# EDGAR Filing Document

**Accession Number:** 0001957489
**File Stem:** 0000000000-23-000874
**Filing Date:** 2023-1
**Character Count:** 55577
**Document Hash:** 068dc85c0694df9837be99a0ddff0cc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000874.hdr.sgml**: 20230808

**ACCESSION NUMBER**: 0000000000-23-000874

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230126

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Able View Global Inc.
- **CENTRAL INDEX KEY:** 0001957489
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-NONSTORE RETAILERS [5960]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 511 WEIHAI ROAD
- **STREET 2:** ROOM 1803
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 200041
- **BUSINESS PHONE:** 86-185-0177-0425

**MAIL ADDRESS:**
- **STREET 1:** 511 WEIHAI ROAD
- **STREET 2:** ROOM 1803
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 200041
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-22-082679

## Text-Extract

```

United States securities and exchange commission logo

                               January 26, 2023

       Jing Tang
       Chief Financial Officer
       Able View Global Inc.
       Room 1803, Shanghai International Building
       511 Weihai Road, Jing   an District
       Shanghai
       China

                                                        Re: Able View Global
Inc.
                                                            Draft Registration
Statement on Form F-4
                                                            Submitted December
27, 2022
                                                            CIK No. 0001957489

       Dear Jing Tang:

              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.

       Draft Registration Statement on Form F-4 Submitted December 27, 2022

       Cover Page

   1.                                                   Where you disclose that
you are not a Chinese based operating company and your
                                                        operations are
conducted by your subsidiaries in China, clarify that this structure involves
                                                        unique risks to
investors. Your disclosure should acknowledge that Chinese regulatory
                                                        authorities could
disallow this structure, which would likely result in a material change in
                                                        your operations and/or
a material change in the value of the securities you are registering
                                                        for sale, including
that it could cause the value of such securities to significantly decline
 Jing Tang
Able View Global Inc.
January 26, 2023
Page 2
         or become worthless. Provide a cross-reference to your detailed
discussion of risks facing
         the company and the offering as a result of this structure.
2.       Please disclose whether and how the Holding Foreign Companies
Accountable Act and
         related regulations will affect your company.
3.       Given your operations located in Hong Kong, please discuss the laws
and regulations in
         Hong Kong, as applicable, as well as the related risks and
consequences. An example of
         such location-specific regulations that should be discussed includes:
             Enforceability of civil liabilities in Hong Kong;
             China's Enterprise Tax Law;
             Regulatory actions related to data security or anti-monopoly
concerns in Hong Kong
             and its potential impact on your ability to conduct business,
accept foreign investment
             or list on a U.S./foreign exchange; and
             Risk factor disclosure explaining whether there are
laws/regulations in Hong Kong
             that result in oversight over data security, how this oversight
impacts the company   s
             business and the offering, and to what extent the company believes
that it is
             compliant with the regulations or policies that have been issued.
4.       Provide a description of how cash is transferred through your
organization and disclose
         your intentions to distribute earnings or transfer cash between
entities in the future. State
         whether any transfers, dividends, or distributions have been made to
date between the
         holding company, any of its subsidiaries or to investors, and quantify
the amounts where
         applicable. To the extent you have cash management policies that
dictate how funds are
         transferred between you, your subsidiaries or investors, summarize the
policies on your
         cover page and in the prospectus summary, and disclose the source of
such policies (e.g.,
         whether they are contractual in nature, pursuant to regulations,
etc.); alternatively, state on
         the cover page and in the prospectus summary that you have no such
cash management
         policies that dictate how funds are transferred.
5.       Please amend your disclosure here and in the summary risk factors and
risk factors
         sections to state that, to the extent cash in the business is in the
PRC/Hong Kong or a
         PRC/Hong Kong entity, the funds may not be available to fund
operations or for other use
         outside of the PRC/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. On the cover page, provide cross-references to these
other discussions.
6.       Discuss whether there are limitations on your ability to transfer cash
between you, your
         subsidiaries or investors. Provide a cross-reference to your
discussion of this issue in your
         summary, summary risk factors, and risk factors sections, as well.
Defined Terms, page 2
FirstName LastNameJing Tang
7.     Please ensure that defined terms are consistently defined. As one
example only, please
Comapany NameAble View Global Inc.
       provide a definition of "Merger" in this section consistent with the
definition provided on
Januarypage
        26, 2023  Pagealso
            5. Please   2 revise to include the definition of "Initial
Shareholder."
