<SEC-DOCUMENT>0001264931-20-000132.txt : 20200626
<SEC-HEADER>0001264931-20-000132.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200626171510
ACCESSION NUMBER:		0001264931-20-000132
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200626
DATE AS OF CHANGE:		20200626

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lion Group Holding Ltd
		CENTRAL INDEX KEY:			0001806524
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91544
		FILM NUMBER:		20995069

	BUSINESS ADDRESS:	
		STREET 1:		UNIT A-C, 33/F, TOWER A, BILLION CENTER
		STREET 2:		1 WANG KWONG ROAD, KOWLOON BAY
		CITY:			HONG KONG
		STATE:			F4
		ZIP:			0000000000
		BUSINESS PHONE:		852-2796-2900

	MAIL ADDRESS:	
		STREET 1:		UNIT A-C, 33/F, TOWER A, BILLION CENTER
		STREET 2:		1 WANG KWONG ROAD, KOWLOON BAY
		CITY:			HONG KONG
		STATE:			F4
		ZIP:			0000000000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chou Shih-Chung
		CENTRAL INDEX KEY:			0001776267

	FILING VALUES:
		FORM TYPE:		SC 13G

	MAIL ADDRESS:	
		STREET 1:		40 WALL STREET 29TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Chung-Chou Shih
		DATE OF NAME CHANGE:	20190509
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>lion13g062620.htm
<TEXT>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 12pt">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT><FONT STYLE="font-size: 11pt"><BR>
Washington, D.C. 20549</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">SCHEDULE 13G</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Under the Securities Exchange Act of 1934</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 24pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>LION GROUP HOLDING LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Name of Issuer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Class A Ordinary Shares, $0.0001 par value per share</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Title of Class of Securities)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>53620U102</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(CUSIP Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>June 26, 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Date of Event which Requires Filing of this Statement)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[_] Rule 13d-1(b)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[<U>X</U>] Rule 13d-1(c)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[_] Rule 13d-1(d)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*The remainder of this cover page shall be
filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information required in the remainder of
this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934
(&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the <I>Notes</I>).</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 13G</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>CUSIP No.</B></FONT></TD>
    <TD STYLE="width: 64%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>53620U102</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Names of Reporting Persons</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">Shih-Chung Chou</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check the appropriate box if a member of a Group (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; padding-left: 17.1pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">(a)&nbsp;&nbsp;[ ]<BR>
(b)&nbsp;&nbsp;[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Sec Use Only</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Citizenship or Place of Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">Taiwan, Republic of China</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><B>Number of Shares Beneficially Owned
        by Each Reporting Person With:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt">6,406,250<SUP>1</SUP>&#9;
</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt">6,406,250<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Aggregate Amount Beneficially Owned by Each Reporting Person</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">6,406,250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Percent of class represented by amount in row (9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">6.09%<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Reporting Person (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">IN</FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="width: 13%"></TD>
    <TD STYLE="width: 4%"></TD>
    <TD STYLE="width: 78%"></TD></TR>
</TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>








<HR ALIGN="LEFT" SIZE="1" NOSHADE STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>[1]</SUP></FONT>
Consists of (1) 1,031,250 American Depositary Shares, representing 1,031,250 Class A Ordinary Shares held by Complex Zenith Limited
and (2) 5,375,000 American Depositary Shares, representing 5,375,000 Class A Ordinary Shares underlying warrants held by Complex
Zenith Limited. Mr. Shih-Chung Chou, the sole shareholder and sole director of Complex Zenith Limited, may be deemed to beneficially
own shares held by Complex Zenith Limited and has sole voting and dispositive control over such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>[2]</SUP></FONT>
The percentage is calculated based upon 17,399,176 outstanding Ordinary Shares of the Issuer, including 7,647,962 Class A Ordinary
Shares and 9,751,214 Class B Ordinary Shares. Each Class B Ordinary Shares is entitled to 10 votes per share.</P>


