<SEC-DOCUMENT>0001013762-24-000985.txt : 20250522
<SEC-HEADER>0001013762-24-000985.hdr.sgml : 20250522
<ACCEPTANCE-DATETIME>20240725121252
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001013762-24-000985
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delixy Holdings Ltd
		CENTRAL INDEX KEY:			0002025218
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		883 NORTH BRIGE ROAD
		STREET 2:		#04-01
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			198785
		BUSINESS PHONE:		(65)63370260

	MAIL ADDRESS:	
		STREET 1:		883 NORTH BRIGE ROAD
		STREET 2:		#04-01
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			198785
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
25, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>VIA
EDGAR</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
of Trade &amp; Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, NE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Giugliano</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suying Li</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rebekah Reed</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taylor Beech</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delixy Holdings Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Draft Registration Statement on Form F-1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Submitted June 5, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CIK No. 0002025218</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Mr. Giugliano, Ms. Li, Ms. Reed and Ms. Beech:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter is in response to your letter on July 2, 2024, in which you provided comments to the Draft Registration Statement on Form F-1
of Delixy Holdings Limited (the &ldquo;Company&rdquo;) filed with the U.S. Securities and Exchange Commission on June 5, 2024 (the &ldquo;Draft
Registration Statement&rdquo;). On the date hereof, the Company has submitted an Amendment No. 1 to the Registration Statement on Form
DRS/A (&ldquo;DRS/A&rdquo;). We set forth below in bold the comments in your letter relating to the Draft Registration Statement followed
by our responses to the comments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Draft
Registration Statement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Cover
Page</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                            you discuss the post-offering ownership of Dongjian Xie, please revise to acknowledge, if
                                            true, that Mr. Xie will have the ability to control the outcome of matters requiring shareholder
                                            approval and to discuss &ldquo;controlled company&rdquo; listing standard exemptions and whether
                                            you intend to rely upon them. Provide comparable disclosure on the alternate cover page of
                                            the resale prospectus. Additionally, please revise the reference to &ldquo;controlling shareholders&rdquo;
                                            on page 5 to reflect that you will have a single controlling shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the disclosure in the cover
page and added a comparable disclosure on the alternate cover page of the resale prospectus to acknowledge that Mr. Xie will have the
ability to control the outcome of certain matters requiring shareholder approval, and that as a &ldquo;controlled company&rdquo;, we
are eligible for certain exemptions from the corporate governance requirements of the Nasdaq Capital Market listing rules. We have additionally
stated that we do not intend to rely on these exemptions applicable to a &ldquo;controlled company&rdquo; and will instead rely on the
exemptions provided to foreign private issuers to be exempt from the corporate governance requirements of the Nasdaq Capital Market listing
rules. However, in the event we cease to be a foreign private issuer, we intend to rely on these exemptions applicable to a &ldquo;controlled
company&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also revised the reference to &ldquo;controlling shareholders&rdquo; on page 5 of the DRS/A to &ldquo;controlling shareholder&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Prospectus
Summary</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Competitive
Strengths, page 1</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expand
                                            upon the nature of the &ldquo;short term loan facilities available to the Group&rdquo; and
                                            clarify whether you have contractual arrangements with respect to any loan facilities. In
                                            this regard, we note that you frame the availability of short term loans as a competitive
                                            strength, but no such facilities are disclosed as current funding sources in the notes to
                                            financial statements or MD&amp;A. Make conforming revisions where you discuss your competitive
                                            strengths in the business disclosure.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESPONSE:</B> We note the Staff&rsquo;s comment,
and in response hereto, respectfully advise the Staff that we have revised the MD&amp;A at page 39 of the DRS/A and the Our Competitive
Strengths section at page 62 of the DRS/A to disclose that from time to time, in recognition of our strong financial position, certain
financial institutions have been willing to extend short term credit facilities to us. For both financial years ending December 31, 2022
and 2023 respectively, the utilization of these facilities are non-material. Further, as of December 31, 2023, and as of the date of
