<SEC-DOCUMENT>0001193125-22-256640.txt : 20221129
<SEC-HEADER>0001193125-22-256640.hdr.sgml : 20221129
<ACCEPTANCE-DATETIME>20221003160452
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-256640
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20221003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUHUO Ltd
		CENTRAL INDEX KEY:			0001781193
		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:		3RD FLOOR, BLOCK D, TONGHUI BUILDING
		STREET 2:		NO. 1132 HUIHE SOUTH STREET
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100020
		BUSINESS PHONE:		00861053318747

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR, BLOCK D, TONGHUI BUILDING
		STREET 2:		NO. 1132 HUIHE SOUTH STREET
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100020
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unit 2901, 29F, Tower C</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beijing Yintai
Centre</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No.&nbsp;2 Jianguomenwai Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chaoyang District,
Beijing 100022</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">People&#146;s Republic of China</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Phone: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">86-10-6529-8300</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">86-10-6529-8399</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Website: www.wsgr.com</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu">&#20013;&#22269;&#21271;&#20140;&#24066;&#26397;&#38451;&#21306;&#24314;&#22269;&#38376;&#22806;&#22823;&#34903;</FONT>2<FONT
STYLE="font-family:pmingliu">&#21495;</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu">&#38134;&#27888;&#20013;&#24515;&#20889;&#23383;&#27004;</FONT>C<FONT
STYLE="font-family:pmingliu">&#24231;</FONT>29<FONT STYLE="font-family:pmingliu">&#23618;</FONT>2901<FONT STYLE="font-family:pmingliu">&#23460;</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:pmingliu">&#37038;&#25919;&#32534;&#30721;</FONT>: 100022</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu">&#30005;&#35805;</FONT>: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">86-10-6529-8300</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu">&#20256;&#30495;</FONT>: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">86-10-6529-8399</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:pmingliu">&#32593;&#31449;:</FONT>
www.wsgr.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October 3, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E.
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Quhuo Limited </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response to the Staff&#146;s Comments on </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Fiscal Year Ended December&nbsp;31, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed on September&nbsp;9, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-39354</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Quhuo
Limited (the &#147;Company&#148;), we submit this letter in response to a comment letter from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission dated September&nbsp;23, 2022 relating to the above referenced filing in
connection with the Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2021 filed on September&nbsp;9, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company submits the following responses to the Staff&#146;s comments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Fiscal Year Ended December&nbsp;31, 2021 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;4. Information on the company </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>B.
Business Overview, page 60 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>When describing your business, you state that you are a &#147;workforce operational solution platform,&#148;
that you &#147;provide tech-enabled, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> operational solutions,&#148; and that you &#147;play a unique and indispensable role as the link between consumer service
businesses and the end consumers to enable the delivery of goods, services and experiences to consumers.&#148; However, it appears that these references to solutions, platforms, technology, and being a link do not explain in plain English what your
actual service offerings are and may imply that you generate revenue directly from providing technology, software, platforms, or systems to customers. Please revise to state, if true, that you deliver food and products for third-party businesses,
that you maintain and transport bicycles for bicycle rental companies, that you rent cars to ride-sharing drivers, and that you clean properties such as hotels, B&amp;Bs and short-term rentals. Please also revise to reduce the amount of jargon in
your business overview so that investors can more clearly understand the nature of your operations. Please provide us with your intend revised disclosure. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: The Company respectfully advises the Staff that it does not believe that its service offerings and value propositions would be
appropriately stated by reducing the disclosure to the activities performed by the workforce on the Company&#146;s platforms, which include the delivery of food and products for third-party businesses, maintenance and transportation of bicycles for
bicycle rental companies, car rentals and related services to ride-sharing drivers, and housekeeping services for properties such as hotels, B&amp;Bs and short-term rentals. However, the Company respectfully submits that its core valuation
