<SEC-DOCUMENT>0001144204-16-126903.txt : 20170118
<SEC-HEADER>0001144204-16-126903.hdr.sgml : 20170118
<ACCEPTANCE-DATETIME>20161005060601
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-16-126903
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Actions Semiconductor Co., Ltd.
		CENTRAL INDEX KEY:			0001342068
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		NO.1, KE JI SI ROAD,
		STREET 2:		HI-TECH ZONE
		CITY:			ZHUHAI, GUANGDONG
		STATE:			F4
		ZIP:			519085
		BUSINESS PHONE:		(86-756) 339-2353

	MAIL ADDRESS:	
		STREET 1:		NO.1, KE JI SI ROAD,
		STREET 2:		HI-TECH ZONE
		CITY:			ZHUHAI, GUANGDONG
		STATE:			F4
		ZIP:			519085
</SEC-HEADER>
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<TYPE>CORRESP
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    <TD STYLE="width: 27%; text-align: left; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt; color: Black">RESIDENT
                                         PARTNERS:&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt; color: Black">JOELLE S.
        L. LAU&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt; color: Black">CHIANG LING
        LI&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt; color: Black">GRAHAM LIM&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt; color: Black">BENJAMIN
        MCQUHAE&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt; color: Black">SCOTT PETERMAN&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt; color: Black">MICHELLE
        TAYLOR&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt; color: Black">ROBERT THOMSON&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
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                                                                              <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Black">JONES DAY</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Black">&#30526;&#36948;&#22283;&#38555;&#27861;&#24459;&#20107;&#21209;&#25152;</FONT></P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Black">SOLICITORS AND INTERNATIONAL&nbsp;LAWYERS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Black">31ST FLOOR, EDINBURGH TOWER,
        THE LANDMARK</FONT></P>
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                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><FONT STYLE="font-size: 7pt; color: Black">&nbsp;</FONT></P>
                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><FONT STYLE="font-size: 7pt; color: Black">&nbsp;</FONT></P>
                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><FONT STYLE="font-size: 7pt; color: Black">&nbsp;</FONT></P>
                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><FONT STYLE="font-size: 7pt; color: Black">&nbsp;</FONT></P>
                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><FONT STYLE="font-size: 7pt; color: Black">&nbsp;</FONT></P>
                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><FONT STYLE="font-size: 7pt; color: Black">&nbsp;</FONT></P>
                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><FONT STYLE="font-size: 7pt; color: Black">TELEPHONE:
                                         (852) 2526-6895</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><FONT STYLE="font-size: 7pt; color: Black">FACSIMILE
        : (852) 2868-5871</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD></TR>
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    <TD STYLE="text-align: left; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">REGISTERED
                                         FOREIGN LAWYERS:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">HAIFENG HUANG (New York, USA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">CHRISTINE KIM (New York, USA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">JULIAN LIN (California, USA)&nbsp;</FONT></P>


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    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15 QUEEN&rsquo;S ROAD CENTRAL, HONG KONG</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#39321;&#28207;&#30343;&#21518;&#22823;&#36947;&#20013;&#21313;&#20116;&#34399;&#32622;&#22320;&#24291;&#22580;&#20844;&#29237;&#22823;&#24264;&#19977;&#21313;&#19968;&#27155;</P>



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    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: middle"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt; color: Black">MARIA
PEDERSEN (New York and District of Columbia, USA)</FONT>&nbsp;</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
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    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-size: 7pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: middle"><FONT STYLE="color: Black">October 5, 2016</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black">David
L. Orlic, Special Counsel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black">Office
of Mergers &amp; Acquisitions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black">100
F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B>RE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Actions
                                         Semiconductor Co., Ltd</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 0.5in"><FONT STYLE="color: Black"><B>Schedule
13E-3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="color: Black"><B>Filed
September 19, 2016</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="color: Black"><B>File
No. 005-81375</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="color: Black">Dear
Mr. Orlic,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">On
behalf of Actions Semiconductor Co., Ltd, a company organized under the laws of the Cayman Islands (the &ldquo;<B><I>Company</I></B>&rdquo;),
we have set forth below responses to the comments of the staff (the &ldquo;<B><I>Staff</I></B>&rdquo;) of the Securities and Exchange
Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) contained in its letter of September 27, 2016 with respect to the Schedule
13E-3, File No. 005-81375 (the &ldquo;<B><I>Schedule 13E-3</I></B>&rdquo;) filed on September 19, 2016 by the Company and the
other filing persons named therein. For your convenience, the Staff&rsquo;s comments are repeated below in bold and italics, followed
in each case by the responses of the filing persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Please
note that all references to page numbers in the responses are references to the page numbers in Amendment No.1 to the Schedule
13E-3 (the &ldquo;<B><I>Amendment</I></B>&rdquo;) or the revised preliminary proxy statement attached as Exhibit (a)-(1) thereto
(the &ldquo;<B><I>Revised Proxy Statement</I></B>&rdquo;), as the case may be, filed concurrently with the submission of this
letter in response to the Staff&rsquo;s comments. In addition, a marked copy of the Amendment and the Revised Proxy Statement
indicating changes against the Schedule 13E-3 and the preliminary proxy statement (the &ldquo;<B><I>Proxy Statement</I></B>&rdquo;)
attached as Exhibit (a)-(1) thereto, respectively, are being provided separately to the Staff via email. Capitalized terms not
defined in this letter shall have the same meanings assigned to such terms in the Amendment and the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">We
represent the special committee of the board of directors of the Company (the &ldquo;<B><I>Special Committee</I></B>&rdquo;).
