# EDGAR Filing Document

**Accession Number:** 0001954694
**File Stem:** 0000000000-23-000838
**Filing Date:** 2023-1
**Character Count:** 14340
**Document Hash:** 5e916767fedfb5ec73fefd55c4d9769d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000838.hdr.sgml**: 20240402

**ACCESSION NUMBER**: 0000000000-23-000838

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230125

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lucas GC Ltd
- **CENTRAL INDEX KEY:** 0001954694
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-06466

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 5A01, 4TH FLOOR, AIR CHINA BUILDING
- **STREET 2:** XIAOYUN ROAD, SANYUANQIAO, CHAOYANG,
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100027
- **BUSINESS PHONE:** (86) 18500976532

**MAIL ADDRESS:**
- **STREET 1:** ROOM 5A01, 4TH FLOOR, AIR CHINA BUILDING
- **STREET 2:** XIAOYUN ROAD, SANYUANQIAO, CHAOYANG,
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100027
**PUBLIC REFERENCE ACCESSION NUMBER**: 0000950123-22-012526

## Text-Extract

```

United States securities and exchange commission logo

                               January 25, 2023

       Howard Lee
       Chief Executive Officer
       Lucas GC Ltd
       Room 5A01, 4th Floor
       Air China Building, Xiaoyun Road
       Sanyuanqiao, Chaoyang District
       Beijing 100027, China

                                                        Re: Lucas GC Ltd
                                                            Amendment No. 1 to
Draft Registration Statement on Form F-1
                                                            Submitted January
9, 2023
                                                            CIK No. 0001954694

       Dear Howard Lee:

             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. Unless we note otherwise, our references to prior comments are
to comments in our
       December 23, 2022 letter.

       Amendment No. 1 to Draft Registration Statement on Form F-1 submitted
January 9, 2023

       Prospectus Summary
       Risk Factors Summary, page 11

   1.                                                   We note your response
to prior comment 2 and that you removed from the cover page the
                                                        statement that you do
not believe there will be material effects on your Hong Kong
                                                        subsidiaries
operations and financial results resulting from the legal and operational risks
                                                        relating to the PRC
regulations. Please remove the statement from this section as well.
 Howard Lee
FirstName  LastNameHoward Lee
Lucas GC Ltd
Comapany
January 25,NameLucas
            2023      GC Ltd
January
Page 2 25, 2023 Page 2
FirstName LastName
Capitalization, page 64

2.       We note your revised disclosures in response to prior comment 12.
Please further revise
         to include a line for mezzanine equity. Also, revise to label the
middle column as "pro
         forma" rather than "pro forma as adjusted."
Business
Our Customers, page 123

3.       We note that in response to prior comment 21, you removed the
cross-reference to risk
         factor disclosure regarding your customer concentration. To the extent
material, please
         provide risk factor disclosure regarding the risks caused by the
concentration among your
         customers. Additionally, please disclose the percentage of your users
who are individuals
         seeking jobs, corporations posting jobs, or talent scouts seeking to
match candidates with
         positions.
Shares Eligible for Future Sale, page 158

4.       Your disclosure that your "ordinary shares have been approved for
listing on the Nasdaq"
         is inconsistent with the disclosure elsewhere that you will apply for
listing on the Nasdaq.
         Please revise or advise.
Consolidated Financial Statements
Note 2. Summary of Significant Accounting Policies
(k) Revenue recognition, page F-11

5.       We note your revised disclosures in response to prior comment 31.
Please revise to
         disclose the typical payment terms of your arrangements, as well as
any cancellation or
         termination provisions. Refer to ASC 606-10-50-12(b) and (d).
Outsourcing Services, page F-12

6.       We note your response to prior comment 34. Please revise your
disclosures to clarify the
         nature of the work performed in these arrangements, and that you
recognize revenue upon
         project completion, as indicated in your response. Refer to ASC
606-10-50-12(a) and (c).
Permanent employment services, page F-12

7.       Your response to prior comment 32 indicates that the completion of the
probation period
         is the point in time when the PO is deemed satisfied and the customer
accepts transfer of
         control as a proven qualified employee in the long term. Please tell
us how you
         considered the guidance in ASC 606-10-55-85 through 55-88. In this
regard, explain to us
         whether customer acceptance is based on objective or subjective
criteria and include some
         examples of typical customer specifications in your arrangements.
Also, tell us your
         experience with contracts for similar services, whether compliance
with specifications in
         these types of contracts has been demonstrated in the past and how you
considered that in
 Howard Lee
Lucas GC Ltd
January 25, 2023
Page 3
       determining when control transfers. Specifically, tell us how often your
customers have
       determined candidates are not qualified for the job in the long term
during the probation
       period and whether you have replaced candidates.
8.     Please tell us whether you track the number of candidates that do not
pass the probation
       period. If this information is tracked, tell us the number of candidates
placed in the period
       compared to the number that did not pass the probation period. Please
provide this
       information for the year ended December 31, 2021 and for the six months
ended June 30,
       2022.
Item 7. Recent Sales of Unregistered Securities, page II-2

9.     We note your disclosure in the prospectus that you have issued
redeemable preferred
       shares as part of your financing activities. Please disclose the
