill to
make the amendment into law, or at all. In the case that the bill becomes the law, it will reduce the time period before our ADSs could
be delisted from the exchange and prohibited from over-the-counter trading in the U.S. from 2024 to 2023.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company also intends to revise the proposed disclosure on page&nbsp;51 of the 2020 Annual Report in its 2021 Annual Report as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Implication
of the Holding Foreign Companies Accountable Act</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>The
Holding Foreign Companies Accountable Act, or the <STRIKE>HFCA Act</STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>HFCAA</U></FONT>,
was enacted on December&nbsp;18, 2020. The <STRIKE>HFCA Act</STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>HFCAA
</U></FONT></I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">states if the SEC determines that we have 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 our shares or ADSs from being traded on a national securities exchange or in the over-the-counter
trading market in the United States. <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>On
December&nbsp;16, 2021, PCAOB issued the HFCAA Determination</U></FONT></FONT></I><I><U> <FONT STYLE="font-family: Times New Roman, Times, Serif; text-underline-style: double; background-color: white; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Report,
according to which our auditors are subject to the determinations.</FONT></U></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">Our
auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, 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 its compliance with the applicable professional standards.
Since our auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of
the PRC authorities, our auditor is currently not inspected by the PCAOB. The delisting of the ADSs, or the threat of their being delisted,
may materially and adversely affect the value of your investment. The PCAOB is currently unable to inspect our auditors in relation to
their audit work performed for our financial statements and inability of the PCAOB to conduct inspections over our auditors deprives
our investors with the benefits of such inspections. For the details of the risks associated with the enactment of the <STRIKE>HFCA Act</STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>HFCAA</U></FONT></FONT></I><I><FONT STYLE="font-family: Times New Roman, Times, Serif">,
see &ldquo;Risk Factors <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&ndash; Risks
Related to Doing Business in China</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash; Our ADSs
may be delisted <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and our ADSs and shares
prohibited from trading in the over-the-counter market </U></FONT></FONT></I><I><FONT STYLE="font-family: Times New Roman, Times, Serif">under
the Holding Foreign Companies Accountable Act<FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
or the HFCAA,</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">if the PCAOB is unable to inspect <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>or
fully investigate</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">auditors <STRIKE>who are</STRIKE>
located in China. <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>On December&nbsp;16,
2021, PCAOB issued the HFCAA Determination Report, according to which our auditor is subject to the determinations that the PCAOB is
unable to inspect or investigate completely. Under the current law, delisting and prohibition from over-the-counter trading in the U.S.
could take place in 2024. If this happens there is no certainty that we will be able to list our ADS or shares on a non-U.S. exchange
or that a market for our shares will develop outside of the U.S. </U></FONT></FONT></I><I><FONT STYLE="font-family: Times New Roman, Times, Serif">The
delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. <STRIKE>Additionally,
the inability of the PCAOB to conduct inspections deprives our investors with the benefits of such inspections.</STRIKE> <B>&nbsp;</B></FONT></I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your response to comment 6. Please disclose the consequences to you and your investors if you, your subsidiaries, or the VIEs: (i)&nbsp;do
not receive or maintain required permissions or approvals, (ii)&nbsp;inadvertently conclude that certain permissions or approvals are
not required, or (iii)&nbsp;applicable laws, regulations, or interpretations change and you are required to obtain such permissions or
approvals in the future.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Response</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s Comments, the Company intends to revise the proposed disclosure on page&nbsp;51 of the 2020 Annual Report
in its 2021 Annual Report:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Material
Licenses and Permits </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Our PRC subsidiaries and the VIE have obtained all material licenses and approvals required for our operations in
China, excepts as disclosed in &ldquo;Item 3. Key Information-3.D. Risk Factors- Risk Related to Our Business and Industry- Lack of Internet
news information license may expose us to administrative sanctions, which would materially and adversely affect our business, results
of operations and financial condition&rdquo;, &ldquo;Item 3. Key Information-3.D. Risk Factors- Risk Related to Our Business and Industry-
Lack of Internet audio-visual program transmission license may expose us to administrative sanctions, which would materially and adversely
affect our business, results of operations and financial condition.&rdquo; and &ldquo;Item 3. Key Information-3.D. Risk Factors- Risk
Related to Our Business and Industry- Lack of Internet publishing license may expose us to administrative sanctions, which would materially
and adversely affect our business, results of operations and financial condition.&rdquo; <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>If
we or our VIE is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the
required permits, approvals or filings, the relevant PRC regulatory authorities would have broad discretion to take action in dealing
with such violations or failures. We may be deemed to provide certain services or conduct certain activities and thus be subject to certain
