# EDGAR Filing Document

**Accession Number:** 0002043392
**File Stem:** 0000000000-25-006087
**Filing Date:** 2025-6
**Character Count:** 10524
**Document Hash:** cc8a34216289408292afec86ba7d070d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006087.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0000000000-25-006087

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250610

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIBO HOLDING Ltd
- **CENTRAL INDEX KEY:** 0002043392
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 999999999
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-07811

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 3210, 32/F, CHAMPION TOWER
- **STREET 2:** 3 GARDEN ROAD, CENTRAL
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 999077
- **BUSINESS PHONE:** 852 3980 6200

**MAIL ADDRESS:**
- **STREET 1:** SUITE 3210, 32/F, CHAMPION TOWER
- **STREET 2:** 3 GARDEN ROAD, CENTRAL
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 999077
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001013762-25-001778

## Text-Extract

```

                                                            June 10, 2025

Ju Liu
Chairman of the Board
Sibo Holding Limited
Suite 3210, 32/F, Champion Tower
3 Garden Road, Central
Hong Kong

       Re: Sibo Holding Limited
           Amendment No. 1 to
           Draft Registration Statement on Form F-1
           Submitted May 27, 2025
           CIK No. 0002043392
Dear Ju Liu:

     We have reviewed your amended draft registration statement and have the
following
comments.

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments. Unless we note otherwise, any references to prior comments are to
comments in
our April 21, 2025 letter.

Amendment No. 1 to Draft Registration Statement on Form F-1
Commonly Used Defined Terms, page ii

1.     We note your response to prior comment 3 and your revised definition of
"PRC Laws
       and regulations" or "PRC laws." Please revise further to refer to "PRC
laws and
       regulations," not "laws and regulations of Mainland China" in this
definition and
       throughout the filing. In addition, either tell us where in the
prospectus you describe
       Hong Kong laws applicable to you, or remove the last part of the
definition starting
       with "in which case the definition of 'PRC laws and regulations' or 'PRC
laws' does
 June 10, 2025
Page 2

       not include Hong Kong or Macau."
Prospectus Summary
Summary of Risk Factors
Risks Related to Doing Business in Jurisdictions We Operate, page 4

2.     We note your response to prior comment 6. Please revise your disclosure
here to
       describe the significant regulatory, liquidity, and enforcement risks
you are subject to
       due to your operations in Hong Kong. For example, specifically discuss
risks arising
       from the legal system in China, including risks and uncertainties
regarding the
       enforcement of laws and that rules and regulations in China can change
quickly with
       little advance notice. Further, disclose that the Chinese government may
exert more
       control over offerings conducted overseas and/or foreign investment in
China-based
       issuers, which could result in a material change in your operations
and/or the value of
       the securities you are registering for sales.
Risk Factors
Substantially all our operations are in Hong Kong, page 29

3.     We note your response to our prior comment 13 and your revisions in this
risk factor.
       Please revise the body of the risk factor further to state clearly that
the Chinese
       government may intervene or influence your operations at any time, which
could
       result in a material change in your operations and/or the value of your
securities. Also,
       given recent statements by the Chinese government indicating an intent
to exert more
       oversight and control over offerings that are conducted overseas and/or
foreign
       investment in China-based issuers, acknowledge the risk that any such
action could
       significantly limit or completely hinder your ability to offer or
continue to offer
       securities to investors and cause the value of such securities to
significantly decline or
       be worthless.
Use of Proceeds, page 46

4.     We note your response to prior comment 15. Please revise this section to
describe the
       interest rate and maturity of the loan from Burberlon Vantage Capital
Limited. Refer
       to Item 3.C.4 of Form 20-F.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Quantitative and Qualitative Disclosures about Market Risk
Critical Accounting Policies and Estimates, page 55

5.     We note your response to prior comment 20 and revisions on page 55.
Please revise to
       include an enhanced discussion for each critical accounting estimate
including for
       instance, information necessary to understand the estimation uncertainty
and, to the
       extent the information is material and reasonably available, how much
