# EDGAR Filing Document

**Accession Number:** 0001640251
**File Stem:** 0000000000-23-003046
**Filing Date:** 2023-3
**Character Count:** 16989
**Document Hash:** 98134acb6278330f752ac167d249c53f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-003046.hdr.sgml**: 20231121

**ACCESSION NUMBER**: 0000000000-23-003046

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230327

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wins Finance Holdings Inc.
- **CENTRAL INDEX KEY:** 0001640251
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 1177 AVENUE OF THE AMERICAS
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 86 (10) 8225-5118

**MAIL ADDRESS:**
- **STREET 1:** 1177 AVENUE OF THE AMERICAS
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001104659-21-131808

## Text-Extract

```

United States securities and exchange commission logo

                            March 27, 2023

       Renhui Mu
       Chairman and Chief Executive Officer
       Wins Finance Holdings Inc.
       1F, Building 1B
       No. 58 Jianguo Road, Chaoyang District
       Beijing 100024, Peoples Republic of China

                                                        Re: Wins Finance
Holdings Inc.
                                                            Form 20-F for
Fiscal Year Ended June 30, 2021
                                                            Filed October 29,
2021
                                                            Form 20-F for
Fiscal Year Ended June 30, 2022
                                                            Filed November 4,
2022
                                                            File No. 333-204074

       Dear Renhui Mu:

              We have reviewed your February 2, 2023 response to our comment
letter and have the
       following comments. In some of our comments, we may ask you to provide
us with information
       so we may better understand your disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

              After reviewing your response to these comments, we may have
additional
       comments. Unless we note otherwise, our references to prior comments are
to comments in our
       January 18, 2023 letter.

       Form 20-F for Fiscal Year Ended June 30, 2022

       Overview, page 38

   1.                                                   We note that you
recognized a $175.4 million investment loss during the fiscal year ended
                                                        June 30, 2021, which
you disclose on page 39 was due to the disposal of Jinchen
                                                        Agriculture and
Dongsheng Guarantee. In light of the fact that you lost control of these
                                                        subsidiaries on June 9,
2020 when the Changzhi Public Security Bureau enforced a
                                                        judgement against
Jinchen Agriculture and its subsidiary, Dongsheng Guarantee, please
                                                        explain how you
concluded this investment loss was appropriately reflected during the
                                                        fiscal year ended June
30, 2021 instead of during the fiscal year ended June 30, 2020. As
 Renhui Mu
FirstName  LastNameRenhui
Wins Finance  Holdings Inc. Mu
Comapany
March      NameWins Finance Holdings Inc.
       27, 2023
March2 27, 2023 Page 2
Page
FirstName LastName
         part of your response, please refer to the accounting guidance you
considered in reaching
         your conclusion.
Report of Independent Registered Public Accounting Firm, page F-2

2.       We note your response to comment 2. Please address the following:
             You state that the Consolidated Statements of Income and
Comprehensive Income
            and Consolidated Statements of Cash Flows did not include financial
information
            about the discontinued operations for the subsidiaries without
control for the fiscal
            year ended June 30, 2020. However, you also state that therefore
the company
            financial statements for the fiscal year of June 30, 2020 were in
compliance with
            audit requirements. Provide us with a fulsome response explaining
how you believe
            the June 30, 2020 financial statements could be in compliance with
audit
            requirements when they exclude the subsidiaries without control.
             You state that the Consolidated Statements of Income and
Comprehensive Income
            and Consolidated Statements of Cash Flows did not include financial
information
            about the discontinued operations for the subsidiaries without
control for the fiscal
            year ended June 30, 2020. Please explain whether this means that no
activity (for
            example, revenues, expenses, operating cash flows, etc.) was
included in the
            Consolidated Statements of Income and Comprehensive Income and
Consolidated
            Statements of Cash Flows for the subsidiaries without control. If
it does mean that no
            activity for these subsidiaries without control were included in
the June 30, 2020
            financial statements, please tell us why the audit report for the