this prospectus, the amount outstanding with respect to these credit facilities is zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Risk
Factors<BR>
Risks Related to Our Business and Industry, page 9</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                            appropriate, disclose any material impact of import or export bans resulting from Russia&rsquo;s
                                            invasion of Ukraine on any products or commodities, including energy from Russia, used in
                                            your business. Disclose the current and anticipated impact on your business, taking into
                                            account the availability of materials, cost of materials, costs and risks associated with
                                            transportation in your business, and the impact on margins and on your customers. In this
                                            regard, we note your statement on page 17 that you were not materially impacted by supply
                                            chain disruptions in light of Russia&rsquo;s invasion of Ukraine, but at page 37 you attribute
                                            the decrease in revenues in 2023 to a decrease in international oil prices &ldquo;mainly caused
                                            by the war between Russia and Ukraine&rdquo; and at page 59 you state that crude oil prices
                                            are &ldquo;greatly influenced&rdquo; by certain geopolitical factors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the risk factor
&ldquo;<I>Our inability to predict accurately market demand may affect our business operations and financial performance</I>&rdquo;
at page 12 of the DRS/A to disclose that Russia&rsquo;s invasion of Ukraine had impacted demand for our crude oil and oil-based
products, thereby leading to a decrease in revenue for the financial year ended December 31, 2023, consistent with our disclosure at
page 37 of the DRS/A. For the avoidance of doubt, we do not source any of our products from suppliers in Russia or trade with any
customers from Russia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we have revised the risk factor &ldquo;<I>Our business is subject to supply chain interruptions</I>&rdquo; at page 17 of the DRS/A to
state that although our supply chains have been materially impacted by the war leading to an increase in procurement, transportation
and labor costs, we were able to mitigate this impact due to our strong market position and pricing power, which allowed us to pass these
costs on to our customers through back-to-back agreements. As a result, our business, results of operations and financial condition for
the financial years ended December 31, 2022 and 2023 were not materially impacted by such increase in costs. However, we may not always
be able pass all of our costs on, and our revenue and profitability may be affected by future supply chain disruptions if we are unable
to manage such risks effectively. For clarity, we have also restated in this risk factor the indirect impact of such supply chain disruptions
on the demand for our products and the subsequent impact on our revenue. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            note from your risk factor disclosure that you may be adversely impacted by &ldquo;a deterioration
                                            in general economic conditions&rdquo; and that volatility in crude oil prices may be affected
                                            by &ldquo;the level of economic activity in the markets [you] serve.&rdquo; Given your statement
                                            that &ldquo;the rise of inflation [has] resulted in extreme volatility in the global economy,&rdquo;
                                            please update your risk factor disclosure where appropriate if recent inflationary pressures
                                            have materially impacted your operations. In this regard, identify the types of inflationary
                                            pressures you are facing and how your business has been affected.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the risk factor &ldquo;<I>Our
business may be adversely affected by a deterioration in general economic conditions or a weakening of the broader energy industry</I>&rdquo;
at page 12 of the DRS/A to state that although recent inflationary pressures have led to such increase in costs and impacted our operations,
we have been able to mitigate this impact due to our strong market position and pricing power, which has allowed us to pass these costs
on to our customers through back-to-back agreements. As a result, our profitability and operating results have not been impacted by recent
inflationary pressures. However, we can provide no assurance that we will not be affected by such inflationary pressures in Singapore
or globally in the future. In the event that the inflationary pressures continue to increase to any material extent, and we continue
to pass along the increased costs to our customers, it may result in loss of sales and loss of customers, thereby adversely impacting
our margins and results of operations. We have additionally revised our disclosure in the MD&amp;A under &ldquo;Impact of Inflation&rdquo;
at page 47 of the DRS/A for consistency with this risk disclosure at page 12 of the DRS/A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Risks
Related to Our Securities and This Offering<BR>
As a &ldquo;controlled company&rdquo; within the meaning of the Nasdaq Capital Market Rules..., page 21</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            risk factor states that you &ldquo;intend to rely on&rdquo; the controlled company listing
                                            rule exemption that your director nominees need not be selected or recommended solely by
