<SEC-DOCUMENT>0001654954-22-012926.txt : 20230317
<SEC-HEADER>0001654954-22-012926.hdr.sgml : 20230317
<ACCEPTANCE-DATETIME>20220923170213
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-22-012926
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220923

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EURO TECH HOLDINGS CO LTD
		CENTRAL INDEX KEY:			0001026662
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PROFESSIONAL & COMMERCIAL EQUIPMENT & SUPPLIES [5040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O EURO TECH (FAR EAST) LTD 18 F GEE
		STREET 2:		CHANG HONG CENTRE 65 WONG CHUK HANG ROAD
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		0118522814

	MAIL ADDRESS:	
		STREET 1:		BRITISH VIRGIN ISLANDS LTD
		STREET 2:		TRUSTNET CHAMBERS PO BOX 3444
		CITY:			ROAD TOWN TORROLA BR
		STATE:			D8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<font style="font-family: Times New Roman; font-size: 13px">September
23, 2022</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">VIA
EDGAR</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.
Securities and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">Division of
Corporation Finance</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">Office
of Trade &amp; Services</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">100 F.
Street, N.E.</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">Washington, D.C.
20549</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-cell; width: 48px;"><font style="font-family: Times New Roman; font-size: 13px">Attn:</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Linda
Cvrkel</font></div>
</div>
</div>
<div style="margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Rufus
Decker</font></div>
<div style="margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Taylor
Beech</font></div>
<div style="margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Lilyanna
Peyser</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 48px;">
<div style="display: table-row;">
<div style="display: table-cell; width: 36px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Re:</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Euro
Tech Holdings Company Ltd.</font></div>
</div>
</div>
<div style="margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Annual
Report on Form 20-F for Fiscal Year Ended December 31,
2021</font></div>
<div style="margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Filed
May 16, 2022</font></div>
<div style="margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">File
No. 000-22113</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Ladies
and Gentlemen:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Euro
Tech Holdings Company Ltd. (the &#x201C;<font style="font-weight: bold">Company</font>&#x201D;) hereby provides the
following information in response to the comments received from the
staff (the &#x201C;<font style="font-weight: bold">Staff</font>&#x201D;) of the U.S. Securities and
Exchange Commission (the &#x201C;<font style="font-weight: bold">Commission</font>&#x201D;) in its letter to the
Company dated August 23, 2022 (the &#x201C;<font style="font-weight: bold">Comment Letter</font>&#x201D;). The
Company&#x2019;s responses are preceded by a reproduction of the
corresponding Staff comments in bold as set forth in the Comment
Letter.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Also
enclosed herein is an amended Form 20-F marked with redline to
reflect the proposed additional disclosure the Company plans to
make pursuant to the Comment Letter. All page number references
contained in the Company&#x2019;s responses below correspond to the
page numbers in the Amended 20-F. Any capitalized terms used herein
but not defined herein shall have the meanings given to them in the
Amended 20-F.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Annual Report on Form 20-F for Fiscal Year Ended December 31,
2021</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Item 3. Key Information, page 5</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;<br></font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">1.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">In
a separately captioned section at the beginning of Item 3 (the
China Section), please disclose prominently that you are not a
Chinese operating company but a British Virgin Islands holding
company with operations conducted by your subsidiaries based in
China</font> <a name="_Hlk112851169">
<!--anchor--></a><font style="font-weight: bold">and that this
structure involves unique risks to investors. Disclose that
investors may never hold equity interests in the Chinese operating
company. Your disclosure should acknowledge that Chinese regulatory
authorities could disallow this structure, which would likely
result in a material change in your operations and/or a material
change in the value of your securities, 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 as a result of this
structure. Please provide a</font><font style="font-weight: bold">response letter with your proposed
disclosure.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment that the Company is not a
Chinese operating company but a British Virgin Islands holding
company with operations conducted by its subsidiaries based in
China, and has added the disclosure in the section titled
&#x201C;Our Corporate Structure&#x201D; in Item 3 of the Annual
Report on Form 20-F accordingly.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">However, the
Company does not have the so-called VIE structure, i.e. it does not
operate its business through any controlled affiliates, but instead
operates its business through its subsidiaries. The Company does
not believe the risk of Chinese regulatory authorities disallowing
the Company&#x2019;s operating structure exists. Therefore, the
Company does not believe that the following suggested disclosure is
appropriate: &#x201C;Your disclosure should acknowledge that Chinese
regulatory authorities could disallow your operating structure,
which would likely result in a material change in your operations
and/or a material change in the value of the securities you are
registering for sale, including that it could cause the value of
such securities to significantly decline or become
worthless.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
the China Section, provide prominent disclosure about the legal and
operational risks associated with being based in or having the
majority of the company&#x2019;s operations in China, and include
cross-references to the relevant risk factors contained in Item
3.D. Your disclosure should make clear whether these risks could
result in a material change in your operations and/or the value of
your securities or could significantly limit or completely hinder
your ability 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&#x2019;s government, such as those related to data
security or anti-monopoly concerns, have or may impact the
company&#x2019;s ability to conduct its business, accept foreign
investments, or list on a U.S. or other foreign exchange. Please
disclose whether your auditor is subject to the determinations
announced by the PCAOB on December 16, 2021 and whether and how the
Holding Foreign Companies Accountable Act, Accelerating Holding
Foreign Companies Accountable Act, and related regulations will
affect your company. Discuss the inspection time frames under both
Acts and include a cross-reference to the related detailed risk
factor. Please provide a response letter with your proposed
disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
in the section titled &#x201C;Risks Associated with Being Based in
and Having the Majority of Our Operations in China&#x201D; and the
section titled &#x201C;The Holding Foreign Companies Accountable
Act&#x201D; in Item 3 of the Annual Report on Form 20-F
accordingly.</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">3.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
the China Section, please state that you have been included on the
conclusive list of issuers identified under the HFCAA on our
website, and acknowledge the ramifications of such identification,
including volatility in the trading price of your securities.