propositions lie with its tech-enabled platform which mobilizes a large, flexible and standardized workforce to perform those activities for consumer business clients in a more efficient and cost-effective way. More specifically,</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Wilson Sonsini Goodrich &amp; Rosati, Professional Corporation </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:pmingliu">&#23041;&#23572;&#36874;</FONT><FONT STYLE="font-family:Times New Roman"> &#149; </FONT><FONT
STYLE="font-family:pmingliu">&#26705;&#35199;&#23612;</FONT><FONT STYLE="font-family:Times New Roman"> &#149; </FONT><FONT STYLE="font-family:pmingliu">&#21476;&#22855;</FONT><FONT STYLE="font-family:Times New Roman"> &#149; </FONT><FONT
STYLE="font-family:pmingliu">&#32599;&#27801;&#36842;&#24459;&#24072;&#20107;&#21153;&#25152;</FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">AUSTIN&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;BOULDER&nbsp;&nbsp;&nbsp;&nbsp;BRUSSELS&nbsp;&nbsp;
&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LOS ANGELES&nbsp;&nbsp;&nbsp;&nbsp;NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;PALO ALTO </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">SALT LAKE CITY&nbsp;&nbsp;&nbsp;&nbsp;SAN DIEGO&nbsp;&nbsp;&nbsp;&nbsp;SAN
FRANCISCO&nbsp;&nbsp;&nbsp;&nbsp;SEATTLE&nbsp;&nbsp;&nbsp;&nbsp;SHANGHAI&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON, DC&nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON, DE </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 3, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company is not a service provider that performs the underlying activities for consumer business clients by
itself. The Company also does not consider itself a traditional labor service provider that outsources and dispatches workers for the underlying activities for consumer business clients due to the tech-enabled aspect of its platform.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company initiated its business against the background that (1)&nbsp;the proliferation of <FONT
STYLE="white-space:nowrap">on-demand</FONT> consumer service industry has created a new and expansive demand for flexible, stable and trained workforce to deliver standardized, high-quality services to consumers, (2)&nbsp;China&#146;s labor market
features a lack of skilled <FONT STYLE="white-space:nowrap">working-age</FONT> labor force and increased labor costs, and <FONT STYLE="white-space:nowrap">(3)&nbsp;on-demand</FONT> consumer service companies have massive demand for competent
workforce to deliver standardized and high-quality services to end consumers, but lack in-house resources or capability to do this by themselves. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company operates a tech-enabled platform that mobilizes a large, flexible and standardized workforce (i.e.,
over 356,300 registered workers as of December 31, 2021) and employs a combination of training, performance monitoring and refinement, and incentives to transform the people registered on its platform into skilled workers who can follow
industry-specific, standardized and highly efficient service procedures. The Company characterizes its value propositions as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;end-to-end&#148;</FONT></FONT> solutions that
alleviate consumer business clients from the burden associated with discovering, training, managing and maintaining a sufficient number of skilled workers so that they can focus on their core business activities. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company does not generate revenue directly from providing technology, software or systems to customers. The
Company nonetheless considers itself a &#147;tech-enabled&#148; platform because it deploys a technology infrastructure to centralize its operational management, streamline its solution process, and unlock underutilized workforce capacity, which is
critical in the gig economy. This technology infrastructure serves to increase operational efficiency and reduces costs for the Company and, in turn, the consumer business clients. For example, the Company&#146;s <I>Quhuo</I>+ system allows workers
in a management position to (1)&nbsp;pinpoint workers to monitor their workload and performance, and dynamically manage staffing and maintain solution quality, and (2)&nbsp;transcribe industry-specific KPIs obtained from the consumer business
clients into executable guidance for workers and benchmark workforce performance across all workers and teams based on data-driven analytics, which can refine the Company&#146;s solutions and optimize the Company&#146;s operational efficiency. As a
result, the Company is able to maintain a specialized yet flexible workforce and deploy the same workers across different industry settings based on their work schedules by, for example, allowing delivery riders to take part in shared-bike
maintenance solutions during their <FONT STYLE="white-space:nowrap">off-peak</FONT> hours. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the
Staff&#146;s comments and undertakes to revise the leading paragraphs that describe its business positioning in the form of Exhibit A for a more balanced disclosure in future filings. The Company also undertakes to make conforming changes to related
disclosures throughout the document and reduce the amount of jargon in future filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>If our understanding above is correct, please also consider revising captioning in tables quantifying your
revenue components to more directly describe the service categories, such as food and product deliveries, maintenance and transportation of bicycle fleets, housekeeping, and other. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: The Company respectfully requests to keep the current captioning for the reasons elaborated in its response to Question 1.