licenses, approvals, permits, registrations and filings due to the lack of official interpretations of certain terms under internet related
PRC regulations and laws. Failures to obtain or update such license may subject us to fines and other regulatory, civil or criminal liabilities,
and we may be ordered by the competent government authorities to suspend relevant operations, which will materially and adversely affect
our business operation. In addition, there can be no assurance that we will be able to maintain our existing licenses, approvals, registrations,
permits or filings necessary to provide our current online services in China, renew any of them when their current term expires, or update
existing licenses or obtain additional licenses, approvals, permits, registrations or filings necessary for our business expansion from
time to time. If we fail to do so, our business, financial condition and operational results may be materially and adversely affected.
</U></FONT></I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">For risks relating to licenses
and approvals required for our operations in China, see &ldquo;Item 3. Key Information&mdash;3.D. Risk Factors&mdash;Risks Related to
Our Business and Industry.&rdquo;</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note we continue to evaluate the consolidating financial information you proposed in response to comment 8.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Response</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company acknowledges the Staff&rsquo;s comments.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Item
3D. Risk Factors, page&nbsp;5</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your response to comment 12. Please disclose to what extent you believe that you are compliant with the regulations or policies
that have been issued by the CAC to date. Additionally, please also update your disclosure to clarify whether you will be subject to
the cybersecurity regulations that have since went into effect on February&nbsp;15 requiring internet companies holding the data of more
than 1 million users to undergo a network security review before listing overseas</B>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Response</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s comments, the Company intends to further revise the risk factors under &ldquo;Item 3. Key Information&mdash;3.D.
Risk Factor&mdash;Risks Related to Our Business and Industry&mdash;The approval, filing or other requirements of the China Securities
Regulatory Commission or other PRC government authorities may be required under PRC law in connection with our issuance of securities
overseas.&rdquo; of the 2020 Annual Report in its 2021 Annual Report as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>The
approval, filing or other requirements of the China Securities Regulatory Commission or other PRC government authorities may be required
under PRC law in connection with our issuance of securities overseas<FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
or maintenance of the listing status of our ADSs, and the PRC government&rsquo;s oversight and discretion over our business operations
could result in a material adverse change in our operations and the value of our ADSs</U></FONT></I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>The
Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&amp;A Rules, purport to require offshore
special purpose vehicles that are controlled by PRC companies or individuals and that have been formed for the purpose of seeking a public
listing on an overseas stock exchange through acquisitions of PRC domestic companies or assets to obtain CSRC approval prior to publicly
listing their securities on an overseas stock exchange. The interpretation and application of the regulations remain unclear. If CSRC
approval under the M&amp;A Rules&nbsp;is required, it is uncertain whether it would be possible for us to obtain the approval, and any
failure to obtain or delay in obtaining CSRC approval for our future issuance of securities overseas would subject us to sanctions imposed
by the CSRC and other PRC regulatory agencies.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Furthermore,
<STRIKE>the recently issued Opinions on Strictly Cracking Down on Illegal Securities Activities </STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>we
conduct our business primarily through our PRC subsidiaries and our VIEs in China. Our operations in China are governed by PRC laws and
regulations. The PRC government has significant oversight and discretion over the operation of our business, and it may influence our
operations, which could result in a material adverse change in our operation and the value of our ADSs. The PRC government has recently
indicated an intent to exert more oversight over overseas offerings and/or foreign investment in China-based issuers like us. For example,
on July&nbsp;6, 2021, relevant PRC government authorities promulgated the Opinions on Strictly Cracking Down on Illegal Securities Activities,
which</U></FONT></I></FONT><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">emphasized the need to strengthen the administration
over &ldquo;illegal securities activities&rdquo; and the supervision on overseas listings by China-based companies, and proposed to take
effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based
overseas-listed companies, although such opinions did not specify the definition of &ldquo;illegal securities activities.&rdquo; Such
opinions further provided that the special provisions of the State Council on overseas offerings and listings by those companies limited
by shares will be revised and therefore the duties of domestic industry competent authorities and regulatory agencies will be clarified.</FONT></I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>As
these opinions were newly issued and there are no further explanations or detailed rules&nbsp;and regulations with respect to such opinions,
there are still uncertainties regarding the interpretation and implementation of such opinions. In addition, new rules&nbsp;or regulations
promulgated in the future could impose additional requirements on us<FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
and it is uncertain how the new rules&nbsp;or regulations will be enacted, interpreted or implemented and how they will affect us</U></FONT></I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">.
