# EDGAR Filing Document

**Accession Number:** 0001944712
**File Stem:** 0000000000-23-000771
**Filing Date:** 2023-1
**Character Count:** 11462
**Document Hash:** 720b1a3b87f4603a0c579ff824830f5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000771.hdr.sgml**: 20250403

**ACCESSION NUMBER**: 0000000000-23-000771

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230124

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baiya International Group Inc.
- **CENTRAL INDEX KEY:** 0001944712
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EMPLOYMENT AGENCIES [7361]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-06460

**BUSINESS ADDRESS:**
- **STREET 1:** 4TH FLOOR, HARBOUR PLACE
- **STREET 2:** 103 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1002
- **BUSINESS PHONE:** 86 138 0806 3307

**MAIL ADDRESS:**
- **STREET 1:** 4TH FLOOR, HARBOUR PLACE
- **STREET 2:** 103 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1002
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-22-072412

## Text-Extract

```

United States securities and exchange commission logo

                              January 24, 2023

       Siyu Yang
       Chief Executive Officer
       Baiya International Group Inc.
       Yifang Capital Industrial Park
       No. 33 Pingshan Industrial Road, Building A, 16F
       Tangxia, Dongguan, Guangdong, China

                                                        Re: Baiya International
Group Inc.
                                                            Amendment No. 1 to
Draft Registration Statement on Form F-1
                                                            Submitted December
28, 2022
                                                            CIK No. 0001944712

       Dear Siyu Yang:

             We have reviewed your amended draft registration statement 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 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 our comments apply 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 these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Draft Registration Statement Amendment submitted December 28, 2022

       Use of Proceeds, page 69

   1.                                                   We note your disclosure
that you plan "to utilize 40% of the remaining offering proceeds
                                                        to pursue suitable
opportunities for business growth and expansion within the industry."
                                                        If this includes
pursuing acquisition opportunities, expand your disclosure to fully discuss
                                                        your acquisition
strategy, including the factors that you will consider in deciding whether
                                                        or not to acquire a
business. Please also revise to indicate any acquisition that are
                                                        currently under
consideration and describe them or, if none are currently under
                                                        consideration, please
state this.
 Siyu Yang
FirstName  LastNameSiyu
Baiya International Group Yang
                          Inc.
Comapany
January 24,NameBaiya
            2023       International Group Inc.
January
Page 2 24, 2023 Page 2
FirstName LastName
Capitalization, page 71

2.       The second bullet on page 71 portrays the 10,000,000 Ordinary Shares
after giving effect
         to the issuance of an additional 9,900,000 Ordinary Shares, approved
by the board of
         director of Baiya on December 15,2022, at $0.0001 par value, on a pro
forma basis.
         However, the financial statements in the filing present the 10,000,000
shares
         retrospectively on an actual basis. Please revise or advise.
Additionally, the last
         paragraph on page 71 refers to "pro forma as adjusted" information,
but there is no
         column that corresponds to this designation. Please revise as
appropriate or advise.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Results of Operations, page 77

3.       In several places, you cite the impact of increased labor costs on
your results. Please
         discuss the reason for the increased labor costs, and your
expectations of this trend
         increasing and the impact on your future results. Refer to Item 5.D of
Form 20-F.
Licenses and Permits, page 117

4.       We note your revised disclosure in response to comment 12. In the
second paragraph of
         this section, you disclose that "Our PRC legal counsel, Jingtian &
Gongcheng, has advised
         that as of the date of this prospectus, except for the foregoing, we
have obtained all
         requisite licenses, permits, approvals and certificates from the
relevant government
         authorities that are material for our, the VIE   s and the PRC
operating entities    business
         operations in the PRC [emphasis added]." Please remove the materiality
qualifier from
         this disclosure.
Notes to the Consolidated Financial Statements
2. Significant Accounting Policies and Estimates
Revenue Recognition, page F-18