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 3, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>You disclose that leveraging your technology capabilities, you conduct data-driven operational analysis to
assist our industry customers in improving their service quality and consumer satisfaction. Please tell us if you earn revenue from such analysis and, if so, how it is measured and recognized. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: The Company respectfully advises the Staff that data-driven operational analysis is not a specified promise to customers in
the Company&#146;s revenue contracts. As such, the Company does not earn revenue from the analysis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;5. Operating and Financial Review and
Prospects </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, page 90 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>You present an intermediate <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure titled Adjusted net
income (loss). Please tell us how you considered the requirement to <FONT STYLE="white-space:nowrap">tax-effect</FONT> this measure pursuant to <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> C&amp;DI 102.11. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: The Company respectfully advises the Staff that share-based compensation expenses are non-deductible expenses in the PRC, and
the statutory tax rate in the Cayman Islands is nil; therefore, there is no tax impact from the adjustment of such item for the Company&#146;s non-GAAP financial measures. In response to the Staff&#146;s comment, the Company undertakes to revise the
non-GAAP reconciliation table in the following manner in future filings: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the year ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>GAAP net loss</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(13,449</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,604</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(191,230</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(30,009</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Reconciliation item:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Add:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based compensation expenses, <U>net of tax impact of nil</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64,799</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">68,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> adjusted net income/(loss)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>51,350</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>77,063</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(122,298</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(19,192</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations, page 96 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise to quantify factors to which changes are attributed. For example, you disclose general and
administrative expenses increased due to increases in staff costs, professional service fees, and impairment losses. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: In response to the Staff&#146;s comment, the Company undertakes to revise the disclosure in the following manner in future
filings: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>General and administrative expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our general and administrative expenses increased by 18.6% from RMB203.0&nbsp;million in 2020 to RMB240.7&nbsp;million (US$37.8 million) in
2021, primarily due to (1)&nbsp;<U>an increase in staff costs from RMB52.7&nbsp;million in 2020 to RMB66.8&nbsp;million in 2021,</U> which was in line with rapid growth of our solutions, (2) <U>an increase in professional service fees and other
expenditures, including office rent expenses, welfare and business development expenses, from RMB66.3 million in 2020 to RMB96.5 million in 2021,</U> which was in connection with our business expansion plan, and (3)&nbsp;<U>an increase in impairment
losses from RMB3.3&nbsp;million in 2020 to RMB8.5&nbsp;million in 2021</U> in relation to Lailai due to the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, partially offset by <U>a decrease in share-based compensation from
RMB80.7</U><U></U><U>&nbsp;million in 2020 to RMB68.9</U><U></U><U>&nbsp;million in 2021,</U> as we satisfied the performance conditions of our share incentive awards upon the completion of our initial public offering in 2020 and incurred
substantial share-based compensation expenses from those awards. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g379221pgf.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 3, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Research and Development Expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our research and development expenses increased by 53.7% from RMB13.1&nbsp;million in 2020 to RMB20.1&nbsp;million (US$3.2 million) in 2021,
primarily due to <U>an increase in staff costs from RMB11.2</U><U></U><U>&nbsp;million in 2020 to RMB16.3</U><U></U><U>&nbsp;million in 2021</U> as a result of the increase in the headcount of our research and development personnel. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other income/(loss), net </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We recorded other loss, net of RMB34.0&nbsp;million (US$5.3 million), as compared to other income, net of RMB49.2&nbsp;million in 2020,
