# EDGAR Filing Document

**Accession Number:** 0001956166
**File Stem:** 0000000000-23-001632
**Filing Date:** 2023-2
**Character Count:** 39829
**Document Hash:** df46cc6b2b51b697310bb254a06263a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001632.hdr.sgml**: 20240726

**ACCESSION NUMBER**: 0000000000-23-001632

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230217

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ming Shing Group Holdings Ltd
- **CENTRAL INDEX KEY:** 0001956166
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-06528

**BUSINESS ADDRESS:**
- **STREET 1:** 8/F, CHEONG TAI INDUSTRIAL BUILDING
- **STREET 2:** 16 TAI YAU STREET, SAN PO KONG
- **CITY:** KOWLOON
- **STATE:** K3
- **ZIP:** 000000
- **BUSINESS PHONE:** 852 2370 3788

**MAIL ADDRESS:**
- **STREET 1:** 8/F, CHEONG TAI INDUSTRIAL BUILDING
- **STREET 2:** 16 TAI YAU STREET, SAN PO KONG
- **CITY:** KOWLOON
- **STATE:** K3
- **ZIP:** 000000
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001493152-22-036446

## Text-Extract

```

United States securities and exchange commission logo

                             February 16, 2023

       Chi Ming Lam
       Chief Executive Officer and Chairman
       Ming Shing Group Holdings Ltd
       8/F, Cheong Tai Factory Building
       16 Tai Yau Street
       San Po Kong, Kowloon
       Hong Kong

                                                        Re: Ming Shing Group
Holdings Ltd
                                                            Amendment No. 1 to
Draft Registration Statement on Form F-1
                                                            Submitted January
20, 2023
                                                            CIK No. 0001956166

       Dear Chi Ming Lam:

              We have reviewed your 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.

       Amendment No. 1 to Draft Registration Statement on Form F-1 Submitted
January 20, 2023

       Cover Page

   1.                                                   Please revise your
definition of "China" or the "PRC" to remove the exclusion of
                                                        Hong Kong and Macau
from this definition. Similarly, please revise your disclosure
                                                        under "Notice to
Prospective Investors in People's Republic of China" on page 133.
   2.                                                   Provide prominent
disclosure about the legal and operational risks associated with being
                                                        based in or having the
majority of the company   s operations in China. Your disclosure
                                                        should make clear
whether these risks could result in a material change in your operations
 Chi Ming Lam
FirstName
Ming ShingLastNameChi Ming
           Group Holdings LtdLam
Comapany16,
February  NameMing
            2023    Shing Group Holdings Ltd
February
Page 2 16, 2023 Page 2
FirstName LastName
         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 how recent statements and regulatory actions by China
s government, such
         as those related to 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.       Please update your disclosure here and throughout the prospectus that
the Accelerated
         Holding Foreign Companies Accountable Act became law on December 29,
2022, and
         shortened the timeline for the application of the HFCAA   s delisting
and trading
         prohibitions from three years to two.
Summary, page 5

4.       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 China
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 risks
         and uncertainties regarding the enforcement of laws and that rules and
regulations in
         China can change quickly with little advance notice; and 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.
List of Approvals/permits, page 7

5.       Disclose each permission or approval that you or your subsidiaries are
required to obtain
         from Chinese 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, 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.
 Chi Ming Lam
FirstName
Ming ShingLastNameChi Ming
           Group Holdings LtdLam
Comapany16,
February  NameMing
            2023    Shing Group Holdings Ltd
February
Page 3 16, 2023 Page 3
FirstName LastName
Transfers of Cash to and from Our Subsidiaries, page 7

6.       Please expand your disclosure to include any restrictions imposed by
China on foreign
         exchange that affect your ability to transfer cash between entities,
across borders, and to
         U.S. investors. Describe any additional restrictions imposed by China
that limit your
         ability to distribute earnings from your subsidiaries to you and the
investors.
Risk Factors, page 15

7.       Please expand your disclosures to explicitly state whether you have
elected to opt in to the
         extended transition period for emerging growth companies under the
JOBS Act for
         complying with new or revised accounting standards. If so, please
include a risk factor
         disclosing the risks resulting from this election, including that your
financial statements
         may not be comparable to companies that comply with public company
effective dates.
