Company: OSRH
Filing Date: 2025-01-23
Form Type: CORRESP
Source: 0001213900-25-006143
Chunk: 4

Company: OSR Holdings, Inc.
Filing Date: 2025-01-23
Form: CORRESP
Chunk 4
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 including on page 252 of the Form S-4.

January 23, 2025

Page 4of 5

| 9. | We reference your response to prior comment 16 that the financial                                                                             
 impact from not recording acquisition related expenses related to Darnatein during the three-month period from April 1, 2023 to June          
 30, 2023 was also concluded to be immaterial, including the amortization of the patent technology intangible asset, which was calculated      
 to be approximately $900,000 for that period. Please provide us with your materiality analysis in concluding that the impact is not material. |

Response: The Company acknowledges
the Staff’s comment and respectfully advises that OSR Holdings applied KRW 2,800,000,000 (or approximately USD $2,100,000) as the
materiality for its consolidated financial statements as of and for the year ended December 31, 2023, which represented approximately
0.98% and 1.19% of its total asset and equity balances as of December 31, 2023, respectively. The Company further advises that as an early-stage
company with relatively small revenue and limited activities, OSR Holdings historically deemed its investors primary focus to be on its
balance sheets rather than on its statements of operations, and thus the materiality was derived primarily from its balance sheet. Based
on this calculated materiality as well as considering various qualitative factors, OSR Holdings, along with its independent auditors,
concluded that the financial impact from not recording acquisition related expense for the Darnatein acquisition during the three month
period from April 1, 2023 to June 30, 2023 was immaterial.

| 10. | We note your response to comment 19, but we are not persuaded                                                                          
 by your response. Please provide us with additional legal analysis regarding the applicability of the tender offer rules to this offer 
 to OSR Holdings shareholders, including any available exemptions.                                                                      |

Response: We acknowledge the Staff’s
comment and respectfully advise that for purposes of discussion and assuming that the tender offer rules do apply to the Business Combination,
based on the beneficial ownership of U.S. holders (as defined in Rule 800(h) under the Securities Act, “U.S. Holders”)
of OSR Holdings, we confirm that the Business Combination qualifies for the Tier I exemption (as defined below) provided in Rule 14d-1(c) of