                                            independent directors, but at page 5 you state that you intend to rely on controlled company
                                            exemptions only &ldquo;if [you] cease to be a foreign private issuer.&rdquo; Please revise
                                            throughout for consistency in your disclosure regarding which listing standard exemptions
                                            you expect to rely upon at the consummation of the offering.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the risk factor &ldquo;<I>As
a &ldquo;controlled company&rdquo; within the meaning of the Nasdaq capital Market Rules&hellip;</I>&rdquo; at page 21 of the DRS/A to
state that we do not intend to rely on these exemptions applicable to a &ldquo;controlled company&rdquo; and will instead rely on the
exemptions provided to foreign private issuers to be exempt from the corporate governance requirements of the Nasdaq Capital Market listing
rules. However, in the event we cease to be a foreign private issuer, we intend to rely on these exemptions applicable to a &ldquo;controlled
company&rdquo;. In this regard, we have revised the rest of our statements relating to the controlled company exemptions for consistency,
including our disclosure in the cover page, pages 5, 81, 83 of the DRS/A and the alternate cover page of the resale prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Dividends
and Dividend Policy, page 30 </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
                                            we note your statement that you &ldquo;may not declare any dividends for the foreseeable future,&rdquo;
                                            it appears that you have a history of paying cash dividends in 2023 and have declared additional
                                            cash dividends in 2024. Please indicate whether you currently expect that comparable cash
                                            dividends will continue to be paid in the future and, if not, the nature of the change in
                                            the amount or rate of cash dividend payments.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the Dividends and Dividend
Policy section to state that we do not currently expect that comparable cash dividends will continue to be paid in the future, and that
if we do decide to pay dividends in the future, the rate and amount we pay will be made taking into account the factors as stated on
page 30 of the DRS/A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Business<BR>
Our Business, page 64</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            revise to provide a description of volatility in the prices of the principal raw materials
                                            in which you trade. Refer to Item 4.B.4 of Form 20-F.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised our disclosure in the Business
section under &ldquo;Crude Oil&rdquo; at page 64 of the DRS/A to state that crude oil prices are volatile and provided a description
as to the factors affecting the price of crude oil. In terms of volatility, we note that throughout the period under review, being January 1, 2022 to December 31, 2023, brent crude traded
between a high of US$134.72 per barrel to a low of US$70.96 per barrel, with an average price of US$91.89. This underscores the volatility
in the prices of the principal raw materials which we trade in.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This is consistent with our disclosure in the risk factor &ldquo;<I>Fluctuations
in the price of crude oil and oil-based products may adversely affect our business</I>&rdquo; at page 15 of the DRS/A. Additionally,
we have revised section below under &ldquo;Other Oil-Based Products&rdquo; at page 65 of the DRS/A to explain that the prices of our
oil-based products are correlated to crude oil prices and are similarly volatile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Our
Customers and Suppliers, page 65</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revise
                                            to disclose, as you do in risk factors at pages 9-10, your dependence on a small number of
                                            key suppliers and customers, and state whether you have entered into any long-term or standing
                                            contractual agreements or arrangements with such suppliers. If so, describe the material
                                            terms of such arrangements and file the related agreements as exhibits to the registration
                                            statement, or tell us why you are not required to do so. Refer to Item 8(a) of Form F-1 and
                                            Item 601(b)(10) of Regulation S-K.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised our disclosure in the
Business section under &ldquo;Our Customers and Suppliers&rdquo; to state that although we maintain a close and longstanding
relationship with our customers and suppliers and are reliant on a small number of key customers and suppliers, we do not enter into
any long-term or standing contractual agreements with our customers and suppliers. This allows us to maintain our flexibility,
respond quickly to market fluctuations and take advantage of arbitrage windows more effectively. Our sale and purchase agreements
with our customers and suppliers respectively are governed by standard terms, with the material terms relating to the quantity and
quality of the product, delivery, price, payment and inspection requirements. We have filed the Form of Purchase Agreement for crude
oil and oil-based products as Exhibit 10.8 and the Form of Sale Agreement for crude oil and oil-based products as Exhibit 10.9.
