<SEC-DOCUMENT>0001851734-22-000062.txt : 20220329
<SEC-HEADER>0001851734-22-000062.hdr.sgml : 20220329
<ACCEPTANCE-DATETIME>20220208165006
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001851734-22-000062
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRIO-TECH INTERNATIONAL
		CENTRAL INDEX KEY:			0000732026
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY, NEC [3559]
		IRS NUMBER:				952086631
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		16139 WYANDOTTE ST.
		CITY:			VAN NUYS
		STATE:			CA
		ZIP:			91406
		BUSINESS PHONE:		818-787-7000

	MAIL ADDRESS:	
		STREET 1:		16139 WYANDOTTE ST.
		CITY:			VAN NUYS
		STATE:			CA
		ZIP:			91406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRIO TECH INTERNATIONAL
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">February 8, 2022</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><u>VIA EDGAR</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Messsrs. Austin Pattan and Joshua Shainess</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">United States Securities and Exchange Commission</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Division of Corporation Finance</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">100 F Street, N.E.</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Washington, D.C. 20549</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Re:</b></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Trio-Tech International</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Registration Statement on Form S-3</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Filed December 3, 2021</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>File No. 333-261485</b>&nbsp;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Ladies and Gentlemen:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 18pt;">This letter is submitted on behalf of Trio-Tech International (the &#8220;<i>Company</i>&#8221;) in response to comments of the staff of the Office of Technology (the &#8220;<i>Staff</i>&#8221;) of the Securities and Exchange Commission (the &#8220;<i>Commission</i>&#8221;) with respect to the Company&#8217;s Registration Statement on Form S-3 (the &#8220;<i>Registration Statement</i>&#8221;), filed on December 3, 2021 as set forth in your letter dated December 15, 2021 (the &#8220;<i>Comment Letter</i>&#8221;), addressed to Victor H.M. Ting, Chief Executive Officer of the Company. The Company is filing Pre-Effective Amendment No. 1 to the Registration Statement (the &#8220;<i>S-3/A No. 1</i>&#8221;) contemporaneously with the submission of this letter to address the comments raised by the Staff in the Comment Letter, as more particularly set forth below.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 18pt;">For reference purposes, the Staff&#8217;s numbered comments have been reproduced in bold herein, with responses immediately following such comment. The responses provided herein are based upon information provided to Disclosure Law Group, a Professional Corporation, by the Company.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><u>Registration Statement on Form S-3 filed December 3, 2021</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><u>General</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>1.</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>With a view toward revised disclosure, please tell us:</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9679;</td>
			<td style="width: 92%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify;">whether you or your subsidiaries conduct any operations through contractual arrangements with a variable interest entity based in China;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9679;</td>
			<td style="width: 92%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify;">whether your business is subject to significant oversight from the Chinese government;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9679;</td>
			<td style="width: 92%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify;">the percentage of revenue you generate from China-based customers and operations; and</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9679;</td>
			<td style="width: 92%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify;">whether cash is transferred to you from your China-based subsidiaries.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><i>Response</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">The Company respectfully acknowledges the Staff&#8217;s comment, and advises the Staff that the Company has revised the disclosure in the prospectus contained within the S-3/A No. 1 to state that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="vertical-align:middle;width:4%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<td style="vertical-align:top;width:auto;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Neither us, nor our subsidiaries, conduct any operations through contractual arrangements with a variable interest entity based in China (See the Cover page to the S-3/A No. 1, and &#8220;<i>Risk Factors </i>&#8211;&nbsp;<i>Substantial uncertainties and restrictions with respect to the political and economic policies of the PRC government and PRC laws and regulations could have a significant impact upon the business that we may be able to conduct in the PRC and accordingly on the results of our operations and financial condition</i>&#8221;&nbsp;on page 12);</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="vertical-align:middle;width:4%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p>
			</td>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The business operations of and our entities based in China business are not subject to significant oversight from the Chinese government, outside of the ordinary local tax reviews, local registration requirements, and annual filings. Our businesses, at this time, are not impacted by anti-monopoly policies, variable interest entities policies, or data security policies, nor are our businesses subject to extraordinary oversight from the Chinese government. (See the Cover page to the S-3/A No. 1, and &#8220;<i>Company Overview - Permissions under the PRC Law</i>&#8221;&nbsp;on page 4);</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="vertical-align:middle;width:4%;">&nbsp;</td>