For example, it was reported that the CSRC may issue new rules&nbsp;requiring China-based companies to seek approval before going public
outside of China, including in the U.S. Furthermore, on July&nbsp;10, 2021, the CAC issued a revised draft of the Cybersecurity Review
Measures for public comments, according to which, among others, an &ldquo;operator of critical information infrastructure&rdquo; or a
 &ldquo;data processing operator,&rdquo; who has personal information of more than one million users and is seeking to list its securities
on a foreign stock exchange, must apply to the relevant cybersecurity review office for a cybersecurity review. <STRIKE>On 29 October&nbsp;2021,
the CAC has publicly solicited opinions on the Measures for the Security Assessment of Data Cross-border Transfer for public comments,
which requires that any data processor providing important data collected and generated during operations within the territory of the
PRC or personal information that should be subject to security assessment according to law to an overseas recipient shall conduct security
assessment. On 14 November&nbsp;2021, the CAC publicly solicited opinions on the Regulations on the Administration of Cyber Data Security
for public comments (&ldquo;Draft Data Security Regulations&rdquo;).</STRIKE></FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I><STRIKE>According
to the Draft Data Security Regulations, data processors shall, in accordance with relevant state provisions, apply for cyber security
review when carrying out the following activities:(1)&nbsp;the merger, reorganization or separation of Internet platform operators that
have acquired a large number of data resources related to national security, economic development or public interests, which affects
or may affect national security; (2)&nbsp;data processors that handle the personal information of more than one million people intends
to be listed abroad; (3)&nbsp;the data processor intends to be listed in Hong Kong, which affects or may affect national security; (4)&nbsp;other
data processing activities that affect or may affect national security.</STRIKE></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I><STRIKE>As
such aforementioned draft measures and regulations have not been adopted and it remains unclear whether the formal version to be adopted
in the future will have any further material changes, it is uncertain how the measures will be enacted, interpreted or implemented and
how they will affect us.</STRIKE></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>On
December&nbsp;24, 2021, the CSRC issued the Provisions of the State Council on the Administration of Overseas Securities Offering and
Listing by Domestic Companies (Draft for Comments) and the Administrative Measures for the Filing of Overseas Securities Offering and
Listing by Domestic Companies (Draft for Comments), collectively the Draft Overseas Listing Regulations, for public comments, which require,
among others, that PRC domestic companies that seek to offer and list securities in overseas markets, either in direct or indirect means,
are required to file the required documents with the CSRC within three working days after its application for overseas listing is submitted.
