# EDGAR Filing Document

**Accession Number:** 0002069821
**File Stem:** 0000000000-25-006651
**Filing Date:** 2025-6
**Character Count:** 18342
**Document Hash:** 0fe46f34978808f7a839178e0da696d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006651.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0000000000-25-006651

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250625

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BILLION GROUP HOLDINGS Ltd
- **CENTRAL INDEX KEY:** 0002069821
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOD & KINDRED PRODUCTS [2000]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08064

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 89 NEXUS WAY
- **CITY:** CAMANA BAY
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-9009
- **BUSINESS PHONE:** 852 98431101

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 89 NEXUS WAY
- **CITY:** CAMANA BAY
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-9009
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-049553

## Text-Extract

```

                                                             June 25, 2025

Chen Xin
Chief Executive Officer
Billion Group Holdings Limited
Unit 502, 20-20A
Chung Ying Building
Connaught Road West
Sheung Wan, Hong Kong

       Re: Billion Group Holdings Limited
           Draft Registration Statement on Form F-1
           Submitted May 30, 2025
           CIK No. 0002069821
Dear Chen Xin:

       We have reviewed your 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.

Draft Registration Statement on Form F-1 submitted May 30, 2025
Cover Page

1.     Please disclose that investors may never hold equity interests in the
Hong Kong
       operating entity.
2.     Provide prominent disclosure about the legal and operational risks
associated with
       having your operations in Hong Kong. Your disclosure should make clear
whether
       these risks could result in a material change in your operations and/or
the value of the
       securities you are registering for sale or could significantly limit or
completely hinder
       your ability to offer or continue to offer securities to investors and
cause the value of
       such securities to significantly decline or be worthless. Your
disclosure should address
 June 25, 2025
Page 2

       how recent statements and regulatory actions by China   s government,
such as those
       related to the use of variable interest entities and data security or
anti-
       monopoly concerns, have or may impact the company   s ability to conduct
its
       business, accept foreign investments, or list on a U.S. or other foreign
exchange.

3.     Provide a description of how cash is transferred through your
organization. State
       whether any transfers, dividends, or distributions have been made to
date between the
       holding company and its subsidiaries, or to investors, and quantify the
amounts where
       applicable. If no transfers have been made, so state.
4.     We note the cross-reference on the cover page to the risk factor that
"To the extent
       cash or assets in the business are in Hong Kong or a Hong Kong entity,
the funds or
       assets may not be available to fund operations or for other use outside
of Hong Kong
       due to interventions in or the imposition of restrictions and
limitations on the ability of
       you or your subsidiaries by the PRC government to transfer cash or
assets." However,
       such a risk factor is not included in the Risk Factors section. Please
advise or revise.

5.     We note your disclosure on the cover page and elsewhere in your
prospectus, such as
       the disclosure on pages 16 and 102, that you have been "advised" by your
counsel.
       Please clarify whether relying on counsel's "advice" is the same as
relying on
       counsel's opinion. If so, please revise in all applicable areas to
specifically state that
       the company has relied upon an opinion of counsel.
6.     We note the cross-reference on the cover page to the risk factor on page
33 that "Our
       Ordinary Shares may be prohibited from being traded on a national
exchange under
       the Holding Foreign Companies Accountable Act if the PCAOB is unable to
inspect
       our auditors for three consecutive years beginning in 2021.    However,
such a risk
       factor is not included in the Risk Factors section. Please revise and
update the
       disclosure accordingly.

Prospectus Summary, page 1

7.     Disclose each permission or approval that you or your subsidiaries are
required to
       obtain from Chinese and Hong Kong authorities to operate your business
and to offer
       the securities being registered to foreign investors. State whether you
or your
       subsidiaries are covered by permissions requirements from the China
Securities
       Regulatory Commission (CSRC), Cyberspace Administration of China (CAC)
or any
       other governmental agency that is required to approve your or your
subsidiaries
       operations, and state affirmatively whether you have received all
requisite permissions
       or approvals and whether any permissions or approvals have been denied.
Please also
       describe the consequences to you and your investors if you or your
subsidiaries: (i) do
       not receive or maintain such permissions or approvals, (ii)
inadvertently conclude that
       such permissions or approvals are not required, or (iii) applicable
laws, regulations, or
       interpretations change and you are required to obtain such permissions
or approvals in
       the future.
8.     Provide a clear description of how cash is transferred through your
organization.
       Disclose your intentions to distribute earnings or settle amounts owed
under your
 June 25, 2025
Page 3

       operating structure. Quantify any cash flows and transfers of other
assets by type that