FirstName LastName
 Jing Tang
FirstName
Able View LastNameJing
           Global Inc. Tang
Comapany
January 26,NameAble
           2023       View Global Inc.
January
Page 3 26, 2023 Page 3
FirstName LastName
Summary of the Material Terms of the Business Combination
General Description of the Business Combination Agreement, page 4

8.       For purposes of determining the amount of shares to be issued to the
Sellers, include
         illustrative examples of how the Exchange Consideration could be
determined assuming a
         certain number of shares outstanding and certain redemption prices,
and disclose how the
         total amount of consideration could fluctuate depending upon how the
inputs change over
         time.
Questions and Answers About the Proposals, page 17

9.       We note your redemption scenarios on page 22. Please add a question
and answer to
         disclose the equity stakes of each group of shareholders in a chart or
another easily
         understandable presentation in this section to show the potential
impact of redemptions on
         the per share value of the shares owned by non-redeeming shareholders
by including a
         sensitivity analysis showing a range of redemption scenarios,
including minimum,
         maximum and interim redemption levels.
10.      We note references to certain parties agreeing to waive certain
business combination or
         Trust Account rights, such as on page 22. If any of those waivers
included waiving
         shareholder redemption rights, then please state as much and describe
any consideration
         provided in exchange for this agreement.
Did the HMAC's board of directors obtain a fairness opinion in determining
whether to proceed
with the Business Combination?, page 21

11.      We note that the HMAC Board received a valuation opinion from CHFT.
Please revise to
         discuss what consideration was given to this opinion by the Board in
recommending the
         transaction to shareholders.
What happens to the funds deposited in the Trust Account after the consummation
of the
Business Combination?, page 27

12.      Elaborate upon this response to provide the information you present
here in tabular and
         quantified format, and utilize various redemption scenarios to depict
the possible
         outcomes. Include the minimum PIPE financing commitment of $60
million.
Summary of the Proxy Statement/Prospectus, page 30

13.      Revise to move this section up so that it appears at the forepart of
the prospectus and
         before the Q&A section, consistent with Item 3 of Form F-4. Also,
consider revising your
         "Summary of the Material Term of the Business Combination" so that it
presents a more
         condensed version of the terms, as it appears to repeat verbatim much
of the disclosure
         that appears later in the prospectus under "The Business Combination
Proposal."
 Jing Tang
FirstName
Able View LastNameJing
           Global Inc. Tang
Comapany
January 26,NameAble
           2023       View Global Inc.
January
Page 4 26, 2023 Page 4
FirstName LastName
14.      Disclose each permission or approval that you, HMAC, 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, 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 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, HMAC, 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.
15.      Provide a clear description of how cash and other assets are
transferred through your
         organization. Quantify any cash flows and transfers of other assets by
type that have
         occurred between the holding company, 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.
Quorum and Vote of HMAC's Shareholders, page 34

16.      Ensure that your disclosure is consistent about the level of
shareholder approval required
         to take action. For example, you state here that the Organizational
Documents Advisory
         Proposals will require the affirmative vote of the holders of a
majority of the then-
         outstanding ordinary shares of HMAC that are present and voted at the
meeting, however,
         elsewhere your disclosure brackets this proposal alongside the Charter
Proposal, which
         requires a special resolution.
Interests of HMAC's Sponsor, Directors and Officers in the Business
Combination, page 35

17.      Please ensure that for each category described here you quantify the
aggregate dollar
         amount and describe the nature of what the sponsor and its affiliates
have at risk that
         depends on completion of a business combination. For example, disclose
the amount of
         consideration paid for the 341,500 Private Placement Units, the amount
of expenses borne
         by your officers, directors or Founder to date and the outstanding
amounts due under any
         Working Capital Loans.
 Jing Tang
FirstName
Able View LastNameJing
           Global Inc. Tang
Comapany
January 26,NameAble
           2023       View Global Inc.
January
Page 5 26, 2023 Page 5
FirstName LastName
18.      We note your disclosure on pages 27 and 37 discussing Working Capital
Loans that may
         be convertible into Working Capital Units upon consummation of the
business
         combination. Please provide your analysis demonstrating how this
agreement complies
         with Rule 14e-5 and Tender Offer Compliance and Disclosure
Interpretation 166.01.
19.      We understand from exhibit 4.6 that the sponsor will receive
additional securities pursuant
         to an anti-dilution adjustment for the company   s additional
financing activities. Please
         quantify the number and value of securities the sponsor will receive.
In addition, disclose
         the ownership percentages in the company before and after the
additional financing to
         highlight dilution to public stockholders.
Summary of Risk Factors
Risks Related to Doing Business in the People's Republic of China, page 39

20.      We note your disclosure summarizing the risks on being based in or
having the majority
         of the company's operations in China poses to investors. In addition,
please also include a
         discussion of 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. In
addition, please include
         cross-references to each individual risk factor included in this
sub-section.
