CORRESP 1 filename1.htm

 

   

Baker & McKenzie LLP

 

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May 29, 2025

 

 

 

Tonya Aldave

Todd Schiffman

 

Division of Corporation Finance

Office of Finance

U.S. Securities and Exchange Commission

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Washington, D.C. 20549

 

 

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Advogados

  Re:

Cheche Group Inc. (CIK No. 0001965473)

Response to the Staff’s Comments on

Registration Statement on Form F-3

Filed May 6, 2025

File No. 333-287000

 

Ladies and Gentlemen,

 

On behalf of our client, Cheche Group Inc., a foreign private issuer incorporated under the laws of the Cayman Islands (the “Company”), we are hereby submitting to the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) this letter setting forth the Company’s responses to the comments contained in the Staff’s letter dated May 22, 2025 on the Company’s Registration Statement on Form F-3 filed on May 6, 2025 (the “Registration Statement”). Concurrently with the submission of this letter, the Company is filing its Amendment No. 1 to the Registration Statement (the “Amendment No. 1”) via EDGAR to the Commission. To facilitate your review, we have separately sent to you via email today a copy of the Amendment No. 1, marked to show changes to the Registration Statement, and will, upon your request, deliver paper copies of the same to you.

 

The Staff’s comments are repeated below in bold and are followed by the Company’s responses. We have included page references in the Amendment No. 1 where the language addressing a particular comment appears. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Amendment No. 1.

 

 

 

 

 

Beijing

Suite 3401, China World Office 2

China World Trade Centre

1 Jianguomenwai Dajie

Beijing 100004

People’s Republic of China

Tel: +86 10 6535 3800

Fax: +86 10 6505 2309

Hong Kong

14th Floor, One Taikoo Place

979 King’s Road, Quarry Bay

Hong Kong SAR

People’s Republic of China

Tel: +852 2846 1888

Fax: +852 2845 0476

Shanghai

Unit 1601, Jin Mao Tower

88 Century Avenue

Pudong, Shanghai 200121

People’s Republic of China

Tel: +86 21 6105 8558

Fax: +86 21 5047 0020

 

  Registered foreign lawyers not admitted to practice in the PRC.
   
  Baker & McKenzie LLP is a member of Baker & McKenzie International.

 

 

 

 

 

Post-Effective Amendment No. 2 to Form F-1 on Form F-3

General

 

1. We note your disclosure that the “PRC government has significant oversight and discretion over the conduct of [your] business and may intervene with or influence [your] operations as the government deems appropriate to further regulatory, political and societal goals.” Please remove the phrase “to further regulatory, political and societal goals.”

 

Response: In response to the Staff’s comment, the Company has revised the disclosure on the cover page of the Amendment No. 1 to remove the phrase “to further regulatory, political and societal goals.”

 

2. Please revise the first bullet point in this section to disclose the risks that your corporate structure and being based in or having the majority of the company’s operations in China poses to investors. In particular, describe the significant regulatory, liquidity, and enforcement risks. For example, specifically discuss risks arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and that rules and regulations in China can change quickly with little advance notice; and the risk that the Chinese government may intervene or influence your operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in your operations and/or the value of the securities you are registering for sale. Acknowledge any risks that any actions by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers could significantly limit or completely hinder your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

 

Response: In response to the Staff’s comment, the Company has revised the disclosure on page 11 of the Amendment No. 1.

 

3. Please revise the second paragraph in the first bullet point in this section to disclose each permission or approval that you, your subsidiaries, or the VIEs are required to obtain from Chinese authorities to operate your business and to offer the securities being registered to foreign investors. State whether you, your subsidiaries, or VIEs are covered by permissions requirements from the China Securities Regulatory Commission (CSRC), Cyberspace Administration of China (CAC) or any other governmental agency that is required to approve the VIE’s operations, and state affirmatively whether you have received all requisite permissions or approvals and whether any permissions or approvals have been denied. Please also describe the consequences to you and your investors if you, your subsidiaries, or the VIEs: (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and you are required to obtain such permissions or approvals in the future.

 

Response: In response to the Staff’s comment, the Company has revised the disclosure on page 12 of the Amendment No. 1.

 

4. Please revise the second bullet point to disclose that trading in your securities may be prohibited under the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023, and related regulations if the PCAOB determines that it cannot inspect or investigate completely your auditor for a period of two consecutive years, and that as a result an exchange may determine to delist your securities.

 

Response: In response to the Staff’s comment, the Company has revised the disclosure on page 13 of the Amendment No. 1.

 

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If you have any questions regarding the Revised Draft Registration Statement, please contact Mr. K. Ronnie Li at Baker & McKenzie LLP by telephone at +86 138 1033 4784 or via e-mail at Ronnie.Li@bakermckenziefenxun.com, or the undersigned by telephone at +852 2846 1016 or via e-mail at Dan.Ouyang@bakermckenzie.com.

 

  Very truly yours,
   
  /s/ Dan Ouyang
  Dan Ouyang

 

Enclosures

 

cc:

 

Lei Zhang, Chairman and Chief Executive Officer, Cheche Group Inc.

K. Ronnie Li, Esq., Baker & McKenzie LLP

 

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