Risks related to doing business in Hong Kong, page 26

8.       Given the Chinese government   s potential for significant oversight
and discretion over the
         conduct of your business, please revise to highlight separately the
risk that the Chinese
         government may intervene or influence your operations at any time,
which could result in
         a material change in your operations and/or the value of the
securities you are registering.
         Also, given recent statements by the Chinese government indicating an
intent to exert
         more oversight and control over offerings that are conducted overseas
and/or foreign
         investment in China-based issuers, acknowledge the risk that any such
action 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.
9.       In light of recent events indicating greater oversight by the
Cyberspace Administration of
         China (CAC) over data security, particularly for companies seeking to
list on a foreign
         exchange, please revise your disclosure to explain how this oversight
impacts your
         business and your offering and to what extent you believe that you are
compliant with the
         regulations or policies that have been issued by the CAC to date.
If we fail to meet applicable listing requirements, Nasdaq may not approve our
listing application
.. . . , page 27

10.      Please clarify in this risk factor that if Nasdaq does not approve
your listing application,
         you will not complete the offering, consistent with disclosure on the
cover page. Please
         make similar clarification in your risk entitled    There may not be
an active, liquid trading
         market for our Ordinary Shares . . . " on page 32.
The market price of our Ordinary Shares may be volatile . . . , page 30

11.      Please discuss the risk regarding small-capitalization companies that
appears in the first
         full paragraph on page 31 under a distinct risk factor subheading.
 Chi Ming Lam
FirstName
Ming ShingLastNameChi Ming
           Group Holdings LtdLam
Comapany16,
February  NameMing
            2023    Shing Group Holdings Ltd
February
Page 4 16, 2023 Page 4
FirstName LastName
Our internal controls over financial reporting may not be effective . . . ,
page 33

12.      The narrative in this risk refers to    the foregoing material
weakness,    but this is not
         described in the risk factor. Please revise accordingly.
Labor Cost Analysis, page 41

13.      Please revise to disclose the    local social incident    that you
refer to in this section.
Competition Overview, page 43

14.      Please elaborate on your basis for the statement that you are    the
leading wet trade works
         subcontractor    based on your market share of 0.4% in 2021.
Use of Proceeds, page 44

15.      We note disclosure that 20% of the net proceeds of this Offering will
be used for
         repayment of bank borrowings and finance leases. Please describe the
interest rate and
         maturity of such indebtedness to be repaid and, for indebtedness
incurred within the past
         year, the uses to which the proceeds of such indebtedness were put.
Refer to Item 3.C.4 of
         Form 20-F.
Management's Discussion and Analysis of Financial Condition and Results of
Operations, page
48

16.      Please revise to include critical accounting estimates that have had
or are reasonably likely
         to have a material impact on your financial condition or results of
operations, which may
         include but are not limited to, estimates and assumptions related to
revenue recognition,
         allowance for credit losses associated with accounts receivable,
retention receivables,
         contract assets, and valuation allowance for deferred tax assets.
Refer to Item 303(b)(3) of
         Regulation S-K.
17.      We note that the results of MS Engineering Co. are not included in the
financial
         statements prior to its acquisition on October 20, 2021. Please expand
your discussion of
         results of operations to highlight the impact that the acquisition of
this subsidiary had on
         your results of operations in addition to the other factors that
contributed to the changes
         between the periods presented.

18.      Ensure that you discuss any material trends or uncertainties that have
had or are
         reasonably like to have a material impact on revenues, costs or
materials. In this regard,
         we note that the study by Frost and Sullivan that you refer to in the
prospectus and have
         filed as an exhibit, states that the    potential impact of Sino-US
trade conflict has given
         rise to uncertainty of the economy and therefore led to the decrease
in real estate
         investment and gross domestic fixed capital formation in value.    If
this uncertainty has
         had or is reasonably like to have a material impact, please discuss
the uncertainty in
         MD&A and as a risk factor, as appropriate.
 Chi Ming Lam
FirstName
Ming ShingLastNameChi Ming
           Group Holdings LtdLam
Comapany16,
February  NameMing
            2023    Shing Group Holdings Ltd
February
Page 5 16, 2023 Page 5
FirstName LastName
Results of Operations, page 52

19.      We note that you attribute increases in revenue for the six months
ended September 30,
         2022 and for the year ended March 31, 2022 to increases in the number
of projects. Please
         further describe the reasons for the increase in the number of your
projects in these
         periods.