Please provide a response letter with your proposed
disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
in the section titled &#x201C;The Holding Foreign Companies
Accountable Act&#x201D; in Item 3 of the Annual Report on Form 20-F
accordingly.</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">4.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
the China Section, clearly disclose 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. Disclose clearly
the entity (including the domicile) in which investors hold an
interest. Please provide a response letter with your proposed
disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
in the section titled &#x201C;Our Corporate Structure&#x201D; in Item
3 of the Annual Report on Form 20-F accordingly.</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
the China Section, provide a clear description of how cash is
transferred through your organization and disclose your intentions
to distribute earnings or settle amounts owed. Quantify any cash
flows and transfers of other assets by type that have occurred
between the holding company, its subsidiaries, and direction of
transfer. Quantify any dividends or distributions that a subsidiary
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. Your disclosure should make clear if no transfers,
dividends, or distributions have been made to date. 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 the company, including your subsidiaries, to the
parent company and U.S. investors. Provide a cross-reference to
your discussion of this issue in your summary risk factors and risk
factors sections, as well. Please provide a response letter with
your proposed disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font> <font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
to the sections titled &#x201C;Transfer of Cash Through Our
Organization&#x201D; and &#x201C;Restrictions and Limitations on
Transfer of Cash and Cash Dividend Distribution&#x201D; in Item 3 of
the Annual Report on Form 20-F accordingly.</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">6.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">As
a related matter, please disclose in the China Section, the summary
risk factors section and the risk factors section that, to the
extent cash in the business is in a PRC entity, the funds may not
be available to fund operations or for other use outside of the PRC
due to interventions in or the imposition of restrictions and
limitations on the ability of you or your subsidiaries by the PRC
government to transfer cash. Provide a cross reference in the China
Section to the discussions in the summary risk factors and risk
factors. Please provide a response letter with your proposed
disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
in the relevant sections in Item 3 of the Annual Report on Form
20-F accordingly.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">7.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">To
the extent you have cash management policies that dictate how funds
are transferred between you, your subsidiaries, or investors,
summarize the policies in the China Section, and disclose the
source of such policies (e.g., whether they are contractual in
nature, pursuant to regulations, etc.); alternatively, state that
you have no such cash management policies that dictate how funds
are transferred. Please provide a response letter with your
proposed disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
to the section titled &#x201C;Cash Management Policies&#x201D; in
Item 3 of the Annual Report on Form 20-F accordingly.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">8.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
the China Section, include a diagram of the company&#x2019;s
corporate structure, identifying the person or entity that owns the
equity in each depicted entity. Identify clearly the entity in
which investors hold their interest and the entity(ies) in which
the company&#x2019;s operations are conducted. Please provide a
response letter with your proposed disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the diagram to
the section titled &#x201C;Our Corporate Structure&#x201D; in Item 3
of the Annual Report on Form 20-F accordingly.</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">9.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
the China Section, include a summary of risk factors. In the
summary of risk factors, disclose the risks that your corporate
structure and being based in or having the majority of the
company&#x2019;s operations in China poses to investors. In
particular, describe the significant regulatory, liquidity, 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 risks and uncertainties regarding the enforcement of laws
and 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 securities.
