<SEC-DOCUMENT>0000000000-21-010263.txt : 20230427
<SEC-HEADER>0000000000-21-010263.hdr.sgml : 20230427
<ACCEPTANCE-DATETIME>20210820163005
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-21-010263
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210820

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHENGFENG DEVELOPMENT Ltd
		CENTRAL INDEX KEY:			0001863218
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING & COURIER SERVICES (NO AIR) [4210]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		SHENGFENG BUILDING
		STREET 2:		NO. 478 FUXIN EAST ROAD, JINAN DISTRICT
		CITY:			FUZHOU CITY
		STATE:			F4
		ZIP:			350001
		BUSINESS PHONE:		86-591-83619860

	MAIL ADDRESS:	
		STREET 1:		SHENGFENG BUILDING
		STREET 2:		NO. 478 FUXIN EAST ROAD, JINAN DISTRICT
		CITY:			FUZHOU CITY
		STATE:			F4
		ZIP:			350001
PUBLIC REFERENCE ACCESSION NUMBER:		0001213900-21-028199
</SEC-HEADER>
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
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United States securities and exchange commission logo





                             August 20, 2021

       Yongxu Liu
       Chief Executive Officer
       Shengfeng Development Limited
       Shengfeng Building, No. 478 Fuxin East Road
       Jin'an District, Fuzhou City
       Fujian Province, People's Republic of China, 350001

                                                        Re: Shengfeng
Development Limited
                                                            Amendment No. 2 to
Draft Registration Statement on Form F-1
                                                            Submitted August 3,
2021
                                                            CIK No. 0001863218

       Dear Mr. Liu:

             We have reviewed your amended draft registration statement and
have the following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. If you do not believe our comments apply to your facts and
circumstances or do not
       believe an amendment is appropriate, please tell us why in your
response.

             After reviewing the information you provide in response to these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Amendment No. 2 to Draft Registration Statement on Form F-1

       Cover Page

   1.                                                   We note your disclosure
that you are a Cayman Islands holding company with operations
                                                        conducted by your
subsidiaries and through contractual arrangements with a variable
                                                        interest entity (VIE)
and VIE subsidiaries based in China. Please disclose prominently on
                                                        the prospectus cover
page that you are not a Chinese operating company and that your
                                                        VIE structure involves
unique risks to investors. Explain whether the VIE structure is
                                                        used to replicate
foreign investment in Chinese-based companies where Chinese law
                                                        prohibits direct
foreign investment in the operating companies, and disclose that investors
                                                        may never directly hold
equity interests in the Chinese operating company. Your
 Yongxu Liu
FirstName
Shengfeng LastNameYongxu   Liu
           Development Limited
Comapany
August 20, NameShengfeng
           2021           Development Limited
August
Page 2 20, 2021 Page 2
FirstName LastName
         disclosure should acknowledge that Chinese regulatory authorities
could disallow this
         structure, which would likely result in a material change in your
operations and/or value
         of your Class A ordinary shares, including that it could cause the
value of such securities
         to significantly decline or become worthless. Provide a
cross-reference to your detailed
         discussion of risks facing the company and the offering as a result of
this structure.
2.       Provide prominent disclosure about the legal and operational risks
associated with being
         based in or having the majority of the company   s operations in
China. Your disclosure
         should make clear whether these risks could result in a material
change in your operations
         and/or the value of your Class A ordinary shares or could
significantly limit or completely
         hinder your ability to offer or continue to offer securities to
investors and cause the value
         of such securities to significantly decline or be worthless. Your
disclosure should address
         how recent statements and regulatory actions by China   s government,
such as those
         related to the use of variable interest entities and data security or
anti-monopoly concerns,
         has or may impact the company   s ability to conduct its business,
accept foreign
         investments, or list on an U.S. or other foreign exchange. Your
prospectus summary
         should address, but not necessarily be limited to, the risks
highlighted on the prospectus
         cover page.
3.       We note your defined terms on page ii. Revise the prospectus cover
page to clearly
         disclose how you will refer to the holding company, subsidiaries, and
VIEs when
         providing the disclosure throughout the document so that it is clear
to investors which
         entity the disclosure is referencing and which subsidiaries or
entities are conducting the
         business operations. Refrain from using terms such as    we    or
our    when describing
         activities or functions of a VIE. Disclose clearly the entity
(including the domicile) in
         which investors are purchasing their interest.
Prospectus Summary, page 1

