<SEC-DOCUMENT>0000000000-22-004846.txt : 20220929
<SEC-HEADER>0000000000-22-004846.hdr.sgml : 20220929
<ACCEPTANCE-DATETIME>20220503173003
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-22-004846
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220503

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jowell Global Ltd.
		CENTRAL INDEX KEY:			0001805594
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-NONSTORE RETAILERS [5960]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		FLOOR.2, NO.285 JIANGPU ROAD
		STREET 2:		YANGPU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200136
		BUSINESS PHONE:		01186 2155216256

	MAIL ADDRESS:	
		STREET 1:		FLOOR.2, NO.285 JIANGPU ROAD
		STREET 2:		YANGPU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200136
</SEC-HEADER>
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
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United States securities and exchange commission logo





                             May 3, 2022

       Zhiwei Xu
       Chief Executive Officer
       Jowell Global Ltd.
       2nd Floor, No. 285 Jiangpu Road
       Yangpu District, Shanghai, China 200082

                                                        Re: Jowell Global Ltd.
                                                            Registration
Statement on Form F-3
                                                            Filed April 4, 2022
                                                            File No. 333-264109

       Dear Mr. Xu:

              We have limited our review of your registration statement to
those issues we have
       addressed in our comments. In some of our comments, we may ask you to
provide us with
       information so we may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form F-3 filed April 4, 2022

       Cover Page

   1.                                                   We note your disclosure
that the    VIE structure is used to provide investors with exposure
                                                        to foreign investment
in China-based companies where the business of the operating
                                                        companies in China
might be prohibited or restricted for foreign investment now or in the
                                                        future.    Please
revise here and elsewhere, as appropriate, to clarify that Chinese law
                                                        prohibits direct
foreign investment in your operating companies.
   2.                                                   Clearly disclose how
you will refer to the holding company, subsidiaries, and VIEs 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.
Refrain from using terms such as    we    or    our    when describing
                                                        activities or functions
of a VIE.
 Zhiwei Xu
FirstName  LastNameZhiwei  Xu
Jowell Global Ltd.
Comapany
May  3, 2022NameJowell Global Ltd.
May 3,
Page 2 2022 Page 2
FirstName LastName
3.       You state that no dividends or distributions have been made between
the holding
         company, its subsidiaries, and consolidated VIEs, or to investors
other than U.S.
         investors. However, we note your disclosure that    [t]he cash
transfer among the holding
         company, its subsidiaries and VIE is typically transferred through
payment for
         intercompany services or intercompany borrowing between holding
company, subsidiaries
         and VIE.    We also note your disclosure on page 9 that    [y]our WFOE
receives payments
         from VIE, pursuant to the VIE Agreements    and that    VIE Shanghai
Juhao made a cash
         dividend of $1.6 million to its shareholders in July 2019.    Please
amend your disclosure
         here and in the summary risk factors and risk factors sections to
clarify whether any
         transfers, dividends, or distributions have been made between the
holding company, its
         subsidiaries, and consolidated VIEs, or to investors, and quantify the
amounts where
         applicable.
4.       Where you reference the HFCAA, please also reference the Accelerating
HFCAA; in
         addition, please provide a cross-reference to the risk factor that
describes the HFCAA and
         Accelerating HFCAA in more detail. Revise the third paragraph to
provide a cross-
         reference to the risk factors that discuss the risks facing the
company and the offering as a
         result of your corporate structure. Revise the fourth paragraph to
provide a cross-
         reference to the risk factors that discuss the risks identified in
this paragraph. If the
         referenced risk factors are contained in a document that is
incorporated by reference,
         please identify where investors may find them.
5.       Provide additional detail about the manners in which cash may be
transferred throughout
         your organization, including the terms under which payments for
intercompany services
         or borrowing may be made and by whom, as well as the terms under which
dividends and
         other equity distributions may be made and by whom. Discuss whether
there are
         limitations on your ability to transfer cash between you, your
subsidiaries, the
         consolidated VIEs or investors, and the source of such limitations.
Summarize the cash
         management policies that dictate how funds are transferred between
you, your
         subsidiaries, the consolidated VIEs or investors and disclose the
source of such
         policies (e.g., whether they are contractual in nature, pursuant to
regulations, etc.). Please
         amend your disclosure here and in the summary risk factors and risk
factors sections to
         state that, to the extent cash/assets in the business is in the
PRC/Hong Kong or a
         PRC/Hong Kong entity, the funds/assets may not be available to fund
operations or for
         other use outside of the PRC/Hong Kong due to interventions in or the
imposition of
         restrictions and limitations on the ability of you, your subsidiaries,
or the consolidated
         VIEs by the PRC government to transfer cash/assets. On the cover page,
provide cross-
         references to each of these discussions in the summary risk factors
and risk factors
         sections. Make conforming changes, as necessary, in the prospectus
summary.
Prospectus Summary
Overview, page 1