			<td style="vertical-align:top;width:4%;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<td style="vertical-align:top;width:auto;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Our wholly owned subsidiary, Trio-Tech (SIP) Co., Ltd, owns 51% of the joint venture Trio-Tech (Jiangsu) Co., Ltd (the &#8220;<i>Joint</i>&nbsp;<i>Venture</i>&#8221;), located in Suzhou, China, together with Suzhou Anchuang Technology Management LLP. While no assurances can be made, we project revenue attributable to the Joint Venture will represent approximately 7.6% of the total revenue of the Company for the year ended June 30, 2022. The Joint Venture did not contribute to revenue historically. In addition, approximately 38% of our annual revenue for the years ended June 30, 2021 and 2020 was provided by one customer, which customer has both U.S.-based and China-based subsidiaries. Our real estate business in China represented approximately 0.1% and 0.2% of total Company revenue for the years ended June 30, 2021 and 2020, respectively, and has represented an immaterial business of the Company, especially given the substantial slowdown in the property market in China (See &#8220;<i>Company Overview - Operations in the Peoples Republic of China ("PRC")</i>&#8221;&nbsp;on page 4); and</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="vertical-align:middle;width:4%;">&nbsp;</td>
			<td style="vertical-align:top;width:4%;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Cash is transferred to our regional headquarters located in Singapore from our China-based operations. Corporate dividends are limited to retained earnings, and management fees are limited to 6% of revenue. Cash provided by our China-based operations and subsidiaries represent only dividends declarations and management fees (see &#8220;<i>Company Overview - Operations in the Peoples Republic of China ("PRC")</i>&#8221;&nbsp;on page 4).&nbsp;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><u>Cover Page</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>2.</b></p>
			</td>
			<td style="vertical-align: top; width: 97%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Please describe your China-based business operations in greater detail. Provide prominent disclosure about the legal and operational risks associated with operating in China. Your disclosure should make clear whether these risks could result in a material change in your operations. Your disclosure should address how recent statements and regulatory actions by China</b>&#8217;<b>s government, such as those related to the use of variable interest entities and data security or anti-monopoly concerns, have or may impact the company</b>&#8217;<b>s ability to conduct its business.</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><i>Response</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">The Company respectfully acknowledges the Staff&#8217;s comment, and advises the Staff that the Company has revised both the Cover Page to the Form S-3/A No. 1 as well as the sections of the prospectus titled &#8220;<i>Company Overview</i>&#8221; (see page 2),and &#8220;<i>Cautionary Notes Regarding Forward-Looking Statements</i>&#8221; (see page 14), to describe our China-based business operations in greater detail, to address the legal and operational risks of operating in China, the potential effects of such matters on our operations, and recent statements and regulatory actions by China&#8217;s government and their effect on us. In addition, we have revised the section of the prospectus titled &#8220;Risk Factors&#8221; to include appropriate the risks related to our operations in China (see page 5).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b><u>Company Overview, page 2</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>3.</b></p>
			</td>
			<td style="vertical-align: top; width: 97%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Please tell us the anticipated significance of your joint venture with Suzhou Anchuang Technology Management LLP on your operations</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><i>Response</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">The Company respectfully acknowledges the Staff&#8217;s comment, and advises the Staff that the Company owns 51% of the newly incorporated entity. We have also provided revised disclosure related to this joint venture in the section of the prospectus titled &#8220;<i>Company Overview - Operations in the PRC</i>&#8221; (see page 5).&nbsp; Based on our current visibility, revenue attributable to the joint-venture is not expected to be material this fiscal year, as the Company is in the development stage at this time.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">We hope that the foregoing has been responsive to the Staff&#8217;s comments. If you have any questions or would like further information regarding the foregoing, please do not hesitate to contact me at (619) 272-7062.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 267pt;">Very truly yours,</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 267pt;"><u>/s/ Daniel W. Rumsey</u></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 267pt;">Daniel W. Rumsey</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 267pt;">Managing Director</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 267pt;">Disclosure Law Group, a Professional Corporation</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">cc:&nbsp;</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Victor H.M. Ting</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Chief Financial Officer</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Trio-Tech International</p>
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