5.       We note your response to comment 13 and reissue comment in part.
Please further
         explain the arrangement you have with the 3rd party labor companies.
Discuss whether
         you have any obligation to the 3rd party labor companies if the labor
candidates provided
         were not selected by any of your customers. Also discuss if the labor
is selected but needs
         vocation training, do the 3rd party labor companies have any
obligation to provide any
         services.
        You may contact Nasreen Mohammed at 202-551-3773 or Doug Jones at
202-551- 3309
if you have questions regarding comments on the financial statements and
related
matters. Please contact Scott Anderegg at 202-551-3342 or Dietrich King at
202-551-8071 with
any other questions.
 Siyu Yang
Baiya International Group Inc.
January 24, 2023
Page 3

FirstName LastNameSiyu Yang                   Sincerely,
Comapany NameBaiya International Group Inc.
                                              Division of Corporation Finance
January 24, 2023 Page 3                       Office of Trade & Services
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

January 24, 2023

Siyu Yang  
Chief Executive Officer  
Baiya International Group Inc.  
Yifang Capital Industrial Park  
No. 33 Pingshan Industrial Road, Building A, 16F  
Tangxia, Dongguan, Guangdong, China

**Re: Baiya International Group Inc.**

**Amendment No. 1 to Draft Registration Statement on Form F-1**

**Submitted December 28, 2022**

**CIK No. 0001944712**

Dear Siyu Yang:

We have reviewed your amended draft registration statement 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 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 our comments apply 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 these comments and your amended draft registration statement or filed registration statement, we may have additional comments.

Draft Registration Statement Amendment submitted December 28, 2022

Use of Proceeds, page 69

1. We note your disclosure that you plan 'to utilize 40% of the remaining offering proceeds to pursue suitable opportunities for business growth and expansion within the industry.' If this includes pursuing acquisition opportunities, expand your disclosure to fully discuss your acquisition strategy, including the factors that you will consider in deciding whether or not to acquire a business. Please also revise to indicate any acquisition that are currently under consideration and describe them or, if none are currently under consideration, please state this.

Siyu Yang  
Baiya International Group Inc.  
January 24, 2023  
Page 2

# Capitalization, page 71

2. The second bullet on page 71 portrays the 10,000,000 Ordinary Shares after giving effect to the issuance of an additional 9,900,000 Ordinary Shares, approved by the board of director of Baiya on December 15, 2022, at $0.0001 par value, on a pro forma basis. However, the financial statements in the filing present the 10,000,000 shares retrospectively on an actual basis. Please revise or advise. Additionally, the last paragraph on page 71 refers to 'pro forma as adjusted' information, but there is no column that corresponds to this designation. Please revise as appropriate or advise.

# Management's Discussion and Analysis of Financial Condition and Results of Operations  
Results of Operations, page 77

3. In several places, you cite the impact of increased labor costs on your results. Please discuss the reason for the increased labor costs, and your expectations of this trend increasing and the impact on your future results. Refer to Item 5.D of Form 20-F.

# Licenses and Permits, page 117

4. We note your revised disclosure in response to comment 12. In the second paragraph of this section, you disclose that 'Our PRC legal counsel, Jingtian & Gongcheng, has advised that as of the date of this prospectus, except for the foregoing, we have obtained all requisite licenses, permits, approvals and certificates from the relevant government authorities that are material for our, the VIE's and the PRC operating entities' business operations in the PRC [emphasis added].' Please remove the materiality qualifier from this disclosure.

# Notes to the Consolidated Financial Statements

# 2. Significant Accounting Policies and Estimates

# Revenue Recognition, page F-18

5. We note your response to comment 13 and reissue comment in part. Please further explain the arrangement you have with the 3rd party labor companies. Discuss whether you have any obligation to the 3rd party labor companies if the labor candidates provided were not selected by any of your customers. Also discuss if the labor is selected but needs vocation training, do the 3rd party labor companies have any obligation to provide any services.

You may contact Nasreen Mohammed at 202-551-3773 or Doug Jones at 202-551-3309 if you have questions regarding comments on the financial statements and related matters. Please contact Scott Anderegg at 202-551-3342 or Dietrich King at 202-551-8071 with any other questions.

Siyu Yang
Baiya International Group Inc.
January 24, 2023
Page 3

Sincerely,

Division of Corporation Finance
Office of Trade & Services