To the extent any response relates to information concerning Supernova Investment Ltd. (&ldquo;<B><I>Parent</I></B>&rdquo;), Starman
Limited (the &ldquo;<B><I>Merger Sub</I></B>&rdquo;), and any of the other members of the Buyer Group, such response is included
in this letter based on information provided to the Special Committee and us by such other persons or their respective representatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Concurrently
with the submission of this letter, the Company is filing via EDGAR the Amendment and the Revised Proxy Statement, each of which
has been amended in response to the Staff&rsquo;s comments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="color: Black"><B><U>General</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>1.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         ensure that Merger Sub signs all future amendments to the schedule.</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Merger Sub confirms that it will sign all future amendments to the Schedule 13E-3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>2.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         advise as to why the Initial Group did not file a Schedule 13D in March, when discussions
                                         appear to have begun regarding the Rule 13e-3 transaction.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Parent
is the beneficial owner of 13,072,634 Shares, representing 4.9% of the issued and outstanding share capital of the Company. In
March 2016, Mr. Chen, acting through Parent, retained counsel in order to understand the feasibility of various options available
in the context of U.S. securities laws and corporate law generally. Because Parent&rsquo;s beneficial ownership percentage was
below the reporting threshold of 5%, we respectfully submit that Mr. Chen and Parent did not have the obligation to file a Schedule
13D under Rule 13d-2(a) to report a change in intent in respect of their ownership of the 13,072,634 Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Although
there were informal discussions among members of the Initial Group in March, Mr. Chen did not reach any understanding with any
other members of the Initial Group in respect of their Shares until these other members changed their investment intent by entering
into the Consortium Agreement with Parent on May 18, 2016. We respectfully submit that, for purposes of Rule 13d-5(b)(1), the
Initial Group did not become a &ldquo;group&rdquo; until May 18, 2016 and therefore other members of the Initial Group were not
obliged to make any Schedule 13D filing before that time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Finally,
although members of the Initial Group designated Parent to be their representative in negotiating a transaction with the Company,
the Consortium Agreement does not grant Parent or Mr. Chen an irrevocable proxy to vote other members&rsquo; Shares or nominate
Parent or Mr. Chen as a director nominee for other members. On that basis, under the principles articulated in Question 260.31
of the Securities Act Rules Compliance and Disclosure Interpretations, Parent and Mr. Chen should not be attributed with ownership
of Shares by other members, and the joint filing of the Schedule 13D and subsequent amendments by the members should not be deemed
to be an acknowledgement that Parent or Mr. Chen had acquired beneficial ownership of any Shares held by any other members at
all relevant times.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
order to address any question raised by this issue, the Proxy Statement has been revised. Please refer to pages 26 and 27 of the
Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>3.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         advise as to why Mr. Chen and all individual shareholders holding shares through holding
                                         companies are not filing persons.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">The
Company respectfully submits that individual shareholders of the Buyer Group members should not be made filers of the Schedule
13e-3 for the following reasons:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">First,
while the companies owned by these individual shareholders are members of the Buyer Group, these entities are not &ldquo;acquisition
vehicles&rdquo; for purposes of Question 101.02 of the Going Private Transactions, Exchange Act Rule 13e-3 and Schedule 13e-3
Compliance and Disclosure Interpretations. They were not established for the purpose of this going private transaction. Hence,
the &ldquo;look through&rdquo; principle articulated in Question 101.02 should not apply under the circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Second,
none of the individual shareholders directly own any Shares held by the Buyer Group. Although these individual shareholders are
joint filers in the Schedule 13D and subsequent amendments, they were required to make the Schedule 13D filings because, under
Rule 13d-3(a), they could be deemed to be &ldquo;beneficial owners&rdquo; of the Shares held by their respective entities. The
fact that Rule 13d-3(a) has required these individual shareholders to become filers of a Schedule 13D should not be determinative
as to whether Rule 13e-3(a) would require the same persons to be filers of a Schedule 13e-3(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Third,
Rule 13e-3(a)(1) defines an &ldquo;affiliate&rdquo; of an issuer as &ldquo;a person that directly or indirectly through one or
more intermediaries controls, is controlled by or is under common control with such issuer.&rdquo; Rule 12b-2 defines &ldquo;control&rdquo;
to mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
person, whether through the ownership of voting securities, by contract or otherwise. Due to the aggregate number of Shares held
