# EDGAR Filing Document

**Accession Number:** 0001878074
**File Stem:** 0000000000-23-002471
**Filing Date:** 2023-3
**Character Count:** 21613
**Document Hash:** a8dab61d411a40bc6e46e5e1df0ce5aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002471.hdr.sgml**: 20230705

**ACCESSION NUMBER**: 0000000000-23-002471

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230314

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue World Acquisition Corp
- **CENTRAL INDEX KEY:** 0001878074
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0630

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

**BUSINESS ADDRESS:**
- **STREET 1:** 244 FIFTH AVENUE, SUITE B-88
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-726-2880

**MAIL ADDRESS:**
- **STREET 1:** 244 FIFTH AVENUE, SUITE B-88
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-22-056594

## Text-Extract

```

United States securities and exchange commission logo

                               March 14, 2023

       Liang Shi
       Chief Executive Officer
       Blue World Acquisition Corp
       244 Fifth Avenue, Suite B-88
       New York, NY 10001

                                                        Re: Blue World
Acquisition Corp
                                                            Form 10-K for the
Fiscal Year Ended June 30, 2022
                                                            Filed September 16,
2022
                                                            File No. 001-41256

       Dear Liang Shi:

              We have reviewed your filing 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 these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Form 10-K for the Fiscal Year Ended June 30, 2022

       Business Overview, page 1

   1.                                                   We note that the SPAC
Sponsor is located in Hong Kong, and a majority of your
                                                        executive officers
and/or directors have significant ties to China. Please disclose this
                                                        prominently in the
introduction to the business overview section. Provide prominent
                                                        disclosure about the
legal and operational risks associated with being based in China.
                                                        Your disclosure should
make clear whether these risks could result in a material change in
                                                        your operations and/or
the value of the securities you are registering for sale or could
                                                        significantly limit or
completely hinder your ability to offer or continue to offer securities
                                                        to investors and cause
the value of such securities to significantly decline or be worthless.
                                                        Your disclosure should
address how recent statements and regulatory actions by China   s
                                                        government, such as
those related to data security or anti-monopoly concerns have or may
                                                        impact the company   s
ability to conduct its business, accept foreign investments, or list on
                                                        a U.S. or other foreign
exchange. Please disclose the location of your auditor   s
 Liang Shi
FirstName
Blue WorldLastNameLiang   Shi
            Acquisition Corp
Comapany
March      NameBlue World Acquisition Corp
       14, 2023
March2 14, 2023 Page 2
Page
FirstName LastName
         headquarters and whether and how the Holding Foreign Companies
Accountable Act, as
         amended by the Consolidated Appropriations Act, 2023, and related
regulations will affect
         your company.
2.       Please disclose the risks that being based in China poses to
investors. In particular,
         describe the significant regulatory, liquidity, and enforcement risks
with cross-references
         to the more detailed discussion of these risks. For example,
specifically discuss risks
         arising from the legal system in China, including risks and
uncertainties regarding the
         enforcement of laws and that rules and regulations in China can change
quickly with little
         advance notice; and the risk that the Chinese government may intervene
or influence your
         operations at any time, or may exert more control over offerings
conducted overseas
         and/or foreign investment in China-based issuers, which could result
in a material change
         in your operations and/or the value of your common stock. 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.
3.       Please revise to disclose in the introduction to your Business section
that the location of
         the sponsor and having a majority of your executive officers and/or
directors have
         significant ties to China may make you a less attractive partner to a
nonChina-based target
         company, which may therefore limit the pool of acquisition candidates.
4.       Disclose each permission that you are required to obtain from Chinese
authorities to
         operate and issue securities to foreign investors. State affirmatively
whether you have
         received all requisite permissions and whether any permissions have
been denied. State
         whether you may be 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.
Also describe the
         consequences to you and your investors if you: (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.
5.       Provide a clear description of how cash is transferred through your
organization. State
