# EDGAR Filing Document

**Accession Number:** 0002044241
**File Stem:** 0001493152-25-011871
**Filing Date:** 2025-8
**Character Count:** 31934
**Document Hash:** 570b1feed59c671a49c4f5002ea02eee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-011871.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001493152-25-011871

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TryHard Holdings Ltd
- **CENTRAL INDEX KEY:** 0002044241
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287751
- **FILM NUMBER:** 251208808

**BUSINESS ADDRESS:**
- **STREET 1:** 2-5-19, KYUTA-CHO,CHUO-KU
- **CITY:** OSAKA
- **STATE:** M0
- **ZIP:** 541-0056
- **BUSINESS PHONE:** 81 06-4708-6470

**MAIL ADDRESS:**
- **STREET 1:** 2-5-19, KYUTA-CHO,CHUO-KU
- **CITY:** OSAKA
- **STATE:** M0
- **ZIP:** 541-0056

**Registration No. 333-287751**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**Amendment No. 4 to**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**TRYHARD HOLDINGS LIMITED**

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **7990** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**541-0056, 2 Chome 5-19**

**Kyutaromachi**

**Chuo Ward, Osaka**

**Japan**

**(+81 06 4708 6470)**

*(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)*

**Cogency Global Inc.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**

**New York, NY 10168**

**(800) 221-0102**

*(Name, address, including zip code, and telephone number, including area code, of agent for service)*

***Copies to:***

---

| | |
|:---|:---|
| **David Ficksman, Esq.**<br> **R. Joilene Wood, Esq.**<br> **TroyGould PC**<br> **1801 Century Park East, Suite 1600**<br> **Los Angeles, CA 90067-2367**<br> **Tel: (310) 553-4441** | **Michael J. Blankenship**<br> **Winston & Strawn LLP**<br> **800 Capitol Street, Suite 2400**<br> **Houston, Texas 77002** <br> **Tel: (713) 651 2600** |

---

Approximate date of commencement of proposed sale to the public: Promptly after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, or the Securities Act, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**<br> The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**EXPLANATORY NOTE**

This Amendment No. 4 to the registration statement on Form F-1 (File No. 333-287751) (the "Registration Statement") is being filed solely to file exhibits thereto. This Amendment No. 4 does not modify any provision of the preliminary prospectus contained in Part I to the Registration Statement. Accordingly, the preliminary prospectus has been omitted.

i

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS**

Cayman Islands' laws do not prohibit or restrict a company from indemnifying its directors and officers against personal liability for any loss they may incur arising out of the Company's business, except to the extent such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The indemnity extends only to liability for their own negligence and breach of duty other than breaches of fiduciary duty and not where there is evidence of dishonesty, willful default or fraud.

Our Amended Memorandum and Articles of Association permits, to the fullest extent permissible under Cayman Islands law, indemnification of our executive officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by them, other than by reason of their own dishonesty, willful default or fraud, in connection with the execution or discharge of their duties, powers, authorities or discretion as Directors or executive officers of our Company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by them in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere.

We intend to enter into indemnification agreements with each of our directors and executive officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Cayman Islands law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified, subject to our Company reserving its rights to recover the full amount of such advances in the event that he or she is subsequently found to have been negligent or otherwise have breached his or her trust or fiduciary duties to our Company or to be in default thereof, or where the Cayman Islands courts have declined to grant relief.

The form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement will also provide for indemnification of us and our executive officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, executive officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES**

During the past three years, we have issued and sold the following securities without registering such securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

**Ordinary Shares**

---

| | | |
|:---|:---|:---|
| **Allottee** | **Date of Sale or Issuance** | **Number of Ordinary Shares** |
| Comet Moment Limited | December 30, 2024 | 49000 |
| Legend One Capital Limited | December 30, 2024 | 49000 |
| Lucens Consultancy Pte. Ltd. | December 30, 2024 | 49000 |
| Bon Ween Foong | December 30, 2024 | 49000 |
| Men Yihe | December 30, 2024 | 22000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Series A Preferred Shares** | | | |
|  | <br>**Date of Issue** | **Number of Series A Preferred Shares** | **Number of Series A Preferred Shares** |
| Mr. Rakuyo Otsuki | May 31, 2025 |  | 2,000,000 |

---

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

See "Exhibit Index" beginning on page II-5 of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

All supplement schedules are omitted because of the absence of conditions under which they are required or because the data is shown in the financial statements or notes thereto.

