# EDGAR Filing Document

**Accession Number:** 0001987189
**File Stem:** 0000000000-25-008340
**Filing Date:** 2025-8
**Character Count:** 10717
**Document Hash:** a7890ae0caefbdeef4c9c979d9913d5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008340.hdr.sgml**: 20260611

**ACCESSION NUMBER**: 0000000000-25-008340

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250808

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Smart Logistics Global Ltd
- **CENTRAL INDEX KEY:** 0001987189
- **STANDARD INDUSTRIAL CLASSIFICATION:** ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-288664

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT NO. 805, 8TH FLOOR, CAPITAL CENTRE
- **STREET 2:** 151 GLOUCESTER ROAD
- **CITY:** WANCHAI
- **NON US STATE TERRITORY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **BUSINESS PHONE:** 852 6741 7569

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT NO. 805, 8TH FLOOR, CAPITAL CENTRE
- **STREET 2:** 151 GLOUCESTER ROAD
- **CITY:** WANCHAI
- **NON US STATE TERRITORY:** HONG KONG
- **PROVINCE COUNTRY:** K3
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001987189-25-000004

## Text-Extract

```

                                                            August 8, 2025

Hue Kwok Chiu
Chief Executive Officer
Smart Logistics Global Limited
Unit 702, Level 7, Core B, Cyberport 3
100 Cyberport Road
Pokfulam, Hong Kong 999077

       Re: Smart Logistics Global Limited
           Registration Statement on Form F-1
           F-1 filed July 14, 2025
           File No. 333-288664
Dear Hue Kwok Chiu:

       We have reviewed 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.

Registration Statement on Form F-1
Transfers of cash between SLG Cayman and our subsidiaries, page 3

1.     On page 4 you disclose during the years ended December 31, 2023 and
2024, there
       were no cash transfers, with the exception of two capital injections of
US$1 million
       and US$80,000 from Jiabin HK to Jiangxi JB in December 31, 2023 and
March 2025,
       respectively. Please revise to identify the cash transfers for the
dividend payments in
       October and November 2024, as disclosed at the top of page 5.
Dividend Policy, page 49

2.     We note your statement that you have never declared or paid dividends on
your
       shares. Revise and disclose the dividends declared on October 17, 2024
and
       November 11, 2024 and recorded in the consolidated financial statements
for the
 August 8, 2025
Page 2

       fiscal year ended December 31, 2024. Revise disclosures elsewhere in
your filing, as
       applicable.
Capitalization, page 51

3.     Please revise your capitalization table to be as of a date no earlier
than 60 days prior
       to the date of the document. Also revise the table so that all financial
amounts are
       presented in the same currency as your financial statement reporting
currency.
       Convenience translations into the U.S. dollar may be presented if
compliant with the
       guidance at Rule 3-20(b)(1) of Regulation S-X.
Dilution, page 52

4.     Tell us how you determined net tangible book value as of December 31,
2024, was
       $11.9 million, or $0.29 per share.
Liquidity, assets and liabilities, page 65

5.     Include disclosure that in the opinion of management, the working
capital is sufficient
       for the company   s current requirements, or, if not, how it proposes to
provide
       additional working capital if needed. See Item 5. B.1.(a) of Form 20-F.
Cash Flows, page 73

6.     You disclose that operating activities and capital expenditures are your
primary uses
       of cash. Discuss the company   s material cash requirements, including
commitments
       for capital expenditures, as of the latest fiscal year end and any
subsequent interim
       period, the general purpose of such requirements, and the anticipated
source of funds
       needed to satisfy such requirements. See Item 5. B.3 of Form 20-F. For
example, to
       the extent material, include commitments for the following capital
expenditures items:
           On page F-27 you disclose that there are three buildings among the
construction-
           in-progress at year end.
           On pages 93 and 98 you disclose the present focus on infrastructure
investment
           which includes the development of smart logistic parks in Jiangxi
that will be
           completed by the end of 2026.
           On page 100 you disclose that you will develop and deploy software
and systems
           and upgrade your digital systems.
Accounts receivable and contract assets, page 76

7.     We note you disclose that you collected nearly all of the accounts
receivable as of the
       date or your report. Include disclosure of the amount of outstanding
contract assets as
       of December 31, 2024 that have been subsequently collected. In your
