# EDGAR Filing Document

**Accession Number:** 0001918414
**File Stem:** 0001213900-25-056983
**Filing Date:** 2025-6
**Character Count:** 11019
**Document Hash:** 894ac2529b0642d6226b1ee38159e838
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-056983.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001213900-25-056983

**CONFORMED SUBMISSION TYPE**: DRSLTR

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Newbridge Acquisition Ltd
- **CENTRAL INDEX KEY:** 0001918414
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRSLTR

**BUSINESS ADDRESS:**
- **STREET 1:** UNIT B, 17TH FLR, SUCCESS COMMERCIAL BLD
- **STREET 2:** 245-251 HENNESSY ROAD
- **CITY:** WANCHAI
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 514-792-9962

**MAIL ADDRESS:**
- **STREET 1:** UNIT B, 17TH FLR, SUCCESS COMMERCIAL BLD
- **STREET 2:** 245-251 HENNESSY ROAD
- **CITY:** WANCHAI
- **STATE:** K3
- **ZIP:** 00000

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| ![](image_001.jpg) | <br> **Vivien Bai**<br> Senior Counsel<br>345 Park Avenue<br> New York, NY 10154 | **Direct** +1 212-407-4933<br> **Main** +1 212-407-4000<br> **Fax** +1 212-407-4990<br> vbai@loeb.com |

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June 24, 2025

Division of Corporation Finance

Office of Real Estate & Construction

U.S. Securities & Exchange Commission

100 F Street, NE

Washington, D.C. 20549

Attention: William Demarest, Kristina Marrone, Isabel Rivera and Mary Beth Breslin

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| **Re:** | **Newbridge Acquisition Ltd**<br> **Draft Registration Statement on Form S-1**<br> **Submitted May 9, 2025**<br> **CIK No 0001918414**  |

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Ladies and Gentlemen:

On behalf of our client, Newbridge Acquisition Limited (the "**Company**"), we hereby submit to the staff (the "**Staff**") of the U.S. Securities and Exchange Commission (the "**SEC**") this letter setting forth of the Company's response to the comments issued in a letter dated June 5, 2025 (the "**Staff's Letter**") regarding the Company's Draft Registration Statement on Form S-1 (the "**Draft Registration Statement**"). Contemporaneously, the Company is filing the revised Draft Registration Statement via Edgar (the "**Amended DRS**").

For ease of reference, each comment contained in the Staff's Letter is reproduced below and is followed by the Company's response. All page references in the responses set forth below refer to the page numbers in the Amended DRS.

<u>Draft Registration Statement on Form S-1 submitted May 9, 2025</u> 

<u>Cover Page</u>

1. We
 note disclosure in the eleventh paragraph regarding sponsor compensation. Please expand to
 include a cross-reference to the applicable disclosures within your prospectus and include
 a statement regarding whether the sources of compensation could result in material dilution
 to your shareholders. Refer to Item 1602(a)(3) of Regulation S-K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on cover page of the Amended DRS.**

<u>Summary, page 1</u>

2. Please
 revise your table on page 6 to disclose the underwriter's lock-up agreement. Refer
 to Item 1603(a)(9) of Regulation S-K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 7 and 114 of the Amended DRS.**

Los Angeles New York Chicago Nashville Washington, DC San Francisco Beijing Hong Kong www.loeb.com

For the United States offices, a limited liability partnership including professional corporations. For Hong Kong office, a limited liability partnership.

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| ![](image_002.jpg) | June 24, 2025<br> Page 2 |

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3. We
 note your statement on page 19 that your founder shares are identical to the ordinary shares
 in this offering. However, it appears that your founder shares have registration rights and
 transfer restrictions. Please reconcile your disclosure throughout your prospectus as applicable.
 Refer to Item 1602(b)(3) of Regulation S- K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 20-21 of the Amended DRS.**

4. Please
 expand your disclosure to discuss the consequences to your sponsor if an initial business
 consummation is not consummated. Refer to Item 1602(b)(4) of Regulation S-K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 15 and 30 of the Amended DRS.**

5. Please
 expand your disclosure to discuss whether you have any plans to seek additional financings
 and how the terms of such financings could impact unaffiliated shareholders. Refer to Item
 1602(b)(5) of Regulation S-K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on page 16 of the Amended DRS.**

6. Disclose
 in the Summary that trading in your securities may be prohibited under the Holding Foreign
 Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023, and related
 regulations if the PCAOB determines that it cannot inspect or investigate completely your
 auditor for a period of two consecutive years, and that as a result an exchange may determine
 to delist your securities.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 18-19 of the Amended DRS.**

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| ![](image_002.jpg) | June 24, 2025<br> Page 3 |