each estimate
       and/or assumption has changed over a relevant period and the sensitivity
of the
       reported amounts to the material methods, assumptions and estimates
underlying its
       calculation. Refer to Item 303(b)(3) of Regulation S-K.
 June 10, 2025
Page 3
Business
Development of New Services and Products, page 78

6.     We note your response to prior comment 28. For the new services that
have been
       introduced, please revise your disclosure in this section further to
give the status of
       development.
Customers, page 79

7.     We note your response to prior comment 30 and your revised disclosure on
page 81
       about the revenues you generate through commission. Please disclose
additional
       information relating to commissions you receive, such as what the
average
       commission rates are or the applicable commission rate range.
8.     We note your response to prior comment 31 and the list of your clients
that are
       Fortune 500 corporations. Please revise your disclosure further because
it appears that
       only one of the four companies listed is a Fortune 500 company. In the
alternative,
       please provide us with a public source that includes all four of your
listed clients in
       the list of Fortune 500 corporations.
Principal Shareholders, page 98

9.     We note your revised disclosure on page 99 in response to prior comment
35. Please
       revise further to disclose the percentage of Class B ordinary shares the
controlling
       shareholder must keep to continue to control the outcome of matters
submitted to
       shareholders for approval. In this regard, we also note that it appears
that you will
       have one controlling shareholder who will hold majority of your voting
power. If so,
       please revise your references to multiple "controlling shareholders,"
accordingly.
Description of Share Capital, page 102

10.    We note your response to prior comment 40. If applicable, please further
revise your
       disclosure on page 103 to describe sunset provisions that limit the
lifespan of high-
       vote shares or advise.
Notes to the Consolidated Financial Statements
2. Summary of Significant Accounting Policies
Income Taxes, page F-14

11.    We note your response to prior comment 44. Please address the following:
           Please provide us additional details regarding the process with the
Hong Kong
         Inland Revenue Department (   IRD   ) to use unused tax losses to
offset future
         taxable income. Specifically tell us the factors the IRD considers
when
         determining whether to confirm the use of unused tax losses.
           Please discuss the key factors you considered in determining that
there was
         significant uncertainty whether the IRD would confirm your use of
unused tax
         losses which resulted in concluding that the realization of the
deferred tax asset
         was not more likely than not to be realized and a full valuation
allowance should
         be recognized. For example, tell us how often and why the IRD has not
confirmed
         the use of unused tax losses in the past and tell us whether the IRD
confirmed the
         use of tax losses utilized during 2024.
 June 10, 2025
Page 4

             Please provide us all the evidence considered in determining
whether a valuation
           allowance for the deferred tax asset was appropriate including a
quantified
           analysis of your historical tax income and any projections of future
tax income.
Part II. Information Not Required in the Prospectus
Item 7. Recent Sales of Unregistered Securities, page II-2

12.    We note your response to prior comment 49 and that none of the
securities transfers
       listed in this section were for "non-cash consideration." Please revise
this section
       further to specify the aggregate offering price for each transfer of
securities. Refer to
       Item 701(c) of Regulation S-K.
Exhibits

13.    We note your response to prior comment 21 and your revised disclosure on
page 55
       related to your facility agreement with Good Pride Limited in the amount
of
       HK$7,000,000. Please file this agreement as an exhibit to the draft
registration
       statement or tell us why you are not required to do so. Refer to Item
601(b)(10) of
       Regulation S-K.
       Please contact Jee Yeon Ahn at 202-551-3673 or Michael Volley at
202-551-3437 if
you have questions regarding comments on the financial statements and related
matters. Please contact Aisha Adegbuyi at 202-551-8754 or Tonya Aldave at
202-551-3601
with any other questions.

                                                              Sincerely,

                                                              Division of
Corporation Finance
                                                              Office of Finance
cc:   Kevin (Qixiang) Sun, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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