Company: OSRH
Filing Date: 2025-01-23
Form Type: CORRESP
Source: 0001213900-25-006143
Chunk: 5

Company: OSR Holdings, Inc.
Filing Date: 2025-01-23
Form: CORRESP
Chunk 5
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the Exchange Act as described below.

Pursuant to Rule 14d-1(c) of
the Exchange Act, a tender offer for the securities of a foreign private issuer is exempt from the requirements of Section 14(d)(1)
through (d)(7) of the Exchange Act, Regulation 14D and Schedule TO and Schedule 14D-9 thereunder, and Section 14e-1 and Section 14e-2 of
Regulation 14E of the Exchange Act if, among other things, U.S. holders do not hold more than 10% of the class of securities sought in
the offer (such exemption, the “Tier I exemption”). In order to determine the applicability of the Tier I exemption,
Instruction 2 to Rule 14d-1(c) and (d) provides that the U.S. ownership of the class of securities sought in the offer
be calculated as of a date no more than 60 days before and no more than 30 days after the public announcement of the tender offer and,
if such calculation is unable to be made during such time frame, the calculation may be made as of the most recent practicable date before
public announcement, but in no event earlier than 120 days before the public announcement.

We advise the Staff that the parties
announced the proposed transaction through a joint press release on July 11, 2023, and OSR Holdings prepared an analysis of its shareholder
base as of such date (which analysis remains substantially the same as of the date hereof). In connection with the aforesaid analysis,
OSR Holdings reviewed its share register, which, among other things, sets forth the identity and other information of the record holders
of OSR Holdings shares. As of July 11, 2023, OSR Holdings had 40 shareholders (and presently has 68 shareholders), all of which hold their
shares directly (i.e., not through a broker or intermediary), and OSR Holdings maintains information about the record and beneficial owners.
Of particular note, as of July 11, 2023, and at all times through the date hereof, OSR Holdings has just two U.S. Holders, one of which
is Bellevue Capital Management, LLC (“BCM”), the sole member of the Company’s Sponsor.

For purposes of calculating the
level of ownership of U.S. Holders in OSR Holdings, we note that Instruction 2 to Rule 14d-1(c)