Liquidity and Capital Resources, page 61

20.      We note that you have relied on equity capital, cash generated from
operations and bank
         borrowings as your principal sources of funds, and that expect these
sources to continue.
         We also note that you have increased the amount of your bank
borrowings throughout the
         periods covered by the financial statements. Please clarify the
general terms of these
         borrowings, and address whether you have any balance available for
borrowings under
         existing loan or credit agreements with banks. If so, please discuss
the material terms of
         your agreements, identifying the lender, the total amount of credit
available, the maturity
         date, interest rates, amounts available and outstanding as of the most
recent balance sheet
         date and repayment terms. If not, please clarify this, explain how you
will obtain
         additional bank borrowings in the future, and clarify that there is no
assurance that you
         will be able to do so.
21.      We note that your Use of Proceeds section indicates that you intend to
use approximately
         40% of the net proceeds of this offering as working capital. Please
reconcile with your
         statement that you "may" use a portion of the proceeds as a source of
liquidity in this
         section.
Business, page 66

22.      We note that your website states that you have expanded your business
to the Macao
         SAR. If material, please address this expansion in your Business
section, including
         information about the business you conduct and regulatory environment
in Macao.
Overview, page 66

23.      Please clarify how you measure the    tender success rate    you
disclose in the second
         paragraph of this section. For example, clarify whether this a
percentage of the number of
         bids or tenders you submitted that were accepted, or if it based on
the dollar amount or
         value of contracts accepted or some other measure.
24.      We note that the fifth paragraph in this section and MD&A includes a
brief descriptions of
         MS (HK) Engineering Limited. Please also describe the business
conducted by MS
         Engineering Co., Limited.
25.      We note your risk factor on page 16 and similar disclosures elsewhere
that inaccuracies in
         your estimation in the amount of time and costs involved in a project
may give rise to
         delays and cost overruns. Please clarify the extent to which you
typically bear the risk of
 Chi Ming Lam
FirstName
Ming ShingLastNameChi Ming
           Group Holdings LtdLam
Comapany16,
February  NameMing
            2023    Shing Group Holdings Ltd
February
Page 6 16, 2023 Page 6
FirstName LastName
         cost overruns in your customer contracts, or whether you can pass
these costs on to the
         customers.
Executive Compensation
Director Compensation - Non-Employee Directors, page 94

26.      We noted your disclosure about three independent directors on page 90.
However, here,
         you stated that you "did not have any non-employee directors" for the
six months ended
         September 30, 2022 and the fiscal years ended March 31, 2022 and 2021.
Please explain
         or reconcile this discrepancy. In doing so, please confirm that your
three independent
         directors are not employees your company or any of your subsidiaries.
Dividends, page 99

27.      We note your statement that your shareholders may by ordinary
resolution, declare
         dividends. Please describe the process by which the directors would
recommend a
         dividend amount to the shareholders and how shareholders would then
declare dividends.
Forfeiture or Surrender of Shares, page 100

28.      Please clarify whether shares in this offering are subject to the
possibility of a    capital
         call    described in this section. Describe the circumstances in which
a capital call would be
         made and how the amount would be determined. We note that the opinion
of counsel filed
         as Exhibit 5.1 states that the shares are fully paid and
non-assessable.
Shares Eligible For Future Sale, page 117

29.      We note your statement that you have received listing approval from
Nasdaq. While we
         will not object if you state that you have applied for listing, please
revise to remove any
         statement or implication that you have already been approved. We also
note your
         disclosure that you do not expect that a trading market will develop
for your ordinary
         shares, yet you also condition the offering on approval of listing.
Please disclose that, as a
         result, liquidity and the value of the ordinary shares may decline.
Also address how the
         lack of a market may impact your continued listing.
Enforcement of Civil Liabilities, page 125

30.      Please expand your disclosure in this section to identify each officer
and/or director
         located in China or Hong Kong and disclose that it will be more
difficult to enforce
         liabilities and enforce judgments on those individuals. For example,
revise to discuss more
         specifically the limitations on investors being able to effect service
of process and enforce
         civil liabilities in China, lack of reciprocity and treaties, cost,
and time.
Signatures, page II-5

31.      Please include the controller or the principal accounting officer as
one of the signees, and
         also include a signature for your authorized representative in the
United States. Please see
 Chi Ming Lam
Ming Shing Group Holdings Ltd
February 16, 2023
Page 7
      Instruction 1 to the signature page on Form F-1. See Instruction 1 to
Signatures in Form
      F-1.