Selected Unaudited Pro Forma Condensed Financial Statements, page 43

21.      The numbers of pro forma weighted average shares outstanding     basic
and diluted and
         the amounts of pro forma net income per share     basic and diluted
under both scenarios
         for the 6 months ended June 30, 2022 appear to be inconsistent with
those stated in your
         unaudited pro forma combined statement of operations for the 6 months
ended June 30,
         2022 on page 152. The selected unaudited pro forma condensed combined
statement of
         income     year ended December 31, 2021 presented in this section is
inconsistent with
         your unaudited pro forma combined statement of operations for the year
ended December
         31, 2021 on page 153. Please reconcile and revise these disclosures.
Risk Factors, page 45

22.      Please highlight the material risks to public warrant holders,
including those arising from
         differences between the private placement and public warrants. Clarify
whether recent
         common stock trading prices exceed the threshold that would allow the
company to
 Jing Tang
Able View Global Inc.
January 26, 2023
Page 6
         redeem public warrants. Clearly explain the steps, if any, the company
will take to notify
         all shareholders, including beneficial owners, regarding when the
warrants become
         eligible for redemption.
Risks Related to Able View's Business and Industry
If we are unable to retain our existing brand partners, our results of
operations could be
materially and adversely affected, page 46

23.      We note your indication here that net revenues related to your top
three brand partners as
         ranked by net revenues comprised approximately 57%, 10% and 8% of your
total net
         revenues, respectively, in 2021. However, we are unable to reconcile
these amounts with
         the disclosure that appears in footnote 10 to your financial
statements, where you discuss
         Customer and Vendor concentration. Please revise or advise. Also,
please update this risk
         factor to reflect the status of the contract renewal process with your
brand partners.
Substantial uncertainties exist with respect to the Cybersecurity Law and the
impact it may have
on our business operations, page 60

24.      We note your disclosure that you might be deemed a    network platform
operator    and
         thus subject to the requirements of the Cybersecurity Law and the New
Measures for
         Cyber Security Review and that you have prepared requisite documents
and are planning
         to file these documents with the relevant government authority for
cybersecurity review.
         Revise to elaborate upon this disclosure to explain the status of your
application and next
         steps. Clarify whether you also have personal information data of more
than one million
         users, such that you are obligated to apply before listing on NASDAQ.
Update your
         disclosure that appears under "Regulations Applicable to Able View."
A severe or prolonged downturn in the global or Chinese economy or tensions in
the relationship
between China and other countries could..., page 64

25.      We note your risk factor that your supply chain may be impacted by
government
         lockdowns imposed by the Chinese government. Update your risks
characterized as
         potential if recent supply chain disruptions have impacted your
operations.
Risks Related to Doing Business in the People's Republic of China, page 65

26.    Given the Chinese government   s 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
FirstName LastNameJing Tang
       in China-based issuers, acknowledge the risk that any such action could
significantly limit
Comapany    NameAblehinder
       or completely    View your
                             Global  Inc. to offer or continue to offer
securities to investors and
                                  ability
Januarycause
         26, 2023  Page of
              the value 6 such securities to significantly decline or be
worthless.
FirstName LastName
 Jing Tang
FirstName
Able View LastNameJing
           Global Inc. Tang
Comapany
January 26,NameAble
           2023       View Global Inc.
January
Page 7 26, 2023 Page 7
FirstName LastName
The Holding Foreign Companies Accountable Act, or the HFCAA, and the related
regulations
continue to evolve... , page 75

27.      We note your disclosure about the Holding Foreign Companies
Accountable Act. Please
         revise your risk factor to disclose that the Holding Foreign Companies
Accountable Act
         has been amended to decrease the number of    non-inspection years
from three years to
         two years, reducing the time before securities may be prohibited from
trading or delisted.
Background of the Business Combination, page 116

28.      Disclose when the Able View projections were prepared and shared with
the HMAC
         Board.
29.      Update this section to discuss any efforts to secure a PIPE financing,
which appears to be
         one of the covenants of the Business Combination. Clarify the
ramifications of failing to
         satisfy this covenant.
30.      We note that on September 9, 2022, Able View offered a transaction
valuation of $450
         million, based upon various factors. Elaborate upon these factors to
explain how they
         formed the basis for the initial valuation offered by Able View.
Further, we note that
         HMAC countered with the $400 million valuation, plus earn-out shares,
which appears to
         be the final amount the parties settled upon in the Business
Combination Agreement.
         Please revise to discuss in greater detail how this valuation was
determined and the
         specific negotiations that resulted in this amount, such as the basis
for HMAC's belief that
         Able View's new brand management business would grow at a faster pace.