by members of the Buyer Group and their agreement to pursue the transaction under the term of the Consortium Agreement, the Buyer
Group may fall within the definition of an &ldquo;affiliate&rdquo; under Rule 13e-3(a)(1) and therefore members of the Buyer Group
ought to be filing persons of the Schedule 13e-3. We, however, respectfully submit that the individual shareholders, which are
not signatories to the Consortium Agreement and do not hold any Shares, are not &ldquo;affiliates.&rdquo; Under the circumstances,
no individual shareholder controls, or is able to influence, the management or policies of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>4.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         disclose throughout the document that the vote is assured, or advise us as to how this
                                         is not the case. In this regard, please provide the disclosure by Item 1012(d) of Regulation
                                         M-A.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the disclosure on the first page of the Letter to the Shareholders, the second page of
the Notice of Extraordinary General Meeting of Shareholders, and pages 18, 24, and 31 of the Revised Proxy Statement have been
revised to clarify that, because the Buyer Group beneficially owns approximately 66.0% of the total issued and outstanding Shares
of the Company, where the vote required is the affirmative vote of holders of Shares representing at least two-third of the voting
rights of the Shares, both quorum and an affirmative vote in favor of the transaction are practically assured with the Buyer Group&rsquo;s
vote.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Additionally,
pages 24, 50, and 91 of the Revised Proxy Statement have been revised to indicate that the directors and executive officers of
the Company, who as a group owned an aggregate of 0.02% of the issued and outstanding Shares of the Company, have determined to
vote in favor for the proposals following the Board&rsquo;s recommendation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Reasons
for the Merger and Recommendations of the Special Committee, page 30</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>5.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Disclosure
                                         in the first paragraph on page 31 states that the merger is &ldquo;substantially&rdquo;
                                         fair to shareholders. Please revise to explain the significance of this determination.
                                         Please also revise your disclosure to state unequivocally whether the Board &#9;reasonably
                                         believes that the Rule 13e-3 transaction is fair to unaffiliated security holders, rather
                                         than &ldquo;the Company and &#9;its shareholders (including those shareholders unaffiliated
                                         with the Buyer Group).&rdquo; See Item 1014(a) of Regulation M-A.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Special Committee and the Board have confirmed that they considered all relevant facts
and circumstances independently in reaching their respective determination, and believe that the transaction is fair, both substantively
and procedurally, to the shareholders of the Company. Accordingly, we have revised the disclosure on pages 8, 9, 27, 29, 30, 31,
32, 34, 35, 37, and 59 of the Revised Proxy Statement to clarify that the Board reasonably believes that the Rule 13e-3 transaction
is fair to unaffiliated security holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>6.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>We
                                         note the first bullet point on page 31. Please revise to disclose the extent to which
                                         the Board&rsquo;s fairness determination was based on historical market prices. We do
                                         not believe that an analysis based on the 30 days prior to the announcement of the transaction
                                         addresses this factor. See Instruction 2 to Item 1014 of Regulation M-A.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">The
Company respectfully submits to the Staff that analysis of historical market prices was not the sole determining factor considered
by the Board. Other factors considered by the Board have been disclosed on pages 31 to 34 of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>7.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         expand your disclosure as to how the Board took into account the &ldquo;lack of interested
                                         bidders,&rdquo; given that the Buyer Group had expressed an unwillingness to entertain
                                         selling their shares to a third party bidder. Likewise, on page 32, disclosure indicates
                                         that a factor in determining fairness was the ability to consider alternative acquisition
                                         proposals or offers and the ability to accept an alternative transaction proposed by
                                         a third party that is a &ldquo;Superior Proposal.&rdquo;</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">The
Company respectfully submits to the Staff that while the Board was not able to identify any third party that can be approached
given the Buyer Group&rsquo;s expressed unwillingness to entertain selling their Shares to a third party, the Board maintained
that the ability to respond to an unsolicited third party proposal remains an important condition in the merger agreement for
the Board to ensure that it had negotiated a term that maximized value for the shareholders unaffiliated with the Buyer Group.