Exhibits

32.   Please include the consent of Frost & Sullivan to the inclusion of its
report in the
      registration statement and to being named in the prospectus. We note your
statement on
      page 1 that you commissioned the report, and that you have filed it as an
exhibit to the
      registration statement.
33.   We note your statement on page 90 that three named individuals consent to
serving as
      directors upon closing of the offering. If these individuals do not sign
the registration
      statement, please file signed consents of each of the individuals you
have named as about
      to become directors as exhibits to the registration statement. Please see
Securities Act
      Rule 438.
34.   The assumptions in counsel's legality opinion may not be overly broad,
assume away the
      relevant issue or assume any of the material facts underlying the opinion
or any readily
      ascertainable facts. For example, counsel should not assume that the
company has
      sufficient authorized shares, is not in bankruptcy, or has taken all
corporate actions
      necessary to authorize the issuance of the securities. Please have
counsel revise the
      opinion filed as Exhibit 5.1 to the registration statement. Please see
Staff Legal Bulletin
      19 for guidance on preparing legality opinions.
        You may contact Ameen Hamady at 202-551-3891 or Kristina Marrone at
202-551-3429
if you have questions regarding comments on the financial statements and
related
matters. Please contact Kibum Park at 202-551-6836 or Pam Long at 202-551-3765
with any
other questions.

                                                            Sincerely,
FirstName LastNameChi Ming Lam
                                                            Division of
Corporation Finance
Comapany NameMing Shing Group Holdings Ltd
                                                            Office of Real
Estate & Construction
February 16, 2023 Page 7
cc:       Daniel D. Nauth, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

February 16, 2023

Chi Ming Lam
Chief Executive Officer and Chairman
Ming Shing Group Holdings Ltd
8/F, Cheong Tai Factory Building
16 Tai Yau Street
San Po Kong, Kowloon
Hong Kong

**Re: Ming Shing Group Holdings Ltd**
**Amendment No. 1 to Draft Registration Statement on Form F-1**
**Submitted January 20, 2023**
**CIK No. 0001956166**

Dear Chi Ming Lam:

We have reviewed your 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.

Amendment No. 1 to Draft Registration Statement on Form F-1 Submitted January 20, 2023

Cover Page

1. Please revise your definition of "China" or the "PRC" to remove the exclusion of Hong Kong and Macau from this definition. Similarly, please revise your disclosure under "Notice to Prospective Investors in People's Republic of China" on page 133.
2. Provide prominent disclosure about the legal and operational risks associated with being based in or having the majority of the company's operations in China. Your disclosure should make clear whether these risks could result in a material change in your operations

Chi Ming Lam  
Ming Shing Group Holdings Ltd  
February 16, 2023  
Page 2

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 how recent statements and regulatory actions by China’s government, such as those related to 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. Please update your disclosure here and throughout the prospectus that the Accelerated Holding Foreign Companies Accountable Act became law on December 29, 2022, and shortened the timeline for the application of the HFCAA’s delisting and trading prohibitions from three years to two.

# Summary, page 5

4. 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 China 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 risks and uncertainties regarding the enforcement of laws and that rules and regulations in China can change quickly with little advance notice; and 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.

# List of Approvals/permits, page 7

5. Disclose each permission or approval that you or your subsidiaries are required to obtain from Chinese 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, 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.

Chi Ming Lam
Ming Shing Group Holdings Ltd
February 16, 2023
Page 3

# Transfers of Cash to and from Our Subsidiaries, page 7

6. Please expand your disclosure to include any restrictions imposed by China on foreign exchange that affect your ability to transfer cash between entities, across borders, and to U.S. investors. Describe any additional restrictions imposed by China that limit your ability to distribute earnings from your subsidiaries to you and the investors.

# Risk Factors, page 15

7. Please expand your disclosures to explicitly state whether you have elected to opt in to the extended transition period for emerging growth companies under the JOBS Act for complying with new or revised accounting standards. If so, please include a risk factor disclosing the risks resulting from this election, including that your financial statements may not be comparable to companies that comply with public company effective dates.

# Risks related to doing business in Hong Kong, page 26

8. Given the Chinese government's potential for significant oversight and discretion over the conduct of your business, please revise to highlight separately the risk that the Chinese government may intervene or influence your operations at any time, which could result in a material change in your operations and/or the value of the securities you are registering. Also, given recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, acknowledge the risk that any such action 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.