6.       We note your disclosure that you use a structuring that involves a VIE
based in China and
 Zhiwei Xu
FirstName  LastNameZhiwei  Xu
Jowell Global Ltd.
Comapany
May  3, 2022NameJowell Global Ltd.
May 3,
Page 3 2022 Page 3
FirstName LastName
         what that entails. We also note your disclosure that you own 100%
equity interest in of a
         WFOE, Jowell Shanghai, which entered into a series of agreements with
the VIE through
         which you effectively control and derive all of the economic interest
and benefits from the
         VIE. Please revise the diagram of the company   s corporate structure
to identify the
         groups of persons that own the equity in Jowell Global Ltd. Provide
additional detail
         regarding each contract and arrangement through which you claim to
have economic
         rights and exercise control that results in consolidation of the VIE
s operations and
         financial results into your financial statements. Describe any other
relevant contractual
         agreements between the entities and how this type of corporate
structure may affect
         investors and the value of their investment, including how and why the
contractual
         arrangements may be less effective than direct ownership and that the
company may incur
         substantial costs to enforce the terms of the arrangements.
7.       We note your disclosure in the second paragraph that    [t]he WFOE
entered into a series of
         agreements with Shanghai Juhao Information Technology Co., Ltd. (
Shanghai Juhao    or
            VIE   ) and Shanghai Juhao   s shareholders, through which [you]
effectively control and
         derive all of the economic interest and benefits from Shanghai Juhao.
  However, neither
         the investors in the holding company nor the holding company itself
have an equity
         ownership in, direct foreign investment in, or control of, through
such ownership or
         investment, the VIE. Accordingly, please refrain from implying that
the contractual
         agreements are equivalent to equity ownership in the business of the
VIE. Any references
         to control or benefits that accrue to you because of the VIE should be
limited to a clear
         description of the conditions you have satisfied for consolidation of
the VIE under U.S.
         GAAP, as disclosed later in the seventh paragraph of your Summary
Overview.
8.       We note on page 3 that you provide in tabular form condensed
consolidating statements
         that disaggregates the operations and depicts the financial position,
including income and
         cash flows as of December 31, 2020 and 2019. Please revise to present
major line items
         for intercompany receivables and amounts associated with intercompany
transactions.
          Any intercompany amounts should be presented on a gross basis and
when necessary,
         additional disclosure about such amounts should be included in order
to make the
         information presented not misleading.
9.       Please provide a summary of risk factors, disclosing the risks that
your corporate structure
         and being based in or having the majority of the company   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. 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 the securities you
         are registering for sale. Acknowledge any risks that any actions by
the Chinese
 Zhiwei Xu
FirstName  LastNameZhiwei  Xu
Jowell Global Ltd.
Comapany
May  3, 2022NameJowell Global Ltd.
May 3,
Page 4 2022 Page 4
FirstName LastName
         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 or continue to offer securities to
investors and cause the value
         of such securities to significantly decline or be worthless.
10.      Please disclose that some of the challenges the company may face in
enforcing the VIE
         structure and VIE Agreements are due to jurisdictional limits.
11.      We note your disclosure that you are not subject to regulations by the
entities identified in
         the first paragraph on page 2 because the "VIE operates an e-commerce
platforms for
         online-to-offline sales of cosmetics, health and nutritional
supplements and household
         products in China and our products and services do not pose national
security risks."
         Please confirm, if true, that this is the basis for all of counsel's
determinations that you are
         not subject to such regulations; if that is not the case, please
expand your disclosure to
         discuss the basis for such conclusions.
12.      Please revise the last paragraph on page 2 and the fifth paragraph on
page 18 to discuss
         the inspection time frames under the HFCAA and Accelerating HFCAA, as
well as how
         they will affect your company (including in the context of the timing
of your last audit
         inspection over three years ago). Further revise these sections to
clarify that the United
         States Senate has passed the Accelerating Holding Foreign Companies
Accountable Act,
         which, if enacted, would decrease the number of    non-inspection
years    from three years
         to two years, and thus, would reduce the time before your securities
may be prohibited
         from trading or delisted.
Risk Factors
Uncertainties and quick change in the interpretation and enforcement of Chinese
laws and
regulations..., page 15

13.      We note your disclosure on page 16 of the impact to your operations
given the    possibility
         that the PRC government will institute a licensing regime or
pre-approval requirement
         covering [y]our industry at some point in the future.    Please expand
to include the
         possibilities that future changes in PRC law also could impact your
offering or ability to
         conduct offerings.
Enforceability of Civil Liabilities, page 31

14.      We note your disclosure that most of your directors and officers are
residents of and have
         a substantial portion of their assets in jurisdictions other than the
United States and that as
         a result, it may be difficult for investors to effect service of
process within the United
         States upon you or your directors and officers, or to enforce against
us or them judgments
         obtained in United States courts, including judgments predicated upon
the civil liability
         provisions of the securities laws of the United States or any state in
the United States.
         Please revise to identify the relevant individuals, and include a risk
factor addressing the
         challenges of bringing actions and enforcing judgments and liabilities
against such
 Zhiwei Xu
Jowell Global Ltd.
May 3, 2022
Page 5
      individuals.
Exhibits

15.   Please provide a consent of counsel, Jiangsu Yiyou Tianyuan Law Firm, to
be named in
      the prospectus.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Jennie Beysolow at 202-551-8108 or Lilyanna Peyser at
202-551-3222
with any questions.



                                                           Sincerely,
FirstName LastNameZhiwei Xu
                                                           Division of
Corporation Finance
Comapany NameJowell Global Ltd.
                                                           Office of Trade &
Services
May 3, 2022 Page 5
cc:       Jeffrey Li, Esq.
FirstName LastName
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