Company: OSRH
Filing Date: 2025-01-23
Form Type: CORRESP
Source: 0001213900-25-006143
Chunk: 6

Company: OSR Holdings, Inc.
Filing Date: 2025-01-23
Form: CORRESP
Chunk 6
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 and (d) provides, in pertinent
part, that securities held by bidder shall be excluded from the calculation of U.S. Holders.

January 23, 2025

Page 5of 5

Further, pursuant to Question
101.06 of the Division of Corporation Finance’s Tender Offer Rules and Schedules Compliance and Disclosure Interpretations, bidder
status, or who is considered a bidder, is a question that is determined by the particular facts and circumstances of each transaction
and requires consideration of the parent’s or control person’s role in the tender offer, including the following non-exclusive
factors:

| ● | Did the person play a significant role in initiating, structuring, 
 and negotiating the tender offer?                                  |

| ● | Is the person acting together with the named bidder? |

| ● | To what extent did or does the person control the terms of 
 the offer?                                                 |

| ● | Is the person providing financing for the tender offer, or 
 playing a primary role in obtaining financing?             |

| ● | Does the person control the named bidder, directly or indirectly? |

| ● | Did the person form the nominal bidder, or cause it to be 
 formed?, and                                              |

| ● | Would the person beneficially own the securities purchased                   
 by the named bidder in the tender offer or the assets of the target company? |

Under this analysis, the OSR Holdings
shares held by BCM should be deemed to be held by the bidder and excluded from the calculation of the number of U.S. Holders for purposes
of application of the tender offer rules. BCM (i) is acting together with the named bidder (i.e. the Company) by virtue of its control
over the Company as the ultimate beneficial owner of a majority of the Company’s outstanding shares, (ii) has played a primary role
in obtaining financing for the tender offer (both by negotiating financing transactions and providing direct funding for the transaction
through Sponsor and other affiliates), (iii) controls the Company (as the ultimate beneficial owner of a majority of the Company’s
outstanding shares), (iv) formed the Company through its wholly-owned subsidiary, the Company’s Sponsor, and (v) will own, indirectly,
following consummation of the Business Combination, a significant majority of the outstanding shares of the Company.

Based on the foregoing, we believe
that BCM and its wholly-owned affiliate, BCM Europe AG, are each a “bidder” for purposes of calculating the level of ownership
of U.S