# EDGAR Filing Document

**Accession Number:** 0002043392
**File Stem:** 0000000000-25-006875
**Filing Date:** 2025-6
**Character Count:** 7215
**Document Hash:** 71f9ceda28368895f92d0c67843e782b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006875.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0000000000-25-006875

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250630

**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 30, 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. 2 to
           Draft Registration Statement on Form F-1
           Submitted June 23, 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 June 10, 2025 letter.

Draft Registration Statement on Form F-1
Risk Factors
Risks Related to Doing Business in Jurisdictions We Operate
Substantially all our operations are in Hong Kong, page 29

1.     We note your response to prior comment 3, and that you removed the
following
       disclosure in the heading of this risk factor: "[c]hanges in the
policies, regulations,
       rules, and the enforcement of laws of the Chinese government may also be
quick with
       little advance notice and our assertions and beliefs of the risk imposed
by the PRC
 June 30, 2025
Page 2

       legal and regulatory system cannot be certain." Please reinstate this
disclosure in the
       risk factor subheading. In addition, please remove the phrase "through
regulatory,
       administrative, or other means" from the second full paragraph in the
risk factor.
Regulations, page 85

2.     We note your response to prior comment 1 and that you continue to
exclude Hong
       Kong and Macau from the definition of the "PRC laws and regulations."
Please either
       remove the carve-out that currently excludes Hong Kong from the
definition or
       describe the impact of Hong Kong laws on your business, such as:
           China   s Enterprise Tax Law (   EIT Law   ) which imposes a
withholding
          income tax of 10% on dividends distributed by a Foreign Invested
Enterprises
          (   FIE   ) to its immediate holding company outside of Mainland
China;
           disclose on the cover page how any regulatory actions related to
data security
          or anti-monopoly concerns in Hong Kong may impact your ability to
conduct
          your business, accept foreign investment, or list on a U.S. or
foreign exchange;
          and
           explain whether there are any commensurate laws or regulations in
Hong Kong,
          which result in oversight over data security and explain how this
          oversight impacts your business and the offering and to what extent
you believe
          that you are compliant with the regulations or policies that have
been issued.
Description of Share Capital, page 103

3.     We note your response to prior comment 10. Please further revise your
disclosure on
       page 104 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

4.     Please refer to prior comment 11. We note you reported significant
taxable income in
       2024 which resulted in Sibo not having cumulative losses in recent
years. We note
       guidance in ASC 740-10-30-21 related to negative evidence focuses on
cumulative
       losses in recent years. Please provide us an updated analysis of whether
it was more
       likely than not that the deferred tax assets would be realized as of
December 31, 2024
       which incorporates the significant taxable income in 2024 which results
in you not
       having cumulative losses in recent years. Also, please provide us an
estimate of book
       or taxable income generated through the most recent date available in
2025 and
       provide an updated earnings outlook for the remainder of 2025, if
available.
5.     Please refer to prior comment 11. We note that you indicate that the IRD
must review
       and confirm the validity of carried-forward tax losses when claimed and
the IRD may
       disallow losses due to dormancy, changes in business or ownership, or
insufficient
       evidence of commercial activity. You indicate that in your case, you
believe that the
       carried-forward tax losses have arisen from the same ongoing trade or
business and
       that no substantial change in ownership or discontinuation of business
has occurred.
       This assertion appears to indicate that the IRD may not have a basis to
       disallow carried-forward tax losses. However, it appears that you
believe the
 June 30, 2025
Page 3

       uncertainty with IRD confirmation is negative evidence which you believe
supports
       recognizing a deferred tax asset valuation allowance. Please further
explain why you
       believe the uncertainty rises to a level to support a valuation
allowance considering
       your assertion that you do not have any attributes that the IRD would
consider in
       order to disallow losses.
       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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