# EDGAR Filing Document

**Accession Number:** 0001940941
**File Stem:** 0000000000-23-000888
**Filing Date:** 2023-1
**Character Count:** 18072
**Document Hash:** 4ff484966d36ef8c162ce3db14958c0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000888.hdr.sgml**: 20240426

**ACCESSION NUMBER**: 0000000000-23-000888

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230126

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** mF International Ltd
- **CENTRAL INDEX KEY:** 0001940941
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-06537

**BUSINESS ADDRESS:**
- **STREET 1:** UNIT 1801, FORTIS TOWER
- **STREET 2:** 77-79 GLOUCESTER ROAD, WANCHAI
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 000000
- **BUSINESS PHONE:** 852-3426-6200

**MAIL ADDRESS:**
- **STREET 1:** UNIT 1801, FORTIS TOWER
- **STREET 2:** 77-79 GLOUCESTER ROAD, WANCHAI
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 000000
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001493152-22-036840

## Text-Extract

```

United States securities and exchange commission logo

                               January 26, 2023

       Stephen Lam
       Chief Executive Officer
       mF International Limited
       Unit 1801, Fortis Tower, 77-79 Gloucester Road,
       Wan Chai, Hong Kong

                                                        Re: mF International
Ltd
                                                            Draft Registration
Statement on Form F-1
                                                            Submitted December
30, 2022
                                                            CIK No. 0001940941

       Dear Stephen Lam:

              We have reviewed your 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 on Form F-1 Submitted December 30, 2022

       Cover Page

   1.                                                   Clearly disclose how
you will refer to the holding company and subsidiaries when
                                                        providing the
disclosure throughout the document so that it is clear to investors which
                                                        entity the disclosure
is referencing and which subsidiaries or entities are conducting the
                                                        business operations.
Refrain from using terms such as    we    or    our    when describing
                                                        activities or functions
of the operating subsidiaries. For example, disclose that the holding
                                                        company does not
conduct operations. Disclose clearly the entity (including the domicile)
                                                        in which investors are
purchasing an interest.
 Stephen Lam
FirstName  LastNameStephen   Lam
mF International Limited
Comapany
January 26,NamemF
            2023    International Limited
January
Page 2 26, 2023 Page 2
FirstName LastName
2.       Your disclosure that as a controlled company you may follow certain
exemptions from
         certain corporate governance requirements is inconsistent with
disclosure elsewhere in the
         filing where you state that you do not intend to follow these
exemptions. Please advise or
         revise.
Prospectus Summary, page 1

3.       Please quantify the percentage of your revenues that are derived from
mainland China and
         Hong Kong for the periods presented.
Management's Discussion and Analysis of Financial Condition and Results of
Operations, page
33

4.       Please include a discussion of trend information in accordance with
guidance in Item 5D
         of Form 20-F.
5.       We note your disclosure that as of the date of this prospectus,
m-FINANCE   s trading
         platform is handling a monthly average transaction value of over
US$100 billion. Please
         tell us whether the company views the monthly average transaction
value to be a key
         performance metric. Also, tell us whether the company uses any other
metrics to measure
         performance and, if so, please revise to include a quantified
discussion of such measures
         and discuss any significant fluctuations. Refer to Item 303 of
Regulation S-K and Section
         III.B.1 of SEC Release No. 33-8350.
Results of Operations Comparison of six months ended June 30, 2021 and 2022,
page 35

6.       We note you attribute increases in subscriptions, hosting, support and
maintenance
         services, and liquidity services due to increases in customers and
increases in demand.
         You also attribute the decrease in initial set up, installation and
customization services due
         to decrease in demand. Please revise to explain the underlying reasons
for the increase