<U>primarily because we recorded fair value losses of RMB52.9</U><U></U>&nbsp;million in 2021 as a result of the fluctuation in the fair value of our alternative fund investment, as compared to fair value gains of RMB35.5 million in 2020. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Index to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 2. Summary of Significant Accounting Policies </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Revenue Recognition - <FONT STYLE="white-space:nowrap">On-demand</FONT> delivery solutions, page <FONT STYLE="white-space:nowrap">F-20</FONT>
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that upfront payments to a customer for entering into a new contract are initially recognized as a <FONT
STYLE="white-space:nowrap">non-current</FONT> assets and reduce revenues on a straight-line basis over an anticipated relationship period of generally 8 years. You also state that &#147;A delivery service agreement typically is one year in term and
is renewable by mutual consent.&#148; Please tell us how you determined that 8 years was the appropriate amortization period. Additionally, please quantify for us the total contract asset balance for each period presented, tell us which line item on
the Consolidated Balance Sheet it is included in, and tell us how you classify such payments in your Consolidated Statements of Cash Flows. Please also tell us whether you provide additional consideration to customers upon contract renewal.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: The Company respectfully advises the Staff that it makes upfront payments to one of its customers
for its <FONT STYLE="white-space:nowrap">on-demand</FONT> delivery business to obtain new contracts for various delivery areas and anticipated renewal of these contracts. The Company does not provide additional consideration to the customer upon
contract renewal. Although the delivery service agreement is generally twelve months, based on historical practice, the Company typically renews its contracts upon expiration. Therefore, when determining the amortization period, the Company
estimates the total expected contract life, including both the contractual term of current contracts and the expected renewal term, by primarily analyzing and considering: (1)&nbsp;the Company&#146;s historical success in renewing similar <FONT
STYLE="white-space:nowrap">on-demand</FONT> delivery contracts with other customers; (2) the historical termination of similar contracts either because of the Company&#146;s voluntary withdrawal from certain
<FONT STYLE="white-space:nowrap">low-performing</FONT> delivery areas or for other reasons; and (3)&nbsp;the fact that the Company has successfully renewed the contracts with this customer since 2019, the inception of the first contract. Based on
the Company&#146;s analysis for the past three years, the weighted average expected contract life for <FONT STYLE="white-space:nowrap">on-demand</FONT> delivery contracts was 8 years across all customers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company further advises the Staff that the total balance of upfront payments to this customer was RMB18.5&nbsp;million and
RMB37.4&nbsp;million (US$5.9 million) and was included as &#147;Other <FONT STYLE="white-space:nowrap">non-current</FONT> assets&#148; of the Company&#146;s consolidated balance sheets as of December&nbsp;31, 2020 and 2021, respectively. The Company
reduces revenue recognized from this customer as it provides the delivery services pursuant to its contracts over the expected total contract life. The Company considered the underlying economic reasons for the payment when classifying such payments
on the Consolidated Statements of Cash Flows. As these payments were directly related to both current and anticipated contracts from renewal with this customer, they were operating in nature and were included in operating cash outflows for each of
the three years in the period ended December&nbsp;31, 2021. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g379221pgf.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 3, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 13. Other <FONT STYLE="white-space:nowrap">Non-current</FONT> Assets, page <FONT
STYLE="white-space:nowrap">F-35</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that rental and industry customer deposits appear to be a significant component of other <FONT
STYLE="white-space:nowrap">Non-</FONT> Current Assets. Accordingly, please revise the footnote to disclose the nature of these deposits and your related accounting policy. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: In response to the Staff&#146;s comment, the Company undertakes to revise Note 13. Other
<FONT STYLE="white-space:nowrap">Non-current</FONT> Assets in the following manner in its future annual reports on Form 20-F: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>13. Other