These are agreements that we regularly enter into with our key customers and suppliers for the purchase and sale of crude oil and
oil-based products. We have provided a standard form contract for the Form of Sale Agreement. As for the Form of Purchase Agreement, we have redacted certain sensitive client information pertaining to their personal particulars as
well as certain information related to pricing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Our
Business Process, page 65</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            provide additional information regarding your agreements and/or arrangements with shipping,
                                            logistics, and other third party service providers, including whether you have entered into
                                            long-term or standing contractual arrangements with any such third parties. If so, disclose
                                            the material terms of such arrangements and file the related agreements as exhibits to the
                                            registration statement, or tell us why you are not required to do so. Refer to Item 8(a)
                                            of Form F-1 and Item 601(b)(10) of Regulation SK. Additionally, we note your discussion at
                                            page 11 of &ldquo;strict regulations&rdquo; and potential &ldquo;significant environmental damage&rdquo;
                                            that may occur in the transportation of crude oil and that &ldquo;[you] are not liable for
                                            the satisfaction of such regulations and requirements by such third-party transport providers.&rdquo;
                                            Please elaborate on how your arrangements with third parties shield you from liability in
                                            the event of failure to comply with regulations applicable to the transport and storage of
                                            crude oil.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we do not have any long-term or standing
contractual arrangements with shipping, logistics, and other third party service providers. Instead, contractual arrangements with such
third parties are entered into on a &ldquo;spot basis&rdquo; as and when required by our customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the regulations governing the transport and storage of crude oil are applicable to the vessel owners and storage facility owners,
rather than to the charterers or end users. Specifically, in relation to the International Safety Management (ISM) Code, which
provides an international standard for the safe management and operation of ships and for pollution prevention, our chartering
agreement provides that any loss, damage, expense or delay caused by failure on the part of the owners to comply with the ISM Code
shall be for the owner&rsquo;s account. In addition, our purchase agreements with our suppliers will typically require that each
vessel nominated to carry cargo must be owned or demise chartered by a member of the International Tanker Owners Pollution
Federation Limited (ITOPF), and have in place adequate insurance cover for oil pollution in accordance with the rules of the
International Group of P&amp;I Clubs. Where the vessel does not meet such requirements, the supplier may refuse to load the vessel.
We believe that our arrangements adequately prevent any non-compliance with regulations and protect us from liability in the event
of any failure to comply with regulations applicable to the transport and storage of crude oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Regulatory
Environment, page 70</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            each regulation discussed, please also disclose the material effects of the regulation upon
                                            your business. Refer to Item 4.B.8 of Form 20-F. Additionally, we note that you have limited
                                            this section to the &ldquo;material laws and regulations applicable to our operations in Singapore.&rdquo;
                                            To the extent that your operations are materially impacted by the laws and regulations of
                                            other jurisdictions, discuss those and their impacts upon your business as well. For example,
                                            you state on page 59 that, &ldquo;Oil traders are required to adhere to environmental standards
                                            that encompass emissions, pollution control, and environmental impact,&rdquo; but no such
                                            regulations are discussed in this section.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the Regulatory Environment
section at page 70 of the DRS/A to state that there are no material effects of the regulations discussed under the Regulatory Environment
section on our business. On the regulation of commodity trading, we have stated at page 71 of the DRS/A that the Company is exempted
from the requirement to hold a spot commodity licence pursuant to Sections&nbsp;14A(1) of the CTA since it carries out the trading for
their own account and does not solicit any funds from any member of the public. The SFA and CTA prohibit matters relating to false trading,
bucketing and other restricted activities which should not have any effect our business as we do not undertake such prohibited activity.
On the regulations relating to the reporting of derivative contracts, we do not fall under the requirements of a &ldquo;specified person&rdquo;.
The regulations on employment are generally applicable to all businesses in Singapore, which we believe we comply with. As we have applied
to register our trademarks in Singapore, the laws relating to intellectual property have been included which sets out the general regime
relating to trademark registration and infringement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
that our operations are based in Singapore, to the best of our knowledge, we are not materially impacted by the laws and regulations
of other jurisdictions. In relation to the aforementioned statement in the Industry Overview section at page 59 of the DRS/A, we have
deleted the relevant paragraph for accuracy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Principal
and Selling Shareholders, page 86</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            revise the beneficial ownership table in this section to include all of the information required
                                            by Item 7.A of Form 20-F and clearly indicate which persons and entities are included because
                                            they beneficially own more than 5% of your shares. In this regard, we note that Novel Majestic
                                            is listed under &ldquo;Named Executive Directors and Executive Officers&rdquo; and other major
                                            shareholders, such as Mega Origin, are not included in the table. For any entities included
                                            in the table, disclose the natural persons with voting and/or dispositive control over the
                                            shares held by them.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the table in this section
to indicate the entities, namely Mega Origin and Novel Majestic, who will beneficially own more than 5% of the shares of the Company.
We have also disclosed the natural persons, namely Mr. Xie and Tran Tieu Cam, with voting and dispositive control over the shares held
by the respective entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Selling
Shareholders, page 86</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revise
                                            to disclose the nature of any position, office, or other material relationship which any
                                            of the Selling Shareholders and/or the persons who have control over the Selling Shareholders
                                            has had within the past three years with the registrant or any of its predecessors or affiliates.