There are two reasons for this. First, there is always the possibility that the Company may receive an unsolicited proposal that
exceeds the current consideration price. In such an event, even though the Buyer Group has indicated its unwillingness to sell
to a competing bidder, its adherence to this stance may change if the Buyer Group was presented with a significantly higher proposal.
Second, notwithstanding that the Board has determined the transaction to be fair to the shareholders unaffiliated with the Buyer
Group, by maintaining the ability to consider alternative proposals, which may come in at higher consideration prices, as part
of the merger agreement, the Board was further assured that it had negotiated a term that would maximize value for these shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
order to address any question raised by this issue, the Proxy Statement has been revised. Please refer to page 33 of the Revised
Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>8.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         quantify the &ldquo;costs of regulatory compliance&rdquo; for the Company.</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Proxy Statement has been revised. Please refer to the updated disclosure on page 32
of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>9.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         revise the disclosure to indicate why it is a procedural safeguard that, under the terms
                                         of the merger agreement, the Board has the ability to consider any proposal regarding
                                         a Competing Transaction reasonably likely to lead to a Superior Proposal, given the unwillingness
                                         of the Buyer Group to sell to a competing bidder.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">As
discussed in the response to comment 7, the Board respectfully submits to the Staff that the Board&rsquo;s ability to consider
any proposal regarding a Competing Transaction reasonably likely to lead to a Superior Proposal is an important condition for
the Board during the negotiation process for the Board to be assured that it had negotiated a term that maximized value for the
shareholders unaffiliated with the Buyer Group. The Company respectfully directs the Staff to its response for Comment 7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
order to address any question raised by this issue, the Proxy Statement has been revised. Please refer to page 33 of the Revised
Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>10.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>We
                                         note that the Board considered the purchase prices paid in previous purchases as described
                                         under the caption &ldquo;Transactions in the Shares and ADSs.&rdquo; Please elaborate
                                         on this analysis, including the fact that the Company paid $2.30 per ADS in the 2015
                                         tender offer.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Special Committee and the Board have confirmed that they considered the purchase prices
paid in previous purchases as described under the caption &ldquo;Transactions in the Shares and ADSs,&rdquo; including the price
of $2.30 per ADS paid in the 2015 tender offer, to be fair prices at the time and under the unique circumstances of those previous
purchases. Accordingly, the Proxy Statement has been revised to so convey. Please refer to the updated disclosure on page 34 of
the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>11.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>We
                                         note that the Board did not consider net book value in making its fairness determination.