[As of the date of this annual report], the Draft Overseas Listing Regulations were released for public comments only and the final version
and effective date of such regulations are subject to change with substantial uncertainty.</U></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>In
addition, on January&nbsp;4, 2022, the CAC published the Revised Cybersecurity Review Measures, which became effective on
February&nbsp;15, 2022. The Revised Cybersecurity Review Measures provide that a critical information infrastructure operator
purchasing network products and services, and platform operators carrying out data processing activities, which affect or may affect
national security, shall apply for cybersecurity review and that a platform operator with more than one million users&rsquo;
personal information aiming to list abroad must apply for cybersecurity review. There are substantial uncertainties as to the
interpretation, application, and enforcement of the Revised Cybersecurity Review Measures. Under the Revised Cybersecurity Review
Measures, we face potential risks if we are deemed as a &ldquo;critical information infrastructure operator&rdquo; or
 &ldquo;platform operator&rdquo; under the PRC cybersecurity laws and regulations, and would be required to follow cybersecurity
review procedures. During such review, we may be required to suspend providing any existing or new services to our customers and/or
experience other disruptions of our operations, and such review could also result in negative publicity with respect to our Company
and diversion of our managerial and financial resources. In addition, we cannot guarantee that new rules&nbsp;or regulations
promulgated in the future will not impose any additional requirement on us or otherwise tightening the regulations on companies with
a VIE structure.</U></I></FONT><I>&nbsp;If the CSRC or other relevant PRC regulatory agencies subsequently determine that prior approval
is required for any of our future offerings of securities overseas or&nbsp;</I><STRIKE>to maintain </STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>maintenance
of</U></I></FONT><I> the listing status of our ADSs, we cannot guarantee that we will be able to obtain such approval in a timely
manner, or at all. The CSRC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, not
to proceed with such offering or maintain the listing status of our ADSs. If we proceed with any of such offering or maintain the
listing status of our ADSs without obtaining the CSRC&rsquo;s <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>or
other PRC regulatory agencies&rsquo;</U></FONT></I><I>approval to the extent it is required, or if we are unable to comply with any
new approval requirements which might be adopted for offerings that we have completed prior to the publication of the above-
referenced opinions, we may face regulatory actions or other sanctions from the CSRC or other PRC regulatory agencies. These
regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China,
limit our operating privileges in China, delay or restrict the repatriation of the proceeds from offering of securities overseas
into China or take other actions that could have a material adverse effect on our business, financial condition, results of
operations and prospects, as well as the trading price of the ADSs.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Furthermore,
if there are any other approvals, filings and/or other administration procedures to be obtained from or completed with the CSRC or other
PRC regulatory agencies as required by any new laws and regulations for any of our future proposed offering of securities overseas or
the listing of the ADSs, we cannot assure you that we can obtain the required approval or complete the required filings or other regulatory
procedures in a timely manner, or at all. Any failure to obtain the relevant approvals or complete the filings and other relevant regulatory
procedures may subject us to regulatory actions or other sanctions from the CSRC or other PRC regulatory agencies, which may have a material
adverse effect on our business, financial condition or results of operations. <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>In
addition, implementation of industry-wide regulations affecting our operations could cause the value of our securities to significantly
decline. Therefore, investors of our company and our business face potential uncertainty from actions taken by the PRC government affecting
our business</U></FONT></I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company also intends to revise the proposed additional disclosures under &ldquo;Item 3. Key Information&mdash;3.D. Risk Factor&mdash;Risk
Factors &ndash; We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and
companies, including limitations on our ability to own key assets such as our platform.&rdquo; on page&nbsp;11 of the 2020 Annual Report
in its 2021 Annual Report as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I><STRIKE>On
August&nbsp;17, 2021, the State Council promulgated the Regulations on Key Information Infrastructure Security Protection, which has
become effective on September&nbsp;1, 2021 </STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>In
addition, the PRC regulatory authorities have recently taken steps to strengthen the regulation on cybersecurity and data protection</U></FONT></I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">.