**ITEM 9. UNDERTAKINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement, unless the information required to be included in a post-effective amendment by paragraphs (i), (ii) and (iii) below is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of a prospectus filed pursuant to Rule 424(b) that is part of the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933, as amended, need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. That, for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. That, for the purpose of determining liability of a registrant under the Securities Act of 1933, as amended, to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of an undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of an undersigned registrant or used or referred to by an undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about an undersigned registrant or its securities provided by or on behalf of an undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by an undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1† | [Form of Underwriting Agreement](https://www.sec.gov/Archives/edgar/data/2044241/000149315225011611/ex1-1.htm) |
| 3.1† | [Amended and Restated Memorandum and Articles of Association](https://www.sec.gov/Archives/edgar/data/2044241/000164117225016510/ex3-1.htm) |
| 5.1 | [Opinion of Conyers Dill & Pearman regarding the validity of securities being registered](ex5-1.htm) |
| 8.1† | [Opinion of Conyers Dill & Pearman regarding certain Cayman Islands tax matters](https://www.sec.gov/Archives/edgar/data/2044241/000164117225016510/ex5-1.htm) |
| 10.1† | [Form of Director's Agreement between the Registrant and each of the Registrant's directors](https://www.sec.gov/Archives/edgar/data/2044241/000164117225016510/ex10-1.htm) |
| 10.2† | [Form of Indemnification Agreement with the Registrant's directors and executive officers](https://www.sec.gov/Archives/edgar/data/2044241/000164117225016510/ex10-2.htm) |
| 10.3† | [Form of Employment Agreement by and between executive officers and the Registrant](https://www.sec.gov/Archives/edgar/data/2044241/000164117225016510/ex10-3.htm) |
| 10.4† | [Employment Agreement by and between the Chief Financial Officer and the Registrant](https://www.sec.gov/Archives/edgar/data/2044241/000164117225020440/ex10-4.htm) |
| 14.1† | [Code of Business Conduct and Ethics](https://www.sec.gov/Archives/edgar/data/2044241/000164117225016510/ex14-1.htm) |
| 21.1† | [List of Subsidiaries](https://www.sec.gov/Archives/edgar/data/2044241/000164117225020440/ex21-1.htm) |
| 23.1 | Consent of Conyers Dill & Pearman (included in [Exhibit 5.1](ex5-1.htm) and [Exhibit 8.1†](https://www.sec.gov/Archives/edgar/data/2044241/000164117225016510/ex5-1.htm)) |
| 23.2† | [Consent of WWC, P.C.](https://www.sec.gov/Archives/edgar/data/2044241/000149315225011611/ex23-2.htm) |
| 99.1† | [Consent of City-Yuwa Law Offices](https://www.sec.gov/Archives/edgar/data/2044241/000164117225013474/ex99-1.htm) |
| 99.2† | [Consent of Director Nominees](https://www.sec.gov/Archives/edgar/data/2044241/000164117225013474/ex99-2.htm) |
| 99.3 | [Waiver and Representation Letter](ex99-3.htm) |
| 107† | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/2044241/000164117225013474/ex107.htm) |

---

† Previously filed

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tokyo, on August 13, 2025.

---

| | |
|:---|:---|
| TryHard Holdings Limited | TryHard Holdings Limited |
| By: | */s/ Rakuyo Otsuki* |
| Name: | Mr. Rakuyo Otsuki |
| Title: | Director, Chief Executive Officer, and Chairperson |
|  | */s/ Kwok Ho Yin* |
|  | Mr. Kwok Ho Yin |
|  | Chief Financial Officer |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America has signed this registration statement or amendment thereto in New York on August 13, 2025.