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
securities to investors and cause the value of such securities to
significantly decline or be worthless. Include a cross-reference to
the risk factors section for each risk discussed in the summary of
risk factors. Please provide a response letter with your proposed
disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
in the section titled &#x201C;Risks Associated with Being Based in
and Having the Majority of Our Operations in China&#x201D; and the
section titled &#x201C;Risk Factors Summary&#x201D; in Item 3 of the
Annual Report on Form 20-F accordingly.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">10.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
the China Section, disclose each permission or approval that you or
your subsidiaries are required to obtain from Chinese authorities
to operate your business. State whether you or your subsidiaries
are covered by permissions requirements from the China Securities
Regulatory Commission (CSRC), Cyberspace Administration of China
(CAC) or any other governmental agency, and state affirmatively
whether you have received all requisite permissions or approvals
and whether any permissions or approvals have been denied. Please
also describe the consequences to you and your investors if you or
your subsidiaries: (i) do not receive or maintain such permissions
or approvals, (ii) inadvertently conclude that such permissions or
approvals are not required, or (iii) applicable laws, regulations,
or interpretations change and you are required to obtain such
permissions or approvals in the future. Please provide a response
letter with your proposed disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
in the section titled &#x201C;Permissions or Approvals Required to
be Obtained from Chinese Authorities&#x201D; in Item 3 of the Annual
Report on Form 20-F accordingly.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">11.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
the China Section, 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 investigate
completely your auditor, and that as a result an exchange may
determine to delist your securities. Disclose whether your auditor
is subject to the determinations announced by the PCAOB on December
16, 2021. Please provide a response letter with your proposed
disclosure.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: The Company
acknowledges the Staff&#x2019;s comment and has added the disclosure
in the section titled &#x201C;The Holding Foreign Companies
Accountable Act&#x201D; in Item 3 of the Annual Report on Form 20-F
accordingly.</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Euro Tech Holdings Company Limited Consolidated Financial
Statements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Consolidated Statements of Operations and Comprehensive Income /
(Loss), page F-5</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">12.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Please
tell us in detail your GAAP basis for excluding (loss) / gain on
disposal of property, plant and equipment from operating income /
(loss). Alternatively, revise your financial statements
accordingly. Refer to ASC 360-10-45-5 and ASC
250-10-50-7.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response:</font><font style="font-family: Times New Roman">&#xA0;</font>The Company
acknowledges the Staff&#x2019;s comment and has revised Item 18.
Financial Statements of the Annual Report on Form 20-F to including
(loss) / gain on disposal of property, plant and equipment from
operating income / (loss).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Note 2. Summary of significant accounting policies</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
(s) Ordinary share, page F-18</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">13.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">You
indicate here that in 2019 and 2021 you issued bonus shares. In
your Form 6-K filed December 16, 2021, you also indicate that your
board of directors authorized the issuance of additional bonus
shares to shareholders of record as of January 7, 2022. Please tell
us why these bonus share issuances were not accounted for and
disclosed as stock splits in your statements of shareholders'
equity, earnings per share computations for all periods presented
and elsewhere throughout your filings. Alternatively, amend your
Form 20-F accordingly and also tell us whether you continue to
believe both your internal control over financial reporting and
your disclosure controls and procedures were effective as of
December 31, 2021, including the factors you considered to support
these conclusions. Refer to ASC 505-20-25-2, ASC 505-20-50-1, ASC
260-10-55-12 and ASC 250-10-50-7.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline; font-family: Times New Roman">Company
Response</font><font style="font-family: Times New Roman">:</font>
The Company acknowledges the Staff&#x2019;s comment and <font style="font-family: Times New Roman">has revised</font> Item 18.
Financial Statements of the Annual Report on Form 20-F to
<font style="font-family: Times New Roman">account for and disclose
the bonus share issuances as stock splits.</font></font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">These
amendments do not affect the numbers set forth in the Consolidated
Balance Sheet, and the Consolidated Statements of Operations and
Comprehensive Income / (Loss), except for shares of outstanding
common stock and earnings per share. The management has noted the
deficiencies in connection with the accounting treatment for the
stock splits in the form of bonus shares, but believe that such
deficiencies do not rise to the level of a material weakness. We
continue to believe both our internal control over financial
reporting and our disclosure controls and procedures were
effective. as of December 31, 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: -36px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Note 22. Commitments and contingencies</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: -36px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
(ii) Non-controlling interest put option, page F-41</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="display: table-cell; width: 48px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">14.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">You
indicate that the non-controlling interests of Yixing Pact
Environmental Technology Co., Ltd. and Pact Asia Pacific Limited
were granted a put option requiring you to acquire part or all
remaining shares of these two companies at a per share price
calculated by 5.2 times their average net income for the three
prior fiscal years divided by the number of shares outstanding at
the time the option is exercised. Please explain why the
noncontrolling interests subject to the put option have not been
reflected as temporary equity in your balance sheet and explain in
detail how your accounting for these put options complies with the
guidance in ASC 480-10-S99-3A, as applicable.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Company Response</font>: We performed
assessment of the fair value of the non-controlling interest put
option of Yixing Pact Environmental Technology Co., Ltd. and Pact
Asia Pacific Limited. The average net income of these two companies
for the fiscal year ended December 31, 2021, 2020 and 2019 were
losses, and the calculated acquisition prices were zero. We
determined that the fair value of these put options were
zero.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">***</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If you
have any questions or comments concerning these responses, please
do not hesitate to contact me by telephone at 852-28140311 or by
e-mail at DAVIDLEUNG.HK@EURO-TECH.COM or the Company&#x2019;s
counsel by telephone at 212-634-3031 or by email at
rafriedman@sheppardmullin.com.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 60px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
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<tr>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sincerely,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
David YL Leung</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">David
YL Leung, Chief ExecutiveOfficer</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">cc:</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sheppard
Mullin Richter &amp; Hampton LLP</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 372px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 1px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 372px; margin-right: 0px; text-indent: 0px">
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