fiscal year ended June
            30, 2020 has not been qualified.
             You state that the June 30, 2020 financial statements were in
compliance with audit
            requirements. Please explain how the financial statements for the
fiscal year ended
            June 30, 2020 could be in compliance with audit requirements when
the amounts
            have not changed from the June 30, 2020 financial statements filed
in both your
            Forms 20-F for fiscal years ended June 30, 2021 and June 30, 2020,
and for which
            you had a qualified audit report on the financial statements for
the fiscal year ended
            June 30, 2020 in both Form 20-F filings.
             In the audit report from Audit Alliance LLP ("Audit Alliance")
dated November 12,
            2020 included in your fiscal year June 30, 2020 Form 20-F, Audit
Alliance includes a
            statement that    we were unable to carry out any audit procedures
or to obtain
            information we considered necessary during our audit of the
financial statements of
            the subsidiaries without control stated on the face of the balance
sheet of the
            Company classified as disposal group. Therefore, we could not
determine the effect
            of adjustments, if any, on the financial position of Company as at
June 30 2020 or on
            its financial performance and cash flows for the year then ended."
Please explain in
            detail the additional audit procedures that Audit Alliance has
performed subsequent
            to November 12, 2020 to no longer have a qualified audit report on
the financial
            statements for the fiscal year ended June 30, 2020. As part of your
response, please
            explain when those audit procedures were conducted.
 Renhui Mu
Wins Finance Holdings Inc.
March 27, 2023
Page 3
                In the audit report from Audit Alliance dated November 12, 2020
on the consolidated
              financial statements for the fiscal year ended June 30, 2020,
Audit Alliance includes a
              statement that    we also did not receive disclosure from
management of subsidiaries
              without control regarding the results of their assessment of the
risk that the financial
              statements may be materially misstated as a result of fraud.
Accordingly, we could
              not obtain assurance over the completeness of any allegations of
fraud, or suspected
              fraud, affecting the Company   s financial statements as
communicated by employees,
              former employees, analysts, regulators or others. Management of
subsidiaries without
              control is unable to acknowledge their responsibilities for the
design, implementation
              and maintenance of accounting and internal control systems that
are designed to
              prevent and detect fraud and error, the objectives of which are
to provide us with
              reasonable, but not absolute, assurance that assets are
safeguarded against loss from
              unauthorized use or disposition and that transactions are
executed as authorized."
              Please explain in detail the additional disclosures that Audit
Alliance has received
              from management of subsidiaries without control to no longer have
this qualification
              in the audit report on the financial statements for the fiscal
year ended June 30, 2020
              included in your current Form 20-F for the fiscal year ended June
30, 2022. As part
              of your response, please explain when Audit Alliance obtained
this information from
              management and explain how Audit Alliance evaluated and audited
the additional
              information received.

       You may contact John Spitz, Staff Accountant, at (202) 551-3484 or
Benjamin Phippen,
Staff Accountant, at (202) 551-3697 with any other questions.

FirstName LastNameRenhui Mu                                    Sincerely,
Comapany NameWins Finance Holdings Inc.
                                                               Division of
Corporation Finance
March 27, 2023 Page 3                                          Office of
Finance
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

March 27, 2023

Renhui Mu  
Chairman and Chief Executive Officer  
Wins Finance Holdings Inc.  
1F, Building 1B  
No. 58 Jianguo Road, Chaoyang District  
Beijing 100024, Peoples Republic of China

**Re: Wins Finance Holdings Inc.**  
**Form 20-F for Fiscal Year Ended June 30, 2021**  
**Filed October 29, 2021**  
**Form 20-F for Fiscal Year Ended June 30, 2022**  
**Filed November 4, 2022**  
**File No. 333-204074**

Dear Renhui Mu:

We have reviewed your February 2, 2023 response to our comment letter and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our January 18, 2023 letter.

Form 20-F for Fiscal Year Ended June 30, 2022

Overview, page 38