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

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


<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 13G</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>CUSIP No.</B></FONT></TD>
    <TD STYLE="width: 64%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>53620U102</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Names of Reporting Persons</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">Complex Zenith Limited</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check the appropriate box if a member of a Group (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-left: 17.1pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">(a)&nbsp;&nbsp;[ ]<BR>
(b)&nbsp;&nbsp;[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Sec Use Only</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Citizenship or Place of Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">British Virgin Islands</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5pt 0 0; text-align: center"><B>Number of Shares Beneficially Owned
        by Each Reporting Person With:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5pt 0 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-top: 5pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt">6,406,250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt">6,406,250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Aggregate Amount Beneficially Owned by Each Reporting Person</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">6,406,250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Percent of class represented by amount in row (9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">6.09%<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Reporting Person (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">CO</FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 78%">&nbsp;</TD></TR>
</TABLE>









<HR ALIGN="LEFT" SIZE="1" NOSHADE STYLE="width: 33%">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>[3]</SUP></FONT>
The percentage is calculated based upon 17,399,176 outstanding Ordinary Shares of the Issuer, including 7,647,962 Class A Ordinary
Shares and 9,751,214 Class B Ordinary Shares. Each Class B Ordinary Shares is entitled to 10 votes per share.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<TD STYLE="width: 0%"></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 1.</FONT></TD><TD></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name
of Issuer: </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Lion Group Holding
Ltd. (the &ldquo;Issuer&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address
of Issuer&rsquo;s Principal Executive Offices: </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Unit A-C, 33/F,
Tower A, Billion Center, 1 Wang Kwong Road, Kowloon Bay, Hong Kong</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Item 2.</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(a)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Name of Person Filing: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">This Schedule 13G is filed jointly by:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(1) Shih-Chung Chou</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(2) Complex Zenith Limited (&ldquo;Complex&rdquo;)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(b)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Address of Principal Business Office or, if None, Residence: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(1) The principal business address of Shih-Chung Chou is Flat 2, 10/F, One Wanchai Road, Wanchai, Hong Kong.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(2) The principal business address of Complex is Flat
2, 10/F, One Wanchai Road, Wanchai, Hong Kong.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(c)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Citizenship:&#9;</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(1) Shih-Chung Chou is a citizen of Taiwan, Republic
of China.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(2) Complex is a British Virgin Islands company.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(d)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Title and Class of Securities: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">Class A Ordinary Shares, $0.0001
par value per share (&ldquo;Class A Ordinary Share&rdquo;)</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(e)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>CUSIP No.:&#9;</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">53620U102. This CUSIP number applies
to the Issuer&rsquo;s American Depositary Shares, each representing one Class A Ordinary Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><B>Item 3.</B></TD><TD STYLE="width: 90%"><B>If this statement is filed pursuant to &sect;&sect; 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing
is a:</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>[_]&#9;Broker or dealer registered under Section 15 of the Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>[_]&#9;Bank as defined in Section 3(a)(6) of the Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>[_]&#9;Insurance company as defined in Section 3(a)(19) of the Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>[_]&#9;Investment company registered under Section 8 of the Investment Company Act of 1940;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>[_]&#9;An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>[_]&#9;An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>[_]&#9;A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>[_]&#9;A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>[_]&#9;A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment
Company Act of 1940;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD>[_]&#9;A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD>[_]&#9;Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J),
please specify the type of institution: ____</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4.</B></TD><TD><B>Ownership</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify; text-indent: 0in">(1) Shih-Chung
Chou</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Amount Beneficially Owned: </B>6,406,250 Class A Ordinary Shares
of the Issuer, which consist of (i) 1,031,250 American Depositary Shares, representing 1,031,250 Class A Ordinary Shares held by
Complex and (ii) 5,375,000 American Depositary Shares, representing 5,375,000 Class A Ordinary Shares underlying warrants held
by Complex.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Percent
of Class: </B>6.09%<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Number of shares as to which such person has:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Sole power to vote or to direct the vote:</B> 0.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(ii)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Shared power to vote or to direct the vote:</B> 6,406,250 Class
A Ordinary Shares of the Issuer, which consist of (i) 1,031,250 American Depositary Shares, representing 1,031,250 Class A Ordinary
Shares held by Complex and (ii) 5,375,000 American Depositary Shares, representing 5,375,000 Class A Ordinary Shares underlying
warrants held by Complex.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 18pt"><B>(iii)</B></TD><TD STYLE="text-align: justify"><B>Sole power to dispose or to direct the disposition of:</B> 0.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(iv)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Shared power to dispose or to direct the disposition of: </B>6,406,250
Class A Ordinary Shares of the Issuer, which consist of (i) 1,031,250 American Depositary Shares, representing 1,031,250 Class
A Ordinary Shares held by Complex and (ii) 5,375,000 American Depositary Shares, representing 5,375,000 Class A Ordinary Shares
underlying warrants held by Complex.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(2) Complex</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Amount Beneficially Owned: </B>6,406,250 Class A Ordinary Shares
of the Issuer, which consist of (i) 1,031,250 American Depositary Shares, representing 1,031,250 Class A Ordinary Shares held by
Complex and (ii) 5,375,000 American Depositary Shares, representing 5,375,000 Class A Ordinary Shares underlying warrants.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Percent of Class: </B>6.09%<SUP>4</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Number of shares as to which such person has:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Sole power to vote or to direct the vote:</B> 0.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(ii)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Shared power to vote or to direct the vote:</B> 6,406,250 Class A
Ordinary Shares of the Issuer, which consist of (i) 1,031,250 American Depositary Shares, representing 1,031,250 Class A Ordinary
Shares held by Complex and (ii) 5,375,000 American Depositary Shares, representing 5,375,000 Class A Ordinary Shares underlying
warrants.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>(iii)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Sole power to dispose or to direct the disposition of:</B> 0.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>(iv)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Shared power to dispose or to direct the disposition of: </B>6,406,250
Class A Ordinary Shares of the Issuer, which consist of (i) 1,031,250 American Depositary Shares, representing 1,031,250 Class
A Ordinary Shares held by Complex and (ii) 5,375,000 American Depositary Shares, representing 5,375,000 Class A Ordinary Shares
underlying warrants.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>