On June&nbsp;10, 2021, the Standing Committee of the National People&rsquo;s Congress promulgated the PRC Data Security Law, effective
on September&nbsp;1, 2021. On August&nbsp;20, 2021, the Standing Committee of the National People&rsquo;s Congress promulgated the PRC
Personal Information Protection Law, which <STRIKE>will come into effect </STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>has
become effective</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">on November&nbsp;1, 2021. <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>On
January&nbsp;4, 2022, the CAC published the Revised Cybersecurity Review Measures, effective on February&nbsp;15, 2022 and repeal the
Cybersecurity Review Measures promulgated on April&nbsp;13, 2020. Such Measures further restate and expand the applicable scope of the
cybersecurity review. Pursuant to the Cybersecurity Review Measures, critical information infrastructure operators that procure internet
products and services, and network platform operators engaging in data processing activities, must be subject to the cybersecurity review
if their activities affect or may affect national security. In addition, network platform operators holding over one million users&rsquo;
personal information shall apply with the Cybersecurity Review Office for a cybersecurity review before conducting any public offering
in a foreign country. On August&nbsp;17, 2021, the state council promulgated the Regulations on Protection of Critical Information Infrastructure,
which became effective on September&nbsp;1, 2021. On January&nbsp;4, 2022, the CAC published the Administrative Provisions on Internet
Information Service Algorithm Recommendation on its website, effective on March&nbsp;1, 2022. </U></FONT></FONT></I><I><FONT STYLE="font-family: Times New Roman, Times, Serif">These
newly promulgated laws and regulations reflect PRC government further attempts to strengthen the legal protection for the national network
security, data security, the security of key information infrastructure and the security of personal information protection. <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>See
 &ldquo;Item 4. Information on the Company&mdash;4.B. Business Overview&mdash;Regulation&mdash; Regulation on Cybersecurity and Censorship&rdquo;
for details on regulations over data protection and privacy in the PRC.</U></FONT></FONT></I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I><STRIKE>Furthermore,
certain PRC regulatory authorities recently issued the Opinions on Strictly Cracking Down on Illegal Securities Activities. These opinions
call for strengthened regulation over illegal securities activities and supervision of overseas listings by China-based companies and
propose to take effective measures. [As of the date of this annual report], no official guidance or related implementation rules&nbsp;have
been issued in relation to such opinions and as a result, the interpretation and implementation of these opinions remain unclear at this
stage. We cannot assure you that we will not be required to obtain the pre-approval of the CSRC and potentially other regulatory authorities
to pursue an offering of securities overseas or to maintain the listing status of our ADSs on the NYSE. See also &ldquo;&ndash;The approval,
filing or other requirements of the China Securities Regulatory Commission or other PRC government authorities may be required under
PRC law in connection with our issuance of securities overseas.&rdquo;</STRIKE></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>We
have been taking and will continue to take reasonable measures to comply with such laws, regulations, announcement, provisions and inspection
requirements; however, as such laws, regulations, announcement and provisions are relatively new, it remains uncertain how these announcements
and provisions will be implemented. We cannot assure you we can adapt our operations to it in a timely manner. Evolving interpretations
of such laws, regulations, announcements and provisions or any future regulatory changes might impose additional restrictions on us generating
and processing personal and behavioral data. We may be subject to additional regulations, laws and policies adopted by the PRC government
to apply more stringent social and ethical standards in data privacy resulting from the increased global focus on this area. To the extent
that we need to alter our business model or practices to adapt to these announcement and provisions and future regulations, laws and
policies, we could incur additional expenses.</U></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The
Company also intends to revise the proposed disclosure on page&nbsp;51 of the 2020 Annual Report in its 2021 Annual Report as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Recent
Regulatory Development</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><STRIKE>Draft
</STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Revised </U></FONT></I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif">Cybersecurity
Measures</FONT></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>On
<STRIKE>July&nbsp;10, 2021, the Cyberspace Administration of China, or the CAC, issued a revised draft of </STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>January&nbsp;4,
2022, the CAC published the Revised Cybersecurity Review Measures, which became effective on February&nbsp;15, 2022 and repealed</U></FONT></I></FONT><I>
<FONT STYLE="font-family: Times New Roman, Times, Serif">the Cybersecurity Review Measures <STRIKE>for public comments, which require