1. We note that you recognized a $175.4 million investment loss during the fiscal year ended June 30, 2021, which you disclose on page 39 was due to the disposal of Jinchen Agriculture and Dongsheng Guarantee. In light of the fact that you lost control of these subsidiaries on June 9, 2020 when the Changzhi Public Security Bureau enforced a judgement against Jinchen Agriculture and its subsidiary, Dongsheng Guarantee, please explain how you concluded this investment loss was appropriately reflected during the fiscal year ended June 30, 2021 instead of during the fiscal year ended June 30, 2020. As

Renhui Mu
Wins Finance Holdings Inc.
March 27, 2023
Page 2

part of your response, please refer to the accounting guidance you considered in reaching your conclusion.

Report of Independent Registered Public Accounting Firm, page F-2

2. We note your response to comment 2. Please address the following:
- You state that the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Cash Flows did not include financial information about the discontinued operations for the subsidiaries without control for the fiscal year ended June 30, 2020. However, you also state that therefore the company financial statements for the fiscal year of June 30, 2020 were in compliance with audit requirements. Provide us with a fulsome response explaining how you believe the June 30, 2020 financial statements could be in compliance with audit requirements when they exclude the subsidiaries without control.
- You state that the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Cash Flows did not include financial information about the discontinued operations for the subsidiaries without control for the fiscal year ended June 30, 2020. Please explain whether this means that no activity (for example, revenues, expenses, operating cash flows, etc.) was included in the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Cash Flows for the subsidiaries without control. If it does mean that no activity for these subsidiaries without control were included in the June 30, 2020 financial statements, please tell us why the audit report for the fiscal year ended June 30, 2020 has not been qualified.
- You state that the June 30, 2020 financial statements were in compliance with audit requirements. Please explain how the financial statements for the fiscal year ended June 30, 2020 could be in compliance with audit requirements when the amounts have not changed from the June 30, 2020 financial statements filed in both your Forms 20-F for fiscal years ended June 30, 2021 and June 30, 2020, and for which you had a qualified audit report on the financial statements for the fiscal year ended June 30, 2020 in both Form 20-F filings.
- In the audit report from Audit Alliance LLP ("Audit Alliance") dated November 12, 2020 included in your fiscal year June 30, 2020 Form 20-F, Audit Alliance includes a statement that "we were unable to carry out any audit procedures or to obtain information we considered necessary during our audit of the financial statements of the subsidiaries without control stated on the face of the balance sheet of the Company classified as disposal group. Therefore, we could not determine the effect of adjustments, if any, on the financial position of Company as at June 30 2020 or on its financial performance and cash flows for the year then ended." Please explain in detail the additional audit procedures that Audit Alliance has performed subsequent to November 12, 2020 to no longer have a qualified audit report on the financial statements for the fiscal year ended June 30, 2020. As part of your response, please explain when those audit procedures were conducted.

Renhui Mu  
Wins Finance Holdings Inc.  
March 27, 2023  
Page 3

- In the audit report from Audit Alliance dated November 12, 2020 on the consolidated financial statements for the fiscal year ended June 30, 2020, Audit Alliance includes a statement that “we also did not receive disclosure from management of subsidiaries without control regarding the results of their assessment of the risk that the financial statements may be materially misstated as a result of fraud. Accordingly, we could not obtain assurance over the completeness of any allegations of fraud, or suspected fraud, affecting the Company’s financial statements as communicated by employees, former employees, analysts, regulators or others. Management of subsidiaries without control is unable to acknowledge their responsibilities for the design, implementation and maintenance of accounting and internal control systems that are designed to prevent and detect fraud and error, the objectives of which are to provide us with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed as authorized.” Please explain in detail the additional disclosures that Audit Alliance has received from management of subsidiaries without control to no longer have this qualification in the audit report on the financial statements for the fiscal year ended June 30, 2020 included in your current Form 20-F for the fiscal year ended June 30, 2022. As part of your response, please explain when Audit Alliance obtained this information from management and explain how Audit Alliance evaluated and audited the additional information received.

You may contact John Spitz, Staff Accountant, at (202) 551-3484 or Benjamin Phippen, Staff Accountant, at (202) 551-3697 with any other questions.

Sincerely,

Division of Corporation Finance Office of Finance