         whether any transfers, dividends, or distributions have been made to
date and quantify the
         amounts where applicable.
6.       Please include a separate section on enforcement of liabilities
addressing the enforcement
         risks related to civil liabilities due to your sponsor and some of
your officers and directors
         being located in China or Hong Kong. For example, revise to discuss
more specifically the
         limitations on investors being able to effect service of process and
enforce civil liabilities
         in China, lack of reciprocity and treaties, and cost and time
constraints. Also, please
         disclose these risks in the business section, which should contain
disclosures consistent
         with the separate section. Additionally, please identify each officer
and director located in
 Liang Shi
FirstName
Blue WorldLastNameLiang   Shi
            Acquisition Corp
Comapany
March      NameBlue World Acquisition Corp
       14, 2023
March3 14, 2023 Page 3
Page
FirstName LastName
         China or Hong Kong and disclose that it will be more difficult to
enforce liabilities and
         enforce judgments on those individuals.
General

7.       With a view toward disclosure, please tell us whether your sponsor is,
is controlled by, or
         has substantial ties with a non-U.S. person. If so, please revise your
disclosure in future
         filings to include disclosure that addresses how this fact could
impact your ability to
         complete your initial business combination. For instance, discuss the
risk to investors that
         you may not be able to complete an initial business combination with a
U.S. target
         company should the transaction be subject to review by a U.S.
government entity, such as
         the Committee on Foreign Investment in the United States (CFIUS), or
ultimately
         prohibited. Disclose that as a result, the pool of potential targets
with which you could
         complete an initial business combination may be limited. Further,
disclose that the time
         necessary for government review of the transaction or a decision to
prohibit the
         transaction could prevent you from completing an initial business
combination and require
         you to liquidate. Disclose the consequences of liquidation to
investors, such as the losses
         of the investment opportunity in a target company, any price
appreciation in the combined
         company, and the warrants, which would expire worthless. Please
include an example of
         your intended disclosure in your response.
8.       Please address specifically any PRC regulations concerning mergers and
acquisitions by
         foreign investors that your initial business combination transaction
may be subject to,
         including PRC regulatory reviews, which may impact your ability to
complete a business
         combination in the prescribed time period. Also address any impact PRC
law or regulation
         may have on the cash flows associated with the business combination,
including
         shareholder redemption rights.
9.       Given the Chinese government   s significant oversight and discretion
over the conduct of
         your business, please revise to separately highlight 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 your common stock. 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.
10.      In light of recent events indicating greater oversight by the
Cyberspace Administration of
         China over data security, particularly for companies seeking to list
on a foreign exchange,
         please revise your disclosure to explain how this oversight could
impact the process of
         searching for a target and completing an initial business combination,
and to what extent
         you believe that you are compliant with the regulations or policies
that have been issued
         by the CAC to date.
 Liang Shi
Blue World Acquisition Corp
March 14, 2023
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.

       Please contact Joseph Ambrogi at 202-551-4821 or Pam Howell at
202-551-3357 with
any questions.

                                                          Sincerely,
FirstName LastNameLiang Shi
                                                          Division of
Corporation Finance
Comapany NameBlue World Acquisition Corp
                                                          Office of Real Estate
& Construction
March 14, 2023 Page 4
cc:       Arila E. Zhou, Esq.
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

March 14, 2023

Liang Shi  
Chief Executive Officer  
Blue World Acquisition Corp  
244 Fifth Avenue, Suite B-88  
New York, NY 10001

**Re: Blue World Acquisition Corp  
Form 10-K for the Fiscal Year Ended June 30, 2022  
Filed September 16, 2022  
File No. 001-41256**

Dear Liang Shi:

We have reviewed your filing 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 these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments.

Form 10-K for the Fiscal Year Ended June 30, 2022

Business Overview, page 1

1. We note that the SPAC Sponsor is located in Hong Kong, and a majority of your executive officers and/or directors have significant ties to China. Please disclose this prominently in the introduction to the business overview section. Provide prominent disclosure about the legal and operational risks associated with being based in China. Your disclosure should make clear whether these risks could result in a material change in your operations and/or the value of the securities you are registering for sale or could significantly limit or completely hinder your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. Your disclosure should address how recent statements and regulatory actions by China’s government, such as those related to data security or anti-monopoly concerns have or may impact the company’s ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange. Please disclose the location of your auditor’s

