<SEC-DOCUMENT>0001213900-23-073738.txt : 20240108
<SEC-HEADER>0001213900-23-073738.hdr.sgml : 20240108
<ACCEPTANCE-DATETIME>20230905132128
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-23-073738
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230905

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Garden Stage Ltd
		CENTRAL INDEX KEY:			0001954269
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		201, 2/F, CHINA INSURANCE GROUP BUILDING
		STREET 2:		141 DES VOEUX ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			000
		BUSINESS PHONE:		00852 2688 6333

	MAIL ADDRESS:	
		STREET 1:		201, 2/F, CHINA INSURANCE GROUP BUILDING
		STREET 2:		141 DES VOEUX ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			000
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 5, 2023</P>

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

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

<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">Division of Corporation Finance</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Garden Stage Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration Statement on Form F-1 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed June 30, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File No. 333-273053</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">Dear Ms. Aldave, Ms. Empie, Mr. Arzonetti, Mr. Klein:</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">As counsel for Garden Stage Limited (the &ldquo;<U>Company</U>&rdquo;)
and on its behalf, this letter is being submitted in response to the letter dated July 27, 2023 from the U.S. Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) in which the staff of the Commission (the &ldquo;Staff&rdquo;) commented on the above-referenced
Registration Statement on Form F-1 filed on June 30, 2023. Concurrently with the submission of this letter, we hereby transmit, via EDGAR,
an amended Registration Statement on Form F-1 (&ldquo;<U>Form F-1</U>&rdquo;) for filing with the Commission, which has been revised to
reflect the Staff&rsquo;s comments <FONT STYLE="background-color: white">as well as certain other updates to the Form F-1. </FONT></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">For the Staff&rsquo;s convenience, the Staff&rsquo;s
comment has been stated below in its entirety, with the Company&rsquo;s response set out immediately underneath such comment. Page references
below in the Company&rsquo;s responses are to the page numbers in Form F-1. Capitalized terms used but not otherwise defined herein have
the meanings set forth in the Form F-1.</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>Registration Statement on Form F-1 filed June
30, 2023</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>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>We note your response to comment 1 and reissue in part. Please refrain from using terms such as &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;our company,&rdquo; and &ldquo;our business&rdquo; when describing activities or functions
of the operating subsidiaries. We note that on the cover page you define &ldquo;Company,&rdquo; &ldquo;Garden Stage,&rdquo; &ldquo;we,&rdquo;
&ldquo;us&rdquo; and &ldquo;our&rdquo; to refer to Garden Stage but on page 2 you define &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo;
and &ldquo;Group&rdquo; to mean Garden Stage and its subsidiaries. Please revise the definition on page 2 and throughout the document
provide distinct references for the holding company, subsidiaries, and other entities so that it is clear to investors which entity the
disclosure is referencing and which subsidiaries or entities are conducting the business operations.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESPONSE: </B>In response to the
Staff&rsquo;s comment, we have revised the definitions on the cover page and page 2 to ensure distinct references for the holding company
and subsidiaries. On the cover page, we define &ldquo;Garden Stage&rdquo; and &ldquo;the Company&rdquo; only to refer to Garden Stage
Limited, the holding company. On page 2, we define &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;the Company&rdquo; and
&ldquo;Garden Stage&rdquo; to only refer to Garden Stage Limited, an exempted company incorporated with limited liability in the Cayman
Islands and does not include its subsidiaries (17 Uno BVI, I Win Holdings HK, I Win Securities, and I Win Asset Management). Throughout
the document, we refer to the subsidiaries by their legal names, or &ldquo;Operating Subsidiaries&rdquo; when we refer to our operating
entities that are conducting the business operation and have clearly identified the entity in which investors are purchasing an interest.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>We note your disclosure on the prospectus cover page and elsewhere that &ldquo;the Trial Measures have not come into effect as of
the date of this prospectus.&rdquo; Because the Trial Measures came into effect on March 31, 2023, please revise throughout to so state.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><B>RESPONSE: </B>In response to the Staff&rsquo;s comment, we have revised the disclosure
on the cover page and page 18 by deleting &ldquo;the Trial Measures have not come into effect as of the date of this prospectus.&rdquo;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>We note your response to comment 3 and reissue in part. Your definitions of &ldquo;PRC laws and regulations&rdquo;
or &ldquo;PRC laws&rdquo; on the cover page and page 2 of the prospectus continue to include a carve out limiting the description of such