<HR ALIGN="LEFT" SIZE="1" NOSHADE STYLE="width: 33%">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>[4]</SUP></FONT>
The percentage is calculated based upon 17,399,176 outstanding Ordinary Shares of the Issuer, including 7,647,962 Class A Ordinary
Shares and 9,751,214 Class B Ordinary Shares. Each Class B Ordinary Shares is entitled to 10 votes per share.</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 5.</B></TD><TD><B>Ownership of Five Percent or Less of a Class.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify">If this statement is being filed
to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent
of the class of securities, check the following [ ].</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">Item 6.</TD><TD>Ownership of more than Five Percent on Behalf of Another Person.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: 0in"><FONT STYLE="font-weight: normal">Not
applicable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B>Identification and classification of the subsidiary which acquired the security being reported
on by the parent holding company or control person.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: 0in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 8.</B></TD><TD><B>Identification and classification of members of the group.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: 0in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 9.</B></TD><TD><B>Notice of Dissolution of Group.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: 0in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 10.</B></TD><TD><B>Certifications.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: 0in">Not applicable.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SIGNATURE</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">After reasonable
inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete
and correct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 53%; font-size: 12pt"><FONT STYLE="font-size: 11pt">Dated: June 26, 2020&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 47%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>SHIH-CHUNG CHOU</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Shih-Chung Chou</U></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 12pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMPLEX ZENITH LIMITED </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Shih-Chung Chou</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Shih-Chung Chou, Director</P></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: right"><U>Exhibit 99.1</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
agree that the Statement on Schedule 13G filed herewith (and any amendments thereto), relating to the ordinary shares of Lion Group
Holding Ltd<B>.</B>, a Cayman Islands exempted company, is being filed jointly with the Securities and Exchange Commission pursuant
to Rule 13d-1(e) under the Securities Exchange Act of 1934, as amended, on behalf of each of the undersigned.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in counterparts and each of such counterparts taken together shall constitute one and the same instrument.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 53%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Dated: June 26, 2020&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 47%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>SHIH-CHUNG CHOU</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Shih-Chung Chou</U></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMPLEX ZENITH LIMITED </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Shih-Chung Chou</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Shih-Chung Chou, Director</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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