31.      Elaborate upon the content of the GLO due diligence report on Able
View.
HMAC's Board of directors' Reasons for Approval of the Business Combination,
page 121

32.      We note your disclosure "outside counsel and [financial?] advisors."
Please identify,
         properly disclose the role and remuneration of outside financial
advisers. Refer to Item
         7. C of Form 20-F, incorporated by Item 8 of Form F-4.
Summary of Financial Projections, page 123

33.      We note the Able View management projections. Please disclose, in
detail, the material
         underlying assumptions, estimates, and bases for the projections,
including specific
         information and/or quantitative information relied upon in calculating
the projections for
         Able View. Explain why Able View choose to present projections based
upon a 5 year
         period.
34.      Revise to discuss whether and how performance for the fiscal year
ended December 31,
         2022 has differed compared to estimated results and explain the
reason(s) for any
         differences in performance.
 Jing Tang
FirstName
Able View LastNameJing
           Global Inc. Tang
Comapany
January 26,NameAble
           2023       View Global Inc.
January
Page 8 26, 2023 Page 8
FirstName LastName
Unaudited Pro Forma Combined Financial Statements, page 147

35.      Your introduction disclosure indicates that the unaudited pro forma
combined balance
         sheet as of June 30, 2022 has been prepared using HMAC   s historical
consolidated
         balance sheet as of June 30, 2022 as included in this proxy
statement/prospectus. It
         appears to be inconsistent with footnote (A) on page 151. Please
revise your disclosure
         accordingly.
36.      Please tell us your considerations of providing pro forma adjustments
to give effect to
         Pubco   s acquisition of Able View   s outstanding shares through the
Share Exchange
         transaction.
Unaudited Pro Forma Combined Balance Sheet, page 150

37.      Refer to adjustment (d). Please clarify how you have reclassified HMAC
  s ordinary
         shares subject to possible redemption to common stock at $0.0001 par
value.
38.      Refer to adjustment (e). Please tell us the journal entries for 1)
recapitalization of Able
         View through issuance of HMAC shares and eliminate HMAC historical
accumulated
         earnings; and 2) the contribution of all the share capital in Able
View to HMAC, as
         described in the footnote (e) on page 151. Please clarify how you have
determined the
         $4,880 additional common stock par value recorded.
Unaudited Pro Forma Combined Statement of Operations, page 153

39.      Please expand your footnote (b) to disclose the calculation of
48,801,293 and 47,351,293
         common shares issued in the 6 months ended June 30, 2022 and the year
ended December
         31, 2021, respectively.
Business of Able View
Omni-Channel Operation, page 183

40.      With a view to understanding your omni-channel capabilities, disclose
what percentage of
         revenue is derived from each of the channels you discuss here.
Brand Development and Acquisition, page 186

41.      We note your disclosure on page 186 that your contractual arrangements
last between 12
         and 36 months. For the contractual arrangements that are over one
year, provide what
         percentage of historical revenue they comprise.
Able View's Management's Discussion and Analysis of Financial Condition and
Results of
Operations, page 189

42.      We note your disclosure on page 65 that your industry is highly
sensitive to forces outside
         of your control like inflation. We also note on page 179 that Clarins
accounts for a
         significant portion of your revenue. Given the high rates of inflation
seen in France in the
 Jing Tang
FirstName
Able View LastNameJing
           Global Inc. Tang
Comapany
January 26,NameAble
           2023       View Global Inc.
January
Page 9 26, 2023 Page 9
FirstName LastName
         past year, please disclose, if true, whether inflationary pressures
have had an impact on
         your performance.
Trend Information, page 202

43.      Please discuss whether supply chain disruptions materially affect your
outlook or business
         goals. Specify whether these challenges have materially impacted your
results of
         operations or capital resources and quantify, to the extent possible,
how your sales, profits,
         and/or liquidity have been impacted.
Management of Pubco following the Business Combination, page 203

44.      Revise to disclose the business experience, functions and areas of
experience in the
         company for each of your executive officers. Refer to Item 6 of Form
20-F.
Committees of the Board of Directors, page 205

45.      We note your disclosure on page 49 that cybersecurity breaches are
becoming more
         prevalent. Please describe the extent and nature of the role of the
board of directors in
         overseeing cybersecurity risks, including in connection with Able
View's supply
         chain/suppliers/service providers.
Regulations Applicable to Able View, page 210

46.      Revise to discuss the impact of the Internet Information Service
Algorithmic
         Recommendation Management Provisions and how they may apply to your
operations.