       have occurred between the holding company and its subsidiaries, and
direction of
       transfer. Quantify any dividends or distributions that a subsidiary has
made to the
       holding company and which entity made such transfer, and their tax
consequences.
       Similarly quantify dividends or distributions made to U.S. investors,
the source, and
       their tax consequences. Your disclosure should make clear if no
transfers, dividends,
       or distributions have been made to date. Describe any restrictions on
foreign exchange
       and your ability to transfer cash between entities, across borders, and
to U.S.
       investors. Describe any restrictions and limitations on your ability to
distribute
       earnings from the company, including your subsidiaries, to the parent
company and
       U.S. investors as well as the ability to settle amounts owed under
applicable
       agreements.

Summary of Risk Factors, page 4

9.     In your summary of risk factors, disclose the risks that your corporate
structure and
       being based in or having the majority of the company   s operations in
Hong Kong
       poses to investors. In particular, describe the significant regulatory,
liquidity, and
       enforcement risks with cross-references to the more detailed discussion
of these risks
       in the prospectus. For example, specifically discuss risks arising from
the legal system
       in China, including the risk that the Chinese government may intervene
or influence
       your operations at any time, or may exert more control over offerings
conducted
       overseas and/or foreign investment in China-based issuers, which could
result in a
       material change in your operations and/or the value of the securities
you are
       registering for sale. Acknowledge any risks that any actions by the
Chinese
       government to exert more oversight and control over offerings that are
conducted
       overseas and/or foreign investment in China-based issuers could
significantly limit or
       completely hinder your ability to offer or continue to offer securities
to investors and
       cause the value of such securities to significantly decline or be
worthless. Please note
       that each summary risk factor should have a cross-reference to the
relevant individual
       detailed risk factor.

Risk Factors, page 11

10.    Please provide a risk factor to discuss your dependence on any
particular customer(s)
       and whether you have been able to historically retain your customers and
attract new
       customers. To the extent that the loss of any particular customer(s)
would have a
       material impact on your results of operations, please identify the
customer(s). Please
       include similar disclosure in the Customers section on page 64. Also,
expand the
       disclosure on page 64 to discuss the material terms of your agreements
with such
       customers. In this regard, we note the disclosure on page 17 about
agreements with
       customers and the disclosure on page 64 that revenue from three of your
customers
       accounted for approximately 22%, 18%, and 16% of your total revenue in
the fiscal
       year ended December 31, 2024.
 June 25, 2025
Page 4
The Chinese government exerts substantial influence over the manner, page 12

11.    Please remove the second sentence in the title of this risk factor given
the disclosure
       elsewhere in your prospectus that you have been advised by counsel.

Our business is affected by the quality and quantity of the products, page 19

12.    If the loss of any particular supplier(s) would have a material impact
on your results
       of operations, revise the disclosure in this risk factor to identify the
supplier(s) and
       discuss your dependence on this supplier(s). Please include similar
disclosure in the
       Suppliers section on page 63. Also, expand the disclosure on page 63 to
discuss the
       material terms of your agreements with such suppliers. In this regard,
we note the
       disclosure on page 60 about your "long-term collaborations with
established
       suppliers" and the disclosure on page 64 that two of your suppliers
accounted for
       approximately 57% and 21% of your total purchase amount in the fiscal
year ended
       December 31, 2024.

13.    Please reconcile the disclosure about "all of our suppliers are from
Hong Kong" in the
       second paragraph of this risk factor with the disclosure in the first
full sentence on
       page 13 about "our PRC suppliers." Also, reconcile the disclosure about
your major
       supplier in the last paragraph of this risk factor with the disclosure
in the first
       paragraph of the Our Suppliers section on page 63.

We are subject to credit risk in relation to the collectability of our trade
receivables, page 23

14.    Please expand the disclosure in this risk factor to discuss, if
material, the extent to
       which payments in full have not been made to the company on a timely
basis
       from customers mentioned in Note 5 on page F-12.

Certain judgments obtained against us by our shareholders may not be
enforceable, page 31

15.    We note the disclosure on page 32 that "Robertsons, our counsel as to
Hong Kong
       law, is in the opinion of there is currently no arrangement providing
for the reciprocal
       enforcement of judgements between Hong Kong and the United States, as
such
       judgments of United States courts will not be directly enforced in
       Hong Kong." However, there is no reference to Robertsons in the exhibit
index on
       page II-3. Please advise or revise accordingly.
We have incurred significantly increased costs, page 33

16.    Please clarify the disclosure in this risk factor. For example, we note
the disclosure
       that "We were listed on the Nasdaq on [*]. We have and will continue to
incur
       additional legal, accounting and other expenses as a public reporting
