SKADDEN, ARPS, SLATE, MEAGHER & FLOM
PARTNERS GEOFFREY CHAN * SHU DU * ANDREW L. FOSTER * CHI T. STEVE KWOK * EDWARD H.P. LAM ◆* HAIPING LI * RORY MCALPINE ◆ JONATHAN B. STONE * PALOMA P. WANG ◆ (ALSO ADMITTED IN ENGLAND & WALES) * (ALSO ADMITTED IN NEW YORK) |
世達國際律師事務所 42/F, EDINBURGH TOWER, THE LANDMARK 15 QUEENS ROAD CENTRAL, HONG KONG ---------- TEL: (852) 3740-4700 FAX: (852) 3740-4727 www.skadden.com |
AFFILIATE OFFICES ----------- BOSTON CHICAGO HOUSTON LOS ANGELES NEW YORK PALO ALTO WASHINGTON, D.C. WILMINGTON ----------- BEIJING BRUSSELS FRANKFURT LONDON MUNICH PARIS SÃO PAULO SEOUL SHANGHAI SINGAPORE TOKYO TORONTO |
April 1, 2024
Confidential
Ms. Jennifer OBrien
Ms. Kimberly Calder
Ms. Anuja A. Majmudar
Mr. Kevin Dougherty
Division of Corporation Finance
Office of Energy & Transportation
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Re: | BingEx Limited (CIK No. 0001858724) | |
Response to the Staffs Comments on the Draft Registration Statement on | ||
Form F-1 Confidentially Submitted on January 5, 2024 |
Dear Ms. OBrien, Ms. Calder, Ms. Majmudar, and Mr. Dougherty:
On behalf of our client, BingEx Limited, a foreign private issuer organized under the laws of the Cayman Islands (the Company), we submit to the staff (the Staff) of the Securities and Exchange Commission (the Commission) this letter setting forth the Companys responses to the comments contained in the Staffs letter dated January 23, 2024 on the Companys draft registration statement on Form F-1 confidentially submitted on January 5, 2024 (the Draft Registration Statement).
U.S. Securities and Exchange Commission
April 1, 2024
Page 2
Concurrently with the submission of this letter, the Company is submitting its revised draft registration statement on Form F-1 (the Revised Draft Registration Statement) via EDGAR to the Commission for confidential review.
The Staffs comments are repeated below in bold and are followed by the Companys responses. We have included page references in the Revised Draft Registration Statement where the language addressing a particular comment appears. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Revised Draft Registration Statement.
In addition to adding and revising disclosure in response to the Staffs comments, the Company has also included (i) its audited consolidated financial statements as of and for the year ended December 31, 2023 and (ii) other information and data reflecting recent developments.
Comments in Letter Dated January 23, 2024
Prospectus Summary
Our Holding Company Structure and the Contractual Arrangements with the VIE, page 7
1. | We note your statement that 25.4% of your revenue was contributed by the VIE for the nine months ended September 30, 2023, compared to 100% and 96.9% for the fiscal years ended 2021 and 2022. Please revise to clarify the reason for the significant decline in revenue contributed by the VIE for the nine months ended September 30, 2023. |
The Company respectfully advises the Staff that the decline in revenue contributed by the VIE in 2023 was attributable to the Companys restructuring efforts, with which all subsidiaries of the VIE that are not subject to restrictions on foreign direct investment were transferred out of the VIE to become subsidiaries of the Companys PRC subsidiaries in 2023. The Company has revised the disclosure on page 8 of the Revised Draft Registration Statement to clarify so.
Management
Compensation of Directors and Executive Officers, page 154
2. | Please update your compensation disclosure for the last full financial year ending December 31, 2023. See Item 6.B of Form 20-F. |
In response to the Staffs comment, the Company has revised the disclosure on page 153 of the Revised Draft Registration Statement.
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If you have any questions regarding the Revised Registration Statement, please contact the undersigned by phone at +852 3740-4858 or via e-mail at shu.du@skadden.com.
Very truly yours, |
/s/ Shu Du |
Shu Du |
cc: | Peng Xue, Chief Executive Officer and Chairman of the Board of Directors, BingEx Limited | |
Le Tang, Chief Financial Officer, BingEx Limited | ||
Haiping Li, Esq., Partner, Skadden, Arps, Slate, Meagher & Flom LLP | ||
Steve Lin, Esq., Partner, Kirkland & Ellis International LLP | ||
Allen Lu, Partner, KPMG Huazhen LLP |