9. In light of recent events indicating greater oversight by the Cyberspace Administration of China (CAC) over data security, particularly for companies seeking to list on a foreign exchange, please revise your disclosure to explain how this oversight impacts your business and your offering and to what extent you believe that you are compliant with the regulations or policies that have been issued by the CAC to date.

# If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application . . . , page 27

10. Please clarify in this risk factor that if Nasdaq does not approve your listing application, you will not complete the offering, consistent with disclosure on the cover page. Please make similar clarification in your risk entitled "There may not be an active, liquid trading market for our Ordinary Shares . . ." on page 32.

# The market price of our Ordinary Shares may be volatile . . . , page 30

11. Please discuss the risk regarding small-capitalization companies that appears in the first full paragraph on page 31 under a distinct risk factor subheading.

Chi Ming Lam
Ming Shing Group Holdings Ltd
February 16, 2023
Page 4

Our internal controls over financial reporting may not be effective . . . , page 33

12. The narrative in this risk refers to 'the foregoing material weakness,' but this is not described in the risk factor. Please revise accordingly.

Labor Cost Analysis, page 41

13. Please revise to disclose the "local social incident" that you refer to in this section.

Competition Overview, page 43

14. Please elaborate on your basis for the statement that you are "the leading wet trade works subcontractor" based on your market share of 0.4% in 2021.

Use of Proceeds, page 44

15. We note disclosure that 20% of the net proceeds of this Offering will be used for repayment of bank borrowings and finance leases. Please describe the interest rate and maturity of such indebtedness to be repaid and, for indebtedness incurred within the past year, the uses to which the proceeds of such indebtedness were put. Refer to Item 3.C.4 of Form 20-F.

Management's Discussion and Analysis of Financial Condition and Results of Operations, page 48

16. Please revise to include critical accounting estimates that have had or are reasonably likely to have a material impact on your financial condition or results of operations, which may include but are not limited to, estimates and assumptions related to revenue recognition, allowance for credit losses associated with accounts receivable, retention receivables, contract assets, and valuation allowance for deferred tax assets. Refer to Item 303(b)(3) of Regulation S-K.

17. We note that the results of MS Engineering Co. are not included in the financial statements prior to its acquisition on October 20, 2021. Please expand your discussion of results of operations to highlight the impact that the acquisition of this subsidiary had on your results of operations in addition to the other factors that contributed to the changes between the periods presented.

18. Ensure that you discuss any material trends or uncertainties that have had or are reasonably like to have a material impact on revenues, costs or materials. In this regard, we note that the study by Frost and Sullivan that you refer to in the prospectus and have filed as an exhibit, states that the "potential impact of Sino-US trade conflict has given rise to uncertainty of the economy and therefore led to the decrease in real estate investment and gross domestic fixed capital formation in value." If this uncertainty has had or is reasonably like to have a material impact, please discuss the uncertainty in MD&A and as a risk factor, as appropriate.

Chi Ming Lam
Ming Shing Group Holdings Ltd
February 16, 2023
Page 5

# Results of Operations, page 52

19. We note that you attribute increases in revenue for the six months ended September 30, 2022 and for the year ended March 31, 2022 to increases in the number of projects. Please further describe the reasons for the increase in the number of your projects in these periods.

# Liquidity and Capital Resources, page 61

20. We note that you have relied on equity capital, cash generated from operations and bank borrowings as your principal sources of funds, and that expect these sources to continue. We also note that you have increased the amount of your bank borrowings throughout the periods covered by the financial statements. Please clarify the general terms of these borrowings, and address whether you have any balance available for borrowings under existing loan or credit agreements with banks. If so, please discuss the material terms of your agreements, identifying the lender, the total amount of credit available, the maturity date, interest rates, amounts available and outstanding as of the most recent balance sheet date and repayment terms. If not, please clarify this, explain how you will obtain additional bank borrowings in the future, and clarify that there is no assurance that you will be able to do so.

21. We note that your Use of Proceeds section indicates that you intend to use approximately 40% of the net proceeds of this offering as working capital. Please reconcile with your statement that you "may" use a portion of the proceeds as a source of liquidity in this section.