---

| | |
|:---|:---|
| Authorized U.S. Representative | Authorized U.S. Representative |
| COGENCY GLOBAL INC. | COGENCY GLOBAL INC. |
| By: | */s/ Colleen A. DeVries* |
| Name: | Colleen A. DeVries |
| Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | **CONYERS DILL & PEARMAN**<br>29th Floor<br> One Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br> T +852 2524 7106 \| F +852 2845 9268<br>**conyers.com** |

---

13 August 2025

Matter No. 1001276/110970562

852 2842 9530

Richard.Hall@conyers.com

**TryHard Holdings Limited** 

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

Dear Sir/Madam,

**Re: TryHard Holdings Limited (the "Company")**

We have acted as special Cayman Islands legal counsel to the Company in connection with a registration statement on form F-1 filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 10 April 2025, as amended (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the U.S. Securities Act of 1933, as amended, (the "**Securities Act**") of ordinary shares par value US$0.00002 each (the "**Ordinary Shares**") of the Company. The Registration Statement contains two prospectuses, being (i) a prospectus to be used for the public offering by (a) the Company of up to 1,067,500 Ordinary Shares (the "**IPO Shares**"), and (b) Comet Moment Limited, Legend One Capital Limited, Mr. Men Yihe and Mr. Bon Ween Foong of an aggregate of up to 457,500 Ordinary Shares and (ii) a prospectus to be used for the resale of up to 2,388,750 Ordinary Shares by Lucens Consultancy Pte. Ltd.

**1.** **DOCUMENTS REVIEWED** 

For the purposes of giving this opinion, we have examined a copy of the Registration Statement.

We have also reviewed copies of:

1.1. the
 amended and restated memorandum and articles of association of the Company certified by the
 Secretary of the Company on 25 June 2025 (the "**Listing M&As** ");

1.2. unanimous
 written resolutions of the directors of the Company dated 31 May 2025 (collectively, the
 "**Resolutions** ");

1.3. a
 Certificate of Good Standing issued by the Registrar of Companies in relation to the Company
 on 25 June 2025 (the "**Certificate Date** ");

1.4. the
 register of members of the Company certified by the secretary of the Company on 13 August
 2025; and

1.5. such
 other documents and made such enquiries as to questions of law as we have deemed necessary
 in order to render the opinion set forth below.

**2.** **ASSUMPTIONS** 

We have assumed:

2.1. the
 genuineness and authenticity of all signatures and the conformity to the originals of all
 copies (whether or not certified) examined by us and the authenticity and completeness of
 the originals from which such copies were taken;

2.2. that
 where a document has been examined by us in draft form, it will be or has been executed and/or
 filed in the form of that draft, and where a number of drafts of a document have been examined
 by us all changes thereto have been marked or otherwise drawn to our attention;

2.3. the
 accuracy and completeness of all factual representations made in the Registration Statement
 and other documents reviewed by us;

2.4. that
 the Resolutions were passed at one or more duly convened, constituted and quorate meetings
 or by unanimous written resolutions, will remain in full force and effect and will not be
 rescinded or amended;

2.5. that
 the Listing M&As will become effective immediately prior to the closing of the Company's
 initial public offering of Class A Ordinary Shares;

2.6. that
 there is no provision of the law of any jurisdiction, other than the Cayman Islands, which
 would have any implication in relation to the opinions expressed herein;

2.7. that
 upon issue of any Class A Ordinary Shares to be sold by the Company, the Company will receive
 consideration for the full issue price thereof which shall be equal to at least the par value
 thereof; and

2.8. the
 validity and binding effect under the laws of the United States of America of the Registration
 Statement and that the Registration Statement will be duly filed with the Commission.

**3.** **QUALIFICATIONS** 

We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands.

**conyers.com \| 2**<br>

**4.** **OPINION** 

On the basis of and subject to the foregoing, we are of the opinion that:

4.1. The
 Company is duly incorporated and existing under the laws of the Cayman Islands and, based
 on the Certificate of Good Standing, is in good standing as at the Certificate Date. Pursuant
 to the Companies Act (the "**Act** "), a company is deemed to be in good standing
 if all fees and penalties under the Act have been paid and the Registrar of Companies has
 no knowledge that the Company is in default under the Act.

