# EDGAR Filing Document

**Accession Number:** 0001346610
**File Stem:** 0000000000-23-001692
**Filing Date:** 2023-2
**Character Count:** 13129
**Document Hash:** 3106dcedbcb60462f336c1fdc7e0ce46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001692.hdr.sgml**: 20230526

**ACCESSION NUMBER**: 0000000000-23-001692

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230221

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOS Ltd
- **CENTRAL INDEX KEY:** 0001346610
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** BLDG 6, E. SEAVIEW PARK, 298 HAIJING RD
- **STREET 2:** YINZHU STR.,  WEST COAST NEW DISTRICT
- **CITY:** QINGDAO SHANDONG PROVINCE
- **STATE:** F4
- **ZIP:** 266400
- **BUSINESS PHONE:** 86-532-86617117

**MAIL ADDRESS:**
- **STREET 1:** ATM CAPITAL PARTNERS LLC
- **STREET 2:** 35 EAST 38TH ST STE 11C
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** China Rapid Finance Ltd
- **DATE OF NAME CHANGE:** 20150923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** China Risk Finance LLC
- **DATE OF NAME CHANGE:** 20051212
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-21-024630

## Text-Extract

```

United States securities and exchange commission logo

                       February 21, 2023

       Yandai Wang
       Chief Executive Officer
       SOS Limited
       Building 6, East Seaview Park
       298 Haijing Road, Yinzhu Street
       West Coast New District, Qingdoa City
       Shandong Province 266400
       People's Republic of China

                                                        Re: SOS Limited
                                                            Form 20-F for the
fiscal period ending December 31, 2020
                                                            Filed May 5, 2021
                                                            Form 20-F/A for the
fiscal period ending December 31, 2020
                                                            Filed October 12,
2021
                                                            Form 20-F/A for the
fiscal period ending December 31, 2020
                                                            Filed January 7,
2022
                                                            File No. 001-38051
                                                            Form 20-F for the
fiscal period ending December 31, 2021
                                                            Filed May 2, 2022

       Dear Yandai Wang:

              We have reviewed your February 3, 2023 response to our comment
letter 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 these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

            After reviewing your response to these comments, we may have
additional
       comments. Unless we note otherwise, our references to prior comments are
to comments in our
       December 21, 2022 letter.

       Form 20-F for the fiscal period ending December 31, 2021

       Introduction, page iii
 Yandai Wang
FirstName LastNameYandai Wang
SOS Limited
Comapany21,
February  NameSOS
            2023   Limited
February
Page 2 21, 2023 Page 2
FirstName LastName
1.       We note your response to prior comment 1 and your revised proposed
disclosure. Provide
         risk factor disclosure to explain whether there are any commensurate
laws or regulations
         in Macau which result in oversight over data security and explain how
this oversight
         impacts your business and to what extent you believe you are compliant
with the
         regulations or policies that have been issued. Please provide us with
your proposed
         disclosure.
Item 3. Key Information, page 2

2.       We note your response to prior comments 2 and 6, including that in
2021, you completed
         several rounds of registered direct offerings, raising $585.6 million
in proceeds, net of
         $40.4 million of issuance costs and that investors submitted funds to
the bank accounts of
         its wholly owned subsidiaries, China SOS Ltd., incorporated in Hong
Kong and SOS
         Information Technology New York Inc., incorporated in New York. Please
address the
         following:
             Tell us and revise your disclosures accordingly, to discuss your
basis for presenting
              total proceeds related to the 2021 registered direct offering of
$1.388 billion as cash
              financing generated by SOS Ltd., China SOS Ltd., WFOE, and
Subsidiaries Outside
              China in your Consolidating Statement of Cash Flows versus $626
million gross
              excluding $40.4 million of issuance costs allocated to your
Subsidiaries in China.
             Tell us and revise your disclosures accordingly, to discuss why
total net cash used in
              investing activities as presented in your Consolidating Statement
of Cash Flows for
              total investment in equity of $750.1 million for SOS Ltd., China
SOS Ltd., WFOE,
              Subsidiaries Outside China and Subsidiaries in China is greater
than beginning total
              equity and total assets of $60.2 million and $69.8 million at
December 31, 2020,
              $585.6 million in proceeds from registered direct offerings, cash
used in operating
              activities of $225.5 million and net loss of $44 million.
             Revise your rollforward of    Investments in Subsidiaries outside
China, WFOE and
              China SOS Ltd." to exclude intercompany cash transfers for the
issuance of Class A
              Ordinary Shares and warrants. Please also explain how the balance
of $517.8 million
              reconciles to total investments in Subsidiaries outside China,
WFOE and China SOS
              Ltd of $749.5 million, prior to consolidating adjustments as
presented in your
              Consolidating Balance Sheeting, including consideration of our
comments above.
             Please confirm that the activity presented in the Consolidating
Statements of Cash
