<SEC-DOCUMENT>0001213900-21-061982.txt : 20220628
<SEC-HEADER>0001213900-21-061982.hdr.sgml : 20220628
<ACCEPTANCE-DATETIME>20211124164011
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-21-061982
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zhong Yang Financial Group Ltd
		CENTRAL INDEX KEY:			0001848275
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		118 CONNAUGHT ROAD WEST
		STREET 2:		ROOM 1101
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			000000
		BUSINESS PHONE:		852-3107-0731

	MAIL ADDRESS:	
		STREET 1:		118 CONNAUGHT ROAD WEST
		STREET 2:		ROOM 1101
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			000000
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Zhong Yang Financial Group Limited</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">118 Connaught Road West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Room 1101</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November 24, 2021</P>

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

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

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

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

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

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

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

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

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

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

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    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 92%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Zhong Yang Financial Group Limited</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Statement on Form F-1 </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed October 19, 2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>File No. 333-259441</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter is in response to the letter dated
November 17, 2021, from the staff (the &ldquo;Staff&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
addressed to Zhong Yang Financial Group Limited (the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, and &ldquo;our&rdquo;). For ease of reference,
we have recited the Commission&rsquo;s comments in this response and numbered them accordingly. An amended registration statement on Form
F-1 (the &ldquo;Amendment&rdquo;) is being submitted to accompany this letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Amendment No. 1 to Registration Statement on
Form F-1</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1. Refer to your response to comment 1. Please
revise to address the following:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disclose
how recent statements and regulatory actions by China&rsquo;s government, such as those related to the use of data security or anti-monopoly
concerns, has or may impact the company&rsquo;s ability to conduct its business, accept foreign investments, or list on an U.S. or other
foreign exchange;</B></FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Given
the uncertainty of whether and when China&rsquo;s government may take future regulatory action, provide us the basis for your statement
that you &ldquo;do not foresee material changes to [your] operating entities&rsquo; operations or the value of [your] Ordinary Shares
resulting from the legal and operational risks relating to the PRC regulations&rdquo;; and</B></FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>In
the paragraph following the bulleted list of possible consequences of governmental action, clarify your disclosure that you &ldquo;are
still subject to certain legal and operational risks associated with [your] . . . having PRC individuals or companies that have shareholders
or directors that are PRC individuals as clients&rdquo; (emphasis added).</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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 revised the cover page of the Amendment to (1) provide disclosure on how
recent statements and regulatory actions by China&rsquo;s government have or may impact our ability to conduct the business, accept foreign
investments, or list on an U.S. or other foreign exchange; (2) give the reasons and basis for the statement that we do not foresee material
changes to our operating entities; and (3) clarify the disclosure that we are still subject to certain legal and operational risks associated
with having PRC individuals or companies that have shareholders or directors that are PRC individuals as clients.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2. Refer to your response to comment 2. Please
explicitly disclose on the cover page how you will refer to the holding company and subsidiaries 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. Additionally, refrain from using terms such as &ldquo;we&rdquo; or &ldquo;our&rdquo; when describing activities
of subsidiaries. Further, in the fourth paragraph, clarify if true that investors in this offering will not directly hold equity interests
in your operating subsidiaries in Hong Kong.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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 our disclosure to clearly differentiate between the holding
company and the subsidiaries when providing the disclosure on the prospectus cover page and throughout the Amendment with respect to the
business operations. Additionally, we have clarified in the fourth paragraph that investors in this offering will not directly hold equity
interests in the operating subsidiaries in Hong Kong.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Prospectus Summary, page 1</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3. Refer to your response to comment 3. Please
revise your Risk Factor Summary disclosure to specifically describe the regulatory, liquidity and enforcement risks arising from your
operations in China and Hong Kong. Specifically address uncertainties regarding the rules and regulations in China given they may change
quickly with little advance notice and explicitly disclose that the Chinese government may intervene or influence your operations at any
time, or may exert more control over offerings conducted overseas or foreign investment in China-based issuers, which could result in
a material change in your operations or the value of your Ordinary Shares. Additionally, provide cross- references to the more detailed
discussion of these risks in the prospectus. Further, please relocate the risks related to the jurisdictions where you do business, your
corporate structure and possible prohibition of your shares from trading on a national exchange under the Holding Foreign Companies Accountable
Act in your Risk Factor Summary beginning on page 7 and in your Risk Factors section so that these risk factors appear first.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></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 added the summary of the risk factors on pages 7 and 8
of the Amendment to describe the regulatory, liquidity and enforcement risks arising from our operations in China and Hong Kong and
to specifically address uncertainties regarding the rules and regulations in China, given they may change quickly with little
advance notice, and have explicitly disclosed that the Chinese government may intervene or influence our operations at any time, or
may exert more control over offerings conducted overseas or foreign investment in China-based issuers, which could result in a
material change in our operations or the value of our Ordinary Shares. In addition, we have provided cross-references to the more
detailed discussion of these risks in the prospectus. We have also relocated the risks related to the jurisdictions where we do
business, our corporate structure and possible prohibition of our shares from trading on a national exchange under the Holding
Foreign Companies Accountable Act in the Risk Factor Summary and in the Risk Factors section, as the Staff advised.&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD>&nbsp;</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>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</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/ Ka Fai Yuen</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ka Fai Yuen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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