                                         Please disclose the net book value.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Proxy Statement has been revised. Please refer to the updated disclosure on page 88
of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Position
of the Buyer Group as to the Fairness of the Merger, page 35</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>12.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         revise your disclosure to state unequivocally whether the Buyer Group reasonably believes
                                         that the Rule 13e-3 transaction is fair to unaffiliated security holders, rather than
                                         &ldquo;the Company and its shareholders (including those shareholders unaffiliated with
                                         the Buyer Group).&rdquo; See Item 1014(a) of Regulation M-A.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">To
the extent any statements were made by the Buyer Group as to the fairness of the merger, these statements have been amended to
reflect the Staff&rsquo;s comment. Please refer to the amendments to the section titled &ldquo;Position of the Buyer Group as
to the Fairness of the Merger&rdquo; on page 35 of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>13.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         revise to disclose the extent to which the Buyer Groups&rsquo; fairness determination
                                         was based on historical market prices. We do not believe that an analysis based on the
                                         30 days prior to the announcement of the transaction addresses this factor. See Instruction
                                         2 to Item 1014 of Regulation M-A.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">We
respectfully submit that the historical market prices were one of the many factors considered by the Buyer Group in arriving at
the Buyer Group&rsquo;s fairness determination; no relative weight had been assigned to any single factor. In order to address
any question raised by this issue, the Proxy Statement has been revised. Please refer to page 37 of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>14.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         revise your disclosure to clarify how the Company&rsquo;s ability to terminate the merger
                                         agreement in order to accept a Superior Proposal is an element of fairness, given the
                                         unwillingness of the Buyer Group to sell to a competing bidder.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">The
Company respectfully submits to the Staff that the Company&rsquo;s ability to terminate the merger agreement, notwithstanding
the unwillingness of the Buyer Group to sell to a competing bidder, is an important condition for the Board during the negotiation
process for the Board to be assured that it had negotiated a term that maximized value for the shareholders unaffiliated with
the Buyer Group. The Company respectfully directs the Staff to its response for Comment 7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
order to address any question raised by this issue, the Proxy Statement has been revised. Please refer to page 33 of the Revised
Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Certain
Financial Projections, page 37</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>15.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Disclosure
                                         appears to indicate that Company revised its projections in connection with this Rule
                                         13e-3 transaction. Please disclose all projections materially related to transaction,
                                         including without limitation those contained in the preliminary presentation by the financial
                                         advisor.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Proxy Statement has been revised. Please refer to the updated disclosure on page 38
of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Opinion
of the Independent Committee&rsquo;s Financial Advisor, page 38</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>16.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>We
                                         note that the financial advisor disclaims responsibility with respect to data, material,
                                         and other information used in its analysis. We note similar language in the opinion.
                                         Please revise to eliminate this disclaimer.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Company respectfully advises the Staff that its financial advisor has not prepared
the data, materials and other information provided by the Company in connection with its engagement. A financial advisor necessarily
relies upon truthfulness and accuracy of the various data, material and other information (e.g., the Company&rsquo;s historical
financial statements, financial projections, information received from discussions with the management of the Company) made available
to it for purposes of conducting financial analyses and opining on the fairness of the transaction. The Company has discussed
with the financial advisor that it is standard practice for a financial advisor to disclaim responsibility with respect to such
data, material and other information because, among other things, such data, material and other information were not created by
or originated from the financial advisor, and conducting independent verification of such information is beyond the financial
advisor&rsquo;s scope of engagement. Moreover, the engagement letter between the Company and the financial advisor expressly provides
that the financial advisor &ldquo;may rely, without independent verification, on the accuracy and completeness of all information
that is publicly available and of all information furnished by or on behalf of the Company and the Committee or otherwise reviewed
by, or discussed with,&rdquo; the financial advisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">As
further discussed in the response to Comment 17 below, the relationship between the Company and the financial advisor is one of
contract and the financial advisor has advised the Company that it is not aware of any applicable law, whether in the United States
or under the law of the Company&rsquo;s jurisdiction of organization, the Cayman Islands, that sets aside that basic premise.
See, e.g., <I>RBC Capital Markets v. Jervis</I>, 129 A.3d 816 (Del. 2015), f.n. 191; <I>Singh v. Attenborough, et al</I>. 137
A.3d 151 (Del. 2016). This disclaimer is also consistent with FINRA Rule 5150(a)(4), which requires the financial advisor to disclose
in the fairness opinion, among other thing, &ldquo;if any information that formed a substantial basis for the fairness opinion
that was supplied to [the financial advisor] by the company requesting the opinion concerning the companies that are parties to
the transaction has been independently verified by [the financial advisor].&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Based
on the foregoing, the Company respectfully submits that it and the financial advisor do not believe that elimination of this disclaimer
is warranted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>17.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>We
                                         note disclosure that the financial advisor&rsquo;s opinion should not be construed as
                                         creating any fiduciary duty on its part to investors. We note similar language in the
                                         opinion. We believe that this language is inconsistent with the balance of the disclosure
                                         addressing the fairness to shareholders of the proposed transaction from a financial
                                         perspective. Please revise.</I></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Company respectfully advises the Staff that its financial advisor is not prepared to
revise the disclaimer regarding absence of any fiduciary duty relationship. The Company notes that while the Board and the Special
Committee owe a fiduciary duty to the shareholders in connection with this going private transaction, and the financial advisor
has been retained by the Special Committee to opine on the fairness of this transaction, the scope of a financial advisor&rsquo;s
duties is contractual in nature and set forth in the engagement letter signed with the Company. Accordingly, the financial advisor
does not owe any fiduciary duty to the shareholders as no such duty was negotiated in connection with its engagement letter. Indeed,
the engagement letter expressly provides that the financial advisor &ldquo;is not acting as an agent or fiduciary of the Committee,
the Company, its security holders, creditors or any other constituents of the Company or any other person or entity in connection
with [its] engagement.&rdquo; The financial advisor has advised the Company that it is not aware of any applicable law or rule
that contradicts that basic result, whether in the United States or the Cayman Islands. The Staff&rsquo;s suggestion that a financial
advisor owes a fiduciary duty to public shareholders, where no such duty was negotiated, would in effect cast that financial advisor
in the role of &ldquo;gatekeeper&rdquo; to the transaction. In fact, the Delaware Supreme Court, in <I>RBC Capital Markets v.