         and/or decrease in customers and/or demand. We refer to guidance in
Item 5 of Form 20-
         F.
Comparison of year ended December 31, 2020 with year ended December 31, 2021,
page 40

7.       On page 41 you state that you had a "one-off payment of HK$2,650,000
to a customer in
         relation to a project for which an agreement could not be reached with
the customer for
         the final software specifications." Tell us your accounting for that
particular transaction
         and why your payment would result in a reduction of revenue. Also,
explain what you
         mean by software specifications. We note you sell software as a
service.

Liquidity and Capital Resources, page 44

8.       We note your discussion of cash flows repeats line items in the
statement of cash flows,
         but does not provide investors with insight as to underlying reasons
for the change. Please
         revise and expand your disclosure in accordance with guidance in Item
5 of Form 20-F.
 Stephen Lam
mF International Limited
January 26, 2023
Page 3
Critical Accounting Policies and Management Estimates, page 48

9.       Please revise your critical accounting policies and management
estimates to supplement,
         not duplicate, the description of accounting policies in the notes to
the financial statements
         in accordance with guidance in Item 5E of Form 20-F.
Revenue recognition, page 50

10.      Since you sell software as a service and an end user of the software
does not take
         possession of the software, it is not clear to us what services are
provided for initial set up,
         installation and customization services. Please explain.
Business
Clients, page 60

11.      Please disclose the number of clients for each period presented.
Revise your disclosure, as
         appropriate, to provide the material terms of your agreements with key
clients upon which
         you are dependent, including whether you have written agreements with
these parties.
         Refer to Item 4.B.6 of Form 20-F.
2022 Equity Incentive Plan, page 78

12.      We note you intend to adopt a 2022 Stock Option Plan. Please provide
us a breakdown, in
         chronological order, of the details of all stock-based compensation
awards granted during
         2022 and through the current date, including the fair value of the
underlying stock used to
         value such awards. To the extent there were any significant
fluctuations in the fair values,
         please describe for us the factors that contributed to such
fluctuations, including any
         intervening events within the company or changes in your valuation
assumptions or
         methodology. Please continue to update this analysis through
effectiveness of the
         registration statement.
Taxation, page 90

13.      Please revise to state that the disclosure in the tax section of the
prospectus is the opinion
         of the counsel with respect to British Virgin Islands tax matters. For
guidance, refer to
         Section III.B.2 of Staff Legal Bulletin No. 19.
Notes to Consolidated Financial Statements
2. Summary of Significant Accounting Policies
Investment at fair value, page F-9
FirstName LastNameStephen Lam
14.    Please clarify your disclosure to state what is included in "Investment
at fair value." It is
Comapany   NamemF
       unclear what youInternational Limited foreign exchange investments. Tell
us the
                           mean by short-term
Januaryaccounting  literature
        26, 2023 Page    3    used to account for these transactions.
FirstName LastName
 Stephen Lam
FirstName  LastNameStephen   Lam
mF International Limited
Comapany
January 26,NamemF
            2023    International Limited
January
Page 4 26, 2023 Page 4
FirstName LastName
General

15.      Please supplementally provide us with copies of all written
communications, as defined in
         Rule 405 under the Securities Act, that you, or anyone authorized to
do so on your behalf,
         present to potential investors in reliance on Section 5(d) of the
Securities Act, whether or
         not they retain copies of the communication.
        You may contact Inessa Kessman, Senior Staff Accountant, at (202)
551-3371 or Robert
Littlepage, Accounting Branch Chief, at (202) 551-3361 if you have questions
regarding
comments on the financial statements and related matters. Please contact
Alexandra Barone,
Staff Attorney, at (202) 551-8816 or Jeff Kauten, Staff Attorney, at (202)
551-3447 with any
other questions.

                                                               Sincerely,

                                                               Division of
Corporation Finance
                                                               Office of
Technology
cc:      Ying Li