4.2. Based
 solely on our review of the memorandum of association of the Company certified by the secretary
 of the Company on 25 June 2025, the Company has an authorised share capital of US$500,000
 divided into 25,000,000,000 shares with a par value of US$0.00002 each comprising of (a)
 22,500,000,000 Ordinary Shares with a par value of US$0.00002 each and (b) 2,500,000,000
 Series A Preferred Shares with a par value of US$0.00002 each.

4.3. The
 Company has taken all corporate action required to authorise the allotment and issue of the
 IPO Shares. When issued and paid for as contemplated by the Registration Statement, the IPO
 Shares will be validly issued, fully paid and non-assessable (which term when used herein
 means that no further sums are required to be paid by the holders thereof in connection with
 the issue of such shares).

4.4. Based
 solely on our review of the register of members of the Company certified by the secretary
 of the Company on 13 August 2025, as at 13 August 2025, Comet Moment Limited,
 Legend One Capital Limited, Mr. Men Yihe and Mr. Bon Ween Foong were the registered holders
 of 2,388,750, 2,388,750, 1,072,500 and 2,388,750 Ordinary Shares, respectively, and such
 Ordinary Shares are validly issued, fully paid and non-assessable (which term when used herein
 means that no further sums are required to be paid by the holders thereof in connection with
 the issue of such shares).

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm under the captions "Enforcement of Civil Liabilities" and "Legal Matters" in the prospectus forming a part of the Registration Statement. In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

![](ex5-1_002.jpg)

**Conyers Dill & Pearman**

**conyers.com \| 3**<br>

## Exhibit 99.3

**Exhibit 99.3**

August 13, 2025

**<u>VIA EDGAR</u>**

Division of Corporation Finance

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **TryHard Holdings Limited – Registration Statement on Form F-1** |
|  | **Request for Waiver and Representation Under Item 8.A.4 of Form 20-F** |

---

Ladies and Gentlemen:

The undersigned, TryHard Holdings Limited, a foreign private issuer organized under the laws of the Cayman Islands (the "Company"), is submitting this letter via EDGAR to the U.S. Securities and Exchange Commission (the "SEC") in connection with the Company's filing on the date hereof of its registration statement on Form F-1 (the "Registration Statement") relating to the initial public offering ("IPO") of the Company's ordinary shares. This letter respectfully requests a waiver of the requirements of Item 8.A.4 of Form 20-F ("Item 8.A.4").

The Registration Statement contains condensed consolidated financial statements for the two years ended June 30, 2023 and June 30, 2024, in each case prepared in accordance with International Financial Reporting Standards, and unaudited interim condensed consolidated financial statements for the six months ended December 31, 2023 and December 31, 2024.

Item 8. A.4 of Form 20-F states that in the case of a company's initial public offering, the registration statement on Form F-1 must contain audited financial statements as of a date not older than 12 months from the date of the offering unless a representation is made pursuant to Instruction 2 to Item 8.A.4. The Company is making this representation pursuant to Instruction 2 to Item 8.A.4, as amended and in effect as of the date hereof, which provides that a company may instead comply with the 15-month requirement "if the company is able to represent that it is not required to comply with the 12-month requirement in any other jurisdiction outside the United States and that complying with the 12-month requirement is impracticable or involves undue hardship."

The Company hereby represents that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is not currently a public reporting company
 in any jurisdiction.

2. The Company is not required by any jurisdiction outside
 the United States to prepare, and has not prepared, financial statements audited under any generally accepted auditing standards
 for any interim period subsequent to December 31, 2024.

3. Compliance with Item 8.A.4 at present is impracticable
 and involves undue hardship for the Company.

4. The
 Company does not anticipate that its audited financial statements for the fiscal year ended June 30, 2024 will be available
 until after September 30, 2024

5. In no event will the Company seek effectiveness of
 its Registration Statement if its audited financial statements are older than 15 months at the time of the offering.

The Company is filing this representation as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4.

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| Sincerely, |
| */s/ Rakuyo Otsuki* |
| Rakuyo Otsuki |
| Director, Chief Executive Officer and Chairperson |

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