Enforceability of Civil Liabilities, page 235

47.      We note the disclosure here with regards to the enforceability of
civil liabilities as to
         Pubco. In addition, please disclose the directors and officers of
Pubco who are located in
         mainland China or Hong Kong and a risk factor addressing the
challenges of bringing
         actions and enforcing judgments/liabilities against such individuals
(i.e., it will be much
         more difficult to take these actions). Furthermore, please ensure that
the officers and
         directors of HMAC are also included in the enforceability of civil
liabilities disclosure in
         this section and the rest of the registration statement.
Exhibits

48.      We note the inclusion of exhibits in your filing. However, pleasure
ensure that these
         exhibits, where incorporated by reference, indicate as much.
General

49.      We note disclosure of industry data and market data derived from
various sources. To the
         extent you commissioned any of the third party data you cited, provide
the consent of the
         third party in accordance with Rule 436.
 Jing Tang
Able View Global Inc.
January 26, 2023
Page 10
50.   Clarify which aspects of the business combination contemplate the
issuance of securities
      covered by this registration statement. For example, it appears that you
do not intend to
      register the shares issued pursuant to the Share Exchange, given that the
Business
      Combination Agreement contemplates that such shares will be issued via an
exemption
      from registration. And with respect to the holders of outstanding
securities of HMAC,
      your disclosure does not specify the nature of the security to be issued
in the exchange, as
      you state that such holders will receive "the right...to receive a
substantially equivalent
      security of Pubco."
       You may contact Suying Li at 202-551-3335 or Rufus Decker at
202-551-3769 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Nicholas Nalbantian at 202-551-7470 or Mara Ransom at 202-551-3264 with
any other
questions.

                                                            Sincerely,
FirstName LastNameJing Tang
                                                            Division of
Corporation Finance
Comapany NameAble View Global Inc.
                                                            Office of Trade &
Services
January 26, 2023 Page 10
cc:       Elizabeth Chen
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 26, 2023

Jing Tang  
Chief Financial Officer  
Able View Global Inc.  
Room 1803, Shanghai International Building  
511 Weihai Road, Jing'an District  
Shanghai  
China

# **Re: Able View Global Inc.  
Draft Registration Statement on Form F-4  
Submitted December 27, 2022  
CIK No. 0001957489**

Dear Jing Tang:

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.

Draft Registration Statement on Form F-4 Submitted December 27, 2022

# Cover Page

1. Where you disclose that you are not a Chinese based operating company and your operations are conducted by your subsidiaries in China, clarify that this structure involves unique risks to investors. Your disclosure should acknowledge that Chinese regulatory authorities could disallow this structure, which would likely result in a material change in your operations and/or a material change in the value of the securities you are registering for sale, including that it could cause the value of such securities to significantly decline

Jing Tang  
Able View Global Inc.  
January 26, 2023  
Page 2

or become worthless. Provide a cross-reference to your detailed discussion of risks facing the company and the offering as a result of this structure.

1. 2. Please disclose whether and how the Holding Foreign Companies Accountable Act and related regulations will affect your company.
2. 3. Given your operations located in Hong Kong, please discuss the laws and regulations in Hong Kong, as applicable, as well as the related risks and consequences. An example of such location-specific regulations that should be discussed includes:
   - • Enforceability of civil liabilities in Hong Kong;
   - • China's Enterprise Tax Law;
   - • Regulatory actions related to data security or anti-monopoly concerns in Hong Kong and its potential impact on your ability to conduct business, accept foreign investment or list on a U.S./foreign exchange; and
   - • Risk factor disclosure explaining whether there are laws/regulations in Hong Kong that result in oversight over data security, how this oversight impacts the company's business and the offering, and to what extent the company believes that it is compliant with the regulations or policies that have been issued.
3. 4. Provide a description of how cash is transferred through your organization and disclose your intentions to distribute earnings or transfer cash between entities in the future. State whether any transfers, dividends, or distributions have been made to date between the holding company, any of its subsidiaries or to investors, and quantify the amounts where applicable. To the extent you have cash management policies that dictate how funds are transferred between you, your subsidiaries or investors, summarize the policies on your cover page and in the prospectus summary, and disclose the source of such policies (e.g., whether they are contractual in nature, pursuant to regulations, etc.); alternatively, state on the cover page and in the prospectus summary that you have no such cash management policies that dictate how funds are transferred.
4. 5. Please amend your disclosure here and in the summary risk factors and risk factors sections to state that, to the extent cash in the business is in the PRC/Hong Kong or a PRC/Hong Kong entity, the funds may not be available to fund operations or for other use outside of the PRC/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. On the cover page, provide cross-references to these other discussions.
5. 6. Discuss whether there are limitations on your ability to transfer cash between you, your subsidiaries or investors. Provide a cross-reference to your discussion of this issue in your summary, summary risk factors, and risk factors sections, as well.