<FONT STYLE="white-space:nowrap">Non-current</FONT> Assets </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Other <FONT STYLE="white-space:nowrap">non-current</FONT> assets consisted
of the following: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;of&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rental and industry customer
deposits<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86,306</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">108,783</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,469</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">726</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other <FONT STYLE="white-space:nowrap">non-current</FONT> assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>105,566</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>157,320</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24,687</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>(1) The
Company&#146;s rental deposits are mainly paid to landlords for its various office spaces and are refundable upon termination of the leases. Industry customer deposits consist of refundable deposits paid to industry customers and are refundable upon
termination of contracts with each customer. The Company evaluated the recoverability of the deposits periodically and recorded an allowance of nil and RMB1,527 (US$240) for the year ended December&nbsp;31, 2020 and 2021, respectively. </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>*** </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any
questions regarding the Revised Draft Registration Statement, please contact the undersigned by telephone at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">86-10-6529-8308</FONT></FONT> or via
<FONT STYLE="white-space:nowrap">e-mail</FONT> at douyang@wsgr.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dan Ouyang</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dan Ouyang</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Leslie Yu, Chief Executive Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Zhen Ba, Chief Financial
Officer </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are a leading workforce operational solution platform in China. <U>We </U><U>operate</U><U> a platform of large, flexible and standardized
workforce. As of December</U><U></U><U>&nbsp;31, 2021, we had over 356,300 registered workers on our platform. </U>We provide tech-enabled, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> operational
solutions primarily to <STRIKE>blue-chip </STRIKE><STRIKE>on-demand </STRIKE>consumer service businesses<STRIKE> in industries with significant e-commerce exposure</STRIKE>, including <U><FONT STYLE="white-space:nowrap">on-demand</FONT>
</U>delivery<U> solutions</U>, <STRIKE>ride-hailing</STRIKE><U>mobility service solutions</U>, housekeeping <U>solutions </U>and <STRIKE>bike-sharing</STRIKE><U>other services</U>. <STRIKE>Within the on-demand consumer service ecosystem, we play a
unique and indispensable role as the link between consumer service businesses and the end consumers to enable the delivery of goods, services and experiences to consumers.</STRIKE><U>Leveraging our internal technology infrastructure, we are able to
deploy massive workers across different regions and industries to serve our customers in a flexible, standardized and specialized manner, such as fulfilling delivery orders of prepared food, grocery and fresh food, carrying out maintenance works for
shared bikes, fulfilling intra-city and long-distance transportation orders, and providing housekeeping services for hotels and B&amp;Bs. We generate revenue primarily from service fees paid by our industry customers, and to a lesser extent, from
rental fees under our car leasing agreements with drivers engaged in our ride-hailing solutions.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">To the <FONT
STYLE="white-space:nowrap">on-demand</FONT> consumer service companies that we serve, our <STRIKE>solutions have become critical to</STRIKE><STRIKE> their business strategy</STRIKE><STRIKE>, </STRIKE><STRIKE>operational</STRIKE><STRIKE>
focus</STRIKE><STRIKE> and financial performance</STRIKE><STRIKE>. We have established deep-rooted, long-standing partnerships with </STRIKE><STRIKE>blue-chip </STRIKE><STRIKE>industry customers in an increasing number of on-demand consumer service
industries in China. Our</STRIKE> platform helps <U></U><STRIKE>industry customers</STRIKE><U>them</U> mobilize a large team of workers <STRIKE>and utilize a combination of training, performance monitoring and refinement, and incentives to transform
them into skilled workers </STRIKE>who can follow industry-specific, standardized and highly efficient service procedures<U> through a combination of training, performance monitoring and refinement, and incentives</U>. <U>As such, our industry
cus</U><U>tomers can focus more on their business strategy and operational and financial performance. </U><STRIKE>Leveraging our technology capabilities, we conduct data-driven operational analysis to assist our industry customers in improving their
service quality and consumer satisfaction. </STRIKE>As of December&nbsp;31, 2021, <STRIKE>we partnered with</STRIKE><U>our</U> industry customers <STRIKE>mostly </STRIKE><STRIKE>comprising </STRIKE><U></U><U>comprised many </U>top market players in