laws and regulations to the laws and regulations of Mainland China only. Please revise your definition of &ldquo;PRC laws and regulations&rdquo;
and &ldquo;PRC laws&rdquo; throughout the prospectus to include Hong Kong and Macau. Where appropriate, you may describe PRC law and then
explain how commensurate laws in Hong Kong and Macao differ from PRC law and describe any risks and consequences to the company associated
with those laws.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><B>RESPONSE: </B>In response to the Staff&rsquo;s comment, we have revised the disclosure
on the cover page and page 2 of the prospectus.</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 0pt 0.5in; text-align: justify; text-indent: 0in">We removed the definition of &ldquo;PRC laws and regulations&rdquo;
or &ldquo;PRC laws&rdquo;, in order to avoid the carve out that limiting the description of the PRC law to the laws and regulations of
Mainland China.</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 0pt 0.5in; text-align: justify">We further respectfully submit that
we believe it is not necessary to further define &ldquo;PRC law and regulations&rdquo; or &ldquo;PRC laws&rdquo;, since we defined &ldquo;China&rdquo;
or the &ldquo;PRC&rdquo; to refer the People&rsquo;s Republic of China, including Hong&nbsp;Kong and Macau, any discussion in relation
PRC law throughout the prospectus therefore include Hong Kong and Macau.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Corporate Structure, page 8</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>We note the post-reorganization/offering organizational chart on page 8 and that you removed the organizational
chart depicting your structure prior to the offering. Please add back your pre-offering organizational chart here and on page 66 in the
same way as it appeared in your prior filing.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESPONSE: </B>In response to the
Staff&rsquo;s comment, we have revised the disclosure on page 8 and 69 adding back our pre-offering organization charts in the same way
as it appeared in the prior filing.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Dilution, page 63</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Please tell us and revise your disclosure to explain and reconcile the components of the calculation
of the $9.8 million pro forma as adjusted net tangible book value at March 31, 2023.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESPONSE: </B>In
response to the Staff&rsquo;s comment, we have updated and revised the disclosure on page 65 adding reconciliation of our pro forma as adjusted net table book value as of March 31, 2023 to our actual net tangible book value as
of the same day.</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>Principal shareholders and selling shareholder,
page 140</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Please revise footnote (3) to the beneficial ownership table to identify the person or group of people
who have the voting and dispositive control over the shares held by Oriental Moon Tree Limited.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESPONSE: </B>In response to the
Staff&rsquo;s comment, we have revised the disclosure on page 143 and 144. We respectfully advise the Staff that, Mr. Sze Ho, CHAN, Mr.
Wai Lok Raymond, FONG, and Mr. Ngan Sammy, SHUM, the members of the board of directors of Oriental Moon Tree Limited (who are also the
directors of the Company), as a group, has the voting and dispositive power over the Ordinary Shares held of record by Oriental Moon Tree
Limited. Furthermore, under the so-called &ldquo;rule of three,&rdquo; none of the aforesaid individuals is deemed a beneficial owner
of all Ordinary Shares held directly of Oriental Moon Tree Limited, even those in which he directly holds a pecuniary interest.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>We note your disclosure that Guangdong Wesley Law Firm advised you on the application of the Trial
Measures and that Exhibit 23.3 titled &ldquo;Consent of Guangdong Wesley Law Firm, PRC counsel to the Registrant&rdquo; is dated October
18, 2022. We further note that statements attributable to counsel regarding subsequent developments after the Trial Measures came into
effect on March 31, 2023 have been added to the most recent amendment to your registration statement. Please file an updated opinion and
consent of counsel.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESPONSE: </B>In response to the
Staff&rsquo;s comment, we have <FONT STYLE="background-color: white">filed an updated consent from our PRC Counsel </FONT>dated August
20, 2023, <FONT STYLE="background-color: white">as the Exhibit 23.3, </FONT>titled &ldquo;Consent of Guangdong Wesley Law Firm, PRC counsel
to the Registrant&rdquo;.</P>


<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></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 the Company&rsquo;s securities counsel William S. Rosenstadt, Esq., Mengyi &ldquo;Jason&rdquo; Ye, Esq. or Yarona Yieh,
Esq. of Ortoli Rosenstadt LLP at wsr@orllp.legal, jye@orllp.legal or yly@orllp.legal.</P>

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

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  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><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>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Mengyi &ldquo;Jason&rdquo; Ye</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mengyi &ldquo;Jason&rdquo; Ye</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct dial: +1 (973) 931-2036</FONT></TD></TR>
  </TABLE>
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