Liang Shi
Blue World Acquisition Corp
March 14, 2023
Page 2

headquarters and whether and how the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023, and related regulations will affect your company.

2. Please disclose the risks that being based in China poses to investors. In particular, describe the significant regulatory, liquidity, and enforcement risks with cross-references to the more detailed discussion of these risks. For example, specifically discuss risks arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and that rules and regulations in China can change quickly with little advance notice; and the risk that the Chinese government may intervene or influence your operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in your operations and/or the value of your common stock. 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.

3. Please revise to disclose in the introduction to your Business section that the location of the sponsor and having a majority of your executive officers and/or directors have significant ties to China may make you a less attractive partner to a nonChina-based target company, which may therefore limit the pool of acquisition candidates.

4. Disclose each permission that you are required to obtain from Chinese authorities to operate and issue securities to foreign investors. State affirmatively whether you have received all requisite permissions and whether any permissions have been denied. State whether you may be 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. Also describe the consequences to you and your investors if you: (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.

5. Provide a clear description of how cash is transferred through your organization. State whether any transfers, dividends, or distributions have been made to date and quantify the amounts where applicable.

6. Please include a separate section on enforcement of liabilities addressing the enforcement risks related to civil liabilities due to your sponsor and some of your officers and directors being located in China or Hong Kong. For example, revise to discuss more specifically the limitations on investors being able to effect service of process and enforce civil liabilities in China, lack of reciprocity and treaties, and cost and time constraints. Also, please disclose these risks in the business section, which should contain disclosures consistent with the separate section. Additionally, please identify each officer and director located in

Liang Shi
Blue World Acquisition Corp
March 14, 2023
Page 3

China or Hong Kong and disclose that it will be more difficult to enforce liabilities and enforce judgments on those individuals.

General

7. With a view toward disclosure, please tell us whether your sponsor is, is controlled by, or has substantial ties with a non-U.S. person. If so, please revise your disclosure in future filings to include disclosure that addresses how this fact could impact your ability to complete your initial business combination. For instance, discuss the risk to investors that you may not be able to complete an initial business combination with a U.S. target company should the transaction be subject to review by a U.S. government entity, such as the Committee on Foreign Investment in the United States (CFIUS), or ultimately prohibited. Disclose that as a result, the pool of potential targets with which you could complete an initial business combination may be limited. Further, disclose that the time necessary for government review of the transaction or a decision to prohibit the transaction could prevent you from completing an initial business combination and require you to liquidate. Disclose the consequences of liquidation to investors, such as the losses of the investment opportunity in a target company, any price appreciation in the combined company, and the warrants, which would expire worthless. Please include an example of your intended disclosure in your response.

8. Please address specifically any PRC regulations concerning mergers and acquisitions by foreign investors that your initial business combination transaction may be subject to, including PRC regulatory reviews, which may impact your ability to complete a business combination in the prescribed time period. Also address any impact PRC law or regulation may have on the cash flows associated with the business combination, including shareholder redemption rights.

9. Given the Chinese government's significant oversight and discretion over the conduct of your business, please revise to separately highlight 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 your common stock. 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.

10. In light of recent events indicating greater oversight by the Cyberspace Administration of China over data security, particularly for companies seeking to list on a foreign exchange, please revise your disclosure to explain how this oversight could impact the process of searching for a target and completing an initial business combination, and to what extent you believe that you are compliant with the regulations or policies that have been issued by the CAC to date.

Liang Shi
Blue World Acquisition Corp
March 14, 2023
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.

Please contact Joseph Ambrogi at 202-551-4821 or Pam Howell at 202-551-3357 with any questions.

Sincerely,

Division of Corporation Finance
Office of Real Estate & Construction

cc: Arila E. Zhou, Esq.