4.       We note your diagram of the company   s VIE corporate structure based
in China.
         Describe all contracts and arrangements through which you purport to
obtain economic
         rights and exercise control that results in consolidation of the VIE
s operations and
         financial results into your financial statements. Identify clearly the
entity in which
         investors are purchasing their interest and the entities in which the
company   s operations
         are conducted. Describe the relevant contractual agreements between
the entities and how
         this type of corporate structure may affect investors and the value of
their investment,
         including how and why the contractual arrangements may be less
effective than direct
         ownership and that the company may incur substantial costs to enforce
the terms of the
         arrangements. Disclose the uncertainties regarding the status of the
rights of the Cayman
         Islands holding company with respect to its contractual arrangements
with the VIE, its
         founders and owners, and the challenges the company may face enforcing
these
         contractual agreements due to uncertainties under Chinese law and
jurisdictional limits.
5.       We note the disclosure in your summary of risk factors regarding the
risks that your
         corporate structure and being based in or having the majority of the
company   s operations
 Yongxu Liu
FirstName
Shengfeng LastNameYongxu   Liu
           Development Limited
Comapany
August 20, NameShengfeng
           2021           Development Limited
August
Page 3 20, 2021 Page 3
FirstName LastName
         in China poses to investors. Please revise to describe the significant
liquidity risks and
         expand your description of the significant regulatory and enforcement
risks with cross-
         references to the more detailed discussion of these risks in the
prospectus. For example,
         specifically discuss risks arising from the legal system in China,
including that rules and
         regulations in China can change quickly with little advance notice;
and the risk that the
         Chinese government may intervene or influence your operations at any
time, or may exert
         more control over offerings conducted overseas and/or foreign
investment in China-based
         issuers, which could result in a material change in your operations
and/or the value of
         your Class A ordinary shares. Acknowledge any risks that any actions
by the Chinese
         government to exert more oversight and control over offerings that are
conducted overseas
         and/or foreign investment in China-based issuers could significantly
limit or completely
         hinder your ability to offer or continue to offer securities to
investors and cause the value
         of such securities to significantly decline or be worthless.
6.       Disclose each permission that you, your subsidiaries or your VIEs are
required to obtain
         from Chinese authorities to operate and issue these securities to
foreign investors. State
         whether you, your subsidiaries, or VIEs are covered by permissions
requirements from the
         CSRC, CAC or any other entity that is required to approve of the VIE
s operations, and
         state affirmatively whether you have received all requisite
permissions and whether any
         permissions have been denied.
7.       Provide a clear description of how cash is transferred through your
organization. Disclose
         your intentions to distribute earnings or settle amounts owed under
the VIE agreements.
         Quantify any cash flows and transfers of other assets by type that
have occurred between
         the holding company, its subsidiaries, and consolidated VIEs, and
direction of transfer.
         Quantify any dividends or distributions that a subsidiary or
consolidated VIE have made
         to the holding company and which entity made such transfer, and their
tax consequences.
         Similarly quantify dividends or distributions made to U.S. investors,
the source, and their
         tax consequences. Describe any restrictions on foreign exchange and
your ability to
         transfer cash between entities, across borders, and to U.S. investors.
Describe any
         restrictions and limitations on your ability to distribute earnings
from your businesses,
         including subsidiaries and/or consolidated VIEs, to the parent company
and U.S. investors
         as well as the ability to settle amounts owed under the VIE
agreements.
8.       We note that the consolidated VIEs constitute a material part of your
consolidated
         financial statements. Please provide in tabular form condensed
consolidating schedule -
         depicting the financial position, cash flows and results of operations
for the parent, the
         consolidated variable interest entities, and any eliminating
adjustments separately - as of
         the same dates and for the same periods for which audited consolidated
financial
         statements are required. Highlight the financial statement information
related to the
         variable interest entity and parent, so an investor may evaluate the
nature of assets held
         by, and the operations of, entities apart from the variable interest
entity, which includes
         the cash held and transferred among entities.
9.       We note your disclosure on page 22 that the Company may be delisted in
the future if the
 Yongxu Liu
FirstName
Shengfeng LastNameYongxu   Liu
           Development Limited
Comapany
August 20, NameShengfeng
           2021           Development Limited
August
Page 4 20, 2021 Page 4
FirstName LastName
         PCAOB is unable to inspect your accounting firm. Revise your
prospectus summary to
         disclose that trading in your securities may be prohibited under the
Holding Foreign
         Companies Accountable Act if the PCAOB determines that it cannot
inspect or fully
         investigate your auditor, and that as a result an exchange may
determine to delist your
         securities. If the PCAOB has been or is currently unable to inspect
your auditor, revise
         your disclosure to so state.
Risk Factors , page 11