their respective industries, such as <I>Meituan</I> and <I>Ele.me</I> in the <FONT STYLE="white-space:nowrap">on-demand</FONT> delivery industry and other chain restaurants such as <I>KFC</I>, <I>Meituan Bike</I>, <I>Didi</I> and <I>Hello</I> in the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mobility-as-a-service</FONT></FONT></FONT> <STRIKE>section </STRIKE><U>sector </U>(including bike-sharing and ride-hailing), and <I>Hilton Hotels and
Resorts</I>, <I>Kingkey Group</I>, <I>Marriott International</I>, and <I>Kempinski Hotels</I> in the hotel industry. <STRIKE>Our geographic footprint</STRIKE><U>We had</U> reached 137 cities across 31 provinces, municipalities and autonomous regions
in China as of December&nbsp;31, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">To the workers on our platform, we <STRIKE>believe we have become a
</STRIKE><STRIKE>&#147;</STRIKE><STRIKE>go-to</STRIKE><STRIKE>&#148;</STRIKE><STRIKE> one-stop platform that </STRIKE>provide<STRIKE>s</STRIKE> them with diversified, flexible earning opportunities. <STRIKE>Workers are also attracted to our platform
for career advancement prospects and various work-life support and services. </STRIKE>We empower workers with minimal work experience to begin their career and progress with us. In the three months ended December&nbsp;31, 2020 and 2021, we had
approximately 54,500 and 59,400 average monthly active workers on our platform, respectively. We believe that the size of our workforce allows us to <STRIKE>further cement our relationship with</STRIKE><U>better serve our</U> industry customers
<STRIKE>and become their partner of choice </STRIKE>when they enter new geographical markets or new <FONT STYLE="white-space:nowrap">on-demand</FONT> consumer service industries. <U>We also encourage </U><STRIKE>Workers </STRIKE><U>workers </U>on
our platform <STRIKE>are also encouraged </STRIKE>to bring in their friends, relatives and acquaintances<STRIKE> to </STRIKE><U></U><U>to </U>continually and organically expand our workforce network<STRIKE>. We believe that the bonds among workers
on our platform can be forged by such social relations, </STRIKE><U>and </U><STRIKE>minimizing </STRIKE><U>minimize </U>worker turnovers<STRIKE> and </STRIKE><U>, </U>making our platform more stable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><STRIKE>Our ability to quickly scale up our business and effectively manage our workers rests </STRIKE><STRIKE>on</STRIKE><U>Leveraging</U>
<I>Quhuo</I><I>+</I>, <STRIKE>a </STRIKE><U>our </U>proprietary technology infrastructure<U>, we are able to</U> <STRIKE>that </STRIKE>centralize<STRIKE>s</STRIKE> our operational management and streamline<STRIKE>s</STRIKE> our solution process. For
workers in a </P>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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management position, such as team leaders for our <FONT STYLE="white-space:nowrap">on-demand</FONT> delivery solutions, <I>Quhuo</I><I>+</I> allows them to pinpoint workers on our platform to
monitor their workload and performance, and dynamically manage staffing and maintain solution quality. With <I>Quhuo</I><I>+</I>, team leaders are able to transcribe industry-specific KPIs obtained from industry customers into executable guidance
for workers on our platform, and benchmark workforce performance across all workers and teams based on data-driven analytics to refine our solutions and optimize our operational efficiency. For <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">rank-and-file</FONT></FONT> workers, <I>Quhuo</I><I>+</I> allows them to review their workload, access <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-job</FONT></FONT> training and review their
performance. <STRIKE>We</STRIKE><U>Moreover, we</U><U> have developed </U><I><U>Quhuo</U></I><I><U>+</U></I><U> into a scalable modular system with customizable parameters and settings to smoothly manage and transfer massive workers across different
regions and industries we serve</U><STRIKE>, which forms the bedrock of our highly scalable and replicable business model</STRIKE><U>. </U>As a result, we are able to cultivate a specialized yet flexible workforce and deploy the same workers across
different industry settings based on their work schedules by, for example, allowing delivery riders on our platform to take part in our shared-bike maintenance solutions during their <FONT STYLE="white-space:nowrap">off-peak</FONT> hours<STRIKE>,
which serves to optimize our operational cost and also diversify their earning opportunities</STRIKE>. <STRIKE>We have developed <I>Quhuo+</I> into a scalable modular system with customizable parameters and settings to smoothly manage and transfer
massive workers across different regions and industries we serve, which forms the bedrock of our highly scalable and replicable business model.</STRIKE> <STRIKE>As a result</STRIKE><U>As such</U>, we are able to scale <U>up </U>our
<STRIKE>operations </STRIKE><U>business </U>and <STRIKE>replicate our success</STRIKE><U>expand</U> into greenfield regions or industries quickly and cost-effectively with minimal incremental costs on infrastructure. </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