quantity and holders of your
       preferred shares in this section. Also, disclose the terms of the
preferred shares in the
       Description of Share Capital section.
General

10.    Please update your financial statements in accordance with Item 8.A.4 of
Form 20-F or
       include the representations noted in Instruction 2 thereto as an exhibit
to your registration
       statement.
        You may contact Dave Edgar, Senior Staff Accountant, at (202) 551-3459
or Christine
Dietz, Senior Staff Accountant, at (202) 551-3408 if you have questions
regarding comments on
the financial statements and related matters. Please contact Lauren Pierce,
Staff Attorney, at
(202) 551-3887 or Matthew Crispino, Staff Attorney, at (202) 551-3456 with any
other
questions.

                                                              Sincerely,
FirstName LastNameHoward Lee
                                                              Division of
Corporation Finance
Comapany NameLucas GC Ltd
                                                              Office of
Technology
January 25, 2023 Page 3
cc:       Yang Ge
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 25, 2023

Howard Lee  
Chief Executive Officer  
Lucas GC Ltd  
Room 5A01, 4th Floor  
Air China Building, Xiaoyun Road  
Sanyuanqiao, Chaoyang District  
Beijing 100027, China

**Re: Lucas GC Ltd**  
**Amendment No. 1 to Draft Registration Statement on Form F-1**  
**Submitted January 9, 2023**  
**CIK No. 0001954694**

Dear Howard Lee:

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. Unless we note otherwise, our references to prior comments are to comments in our December 23, 2022 letter.

Amendment No. 1 to Draft Registration Statement on Form F-1 submitted January 9, 2023

Prospectus Summary

Risk Factors Summary, page 11

1. We note your response to prior comment 2 and that you removed from the cover page the statement that you do not believe there will be material effects on your Hong Kong subsidiaries’ operations and financial results resulting from the legal and operational risks relating to the PRC regulations. Please remove the statement from this section as well.

Howard Lee  
Lucas GC Ltd  
January 25, 2023  
Page 2

# Capitalization, page 64

2. We note your revised disclosures in response to prior comment 12. Please further revise to include a line for mezzanine equity. Also, revise to label the middle column as 'pro forma' rather than 'pro forma as adjusted.'

# Business

# Our Customers, page 123

3. We note that in response to prior comment 21, you removed the cross-reference to risk factor disclosure regarding your customer concentration. To the extent material, please provide risk factor disclosure regarding the risks caused by the concentration among your customers. Additionally, please disclose the percentage of your users who are individuals seeking jobs, corporations posting jobs, or talent scouts seeking to match candidates with positions.

# Shares Eligible for Future Sale, page 158

4. Your disclosure that your 'ordinary shares have been approved for listing on the Nasdaq' is inconsistent with the disclosure elsewhere that you will apply for listing on the Nasdaq. Please revise or advise.

# Consolidated Financial Statements

# Note 2. Summary of Significant Accounting Policies

# (k) Revenue recognition, page F-11

5. We note your revised disclosures in response to prior comment 31. Please revise to disclose the typical payment terms of your arrangements, as well as any cancellation or termination provisions. Refer to ASC 606-10-50-12(b) and (d).

# Outsourcing Services, page F-12

6. We note your response to prior comment 34. Please revise your disclosures to clarify the nature of the work performed in these arrangements, and that you recognize revenue upon project completion, as indicated in your response. Refer to ASC 606-10-50-12(a) and (c).

# Permanent employment services, page F-12

7. Your response to prior comment 32 indicates that the completion of the probation period is the point in time when the PO is deemed satisfied and the customer accepts transfer of control as a proven qualified employee in the long term. Please tell us how you considered the guidance in ASC 606-10-55-85 through 55-88. In this regard, explain to us whether customer acceptance is based on objective or subjective criteria and include some examples of typical customer specifications in your arrangements. Also, tell us your experience with contracts for similar services, whether compliance with specifications in these types of contracts has been demonstrated in the past and how you considered that in

Howard Lee  
Lucas GC Ltd  
January 25, 2023  
Page 3

determining when control transfers. Specifically, tell us how often your customers have determined candidates are not qualified for the job in the long term during the probation period and whether you have replaced candidates.

8. Please tell us whether you track the number of candidates that do not pass the probation period. If this information is tracked, tell us the number of candidates placed in the period compared to the number that did not pass the probation period. Please provide this information for the year ended December 31, 2021 and for the six months ended June 30, 2022.

# Item 7. Recent Sales of Unregistered Securities, page II-2

9. We note your disclosure in the prospectus that you have issued redeemable preferred shares as part of your financing activities. Please disclose the quantity and holders of your preferred shares in this section. Also, disclose the terms of the preferred shares in the Description of Share Capital section.

# General

10. Please update your financial statements in accordance with Item 8.A.4 of Form 20-F or include the representations noted in Instruction 2 thereto as an exhibit to your registration statement.

You may contact Dave Edgar, Senior Staff Accountant, at (202) 551-3459 or Christine Dietz, Senior Staff Accountant, at (202) 551-3408 if you have questions regarding comments on the financial statements and related matters. Please contact Lauren Pierce, Staff Attorney, at (202) 551-3887 or Matthew Crispino, Staff Attorney, at (202) 551-3456 with any other questions.

Sincerely,

Division of Corporation Finance Office of Technology

cc: Yang Ge