              Flows represents cash activities and supplementally disclose
non-cash activities as
              necessary.
         Provide us with your proposed disclosure.

3.       We note your response to prior comment 4 and that no statutory resevse
fund was
         provided despite profit recognition because you have not established
or recognized any
         registered paid-up capital and you have no plan to distribute
dividends for the periods
         presented. Please enhance your disclosure to clarify this requirement
since you currently
         disclose that pursuant to the law applicable to China   s foreign
investment enterprises, an
 Yandai Wang
SOS Limited
February 21, 2023
Page 3
         operating entity that is a foreign investment enterprise in the PRC
has to make
         appropriation from its after-tax profit, as determined under PRC GAAP,
to reserve funds
         including (i) general reserve fund, (ii) enterprise expansion fund and
(iii) staff bonus and
         welfare fund. Please provide us with your proposed disclosure.
       You may contact Michelle Miller at 202-551-3368 or Sharon Blume at
202-551-3474 if
you have questions.

FirstName LastNameYandai Wang                                   Sincerely,
Comapany NameSOS Limited
                                                                Division of
Corporation Finance
February 21, 2023 Page 3                                        Office of
Finance
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

February 21, 2023

Yandai Wang  
Chief Executive Officer  
SOS Limited  
Building 6, East Seaview Park  
298 Haijing Road, Yinzhu Street  
West Coast New District, Qingdao City  
Shandong Province 266400  
People's Republic of China

# **Re: SOS Limited**

**Form 20-F for the fiscal period ending December 31, 2020**  
**Filed May 5, 2021**  
**Form 20-F/A for the fiscal period ending December 31, 2020**  
**Filed October 12, 2021**  
**Form 20-F/A for the fiscal period ending December 31, 2020**  
**Filed January 7, 2022**  
**File No. 001-38051**  
**Form 20-F for the fiscal period ending December 31, 2021**  
**Filed May 2, 2022**

Dear Yandai Wang:

We have reviewed your February 3, 2023 response to our comment letter 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 these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our December 21, 2022 letter.

Form 20-F for the fiscal period ending December 31, 2021

Introduction, page iii

Yandai Wang
SOS Limited
February 21, 2023
Page 2

1. We note your response to prior comment 1 and your revised proposed disclosure. Provide risk factor disclosure to explain whether there are any commensurate laws or regulations in Macau which result in oversight over data security and explain how this oversight impacts your business and to what extent you believe you are compliant with the regulations or policies that have been issued. Please provide us with your proposed disclosure.

Item 3. Key Information, page 2

2. We note your response to prior comments 2 and 6, including that in 2021, you completed several rounds of registered direct offerings, raising $585.6 million in proceeds, net of $40.4 million of issuance costs and that investors submitted funds to the bank accounts of its wholly owned subsidiaries, China SOS Ltd., incorporated in Hong Kong and SOS Information Technology New York Inc., incorporated in New York. Please address the following:
- Tell us and revise your disclosures accordingly, to discuss your basis for presenting total proceeds related to the 2021 registered direct offering of $1.388 billion as cash financing generated by SOS Ltd., China SOS Ltd., WFOE, and Subsidiaries Outside China in your Consolidating Statement of Cash Flows versus $626 million gross excluding $40.4 million of issuance costs allocated to your Subsidiaries in China.
- Tell us and revise your disclosures accordingly, to discuss why total net cash used in investing activities as presented in your Consolidating Statement of Cash Flows for total investment in equity of $750.1 million for SOS Ltd., China SOS Ltd., WFOE, Subsidiaries Outside China and Subsidiaries in China is greater than beginning total equity and total assets of $60.2 million and $69.8 million at December 31, 2020, $585.6 million in proceeds from registered direct offerings, cash used in operating activities of $225.5 million and net loss of $44 million.
- Revise your rollforward of "Investments in Subsidiaries outside China, WFOE and China SOS Ltd." to exclude intercompany cash transfers for the issuance of Class A Ordinary Shares and warrants. Please also explain how the balance of $517.8 million reconciles to total investments in Subsidiaries outside China, WFOE and China SOS Ltd of $749.5 million, prior to consolidating adjustments as presented in your Consolidating Balance Sheeting, including consideration of our comments above.
- Please confirm that the activity presented in the Consolidating Statements of Cash Flows represents cash activities and supplementally disclose non-cash activities as necessary.

Provide us with your proposed disclosure.

3. We note your response to prior comment 4 and that no statutory reserve fund was provided despite profit recognition because you have not established or recognized any registered paid-up capital and you have no plan to distribute dividends for the periods presented. Please enhance your disclosure to clarify this requirement since you currently disclose that pursuant to the law applicable to China's foreign investment enterprises, an

Yandai Wang  
SOS Limited  
February 21, 2023  
Page 3

operating entity that is a foreign investment enterprise in the PRC has to make appropriation from its after-tax profit, as determined under PRC GAAP, to reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. Please provide us with your proposed disclosure.

You may contact Michelle Miller at 202-551-3368 or Sharon Blume at 202-551-3474 if you have questions.

Sincerely,

Division of Corporation Finance Office of Finance