# EDGAR Filing Document

**Accession Number:** 0001905920
**File Stem:** 0000000000-23-001484
**Filing Date:** 2023-2
**Character Count:** 10381
**Document Hash:** 25add0fd2587ee6472827f3171da0426
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001484.hdr.sgml**: 20241008

**ACCESSION NUMBER**: 0000000000-23-001484

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230213

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Galaxy Payroll Group Ltd
- **CENTRAL INDEX KEY:** 0001905920
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT [8700]
- **ORGANIZATION NAME:** 07 Trade & Services
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-06131

**BUSINESS ADDRESS:**
- **STREET 1:** 25/F, OVEST, 77 WING LOK STREET
- **STREET 2:** SHEUNG WAN
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 85231052622

**MAIL ADDRESS:**
- **STREET 1:** 25/F, OVEST, 77 WING LOK STREET
- **STREET 2:** SHEUNG WAN
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 00000
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-22-019556

## Text-Extract

```

United States securities and exchange commission logo

                              February 13, 2023

       Wai Hong Lao
       Chief Executive Officer and Director
       Galaxy Payroll Group Ltd
       25th Floor, Ovest
       77 Wing Lok Street
       Sheung Wan, Hong Kong

                                                        Re: Galaxy Payroll
Group Ltd
                                                            Amendment No. 1 to
Registration Statement on Form F-1
                                                            Filed January 27,
2023
                                                            File No. 333-269043

       Dear Wai Hong Lao:

             We have reviewed your amended 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 amending your registration
statement and providing the
       requested information. 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 any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.
Unless we note
       otherwise, our references to prior comments are to comments in our
January 11, 2023 letter.

       Amendment No. 1 to Registration Statement on Form F-1 filed January 27,
2023

       Risk Factors, page 19

   1.                                                   We note your revised
disclosure that "the bank account of Galaxy Payroll Group Limited
                                                        had not been opened
until November 15, 2022." Please revise your prospectus to disclose
                                                        the risks associated
with offering the securities of a holding company that historically has
                                                        not maintained a bank
account separate from its subsidiaries, or alternatively provide us
                                                        with your analysis as
to why such risks are not material. Please refer to comment 2 in our
                                                        letter dated October
13, 2022.
 Wai Hong Lao
FirstName LastNameWai
Galaxy Payroll Group LtdHong Lao
Comapany13,
February  NameGalaxy
            2023       Payroll Group Ltd
February
Page 2 13, 2023 Page 2
FirstName LastName
2.       We note recent instances of extreme stock price run-ups followed by
rapid price declines
         and stock price volatility seemingly unrelated to company performance
following a
         number of recent initial public offerings, particularly among
companies with relatively
         smaller public floats. Revise to include a separate risk factor
addressing the potential for
         rapid and substantial price volatility and discuss the risks to
investors when investing in
         stock where the price is changing rapidly. Clearly state that such
volatility, including any
         stock-run up, may be unrelated to your actual or expected operating
performance and
         financial condition or prospects, making it difficult for prospective
investors to assess the
         rapidly changing value of your stock.
General

3.       We note your response to comment 3, as well as your revised disclosure
on the resale
         prospectus cover page that "[a]ny sales will occur from time to time
at prevailing market
         prices or in privately negotiated prices." On the resale prospectus
cover page, please also
         include a placeholder for the date of effectiveness of this
registration statement, the initial
         public offering price of your ordinary shares, and the most recent
trading price of your
         ordinary shares on Nasdaq. Also confirm that you will include such
information in the
         Rule 424(b) prospectus filed in connection with this resale offering.
Refer to Instruction 2
         to Item 501(b)(3) of Regulation S-K.
4.       According to your filing fee table the registration statement covers
4,000,000 ordinary
         shares to be offered by the company and 960,000 ordinary shares to be
offered by the
         selling shareholder. According to the prospectus and the legal opinion
you also are
         offering up to 600,000 ordinary shares to the underwriter. Please
revise your filing fee
         table accordingly, or advise.
       You may contact Stephen Kim at 202-551-3291 or Adam Phippen at
202-551-3336 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Brian Fetterolf at 202-551-6613 or Lilyanna Peyser at 202-551-3222 with
any other
questions.

                                                                 Sincerely,

                                                                 Division of
Corporation Finance
                                                                 Office of
Trade & Services
cc:      Elizabeth Fei Chen, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

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

February 13, 2023

Wai Hong Lao  
Chief Executive Officer and Director  
Galaxy Payroll Group Ltd  
25th Floor, Ovest  
77 Wing Lok Street  
Sheung Wan, Hong Kong

# **Re: Galaxy Payroll Group Ltd  
Amendment No. 1 to Registration Statement on Form F-1  
Filed January 27, 2023  
File No. 333-269043**

Dear Wai Hong Lao:

We have reviewed your amended 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 amending your registration statement and providing the requested information. 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 any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our January 11, 2023 letter.

Amendment No. 1 to Registration Statement on Form F-1 filed January 27, 2023

# Risk Factors, page 19

1. We note your revised disclosure that 'the bank account of Galaxy Payroll Group Limited had not been opened until November 15, 2022.' Please revise your prospectus to disclose the risks associated with offering the securities of a holding company that historically has not maintained a bank account separate from its subsidiaries, or alternatively provide us with your analysis as to why such risks are not material. Please refer to comment 2 in our letter dated October 13, 2022.

Wai Hong Lao
Galaxy Payroll Group Ltd
February 13, 2023
Page 2

2. We note recent instances of extreme stock price run-ups followed by rapid price declines and stock price volatility seemingly unrelated to company performance following a number of recent initial public offerings, particularly among companies with relatively smaller public floats. Revise to include a separate risk factor addressing the potential for rapid and substantial price volatility and discuss the risks to investors when investing in stock where the price is changing rapidly. Clearly state that such volatility, including any stock-run up, may be unrelated to your actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of your stock.

General

3. We note your response to comment 3, as well as your revised disclosure on the resale prospectus cover page that "[a]ny sales will occur from time to time at prevailing market prices or in privately negotiated prices." On the resale prospectus cover page, please also include a placeholder for the date of effectiveness of this registration statement, the initial public offering price of your ordinary shares, and the most recent trading price of your ordinary shares on Nasdaq. Also confirm that you will include such information in the Rule 424(b) prospectus filed in connection with this resale offering. Refer to Instruction 2 to Item 501(b)(3) of Regulation S-K.

4. According to your filing fee table the registration statement covers 4,000,000 ordinary shares to be offered by the company and 960,000 ordinary shares to be offered by the selling shareholder. According to the prospectus and the legal opinion you also are offering up to 600,000 ordinary shares to the underwriter. Please revise your filing fee table accordingly, or advise.

You may contact Stephen Kim at 202-551-3291 or Adam Phippen at 202-551-3336 if you have questions regarding comments on the financial statements and related matters. Please contact Brian Fetterolf at 202-551-6613 or Lilyanna Peyser at 202-551-3222 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Trade & Services

cc: Elizabeth Fei Chen, Esq.