discussion
       provide additional information such as an aging of contract assets, a
description of
       concentration risks, and analysis of historical collection trends, as
applicable.
Management
Employment Agreements and Director Agreements, page 120

8.     We note you disclose that you have entered into director agreements with
each of your
       directors. Please file such agreements. See Item 601(b)(1)(iii)(A).
 August 8, 2025
Page 3

Change in Registrant's Certifying Accountant, page 155

9.     Please revise the disclosure to state whether the former accountant
resigned, declined
       to stand for reelection or was dismissed and the date thereof. See Item
16F(a)(1)(i) of
       Form 20-F.
Consolidated Financial Statements for the Fiscal Years Ended December 31, 2023
and 2024
2. Summary of Significant Accounting Policies
Revenue Recognition, page F-15

10.    Please tell us how you have considered the guidance in ASC 606-10-50-5
in
       presenting disaggregation of your revenues. In this regard, we note that
you serve
       customers in four major sectors in the PRC, namely paper, steel, coal
and food.
       Please revise your disclosures as necessary.
Contract Assets, page F-16

11.    Provide all of the applicable disclosure requirements of ASC 606-10-50-8
and 50-10
       for your contract balances. Include the disclosure requirements of
paragraph 50-12A
       to the extent material.
3. Specific Risks
Concentration and credit risks
(a) Major customers, page F-23

12.    You identify customer A accounted for 12% and 13% of your total revenues
in 2023
       and 2024. However we note your risk factor disclosure at page 15
indicates that one
       customer accounted for 35% and 37% of your revenues for these same
periods.
       Please explain this inconsistency or revise your disclosures
accordingly.
14. Income Taxes, page F-34

13.    We note that Jiangxi Jiabin declared dividends of RMB28,434,060 and
       RMB18,947,000 to Jiabin HK in October and November 2024, respectively,
and these
       dividends were subject to a 5% withholding tax in accordance with the
PRC-Hong
       Kong Double Tax Treaty. We also note the Group did not provide for
deferred income
       taxes and withholding taxes on the undistributed earnings of PRC
subsidiaries during
       the two years ended December 31, 2024. ASC 740-30-25-17 requires a
parent entity
       to have evidence of specific plans to support the assertion that the
indefinite reversal
       criteria are met. Tell us the specifically documented plans for
reinvestment during the
       two year period to support your assertion that the remittance of the
earnings will be
       postponed indefinitely. Explain what occurred, when it became apparent
that some or
       all of the undistributed earnings of your subsidiary would be remitted
in the
       foreseeable future and why the related income taxes were not accrued as
a current
       period expense in an earlier period. See ASC 740-30-25-17 and 25-19.
14.    You disclose on page 5 that the Group   s declaration of dividends was a
one-off event
       and you intend to keep any remaining undistributed earnings and future
earnings for
       the foreseeable future. Tell us how you continue to assert the
indefinite reinvestment
       of undistributed past and future earnings and why you are not required
to record a
       deferred tax liability for any taxable temporary differences to measure
the tax effect of
 August 8, 2025
Page 4

       an outside basis difference. Include the amount of undistributed
earnings for the PRC
       subsidiaries which income taxes have not been provided for, as of
December 31,
       2024.
Indemnification of Directors and Officers, page II-1

15.    You reference a form of indemnification agreement to be filed as Exhibit
10.1 to this
       registration statement. However, a form of indemnification agreement is
not filed as
       Exhibit 10.1. Please revise or advise.
Exhibit Index
Exhibit 23.1, page II-4

16.    Please have your accounting firm revise the accountant   s consent to
refer to the audits
       of the consolidated financial statements of the Company as of December
31, 2024 and
       2023 and for the two years in the period ended December 31, 2024 and
2023.
        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 Brian McAllister at 202-551-3341 or Craig Arakawa at
202-551-3650
if you have questions regarding comments on the financial statements and
related
matters. Please contact Claudia Rios at 202-551-8770 or Karina Dorin at
202-551-3763 with
any other questions.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Energy &
Transportation
cc:   Jane K. P. Tam, Esq

```

### Attached PDF Documents

**Attachment 1:** `filename1`

_No text found in this document._