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<u>Terms of Rights, page 21</u>

7. Please
 reconcile your disclosure that that holders of public rights will receive one- eighth of
 one ordinary share upon consummation of your initial business combination, with your disclosure
 here and on page 157 that they must hold rights in multiples of ten in order to receive shares
 for all the rights held.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 24 and 159 of the Amended DRS.**

<u>Summary of Risk Factors, page 35</u>

8. Please
 revise to limit your summary of risk factors to highlight the principal factors that make
 an investment in the registrant or offering speculative or risky. Refer to Item 105(b) of
 Regulation S-K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 39 - 41 of the Amended DRS.**

<u>Risk Factors<br> Risks Related to Acquiring or Operating Businesses in the PRC, page 60</u>

9. Please
 revise to clarify that the risks associated with the PRC are not solely future risks associated
 with acquiring a business in the PRC, but are currently applicable to the company as a result
 of being based in the PRC and having directors and officers with significant ties to the
 PRC.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 60, 70, 72, 73 and 74 of the Amended DRS.**

<u>Recent greater oversight by the PRC government and Cyberspace Administration of China over cybersecurity and data security . . ., page 72</u>

10. Please
 revise your disclosure to explain how greater oversight by the Cyberspace Administration
 of China (CAC) impacts your officers and directors and to what extent you believe that you
 are compliant with the regulations or policies that have been issued by the CAC to date.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 72-73 of the Amended DRS.**

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| ![](image_002.jpg) | June 24, 2025<br> Page 4 |

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<u>Dilution, page 100</u>

11. We
 note disclosure on page 170 that your amended and restated memorandum and articles of association
 will provide that under no circumstances will you redeem your public shares in an amount
 that would cause your net tangible assets to be less than $5,000,001. We further note that
 the ordinary shares subject to redemption in the 100% of maximum redemption scenario of the
 dilution table causes net tangible assets to fall below the $5,000,001 minimum threshold.
 Please tell us how you considered reflecting this redemption restriction in your dilution
 table.

**<u>Response</u>: In response to the Staff's comment, we have revised the dilution table on cover page, pages 43, 101 and 102.**

12. We
 note your assumption here that no ordinary shares and convertible equity or debt securities
 are issued in connection with additional financing that you may seek in connection with a
 business combination. Please revise your disclosure to address the fact that you may need
 additional financing given that your target size consists of companies with significant revenue
 growth potential valued between $650 million and $2 billion, amounts greater than you could
 acquired with the net proceeds of this offering.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on page 100 of the Amended DRS.**

<u>Proposed Business<br> The Sponsor, page 109</u>

13. Please
 expand your disclosure to discuss the general nature of your sponsor's business. Refer
 to Item 1603(a)(2) of Regulation S-K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 2 and 110 of the Amended DRS.**

14. Please
 address the material roles and responsibilities of the SPAC sponsor, its affiliates, and
 promoters in directing and managing your activities. Refer to Item 1603(a)(4) of Regulation
 S-K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 2 and 110 of the Amended DRS.**

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| ![](image_002.jpg) | June 24, 2025<br> Page 5 |

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<u>Principal Shareholders, page 149</u>

15. Please
 disclose the address of your sponsor, Wealth Path Holdings Limited. Refer to Item 403 of
 Regulation S-K.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on page 151 of the Amended DRS.**

<u>Taxation, page 176</u>

16. Please
 revise the introductory language here and throughout this section to remove the term "certain"
 and confirm that the discussion addresses all material tax consequences. Refer to Section
 III.C.1 of Staff Legal Bulletin No. 19.

**<u>Response</u>: In response to the Staff's comment, we have revised the disclosure on pages 178 and 180 of the Amended DRS.**

<u>Notes to Financial Statements, page F-7</u>

17. Please
 tell us how you determined that your disclosure is compliant with the requirements of ASC
 280-10-50-20. Reference is also made to ASU 2023-07.

**<u>Response</u>: In response to the Staff's comment, the Company has revised the disclosure on pages F-11 and F-14.**

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| ![](image_002.jpg) | June 24, 2025<br> Page 6 |

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Should you have any questions relating to the foregoing or wish to discuss any aspect of the Company's filing, please contact me at 212.407.4933, or Alex Weniger-Araujo, Partner of Loeb & Loeb LLP, at 212.409.4063. Thank you for your time and attention to this filing.

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| Sincerely,<br>|
| /s/ Vivien Bai |
| Vivien Bai |
| Senior Counsel |

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cc: Yongsheng Liu, CEO, Newbridge Acquisition Limited

Alex Weniger-Araujo, Partner, Loeb & Loeb LLP