Jervis,</I> 129 A.3d 816 (Del. 2015), expressly rejected the Delaware Chancery Court&rsquo;s characterization of the financial
advisor in M&amp;A transactions as a &ldquo;gatekeeper.&rdquo; In rejecting that characterization, the Delaware Supreme Court
stated that &ldquo;[t]he trial court&rsquo;s description does not adequately take into account the fact that the role of a financial
advisor is primarily contractual in nature, is typically negotiated between sophisticated parties, and can vary based upon a myriad
of factors.&rdquo; That footnote goes on to stress, among other things, that the engagement letter &ldquo;typically defines the
parameters of the financial advisor&rsquo;s relationship and responsibilities with its client.&rdquo; 129 A.3d at 866, f.n. 191.
See also <I>Singh v. Attenborough, et al.</I> 137 A.3d 151 (Del. 2016) (&ldquo;Delaware has provided advisors with a high degree
of insulation from liability by employing a defendant-friendly standard that requires plaintiffs to prove scienter and awards
advisors an effective immunity from due-care liability&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Based
on the foregoing, the Company respectfully submits that it and the financial advisor believe that the disclaimer regarding absence
of any fiduciary duty relationship is appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>18.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         disclose the results of the earlier liquidation analysis contained in the preliminary
                                         presentation, as well as those parts of the analysis which are material to understanding
                                         the differing results.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, relevant disclosure has been revised to clarify the results of the earlier liquidation
analysis in the preliminary presentation and the reasons for the differing results. Please refer to page 43 of the Revised Proxy
Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Other
Matters, page 44</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>19.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         disclose the portion of the fee which was paid upon execution of the engagement letter,
                                         the portion paid upon delivery of the opinion, and the portion which will become payable
                                         upon closing the merger.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Proxy Statement has been revised. Please refer to the updated disclosure on page 44
of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Alternatives
to the Merger, page 48</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>20.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         revise the disclosure in the final paragraph to indicate how the Special Committee took
                                         into account the possibility of a Superior Proposal, given the unwillingness of the Buyer
                                         Group to sell to a competing bidder.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">The
Company respectfully submits to the Staff that the Special Committee took into account the possibility of a Superior Proposal,
notwithstanding the unwillingness of the Buyer Group to sell to a competing bidder, in the same manner and for the same reasons
that the Company&rsquo;s ability to terminate the merger agreement, notwithstanding the unwillingness of the Buyer Group to sell
to a competing bidder, is an important condition for the Board during the negotiation process for the Board to be assured that
it had negotiated a term that maximized value for the shareholders unaffiliated with the Buyer Group. The Company respectfully
directs the Staff to its response for Comment 7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
order to address any question raised by this issue, the Proxy Statement has been revised. Please refer to page 48 of the Revised
Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Financial
Information, page 82</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>21.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         disclose the ratio of earnings to fixed charges. See Item 1010(c)(4) of Regulation M-A.</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Proxy Statement has been revised. Please refer to the updated disclosure on page 88
of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Purchases
by the Company, page 88</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>22.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         complete the chart for the past two years, and disclose the range of prices paid. See
                                         Item 1002(f) of Regulation M-A.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Proxy Statement has been revised. Please refer to the updated disclosure on page 89
of the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="color: Black"><B><U>Annex
D</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black"><B><I>23.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B><I>Please
                                         disclose telephone numbers for all filing persons. See Item 1003(a) of Regulation M-A.</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the Staff&rsquo;s comment, the Proxy Statement has been revised. Please refer to the updated disclosure in Annex D
to the Revised Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">Please
note that attached hereto as <U>Exhibit A</U> is the written acknowledgement by each of the Company, Parent, and the other members
of the Buyer Group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">The
Company appreciates the Staff&rsquo;s attention to the review of the filing. Should you have any questions relating to the foregoing
or wish to discuss any aspect of the proposed merger or the Company&rsquo;s filings, please contact the undersigned by phone at
+852 3189 7282 or by email at julian.lin@jonesday.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 60%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">/s/
    Julian Lin</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 20%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Julian
    Lin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Jones
    Day</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: center; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #333333"><FONT STYLE="color: Black"><B><U>EXHIBIT