                                            Refer to Item 9.D of Form 20-F. Provide this disclosure with respect to the Resale Shareholders
                                            and/or the persons who have control over the Resale Shareholders on page Alt-2 of the resale
                                            prospectus as well. Additionally, please revise both here and at page Alt-2 to disclose the
                                            natural persons with voting and/or dispositive control over the shares held by the Selling
                                            Shareholders and Resale Shareholders, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised our disclosure at page
87 of the DRS/A to state that other than as indicated, none of the other Selling Shareholders and/or persons who have control over the
Selling Shareholders has had, within the past three years, any relationship with the Company or any of the predecessors or affiliates.
We have also revised our disclosure at page Alt-2 of the resale prospectus to state that neither of the Resale Shareholders nor the persons
who have control over them has had, within the past three years, any material relationship with the Company or any of its predecessors
or affiliates. Additionally, we have revised our disclosure at pages 86 of the DRS/A and Alt-2 of the resale prospectus to disclose the
natural persons with voting and/or dispositive control over the shares held by the Selling Shareholders and Resale Shareholders, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Related
Party Transactions, page 88</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            revise to provide all of the information required by Item 7.B.2 of Form 20-F with respect
                                            to each related party loan disclosed in this section. For example, we note that the interest
                                            rate is not provided for certain loans, and there is no disclosure of amounts outstanding
                                            as of the latest practicable date. File any related agreements as exhibits to the registration
                                            statement. Additionally, please elaborate on the sale of property to Wisecome Oil Pte. Ltd.,
                                            clarifying why you state that the sale took place on June 28, 2024, how this is consistent
                                            with your statement on page 69 that you &ldquo;do not own any real property,&rdquo; and how
                                            the sale &ldquo;rationalize[s] the operations of [y]our Group in anticipation of [y]our listing.&rdquo;
                                            Lastly, explain whether and how the $8,245,000 &ldquo;dividend payables&rdquo; on the consolidated
                                            balance sheet as of December 31, 2023 relates to the equivalent &ldquo;dividend loan&rdquo;
                                            due to Mega Origin Holdings Limited disclosed in this section.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the Related Party Transactions
section at page 88 of the DRS/A to state the interest rate and the amounts outstanding as of December 31, 2023 and as of the latest practicable
date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale and purchase agreement for the property to Wisecome Oil Pte.
Ltd. was signed on June 28, 2024, and the sale was completed on the same date. As of the latest practicable date therefore, we do not
own any real property. Given that we are primarily engaged in the business of trading in crude oil and oil-based products, our oil traders
need to remain mobile and responsive to market activity, and the sale of the property would enable us to allocate our resources more efficiently.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have amended the $8,245,000 &ldquo;dividend loan&rdquo; due to Mega Origin Holdings Limited as disclosed in this section to &ldquo;dividend
payable&rdquo; for consistency with the $8,245,000 dividend payables on the consolidated balance sheet as of December 31, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Shares
Eligible for Future Sale<BR>
Resale Prospectus, page 101</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
                                            statement that, &ldquo;Any shares sold by the Resale Shareholders until our Ordinary Shares
                                            are listed or quoted on an established public trading market will take place at the public
                                            offering price of the Offering Shares we are selling in our initial public offering,&rdquo;
                                            is inconsistent with the indication on the resale prospectus alternate cover page that, &ldquo;No
                                            shares may be sold by the Resale Shareholders until the initial public offering is completed...&rdquo;
                                            Please clarify whether the Resale Shareholders may sell shares before the completion of the
                                            initial public offering and listing of your shares on Nasdaq, and revise for consistency
                                            accordingly.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised our statement in the
Shares Eligible for Future Sale &ldquo;Resale Prospectus&rdquo; section at page 101 of the DRS/A to state that no shares may be sold
by the Resale Shareholders until our initial public offering is completed and our Ordinary Shares are listed or quoted on an
established public trading market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Report
of Independent Registered Public Accounting Firm, page F-2</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            have your auditor revise the opinion on the financial statements paragraph in their report
                                            to identify the financial statements, including consolidated statements of changes in shareholders&rsquo;
                                            equity, that have been audited. Refer to PCAOB AS 3101.08(b).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have amended the opinion on the financial
statements paragraph to include consolidated statements of changes in shareholders&rsquo; equity at page F-2 of the DRS/A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Consolidated
Statements of Cash Flow, page F-6</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                            present interest income as cash inflows from investing activities and interest paid as cash
                                            outflows for financing activities. Please tell us your consideration of presenting these
                                            transactions as cash flows from operating activities in accordance with ASC 230-10-45-16
                                            and 45-17.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that the interest paid under financing activities
is primarily related to early fund disbursement requests from the bank, with a minor portion related to bank interest charges from loan.