#### Defined Terms, page 2

7. Please ensure that defined terms are consistently defined. As one example only, please provide a definition of 'Merger' in this section consistent with the definition provided on page 5. Please also revise to include the definition of 'Initial Shareholder.'

Jing Tang
Able View Global Inc.
January 26, 2023
Page 3

# Summary of the Material Terms of the Business Combination
General Description of the Business Combination Agreement, page 4

8. For purposes of determining the amount of shares to be issued to the Sellers, include illustrative examples of how the Exchange Consideration could be determined assuming a certain number of shares outstanding and certain redemption prices, and disclose how the total amount of consideration could fluctuate depending upon how the inputs change over time.

# Questions and Answers About the Proposals, page 17

9. We note your redemption scenarios on page 22. Please add a question and answer to disclose the equity stakes of each group of shareholders in a chart or another easily understandable presentation in this section to show the potential impact of redemptions on the per share value of the shares owned by non-redeeming shareholders by including a sensitivity analysis showing a range of redemption scenarios, including minimum, maximum and interim redemption levels.
10. We note references to certain parties agreeing to waive certain business combination or Trust Account rights, such as on page 22. If any of those waivers included waiving shareholder redemption rights, then please state as much and describe any consideration provided in exchange for this agreement.

# Did the HMAC's board of directors obtain a fairness opinion in determining whether to proceed with the Business Combination?, page 21

11. We note that the HMAC Board received a valuation opinion from CHFT. Please revise to discuss what consideration was given to this opinion by the Board in recommending the transaction to shareholders.

# What happens to the funds deposited in the Trust Account after the consummation of the Business Combination?, page 27

12. Elaborate upon this response to provide the information you present here in tabular and quantified format, and utilize various redemption scenarios to depict the possible outcomes. Include the minimum PIPE financing commitment of $60 million.

# Summary of the Proxy Statement/Prospectus, page 30

13. Revise to move this section up so that it appears at the forepart of the prospectus and before the Q&A section, consistent with Item 3 of Form F-4. Also, consider revising your "Summary of the Material Term of the Business Combination" so that it presents a more condensed version of the terms, as it appears to repeat verbatim much of the disclosure that appears later in the prospectus under "The Business Combination Proposal."

Jing Tang
Able View Global Inc.
January 26, 2023
Page 4

14. Disclose each permission or approval that you, HMAC, 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, 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 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, HMAC, 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.

15. Provide a clear description of how cash and other assets are transferred through your organization. Quantify any cash flows and transfers of other assets by type that have occurred between the holding company, 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.

# Quorum and Vote of HMAC's Shareholders, page 34

16. Ensure that your disclosure is consistent about the level of shareholder approval required to take action. For example, you state here that the Organizational Documents Advisory Proposals will require the affirmative vote of the holders of a majority of the then-outstanding ordinary shares of HMAC that are present and voted at the meeting, however, elsewhere your disclosure brackets this proposal alongside the Charter Proposal, which requires a special resolution.

# Interests of HMAC's Sponsor, Directors and Officers in the Business Combination, page 35

17. Please ensure that for each category described here you quantify the aggregate dollar amount and describe the nature of what the sponsor and its affiliates have at risk that depends on completion of a business combination. For example, disclose the amount of consideration paid for the 341,500 Private Placement Units, the amount of expenses borne by your officers, directors or Founder to date and the outstanding amounts due under any Working Capital Loans.

Jing Tang
Able View Global Inc.
January 26, 2023
Page 5

18. We note your disclosure on pages 27 and 37 discussing Working Capital Loans that may be convertible into Working Capital Units upon consummation of the business combination. Please provide your analysis demonstrating how this agreement complies with Rule 14e-5 and Tender Offer Compliance and Disclosure Interpretation 166.01.

19. We understand from exhibit 4.6 that the sponsor will receive additional securities pursuant to an anti-dilution adjustment for the company's additional financing activities. Please quantify the number and value of securities the sponsor will receive. In addition, disclose the ownership percentages in the company before and after the additional financing to highlight dilution to public stockholders.

# Summary of Risk Factors

# Risks Related to Doing Business in the People's Republic of China, page 39

20. We note your disclosure summarizing the risks on being based in or having the majority of the company's operations in China poses to investors. In addition, please also include a discussion of 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. In addition, please include cross-references to each individual risk factor included in this sub-section.

