# EDGAR Filing Document

**Accession Number:** 0001980262
**File Stem:** 0001213900-25-050149
**Filing Date:** 2025-6
**Character Count:** 5125
**Document Hash:** 0165a49f8d2a8d62fafe0f68ef7dd12f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-050149.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001213900-25-050149

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HW Electro Co., Ltd.
- **CENTRAL INDEX KEY:** 0001980262
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 634, AOHAI 2-CHOME 7-4 THE SOHO, KOTO-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 135-0064
- **BUSINESS PHONE:** 81364571469

**MAIL ADDRESS:**
- **STREET 1:** 634, AOHAI 2-CHOME 7-4 THE SOHO, KOTO-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 135-0064

**HW Electro Co., Ltd.**

June 2, 2025

<u>Via EDGAR</u>

Division of Corporation Finance

Office of Manufacturing

U.S. Securities and Exchange Commission

100 F Street, NE

Washington, D.C., 20549

Attention: Kevin Woody SiSi Cheng <br> Asia Timmons-Pierce Evan Ewing

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| | |
|:---|:---|
| **Re:** | **HW Electro Co., Ltd.** |
|  | **Registration Statement on Form F-1** |
|  | **Filed May 9, 2025** |
|  | **File No. 333-287112**<br> **CIK No. 0001980262** |

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Ladies and Gentlemen:

This letter is in response to the letter dated May 16, 2025, from the staff (the "Staff") of the U.S. Securities and Exchange Commission (the "Commission") addressed to HW Electro Co., Ltd. (the "Company," "we," and "our"). For ease of reference, we have recited the Commission's comments in this response and numbered them accordingly. An amendment No. 1 to the Registration Statement on Form F-1 ("Amendment No. 1") is being filed to accompany this letter.

*<u>Registration Statement on Form F-1 filed May 9, 2025</u>*

 

*<u>Capitalization, page 39</u>* 

**1. It does not appear the non-current portion of your loans payable to third party is included in your capitalization table. Please revise or advise.** 

In response to the Staff's comments, we revised our disclosure on page 39 of Amendment No. 1 to include the non-current portion of our loans payable to third party in our capitalization table.

*<u>Dilution, page 41</u>*

**2. Please explain to us how the short-term loan obtained after September 2024 increased your pro forma net tangible book value. In this regard, we note that net tangible book value is calculated as total tangible assets less total liabilities. In addition, please tell us how you considered excluding deferred offering costs from the historical, pro forma and pro forma as adjusted net tangible book value amounts.**

 

In response to the Staff's comments, we revised our disclosure from pages 39 to page 42 of Amendment No. 1 to exclude short-term loan obtained after September 2024 from pro forma and pro forma as adjusted net tangible book value amounts and the deferred offering costs from the historical, pro forma and pro forma as adjusted net tangible book value amounts.

*<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>*

*<u>Results of Operations, page 47</u>*

**3. Please revise to provide a more comprehensive discussion and analysis of the factors that impacted your results between comparative periods for all periods presented, including a discussion of any known trends or uncertainties that are reasonably expected to impact near and long-term results. Refer to Item 303(b)(2) of Regulation S-K and Commission Release No. 33-8350.**

In response to the Staff's comments, we revised our disclosure from pages 44 to 50 of Amendment No. 1 to provide a more comprehensive discussion and analysis of the factors that impacted our results between comparative periods for all periods presented, including a discussion of any known trends or uncertainties that are reasonably expected to impact our near and long-term results.

*<u>Cash Flows</u>*

*<u>Cash Flow from Operating Activities, page 55</u>*

**4. Your net cash used in operating activities appears to have decreased by $11.5 million during fiscal year 2024 as opposed to $1.1 million as you disclosed on page 55. Please advise or revise.**

In response to the Staff's comments, we revised our disclosure on page 56 of Amendment No. 1 to revise the number from $1.1 million to $11.5 million.

*<u>General</u>*

**5. Please revise Exhibit 5.1 to cover the shares that may be sold pursuant to the over-allotment option.**

In response to the Staff's comments, we revised Exhibit 5.1 to cover the shares that may be sold pursuant to the over-allotment option.

We appreciate the assistance the Staff has provided with its comments. If you have any questions, please do not hesitate to call our counsel, Ying Li, Esq., of Hunter Taubman Fischer & Li LLC, at (212) 530-2206.

Very truly yours,

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| | |
|:---|:---|
| /s/ Weicheng Hsiao | /s/ Weicheng Hsiao |
| Name: | Weicheng Hsiao |
| Title: | Chief Executive Officer |

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cc: Ying Li, Esq. <br> Hunter Taubman Fischer & Li LLC