# Business, page 66

22. We note that your website states that you have expanded your business to the Macao SAR. If material, please address this expansion in your Business section, including information about the business you conduct and regulatory environment in Macao.

# Overview, page 66

23. Please clarify how you measure the "tender success rate" you disclose in the second paragraph of this section. For example, clarify whether this a percentage of the number of bids or tenders you submitted that were accepted, or if it based on the dollar amount or value of contracts accepted or some other measure.

24. We note that the fifth paragraph in this section and MD&A includes a brief descriptions of MS (HK) Engineering Limited. Please also describe the business conducted by MS Engineering Co., Limited.

25. We note your risk factor on page 16 and similar disclosures elsewhere that inaccuracies in your estimation in the amount of time and costs involved in a project may give rise to delays and cost overruns. Please clarify the extent to which you typically bear the risk of

Chi Ming Lam  
Ming Shing Group Holdings Ltd  
February 16, 2023  
Page 6

cost overruns in your customer contracts, or whether you can pass these costs on to the customers.

#### Executive Compensation

##### Director Compensation - Non-Employee Directors, page 94

26. We noted your disclosure about three independent directors on page 90. However, here, you stated that you 'did not have any non-employee directors' for the six months ended September 30, 2022 and the fiscal years ended March 31, 2022 and 2021. Please explain or reconcile this discrepancy. In doing so, please confirm that your three independent directors are not employees your company or any of your subsidiaries.

##### Dividends, page 99

27. We note your statement that your shareholders may by ordinary resolution, declare dividends. Please describe the process by which the directors would recommend a dividend amount to the shareholders and how shareholders would then declare dividends.

##### Forfeiture or Surrender of Shares, page 100

28. Please clarify whether shares in this offering are subject to the possibility of a 'capital call' described in this section. Describe the circumstances in which a capital call would be made and how the amount would be determined. We note that the opinion of counsel filed as Exhibit 5.1 states that the shares are fully paid and non-assessable.

##### Shares Eligible For Future Sale, page 117

29. We note your statement that you have received listing approval from Nasdaq. While we will not object if you state that you have applied for listing, please revise to remove any statement or implication that you have already been approved. We also note your disclosure that you do not expect that a trading market will develop for your ordinary shares, yet you also condition the offering on approval of listing. Please disclose that, as a result, liquidity and the value of the ordinary shares may decline. Also address how the lack of a market may impact your continued listing.

##### Enforcement of Civil Liabilities, page 125

30. Please expand your disclosure in this section to identify each officer and/or director located in China or Hong Kong and disclose that it will be more difficult to enforce liabilities and enforce judgments on those individuals. For example, revise to discuss more specifically the limitations on investors being able to effect service of process and enforce civil liabilities in China, lack of reciprocity and treaties, cost, and time.

##### Signatures, page II-5

31. Please include the controller or the principal accounting officer as one of the signees, and also include a signature for your authorized representative in the United States. Please see

Chi Ming Lam
Ming Shing Group Holdings Ltd
February 16, 2023
Page 7

Instruction 1 to the signature page on Form F-1. See Instruction 1 to Signatures in Form F-1.

# Exhibits

32. Please include the consent of Frost & Sullivan to the inclusion of its report in the registration statement and to being named in the prospectus. We note your statement on page 1 that you commissioned the report, and that you have filed it as an exhibit to the registration statement.
33. We note your statement on page 90 that three named individuals consent to serving as directors upon closing of the offering. If these individuals do not sign the registration statement, please file signed consents of each of the individuals you have named as about to become directors as exhibits to the registration statement. Please see Securities Act Rule 438.
34. The assumptions in counsel's legality opinion may not be overly broad, assume away the relevant issue or assume any of the material facts underlying the opinion or any readily ascertainable facts. For example, counsel should not assume that the company has sufficient authorized shares, is not in bankruptcy, or has taken all corporate actions necessary to authorize the issuance of the securities. Please have counsel revise the opinion filed as Exhibit 5.1 to the registration statement. Please see Staff Legal Bulletin 19 for guidance on preparing legality opinions.

You may contact Ameen Hamady at 202-551-3891 or Kristina Marrone at 202-551-3429 if you have questions regarding comments on the financial statements and related matters. Please contact Kibum Park at 202-551-6836 or Pam Long at 202-551-3765 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Real Estate & Construction

cc: Daniel D. Nauth, Esq.