# Selected Unaudited Pro Forma Condensed Financial Statements, page 43

21. The numbers of pro forma weighted average shares outstanding - basic and diluted and the amounts of pro forma net income per share - basic and diluted under both scenarios for the 6 months ended June 30, 2022 appear to be inconsistent with those stated in your unaudited pro forma combined statement of operations for the 6 months ended June 30, 2022 on page 152. The selected unaudited pro forma condensed combined statement of income - year ended December 31, 2021 presented in this section is inconsistent with your unaudited pro forma combined statement of operations for the year ended December 31, 2021 on page 153. Please reconcile and revise these disclosures.

# Risk Factors, page 45

22. Please highlight the material risks to public warrant holders, including those arising from differences between the private placement and public warrants. Clarify whether recent common stock trading prices exceed the threshold that would allow the company to

Jing Tang  
Able View Global Inc.  
January 26, 2023  
Page 6

redeem public warrants. Clearly explain the steps, if any, the company will take to notify all shareholders, including beneficial owners, regarding when the warrants become eligible for redemption.

# Risks Related to Able View's Business and Industry

If we are unable to retain our existing brand partners, our results of operations could be materially and adversely affected, page 46

23. We note your indication here that net revenues related to your top three brand partners as ranked by net revenues comprised approximately 57%, 10% and 8% of your total net revenues, respectively, in 2021. However, we are unable to reconcile these amounts with the disclosure that appears in footnote 10 to your financial statements, where you discuss Customer and Vendor concentration. Please revise or advise. Also, please update this risk factor to reflect the status of the contract renewal process with your brand partners.

Substantial uncertainties exist with respect to the Cybersecurity Law and the impact it may have on our business operations, page 60

24. We note your disclosure that you might be deemed a “network platform operator” and thus subject to the requirements of the Cybersecurity Law and the New Measures for Cyber Security Review and that you have prepared requisite documents and are planning to file these documents with the relevant government authority for cybersecurity review. Revise to elaborate upon this disclosure to explain the status of your application and next steps. Clarify whether you also have personal information data of more than one million users, such that you are obligated to apply before listing on NASDAQ. Update your disclosure that appears under 'Regulations Applicable to Able View.'

A severe or prolonged downturn in the global or Chinese economy or tensions in the relationship between China and other countries could..., page 64

25. We note your risk factor that your supply chain may be impacted by government lockdowns imposed by the Chinese government. Update your risks characterized as potential if recent supply chain disruptions have impacted your operations.

# Risks Related to Doing Business in the People's Republic of China, page 65

26. Given the Chinese government’s 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.

Jing Tang
Able View Global Inc.
January 26, 2023
Page 7

# The Holding Foreign Companies Accountable Act, or the HFCAA, and the related regulations continue to evolve... , page 75

27. We note your disclosure about the Holding Foreign Companies Accountable Act. Please revise your risk factor to disclose that the Holding Foreign Companies Accountable Act has been amended to decrease the number of “non-inspection years” from three years to two years, reducing the time before securities may be prohibited from trading or delisted.

# Background of the Business Combination, page 116

28. Disclose when the Able View projections were prepared and shared with the HMAC Board.
29. Update this section to discuss any efforts to secure a PIPE financing, which appears to be one of the covenants of the Business Combination. Clarify the ramifications of failing to satisfy this covenant.
30. We note that on September 9, 2022, Able View offered a transaction valuation of $450 million, based upon various factors. Elaborate upon these factors to explain how they formed the basis for the initial valuation offered by Able View. Further, we note that HMAC countered with the $400 million valuation, plus earn-out shares, which appears to be the final amount the parties settled upon in the Business Combination Agreement. Please revise to discuss in greater detail how this valuation was determined and the specific negotiations that resulted in this amount, such as the basis for HMAC’s belief that Able View’s new brand management business would grow at a faster pace.
31. Elaborate upon the content of the GLO due diligence report on Able View.

# HMAC’s Board of directors’ Reasons for Approval of the Business Combination, page 121

32. We note your disclosure "outside counsel and [financial?] advisors." Please identify, properly disclose the role and remuneration of outside financial advisers. Refer to Item 7.C of Form 20-F, incorporated by Item 8 of Form F-4.

# Summary of Financial Projections, page 123

33. We note the Able View management projections. Please disclose, in detail, the material underlying assumptions, estimates, and bases for the projections, including specific information and/or quantitative information relied upon in calculating the projections for Able View. Explain why Able View choose to present projections based upon a 5 year period.
34. Revise to discuss whether and how performance for the fiscal year ended December 31, 2022 has differed compared to estimated results and explain the reason(s) for any differences in performance.

Jing Tang
Able View Global Inc.