```

### 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 26, 2023

Stephen Lam  
Chief Executive Officer  
mF International Limited  
Unit 1801, Fortis Tower, 77-79 Gloucester Road,  
Wan Chai, Hong Kong

# **Re: mF International Ltd  
Draft Registration Statement on Form F-1  
Submitted December 30, 2022  
CIK No. 0001940941**

Dear Stephen Lam:

We have reviewed your 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 on Form F-1 Submitted December 30, 2022

# Cover Page

1. Clearly disclose how you will refer to the holding company and subsidiaries when providing the disclosure throughout the document so that it is clear to investors which entity the disclosure is referencing and which subsidiaries or entities are conducting the business operations. Refrain from using terms such as “we” or “our” when describing activities or functions of the operating subsidiaries. For example, disclose that the holding company does not conduct operations. Disclose clearly the entity (including the domicile) in which investors are purchasing an interest.

Stephen Lam
mF International Limited
January 26, 2023
Page 2

2. Your disclosure that as a controlled company you may follow certain exemptions from certain corporate governance requirements is inconsistent with disclosure elsewhere in the filing where you state that you do not intend to follow these exemptions. Please advise or revise.

Prospectus Summary, page 1

3. Please quantify the percentage of your revenues that are derived from mainland China and Hong Kong for the periods presented.

Management's Discussion and Analysis of Financial Condition and Results of Operations, page 33

4. Please include a discussion of trend information in accordance with guidance in Item 5D of Form 20-F.
5. We note your disclosure that as of the date of this prospectus, m-FINANCE's trading platform is handling a monthly average transaction value of over US$100 billion. Please tell us whether the company views the monthly average transaction value to be a key performance metric. Also, tell us whether the company uses any other metrics to measure performance and, if so, please revise to include a quantified discussion of such measures and discuss any significant fluctuations. Refer to Item 303 of Regulation S-K and Section III.B.1 of SEC Release No. 33-8350.

Results of Operations Comparison of six months ended June 30, 2021 and 2022, page 35

6. We note you attribute increases in subscriptions, hosting, support and maintenance services, and liquidity services due to increases in customers and increases in demand. You also attribute the decrease in initial set up, installation and customization services due to decrease in demand. Please revise to explain the underlying reasons for the increase and/or decrease in customers and/or demand. We refer to guidance in Item 5 of Form 20-F.

Comparison of year ended December 31, 2020 with year ended December 31, 2021, page 40

7. On page 41 you state that you had a "one-off payment of HK$2,650,000 to a customer in relation to a project for which an agreement could not be reached with the customer for the final software specifications." Tell us your accounting for that particular transaction and why your payment would result in a reduction of revenue. Also, explain what you mean by software specifications. We note you sell software as a service.

Liquidity and Capital Resources, page 44

8. We note your discussion of cash flows repeats line items in the statement of cash flows, but does not provide investors with insight as to underlying reasons for the change. Please revise and expand your disclosure in accordance with guidance in Item 5 of Form 20-F.

Stephen Lam  
mF International Limited  
January 26, 2023  
Page 3

# Critical Accounting Policies and Management Estimates, page 48

9. Please revise your critical accounting policies and management estimates to supplement, not duplicate, the description of accounting policies in the notes to the financial statements in accordance with guidance in Item 5E of Form 20-F.

# Revenue recognition, page 50

10. Since you sell software as a service and an end user of the software does not take possession of the software, it is not clear to us what services are provided for initial set up, installation and customization services. Please explain.

# Business

# Clients, page 60

11. Please disclose the number of clients for each period presented. Revise your disclosure, as appropriate, to provide the material terms of your agreements with key clients upon which you are dependent, including whether you have written agreements with these parties. Refer to Item 4.B.6 of Form 20-F.

# 2022 Equity Incentive Plan, page 78

12. We note you intend to adopt a 2022 Stock Option Plan. Please provide us a breakdown, in chronological order, of the details of all stock-based compensation awards granted during 2022 and through the current date, including the fair value of the underlying stock used to value such awards. To the extent there were any significant fluctuations in the fair values, please describe for us the factors that contributed to such fluctuations, including any intervening events within the company or changes in your valuation assumptions or methodology. Please continue to update this analysis through effectiveness of the registration statement.

# Taxation, page 90

13. Please revise to state that the disclosure in the tax section of the prospectus is the opinion of the counsel with respect to British Virgin Islands tax matters. For guidance, refer to Section III.B.2 of Staff Legal Bulletin No. 19.

# Notes to Consolidated Financial Statements

# 2. Summary of Significant Accounting Policies

# Investment at fair value, page F-9

14. Please clarify your disclosure to state what is included in 'Investment at fair value.' It is unclear what you mean by short-term foreign exchange investments. Tell us the accounting literature used to account for these transactions.

Stephen Lam
mF International Limited
January 26, 2023
Page 4

General

15. Please supplementally provide us with copies of all written communications, as defined in Rule 405 under the Securities Act, that you, or anyone authorized to do so on your behalf, present to potential investors in reliance on Section 5(d) of the Securities Act, whether or not they retain copies of the communication.

You may contact Inessa Kessman, Senior Staff Accountant, at (202) 551-3371 or Robert Littlepage, Accounting Branch Chief, at (202) 551-3361 if you have questions regarding comments on the financial statements and related matters. Please contact Alexandra Barone, Staff Attorney, at (202) 551-8816 or Jeff Kauten, Staff Attorney, at (202) 551-3447 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Technology

cc: Ying Li