# EDGAR Filing Document

**Accession Number:** 0001872302
**File Stem:** 0000000000-25-007775
**Filing Date:** 2025-7
**Character Count:** 9580
**Document Hash:** 7604dac2cc4ec2e4ed1f93482febbcb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007775.hdr.sgml**: 20260616

**ACCESSION NUMBER**: 0000000000-25-007775

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250724

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nano Labs Ltd
- **CENTRAL INDEX KEY:** 0001872302
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-288573

**BUSINESS ADDRESS:**
- **STREET 1:** 30 FLOOR, DICARA SILVER CENTER
- **STREET 2:** NO.29 JIEFANG EAST RD, JIANGGAN DISTRICT
- **CITY:** HANGZHOU
- **STATE:** F4
- **ZIP:** 310000
- **BUSINESS PHONE:** 8615968976786

**MAIL ADDRESS:**
- **STREET 1:** 30 FLOOR, DICARA SILVER CENTER
- **STREET 2:** NO.29 JIEFANG EAST RD, JIANGGAN DISTRICT
- **CITY:** HANGZHOU
- **STATE:** F4
- **ZIP:** 310000
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-062186

## Text-Extract

```

                                                             July 24, 2025

Jianping Kong
Chief Executive Officer
Nano Labs Ltd
China Yuangu Hanggang Technology Building
509 Qianjiang Road, Shangcheng District
Hangzhou, Zhejiang
People   s Republic of China

       Re: Nano Labs Ltd
           Registration Statement on Form F-3
           Filed on July 9, 2025
           File No. 333-288573
Dear Jianping Kong:

       We have conducted a limited review of your registration statement and
have the
following comment(s).

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Form F-3 filed July 9, 2025
General

1.     Please confirm that you will include in future Exchange Act filings all
applicable
       disclosures you include, or will include, in this registration statement
in response to
       our comments.

2.     You state in Exhibit 99.1 to the amended 6-K filed July 7, 2025 and
incorporated by
       reference that you purchased 74,315 BNB tokens, with a total transaction
value of
       about US$50 million, and that "[f]ollowing this transaction, the Company
  s
       cumulative reserve of mainstream digital currencies, including Bitcoin
and BNB, has
       around US$160 million, marking a successful initial step in Nano Labs
BNB
 July 24, 2025
Page 2

       strategic plan and underscoring its commitment to increasing BNB
holdings over
       time." Please revise to address the following points:
           Describe the use case for BNB including its intended purpose, use
and/or
           function.
           Provide a discussion of BNB    tokenomics    discussing the past and
current supply
           of BNB, how new BNB is created, any burn mechanism, and any
inflationary or
           deflationary mechanism.
           Provide a materially complete description of BNB, including a
discussion of the
           BNB ecosystem and a description of the lifecycle of the BNB token.
           Provide risk factor disclosure discussing any material risks related
to the BNB
           token and its ownership.

       Please include the revised disclosure directly within your next
amendment to Form F-
       3.
3.     We note your disclosure under "Custody of our Cryptocurrency Holdings"
on page 58
       of the Form 20-F for the fiscal year ended December 31, 2024 and
incorporated by
       reference that you "maintain [your] cryptocurrency holdings in wallets
hosted on
       reputable exchanges, including Hashkey Exchange, CEFFU, Coinbase and
Binance."
       Please supplementally confirm whether you have disclosed the identities
of the
       material third party custodians with which you maintain your crypto
asset holdings,
       and with respect to each material custodian, please expand your
disclosure to disclose:
           the material terms of any agreement you have with the custodian;
           the proportion of private keys that are held in hot, warm or cold
storage and
           whether the crypto assets stored by the custodian are commingled
with assets of
           other customers;
           whether any entity is responsible for verifying the existence of
your crypto assets;
           and
           whether and to what extent the custodian carries insurance for any
losses of the
           crypto assets it custodies for you.

       Please include the revised disclosure directly within your next
amendment to Form F-
       3.
4.     Please provide us with your analysis as to your eligibility to register
the resale of
       Class A shares underlying warrants. As part of your response, disclose
the dates on
       which the warrants were issued and why you believe the private placement
has been
       completed. In a PIPE transaction, a registered resale of securities is
permitted where
       the investor is irrevocably bound to purchase a set number of securities
for a set
       purchase price that is not based on a market price or a fluctuating
ratio. In addition,
       there can be no conditions that an investor can cause not to be
satisfied, including
       conditions related to market price of the securities or investor   s
satisfactory
       completion of its due diligence requirements. For guidance, refer to
Securities Act
       Sections Compliance & Disclosure Interpretation 139.11.
5.     We note the changes you made to your disclosure appearing on the cover
page,
       Summary and Risk Factor sections relating to legal and operational risks
associated
 July 24, 2025
Page 3

       with operating in China and PRC regulations. It is unclear to us that
there have been
       changes in the regulatory environment in the PRC since your registration
       statement that was filed on June 3, 2024 warranting revised disclosure
to mitigate the
       challenges you face and related disclosures. The Sample Letters to
China-Based
       Companies sought specific disclosure relating to the risk that the PRC
government
       may intervene in or influence your operations at any time, or may exert
control over
       operations of your business, which could result in a material change in
your
       operations and/or the value of the securities you are registering for
sale. We remind
       you that, pursuant to federal securities rules, the term    control
(including the terms
          controlling,       controlled by,    and    under common control with
  ) as defined in
       Securities Act Rule 405 means    the possession, direct or indirect, of
the power to
       direct or cause the direction of the management and policies of a
person, whether
       through the ownership of voting securities, by contract, or otherwise.
 The Sample
       Letters also sought specific disclosures relating to uncertainties
regarding the
       enforcement of laws and that the rules and regulations in China can
change quickly
       with little advance notice. We do not believe that your revised
disclosure referencing
       the PRC government   s intent to strengthen its regulatory oversight
conveys the same
       risk. Please restore your disclosures in these areas to the disclosures
as they existed in
       the registration statement as of June 3, 2024.
6.     Please file an executed copy of the Purchase Agreement as an exhibit to
your
       registration statement.
Prospectus Summary , page 1

7.     We note your disclosure on page 1 that "[w]e have actively positioned
ourselves in the
       digital assets space, adopting BNB as our primary reserve asset. We have
accumulated
       nearly US$160 million in mainstream digital currencies including BNB and
BTC."
       Please address the following points in your next amendment to Form F-3:
           Reconcile the above-referenced disclosure that you have adopted BNB
as your
           primary reserve asset with your disclosures in your Form 20-F for
the fiscal year
           ended December 31, 2024 that you have adopted Bitcoin as your
primary reserve
           asset (see, e.g., pages 10, 55, 58 and 79).
           Provide a discussion of the material aspects of your reserve asset
strategy.
           Provide separate risk factors addressing material risks related to
your reserve asset
           strategy.
 July 24, 2025
Page 4

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

      Please contact Bradley Ecker at 202-551-4985 or Asia Timmons-Pierce at
202-551-
3754 with any other questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of
Manufacturing

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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