that, in addition to &ldquo;operator of </STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>promulgated
on April&nbsp;13, 2020. The Revised Cybersecurity Review Measures provide that a</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">critical
information infrastructure<STRIKE>,&rdquo; any &ldquo;data processing </STRIKE> operator<STRIKE>&rdquo;</STRIKE> <FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>purchasing
network products and services, and platform operators</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">carrying
out data processing activities <STRIKE>that</STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
which</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">affect or may affect national security <STRIKE>and
any &ldquo;operator of critical information infrastructure&rdquo; or &ldquo;data processing operator&rdquo; which has personal information
of</STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>, shall apply for cybersecurity
review and that a platform operator with</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">more than one
million users <STRIKE>and is going to be listed abroad should also be subject to a</STRIKE><FONT STYLE="border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&rsquo;
personal information aiming to list abroad must apply for</U></FONT></FONT></I><I> <FONT STYLE="font-family: Times New Roman, Times, Serif">cybersecurity
review. <STRIKE>As advised by our PRC legal counsel, the draft measures have not been adopted and it remains unclear whether the formal
version adopted in the future will have any further material changes, it is uncertain how the measures will be enacted, interpreted or
implemented and how they will affect us. We cannot predict the impact of the draft measures, if any, at this stage, and we will closely
monitor and assess any development in the rule-making process.</STRIKE></FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>Under
the Revised Cybersecurity Review Measures, we </U><U><STRIKE>In anticipation of the strengthened implementation of cybersecurity laws
and regulations and the continued expansion of our business, we </STRIKE></U><U>face potential risks if we are deemed as a &ldquo;critical
information infrastructure operator&rdquo; or &ldquo;</U><U><STRIKE>data processing </STRIKE></U></I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>platform
</U></FONT></I><I><U><FONT STYLE="font-family: Times New Roman, Times, Serif; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">operator&rdquo;
under the PRC cybersecurity laws and regulations </FONT></U><FONT STYLE="font-family: Times New Roman, Times, Serif"><U><STRIKE>once
the draft measures take effect</STRIKE></U><U>, and would be required to follow cybersecurity review procedures. During such review,
we may be required to suspend providing any existing or new services to our customers and/or experience other disruptions of our operations,
and such review could also result in negative publicity with respect to our Company and diversion of our managerial and financial resources.
</U></FONT></I><I><U><FONT STYLE="font-family: Times New Roman, Times, Serif; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">If
the CSRC, CAC or other regulatory agencies later require that we obtain their approvals for our future offshore offerings, we may be
unable to obtain such approvals in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance
could significantly limit or completely hinder our ability to continue to offer securities to investors and cause the value of such securities
to significantly decline or be worthless. In addition, implementation of industry-wide regulations affecting our operations could limit
our ability to attract new customers and/or users and cause the value of our securities to significantly decline. Therefore, investors
of our company and our business face potential uncertainty from actions taken by the PRC government affecting our business.</FONT></U></I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>As
of the date of this annual report, we have not been involved in any investigations or become subject to a cybersecurity review initiated
by the CAC based on the Cybersecurity Review Measures, and we have not received any inquiry, notice, warning, sanctions in such respect
or any regulatory objections to our listing status from the CAC</I>.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If you have
further questions or comments regarding, or require further information or clarification of, any of the responses provided in this letter
or if the Commission has any questions with respect to 36Kr Holdings Inc.&rsquo;s Annual Report on Form&nbsp;20-F, please contact the
undersigned or Li He (Tel: +852-2533-3306) and Ran Li (Tel: +86-10-8567-5013) of Davis Polk&nbsp;&amp; Wardwell LLP.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sincerely
    yours,</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">36Kr Holdings
    Inc.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 46%"><P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
    Dagang Feng</FONT></P></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:
    Dagang Feng</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:
    &nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Li
    He</FONT></TD></TR>
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    Polk&nbsp;&amp; Wardwell LLP</FONT></TD></TR>
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