# EDGAR Filing Document

**Accession Number:** 0002068224
**File Stem:** 0000000000-25-006086
**Filing Date:** 2025-6
**Character Count:** 9373
**Document Hash:** 67f2ce697c837c8ee766f88e5ddf70b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006086.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0000000000-25-006086

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250610

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KWF Group Holding Ltd
- **CENTRAL INDEX KEY:** 0002068224
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08007

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** OFFICE D, 22/F, TOWER A, CAPITAL TOWER
- **STREET 2:** NO. 38 WAI YIP STREET
- **CITY:** KOWLOON
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852-2332-6168

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** OFFICE D, 22/F, TOWER A, CAPITAL TOWER
- **STREET 2:** NO. 38 WAI YIP STREET
- **CITY:** KOWLOON
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001185185-25-000446

## Text-Extract

```

                                                             June 10, 2025

Chak Lam Wong
Chief Executive Officer
KWF Group Holding Limited
Office D, 22/F, Tower A, Capital Tower
No. 38 Wai Yip Street
Kowloon, Hong Kong

       Re: KWF Group Holding Limited
           Draft Registration Statement on Form F-1
           Submitted May 14, 2025
           CIK No. 0002068224
Dear Chak Lam Wong:

       We have reviewed your draft registration statement and have the
following comments.

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. 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 the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments.

Draft Registration Statement on Form F-1
Cover Page

1.     We note your disclosure on the cover page and elsewhere that the Class A
shares are
       entitled to 1 vote per share and the Class B shares will be entitled to
20 votes per share
       and that in no event will the Class B shares be convertible into Class A
shares.
       However, you disclose on page 42 that the conversion of Class B shares
may have an
       impact on holders of Class A shares including dilution and the reduction
in aggregate
       voting power, as well as the potential increase in the relative voting
power if any
       holder of the Class B Ordinary Shares retains their shares. Please
reconcile these
       conflicting disclosures, or advise. Please also disclose any transfer
restrictions or
       sunset provisions that limit the lifespan of the Class B shares; whether
the death of a
 June 10, 2025
Page 2

       Class B shareholder or intra-family transfers of these shares would
require conversion
       of the Class B shares; and how the company would determine whether more
than 50%
       of its outstanding voting securities are owned of record by U.S.
residents for purposes
       of satisfying the foreign private issuer definition.

Summary of Risk Factors, page 7

2.     For each summary risk factor relating to your China specific risks,
please
       provide cross-references to the more detailed discussion of these risks
in the
       prospectus.
Risks Factors
Risks Related to Our Business and Industry
Certain data and information in this prospectus were obtained from third-party
sources and
were not independently verified by us, page 31

3.     We note your disclosure that you do not guarantee the accuracy and
completeness of
       information contained in this registration statement that has been
derived from GIH's
       commissioned industry report or any third-party publications. As it is
not appropriate
       for you to directly or indirectly disclaim liability for information in
the registration
       statement, please remove such disclosure or include a sentence
specifically
       confirming that you are responsible for all disclosures in the
registration statement.
Risks Related to Our Initial Public Offering and Ownership of Our Class A
Ordinary Shares
We may lose our foreign private issuer status in the future, which could result
in significant
additional costs and expenses., page 46

4.     We note the statement that "we would lose our foreign private issuer
status if ... more
       than 50% of our Class A Ordinary Shares are directly or indirectly held
by residents
       of the U.S." Please reconcile with the definition of foreign private
issuer in Rule 405
       of Regulation C, which includes the requirement that more than 50
percent of the
       outstanding voting securities of the issuer are directly or indirectly
owned of record by
       residents of the United States.
Use of Proceeds, page 51

5.     We note your disclosure that if an unforeseen event occurs or business
conditions
       change, you may use the proceeds of this offering differently than as
described in this
       prospectus. Please revise to explain what types of business conditions
or events could
       cause you to change your use of proceeds.
Business, page 70

6.     Please describe your public and private sector projects in greater
detail. For example,
       disclose the type of projects and the expected completion date for your
material
       projects and any material risks associated with these projects.
Enforceability of Civil Liabilities, page 112

7.     Please revise this section to discuss more specifically the limitations
on investors
       being able to effect service of process in Hong Kong, and cost and time
constraints
 June 10, 2025
Page 3

       associated with effecting service of process or enforcement of judgments
in Hong
       Kong. Additionally, please identify each officer and director located in
China or Hong
       Kong and disclose that it will be more difficult to enforce liabilities
and enforce
       judgments on those individuals.
Notes to Consolidated Financial Statements
Note 11. Shareholders' Equity, page F-26

8.     We note your disclosure on page F-28 that the US$513,084 dividend
declared by Kam
       Wing Fung on February 28, 2025 was used to offset amounts due from the
director
       and principal shareholder, Mr. Chak Lam Wong. Please revise to more
clearly
       disclose here and in Note 10 the nature of all transactional events
involving amounts
       due from Mr. Wong.
Note 13. Segment Reporting, page F-29

9.     Please revise your disclosure to fully conform to the requirements of
ASC 280-10-50-
       22 thru 50-26, as applicable.
Exhibits

10.    We note your disclosure on page 29 that one customer accounted for 65.7%
of
       revenues for the year ended February 28, 2025. Please file any material
contract with
       such customer or provide your analysis as to why you are not
substantially dependent
       upon the agreement, as required by Item 601(b)(10) of Regulation S-K.
11.    We note that you engaged GIH to prepare a commissioned industry report
analyzing
       the Hong Kong construction industry and the information in the Industry
Overview
       was derived from that report. Please file a consent from GIH. Please see
Securities
       Act Rule 436 and Question 233.02 of the Securities Act Rules Compliance
and
       Disclosure Interpretations.
General

12.    Please supplementally provide us with copies of all written
communications, as
       defined in Rule 405 under the Securities Act, that you, or anyone
authorized to do so
       on your behalf, present to potential investors in reliance on Section
5(d) of the
       Securities Act, whether or not they retain copies of the communications.
13.    Please revise to reconcile the disclosures regarding whether you intend
to rely upon
       the Nasdaq corporate governance rules applicable to foreign private
issuers. In this
       regard we note the disclosure on the cover page that if you are no
longer a foreign
       private issuer, you plan on relying on the controlled company
exemptions. which
       implies you intend to rely on the foreign private issuer exemptions.
However, the
       disclosure on pages 40 and 86 state that you do not plan on relying on
home country
       practice with respect to the corporate governance rules.
 June 10, 2025
Page 4

       Please contact Frank Knapp at 202-551-3805 or Kristina Marrone at
202-551-3429 if
you have questions regarding comments on the financial statements and related
matters. Please contact Catherine De Lorenzo at 202-551-3772 or Pam Howell at
202-551-
3357 with any other questions.

                                                        Sincerely,

                                                        Division of Corporation
Finance
                                                        Office of Real Estate &
Construction
cc:   Jeffrey Yeung, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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