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: center; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white; color: #333333"><FONT STYLE="color: Black"><B>ACKNOWLEDGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: Black">In
response to the comments of the staff (the &ldquo;<B><I>Staff</I></B>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
contained in its letter dated September 27, 2016 with respect to the Schedule 13E-3, File No. 005-81375 (the &ldquo;<B><I>Schedule
13E-3</I></B>&rdquo;), filed on September 19, 2016 by the Company and the other filing persons named therein, the undersigned
hereby acknowledges that in connection with Amendment No. 1 to Schedule 13E-3 filed concurrently with the submission of this response,
as well as any subsequent amendment thereto filed with the Commission:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 28.35pt; text-indent: 30.55pt; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">the
                                         filing person is responsible for the adequacy and accuracy of the disclosure in the filings;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 28.35pt; text-indent: 30.55pt; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Staff
                                         comments or changes to disclosure in response to Staff comments do not foreclose the
                                         Commission from taking any action with respect to the filings; and</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 28.35pt; text-indent: 30.55pt; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">the
                                         filing person may not assert Staff comments as a defense in any proceeding initiated
                                         by the Commission or any person under the federal securities laws of the United States.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: Black">Dated as of October 5, 2016</FONT></TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #333333">&nbsp;</P>
                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #333333">&nbsp;</P>
                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #333333"></P>
                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #333333"><FONT STYLE="color: Black"><B>Actions
        Semiconductor Co. Ltd</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 10pt; color: Black">By:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Yu-Hsin, LIN</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Yu-Hsin (Casper), Lin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Chairman of the Special&nbsp;Committee</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Supernova Investment Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/
    Hsuan-Wen, CHEN</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Hsuan-Wen (Niccolo), Chen </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Starman Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Hsuan-Wen,
    CHEN</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Hsuan-Wen (Niccolo), Chen </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;<B>Surrey Glory Investments
    Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Yung Sen,
    CHANG</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Yung Sen, Chang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Tongtong Investment Holding Co.,
    Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Yung-Chin,
    LEE</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Yung-Chin, Lee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Perfectech Int&rsquo;l Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Lewis Chi-Tak,
    LO</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Lewis Chi-Tak, Lo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Allpremier Investment Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 10pt; color: Black">By:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt; width: 35%"><FONT STYLE="font-size: 10pt; color: Black">/s/ Yingna,
    MA</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Yingna, MA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Octovest International Holding
    Co., Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ I-Ming,
    PAN</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: I-Ming, Pan (aka Robin Pan)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Ventus Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Hsin, TANG</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Hsin, Tang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Middlesex Holdings Corporation
    Inc</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Yung-Chieh,
    LIN</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Yung-Chieh, Lin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Rich Dragon Consultants Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Jr-Neng,
    CHANG</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Jr-Neng, Chang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Nutronics Technology Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Fu Chi,
    LEE</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Fu Chi, Lee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Uniglobe Securities Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Chun Mei
    CHEN De Chang</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Chun Mei Chen De Chang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>New Essential Holdings Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Sui Gin,
    CHANG</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Sui Gin, Chang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Embona Holdings (Malaysia) Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Chia-Wen,
    YEH</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Chia-Wen, Yeh</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Suffolk Dragon Ventures Ltd</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 10pt; color: Black">By:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt; width: 35%"><FONT STYLE="font-size: 10pt; color: Black">/s/ Shu-Lin,
    CHEN</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Shu-Lin, Chen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; color: Black"><B>Top Best Development Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: Black">/s/ Li-Li, YEH
    HSU</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Name: Li-Li, Yeh Hsu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">Title: Sole Director</FONT></TD></TR>
</TABLE>
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