The early fund disbursement request arises when the Company requests funds from its bank at a discounted rate against the letter of credit,
the bank deducts a discount fee which is referred to the interest charge. Subsequently, the Company&rsquo;s bank awaits reimbursement from
the Customer&rsquo;s bank by the due date. Since this request is related to the Company&rsquo;s operational activities, we have amended the interest
paid from financing activities to operating activities in accordance with ASC 230-10-45-17.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the other hand, the interest income under investing activities pertains to interest received from bank fixed deposits, which are not
related to the Company&rsquo;s operations. Therefore, we have maintained this interest income under investing activities in accordance with
ASC&nbsp;230-10-45-16.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Plan
of Distribution, page A-3</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            revise to describe in further detail in this section the &ldquo;lock up/leak out conditions&rdquo;
                                            applicable to the Resale Shareholders that you reference.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that we have revised the Plan of Distribution
section at page A-3 of the DRS/A to describe in further detail the lock up conditions applicable to the Resale Shareholders. All of our
Resale Shareholders, including Cosmic Magnet Limited, Rosywood Holdings Limited and Golden Legend Limited, have agreed to a lock up period
for its Resale Shares. For a period of 30 days following the closing of this offering, Cosmic Magnet Limited, Rosywood Holdings Limited
and Golden Legend Limited may not offer, sell, pledge or otherwise dispose of any of their Shares without the prior written consent of
the Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>General</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Explain
                                            to us the level of operations that you conduct in the People&rsquo;s Republic of China (PRC), including
                                            the percentage of your revenues derived from customers in the PRC and percentage of products
                                            that you source from suppliers in the PRC. In this regard, your disclosure indicates that
                                            approximately 87.2% of your sales in 2023 were derived from East Asia and that you have customers,
                                            suppliers, and employees in the PRC. We further note that the crude oil market in China is
                                            discussed separately within the Industry Overview section of the prospectus. Please note
                                            that any operations in Hong Kong or Macau should be addressed in your response as well.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESPONSE:</B> We note the Staff&rsquo;s comment,
and in response hereto, respectfully advise the Staff that we have amended the MD&amp;A section at page 38 of the DRS/A to state that
for the financial years ended December 31, 2022 and 2023, the percentage of revenue derived from customers in the PRC was 75.9% and 87.2%
respectively, while the percentage of products that we source from suppliers in the PRC was 88.9% and 57.5% respectively. While we derive
a substantial percentage of our revenue and products from customers and suppliers in the PRC, we do not have operations in the PRC or
employees based in the PRC. However, our employees and key officers may frequently travel to the PRC to meet with our customers and suppliers.
In this regard, we have revised our risk disclosure &ldquo;<I>We are subject to the risk of labor disputes</I>&rdquo; at page 16 to make
clear that we employ our employees in Singapore only. For the avoidance of doubt, we do not have any operations in Hong Kong or Macau.
The Company has plans to diversify its business into regions beyond the PRC, and may seek to develop oil logistics services capabilities,
such as oil freight and storage services, as well as other renewable energy related services in order to do so. We have amended the Business
section under &ldquo;Our Strategies&rdquo; at page 64 of the DRS/A to state the same.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            provide us with the following information regarding the proposed resale transaction in order
                                            to help us better understand your position that it is appropriately characterized as a secondary
                                            offering, rather than a primary offering in which the Resale Shareholders are acting as conduits
                                            in a distribution to the public and are therefore underwriters selling on your behalf:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            clarify whether and when the shares being offered by the Resale Shareholders have been issued,
                                            as we note that there are placeholders for the date(s) of issuance on page Alt-2, while page
                                            99 suggests that bracketed numbers of shares were issued to these entities on May 16, 2024.