January 26, 2023
Page 8

# Unaudited Pro Forma Combined Financial Statements, page 147

35. Your introduction disclosure indicates that the unaudited pro forma combined balance sheet as of June 30, 2022 has been prepared using HMAC's historical consolidated balance sheet as of June 30, 2022 as included in this proxy statement/prospectus. It appears to be inconsistent with footnote (A) on page 151. Please revise your disclosure accordingly.

36. Please tell us your considerations of providing pro forma adjustments to give effect to Pubco's acquisition of Able View's outstanding shares through the Share Exchange transaction.

# Unaudited Pro Forma Combined Balance Sheet, page 150

37. Refer to adjustment (d). Please clarify how you have reclassified HMAC's ordinary shares subject to possible redemption to common stock at $0.0001 par value.

38. Refer to adjustment (e). Please tell us the journal entries for 1) recapitalization of Able View through issuance of HMAC shares and eliminate HMAC historical accumulated earnings; and 2) the contribution of all the share capital in Able View to HMAC, as described in the footnote (e) on page 151. Please clarify how you have determined the $4,880 additional common stock par value recorded.

# Unaudited Pro Forma Combined Statement of Operations, page 153

39. Please expand your footnote (b) to disclose the calculation of 48,801,293 and 47,351,293 common shares issued in the 6 months ended June 30, 2022 and the year ended December 31, 2021, respectively.

# Business of Able View

# Omni-Channel Operation, page 183

40. With a view to understanding your omni-channel capabilities, disclose what percentage of revenue is derived from each of the channels you discuss here.

# Brand Development and Acquisition, page 186

41. We note your disclosure on page 186 that your contractual arrangements last between 12 and 36 months. For the contractual arrangements that are over one year, provide what percentage of historical revenue they comprise.

# Able View's Management's Discussion and Analysis of Financial Condition and Results of Operations, page 189

42. We note your disclosure on page 65 that your industry is highly sensitive to forces outside of your control like inflation. We also note on page 179 that Clarins accounts for a significant portion of your revenue. Given the high rates of inflation seen in France in the

Jing Tang  
Able View Global Inc.  
January 26, 2023  
Page 9

past year, please disclose, if true, whether inflationary pressures have had an impact on your performance.

#### Trend Information, page 202

43. Please discuss whether supply chain disruptions materially affect your outlook or business goals. Specify whether these challenges have materially impacted your results of operations or capital resources and quantify, to the extent possible, how your sales, profits, and/or liquidity have been impacted.

#### Management of Pubco following the Business Combination, page 203

44. Revise to disclose the business experience, functions and areas of experience in the company for each of your executive officers. Refer to Item 6 of Form 20-F.

#### Committees of the Board of Directors, page 205

45. We note your disclosure on page 49 that cybersecurity breaches are becoming more prevalent. Please describe the extent and nature of the role of the board of directors in overseeing cybersecurity risks, including in connection with Able View's supply chain/suppliers/service providers.

#### Regulations Applicable to Able View, page 210

46. Revise to discuss the impact of the Internet Information Service Algorithmic Recommendation Management Provisions and how they may apply to your operations.

#### Enforceability of Civil Liabilities, page 235

47. We note the disclosure here with regards to the enforceability of civil liabilities as to Pubco. In addition, please disclose the directors and officers of Pubco who are located in mainland China or Hong Kong and a risk factor addressing the challenges of bringing actions and enforcing judgments/liabilities against such individuals (i.e., it will be much more difficult to take these actions). Furthermore, please ensure that the officers and directors of HMAC are also included in the enforceability of civil liabilities disclosure in this section and the rest of the registration statement.

#### Exhibits

48. We note the inclusion of exhibits in your filing. However, pleasure ensure that these exhibits, where incorporated by reference, indicate as much.

#### General

49. We note disclosure of industry data and market data derived from various sources. To the extent you commissioned any of the third party data you cited, provide the consent of the third party in accordance with Rule 436.

Jing Tang
Able View Global Inc.
January 26, 2023
Page 10

50. Clarify which aspects of the business combination contemplate the issuance of securities covered by this registration statement. For example, it appears that you do not intend to register the shares issued pursuant to the Share Exchange, given that the Business Combination Agreement contemplates that such shares will be issued via an exemption from registration. And with respect to the holders of outstanding securities of HMAC, your disclosure does not specify the nature of the security to be issued in the exchange, as you state that such holders will receive "the right...to receive a substantially equivalent security of Pubco."

You may contact Suying Li at 202-551-3335 or Rufus Decker at 202-551-3769 if you have questions regarding comments on the financial statements and related matters. Please contact Nicholas Nalbantian at 202-551-7470 or Mara Ransom at 202-551-3264 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Trade & Services

cc: Elizabeth Chen