10.      Revise your risk factors to acknowledge that if the PRC government
determines that the
         contractual arrangements constituting part of your VIE structure do
not comply with PRC
         regulations, or if these regulations change or are interpreted
differently in the future, your
         shares may decline in value or become worthless if you are unable to
assert your
         contractual control rights over the assets of your PRC subsidiaries
that conduct all or
         substantially all of your operations.
11.      Given the Chinese government   s significant oversight and discretion
over the conduct of
         your business, please revise to separately highlight the risk that the
Chinese government
         may intervene or influence your operations at any time, which could
result in a material
         change in your operations and/or the value of your ordinary shares.
Also, given recent
         statements by the Chinese government indicating an intent to exert
more oversight and
         control over offerings that are conducted overseas and/or foreign
investment in China-
         based issuers, acknowledge the risk that any such action could
significantly limit or
         completely hinder your ability to offer or continue to offer
securities to investors and
         cause the value of such securities to significantly decline or be
worthless.
12.      In light of recent events indicating greater oversight by the
Cyberspace Administration of
         China over data security, particularly for companies seeking to list
on a foreign exchange,
         please revise your disclosure to explain how this oversight impacts
your offering and to
         what extent you believe that you are compliant with the regulations or
policies that have
         been issued by the CAC to date.
13.      You disclose on page 23 that you are currently not in full compliance
with all PRC labor-
         related laws and regulations in certain respects. You further state
that you have not made
         adequate social insurance and housing fund contributions for all
employees as required by
         PRC regulations, but you are endeavoring to have sufficient funds to
address your social
         insurance and housing fund contribution requirements by the end of
next year. If material,
         revise to disclose the contribution amounts that you will need to make
for you to be in full
         compliance with all PRC labor-related laws and regulations.
Dilution, page 41

14.      Please explain how you calculated the historical net tangible book
value as of December
         31, 2020 of $0.62 per ordinary share (both Class A and Class B
Ordinary Share).

         You may contact Jennifer O'Brien, Staff Accountant, at 202-551-3721 or
Kimberly
 Yongxu Liu
Shengfeng Development Limited
August 20, 2021
Page 5

Calder, Assistant Chief Accountant, at 202-551-3701 if you have questions
regarding comments
on the financial statements and related matters. Please contact Irene
Barberena-Meissner, Staff
Attorney, at 202-551-6548 or Loan Lauren Nguyen, Legal Branch Chief, at
202-551-3642 with
any other questions.



                                                           Sincerely,
FirstName LastNameYongxu Liu
                                                           Division of
Corporation Finance
Comapany NameShengfeng Development Limited
                                                           Office of Energy &
Transportation
August 20, 2021 Page 5
cc:       Jingwen (Katherine) Luo, Esq,
FirstName LastName
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