                                            Please also confirm the length of time that the Selling Shareholders have held their shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that the shares being offered by the Resale
Shareholders have not currently been issued to them. We have revised the &ldquo;History of Securities Issuances&rdquo; section at page
99 of the DRS/A to replace the date of allotment of the shares with placeholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide
                                            additional detail regarding the background and nature of the transactions by which the Resale
                                            Shareholders and Selling Shareholders came to acquire or will acquire the shares they beneficially
                                            own, including how the price was or will be determined.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that Cosmic Magnet, Rosywood Holdings and
Golden Legend Ventures will be the Resale Shareholders. Cosmic Magnet will acquire its shares for cash from Mega Origin, as agreed
between Mr. Xie and Cosmic Magnet&rsquo;s beneficial shareholder, Tan Siok Sing, for Tan Siok Sing&rsquo;s investment into Delixy as
a pre-IPO investment, being US$500,000 for 4.9% of Delixy at a US$10.0 million valuation in early 2023, as well as to reward Tan
Siok Sing for agreeing to assist the Company to expand its business in Southeast Asia following listing by introducing customers
from Southeast Asia to the Company given his background experience in commodities trading. Likewise, Rosywood Holdings will acquire
its shares for cash from Mega Origin, as agreed between Mr. Xie and Rosywood Holding&rsquo;s beneficial shareholder, Wu Ke&rsquo;Er
Holly Elenna, for Wu Ke&rsquo;Er Holly Elenna&rsquo;s investment into Delixy as a pre-IPO investment, being US$500,000 for 4.9% of
Delixy at a US$10.0 million valuation in early 2023, as well as for Wu Ke&rsquo;Er Holly Elenna having previously been a consultant
to the Company by introducing and managing customers to the Company over the years. Golden Legend Ventures will acquire its shares
for cash at par from Mega Origin, as agreed between Mr. Xie and Golden Legend&rsquo;s beneficial shareholder, Chor Chung Heong, as a
result of Chor Chung Heong having been an adviser to the Company on corporate finance matters over the years,
including but not limited to this IPO exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Novel
Majestic and Mega Origin will be the Selling Shareholders. Novel Majestic will acquire its shares for cash from Mega Origin, as agreed between Mr. Xie and Novel Majestic&rsquo;s
beneficial shareholder, Tran Tieu Cam, for cash at par as a result of Tran Tieu Cam having furthered the business of the Company in Southeast Asia since 2018 by introducing customers to
the Company. Mega Origin is beneficially owned by Mr. Xie.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clarify
                                            whether the lead underwriter for the initial public offering has any role in, or direct or
                                            indirect participation in, facilitating the primary sales of shares to the Selling Shareholders
                                            and Resale Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that the lead underwriter for the initial public
offering, Bancroft Capital LLC, does not have any role in, or direct or indirect participation in, facilitating the primary sales of
shares to the Selling Shareholders and Resale Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclose
                                            how and when the Selling Shareholders and Resale Shareholders were selected to participate
                                            in the primary and resale offerings, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that the Resale Shareholders are selected based
upon their services previously provided and/or to be provided after the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Explain
                                            the nature of the Selling Shareholders&rsquo; and Resale Shareholders&rsquo; businesses.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that the nature of the Selling Shareholders&rsquo;
and Resale Shareholders&rsquo; businesses are as follows:-</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Selling
Shareholders</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Novel
                                            Majestic &ndash; investment holding. The beneficial owner carries on the business of business
                                            consultancy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; text-align: justify; text-indent: -58pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mega
                                            Origin &ndash; investment holding. The beneficial owner is Mr. Xie.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; text-align: justify; text-indent: -58pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; text-align: justify; text-indent: -58pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; text-align: justify; text-indent: -58pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Resale
Shareholders</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cosmic
                                            Magnet &ndash; investment holding. The beneficial owner carries on the business of commodities
                                            trading.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; text-align: justify; text-indent: -58pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rosywood
                                            Holdings &ndash; investment holding. The beneficial owner carries on the business of business
                                            consultancy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; text-align: justify; text-indent: -58pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Golden
                                            Legend Ventures &ndash; investment holding. The beneficial owner carries on the business
                                            of corporate advisory.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; text-align: justify; text-indent: -58pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; text-align: justify; text-indent: -58pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Explain
                                            how you intend to determine the number of shares to be sold through the resale offering relative
                                            to the primary offering and why you have structured the offerings to include the Selling
                                            Shareholders&rsquo; shares in the primary offering rather than the resale offering.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that the number of shares to be sold through
the resale offering was determined by reference to services provided and/or to be provided by them to the Company and the number of shares
held by the Resale Shareholders. The Selling Shareholders&rsquo; shares sold pursuant to the primary offering are fully underwritten
by the underwriter. That means the Selling Shareholders will definitively receive that certain amount for shares sold. Mega Origin is
wholly-owned by Mr. Xie and it was therefore appropriate for the Company to permit him to sell certain shares in the primary offering
