Company: ZLAB
Filing Date: 2025-04-18
Form Type: CORRESP
Source: 0001628280-25-018396
Chunk: 1

Company: Zai Lab Ltd
Filing Date: 2025-04-18
Form: CORRESP
Chunk 1
---
 exert control over operations of your business, which could result in a material change in your operations and/or the value of your securities. We remind you that, pursuant to federal securities rules, the term “control” (including the terms “controlling,” “controlled by,” and “under common control with”) as defined in Securities Act Rule 405 means “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.” We do not believe that your revised disclosure conveys the same risk. In future filings, please restore your disclosures in these areas to the disclosures as they existed in prior filings. For example, and without limitation, we note that your disclosure in your Annual Report on Form 10-K does not (i) state that the PRC government may intervene in or influence your operations at any time; (ii) explain how cash is transferred through your organization; and (iii) discuss the regulatory systems affecting your business in China.

Response:

The Company acknowledges the Staff’s comment. With respect to risks arising from the potential that the PRC government may intervene in or influence the Company’s operations at any time, the Company respectfully submits that it will make the following updates in its future disclosures on Form 10-K in response (together with such additional updates that the Company deems appropriate due to the passage of time or changing circumstances):

The Chinese government may intervene in or influence our business, which could result in a material change in our operations, strategy, research and development activities, commercial activities, business, financial condition, results of operations,

#### and

#### prospects

#### , and the value of our securities
#### .

The Chinese government has significant oversight and discretion over the conduct of our business and may intervene or influence our operations

#### at any time
as the government deems appropriate to further regulatory, political, and societal goals. The Chinese government has published policies that significantly affect certain industries, such as the education and internet industries, and it may in the future release regulations or policies regarding the life sciences industry that could require us to seek permission from Chinese authorities to continue to operate our business or that may affect our strategy, research and development activities, or commercial activities, which may adversely affect our business, financial condition, results of operations,

#### and
prospects , and the value of our securities, including potentially making those securities worthless . Furthermore, recent

Page 3

statements made by the Chinese government