CLEARY GOTTLIEB STEEN & HAMILTON LLP
| WASHINGTON, D.C. PARIS BRUSSELS LONDON FRANKFURT COLOGNE MOSCOW |
One Liberty Plaza New York, NY 10006-1470 T: +1 212 225 2000 F: +1 212 225 3999
clearygottlieb.com
D: +852 2532 3783 szhao@cgsh.com |
ROME MILAN HONG KONG BEIJING BUENOS AIRES SÃO PAULO ABU DHABI SEOUL |
November 22, 2017
VIA EDGAR AND OVERNIGHT COURIER
Barbara C. Jacobs
Assistant Director
Office of Information Technologies and Services
Division of Corporation Finance
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549-7561
| Re: | iClick Interactive Asia Group Limited Amendment No. 1 to Registration Statement on Form F-1 (File No: 333-221034) CIK No. 0001697818 |
Dear Ms. Jacobs:
On behalf of our client, iClick Interactive Asia Group Limited, a company organized under the laws of the Cayman Islands (the “Company”), we are filing herewith the Amendment No. 1 to the Company’s registration statement on Form F-1 (the “Registration Statement”) via EDGAR to the Securities and Exchange Commission (the “Commission”). To facilitate your review, we have separately delivered to you today four courtesy copies of the Registration Statement, marked to show changes to the registration statement publicly filed with the Commission on October 20, 2017.
The Company has also updated the reconciliation of gross billing, net revenues, rebates, incentives, and cost of revenues by specified–action model, cost-plus model and sales agency model with the nine months ended September 30, 2017 financials. The reconciliation table is attached hereto as Annex A. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Registration Statement.
Cleary Gottlieb Steen & Hamilton LLP or an affiliated entity has an office in each of the cities listed above.
Securities and Exchange Commission
November 22, 2017
Page 2 of 4
The Company expects to file an amendment to the Registration Statement containing the estimated price range and offering size and launch the road show on or around November 30, 2017 and would appreciate the Staff’s prompt feedbacks to this filing.
* * * *
Securities and Exchange Commission
November 22, 2017
Page 3 of 4
Should you have any questions about the responses contained herein, please contact the undersigned by phone at +852-2532-3783 or via e-mail at szhao@cgsh.com.
| Very truly yours, | ||
| CLEARY GOTTLIEB STEEN & HAMILTON LLP | ||
| By: | /s/ Shuang Zhao | |
| Shuang ZHAO, a Partner | ||
| cc: | Sammy Hsieh, Chairman and Chief Executive Officer, iClick Interactive Asia Group Limited |
| Jill Jiao, Chief Financial Officer, iClick Interactive Asia Group Limited |
| Shuang Zhao, Esq., Partner, Cleary Gottlieb Steen & Hamilton LLP |
| James C. Lin, Esq., Partner, Davis Polk & Wardwell LLP |
| Wilson Chow, Partner, PricewaterhouseCoopers |
Securities and Exchange Commission
November 22, 2017
Page 4 of 4
Annex A
| Specified-Actions | Cost-Plus | Sales Agent | ||||||||||||||||||||||||||||||||||||||||||||||
| Years Ended December 31, | Nine Months Ended September 30, |
Years Ended December 31, | Nine Months Ended September 30, |
Years Ended December 31, | Nine Months Ended September 30, |
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| 2015 | 2016 | 2016 | 2017 | 2015 | 2016 | 2016 | 2017 | 2015 | 2016 | 2016 | 2017 | |||||||||||||||||||||||||||||||||||||
| Gross billings from marketers |
42,716 | 80,449 | 57,730 | 82,035 | 120,380 | 131,097 | 101,601 | 67,610 | 35,142 | 45,400 | 35,610 | 28,867 | ||||||||||||||||||||||||||||||||||||
| Rebates to marketers |
(4,032 | ) | (8,394 | ) | (5,476 | ) | (9,575 | ) | (13,733 | ) | (9,731 | ) | (7,243 | ) | (5,243 | ) | — | — | — | — | ||||||||||||||||||||||||||||
| Gross media cost to publishers |
— | — | — | — | (111,617 | ) | (121,273 | ) | (94,944 | ) | (62,977 | ) | (35,142 | ) | (45,400 | ) | (35,610 | ) | (28,867 | ) | ||||||||||||||||||||||||||||
| Rebates from publishers |
— | — | — | — | 24,430 | 15,285 | 11,710 | 7,636 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Incentives from the publisher |
— | — | — | — | — | — | — | — | 7,098 | 7,924 | 6,595 | 6,011 | ||||||||||||||||||||||||||||||||||||
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| Net revenues |
38,684 | 72,055 | 52,254 | 72,460 | 19,460 | 15,378 | 11,124 | 7,026 | 7,098 | 7,924 | 6,595 | 6,011 | ||||||||||||||||||||||||||||||||||||
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| Included as cost of revenues: |
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| Gross media cost to publishers |
(29,471 | ) | (59,914 | ) | (43,286 | ) | (71,782 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Rebates from publishers |
531 | 6,037 | 3,832 | 11,286 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Rebates to marketers |
— | — | — | — | — | — | — | — | (3,291 | ) | (2,568 | ) | (1,943 | ) | (1,840 | ) | ||||||||||||||||||||||||||||||||