for all the services he has provided to the Company over the years as the founder. Novel Majestic is wholly-owned by Tran Tieu Cam to
permit her to sell shares in the primary offering as she had introduced customers and contributed to the success of the Company. If such
shares were to be placed into the resale offering, there is no certainty that such shares can be sold and at what price. Accordingly,
to give certainty to the Selling Shareholders, certain of their shares were permitted to be sold as part of the primary offering. All
of their remaining shares are locked up for 180 days after the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            defined terms section of the prospectus indicates that the Resale Shareholders are wholly-owned
                                            by &ldquo;independent third parties,&rdquo; but the discussion of your restructuring at page
                                            F-7 indicates that each of the Resale Shareholders are part of such restructuring and that
                                            it is considered a &ldquo;merger of entities under common control.&rdquo; Explain why you characterize
                                            the Resale Shareholders as controlled by independent third parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that the Group restructuring was an internal
reorganization for the purposes of structuring the Group in anticipation of the offering. Each of the shareholders other than Mega Origin
(which is owned by Mr. Xie) and Novel Majestic (which is owned by Tran Tieu Cam) are independent third parties by virtue of them being
&ldquo;persons or company who or which is independent and not a 5% owner of, does not control and is not controlled by or under the common
control with any 5% owner and is not the spouse or descendant (by birth or adoption) of any 5% owner of the Company.&rdquo; Such definition
is stated on page vii of the Registration Statement. We are of the opinion that participation in an internal group reorganization would
not in itself disqualify these shareholders from being independent, as the criteria above were true both before and after the reorganization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discuss
                                            how the lock-up arrangements applicable to the primary and resale offerings were negotiated,
                                            including why the Selling Shareholders are exempt from lock-up provisions only with respect
                                            to their shares being sold in the primary offering and why the Resale Shareholders are subject
                                            to different, shorter lock-up arrangements that may be waived by the underwriter. Further,
                                            Dragon Circle is not defined as a Selling Shareholder or Resale Shareholder, but page 108
                                            indicates that it will be subject to a separate 90 day lock-up period. Please explain why
                                            that is the case and confirm whether Dragon Circle is participating in the primary or resale
                                            offering.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that those shares sold by the Selling Shareholders
in the offering form part of the offering so those sale shares cannot be subject to a lock up as they are fully underwritten by the underwriter
who then sells these shares to investors at the IPO. All remaining shares held by the Selling Shareholders are subject to a lock-up as
described in the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regarding
the Resale Shareholders:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            Resale Shareholders are subject to a 30-day lock-up period, which may be waived by the Representative.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            Independent Third Parties, their lock-up period differs from major shareholders and was determined
                                            through arm&rsquo;s length commercial negotiations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Representative retains discretion to waive the lock-up if additional share liquidity is needed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            this discretionary waiver is a concern, we are willing to amend the lock-up agreements to
                                            remove this provision.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure post-offering price stability:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dragon
                                            Circle, though neither a Resale Shareholder nor a Selling Shareholder, is subject to a 90-day
                                            lock-up.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            measure prevents flooding the market with additional shares, given the registered Resale
                                            Shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
                                            it prioritizes IPO investors&rsquo; ability to exit their positions before those who acquired interests
                                            at a lower valuation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            believe that this structure provides investor confidence in the orderly disposal of shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
emphasize that Dragon Circle is not participating in the primary or resale offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            provide us with supplemental 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, have presented
                                            or expect to present to potential investors in reliance on Section 5(d) of the Securities
                                            Act. Please contact the staff member associated with the review of this filing to discuss
                                            how to submit the materials, if any, to us for our review.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE</B>:
We note the Staff&rsquo;s comment, and in response hereto, respectfully advise the Staff that neither us nor anyone authorized by us
has presented to potential investors in reliance on Section 5(d) of the Securities Act. We will submit any written communications that
are presented to potential investors in reliance on Section 5(d) prior to the effectiveness of the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hope this response has addressed all of the Staff&rsquo;s concerns relating to the comment letter. Should you have additional questions
regarding the information contained herein, please contact the Company&rsquo;s securities counsel William S. Rosenstadt, Esq. or Mengyi
&ldquo;Jason&rdquo; Ye, Esq. of Ortoli Rosenstadt LLP at wsr@orllp.legal or jye@orllp.legal.</FONT></P>

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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delixy Holdings Limited</B></FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Xie, Dongjian</I></FONT></TD></TR>
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    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Xie, Dongjian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD></TR>
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