company,
       particularly after we cease to qualify as an emerging growth company.
For example,
       we are required to comply with the additional requirements of the rules
and
       regulations of the SEC and Nasdaq rules, including applicable corporate
governance
 June 25, 2025
Page 5

       practices." However, we note that you are not yet a public reporting
company.
Regulations, page 67

17.    We note the disclosure in this section about regulations in Hong Kong.
Please expand
       the disclosure to discuss the regulations to which you will be subject
to in the markets
       you intend to operate. For example, we note the disclosure in the first
full paragraph
       on page 63 about the Mainland China market.
Related Party Transactions, page 77

18.    Please revise your disclosure regarding the management fees paid to
China Eco-
       farming Limited and Kingtop Asia Investment Limited to describe the
services
       provided. Also, file as exhibits the agreements made in connection with
the related
       party transactions.
19.    Please expand the disclosure on page 77 to identify the former related
companies.
20.    Please ensure that you have provided all disclosure required by Item 7.B
of Form 20-F
       for the period since the beginning of your preceding three financial
years up to the
       date of your prospectus. Refer to Item 7.B of Form 20-F.
Hong Kong, page 103

21.    We note the disclosure on page 103 that the opinion of SH Wong & Co.
will be
       attached to this prospectus as Exhibit 5.2. However, there is no
reference in the
       exhibit index on page II-3 to either SH & Wong Co. or Exhibit 5.2.
Please advise or
       revise accordingly.
Consolidated Statements of Changes in Shareholders' Equity, page F-5

22.    Please explain to us the nature of the HK$8,193,768 increase to equity
in 2024 for
       additional paid-in capital of a subsidiary. In this regard it appears to
also be presented
       as a cash inflow on the statement of cash flows. Please explain.
Notes to Consolidated Financial Statements
Description of Business, page F-7

23.    According to the timeline provided, Billion Group Holdings Limited was
incorporated
       on May 6, 2025. It is also noted that Billion Group Holdings Limited
plans to acquire
       100% of the equity interest in Harmony Alliance, with the transaction
expected to be
       completed by the end of June 2025. Please address the following:
           Revise your disclosure to explain how your company will account for
the
          acquisition of Harmony Alliance Holdings Limited. citing applicable
US GAAP..
           In light of the fact that it appears that the financial statements
and related
          disclosures are presented as if this transaction has already
occurred, please explain
          to us why you have used this presentation prior to the date the
transaction is
          finalized. As part of your response, please tell us if the historical
financial
          statements included in the filing are those of the operating entity,
or Harmony
          Alliance, and specifically address whether Harmony Alliance has any
investments
          other than the 100% ownership interest in Billion Enterprise
International
          Limited, the operating entity at the time of the reorganization. In
this regard we
 June 25, 2025
Page 6

           note that the related party disclosures include several entities
that were
           subsidiaries of Harmony Alliance until March 2024. Please explain.
(g) Revenue Recognition, page F-8

24.    We note your disclosure that your revenue generating activities have a
single
       performance obligation and are recognized at the point in time when
control transfers
       and our obligation have been fulfilled, which is when the ownership of
the related
       goods are transferred to the customer. However, we note elsewhere in the
filing that
       most of your products are delivered directly from the suppliers to the
customers.
       Please provide us your analysis, and revise your disclosure to explain
how you
       determined you are principal in these transactions rather than an agent.
As part of
       your response and revised disclosure, please clearly explain the nature
of any control
       you have over the goods before they are transferred to the customer. See
guidance in
       ASC 606-10-55-36 through 55-40.
Recent Sales of Unregistered Securities, page II-1

25.    Please include the information required by Item 701 of Regulation S-K.
Undertakings, page II-2

26.    Please revise to provide the undertaking required by Item 512(a)(6) of
Regulation S-
       K.
Signatures, page II-3

27.    Please revise to identify the individual signing in the capacity of your
principal
       accounting officer or controller. For guidance, see Instruction 1 to the
Signature page
       on Form F-1. See Instruction 1 to Signatures in Form F-1.

Exhibits

28.    Please file as an exhibit the consent of Frost & Sullivan. We note your
disclosure on
       page 25 that you have engaged Frost & Sullivan to prepare a commissioned
industry
       report analyzing the premium food and beverage supply chain management
solutions
       market.

       Please contact Andi Carpenter at 202-551-3645 or Claire Erlanger at
202-551-3301 if
you have questions regarding comments on the financial statements and related
matters. Please contact Thomas Jones at 202-551-3602 or Jay Ingram at
202-551-3397 with
any other questions.

                                                              Sincerely,

                                                              Division of
Corporation Finance
                                                              Office of
Manufacturing
 June 25, 2025
Page 7
cc:   Kyle Leung

```

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