0000000000-23-004236.txt : 20230705 0000000000-23-004236.hdr.sgml : 20230705 20230426123004 ACCESSION NUMBER: 0000000000-23-004236 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20230426 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: YS Biopharma Co., Ltd. CENTRAL INDEX KEY: 0001946399 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: BUILDING NO. 2, 38 YONGDA ROAD STREET 2: DAXING BIOMEDICAL INDUSTRY PARK CITY: DAXING DISTRICT, BEIJING STATE: F4 ZIP: 102629 BUSINESS PHONE: 861089202086 MAIL ADDRESS: STREET 1: BUILDING NO. 2, 38 YONGDA ROAD STREET 2: DAXING BIOMEDICAL INDUSTRY PARK CITY: DAXING DISTRICT, BEIJING STATE: F4 ZIP: 102629 FORMER COMPANY: FORMER CONFORMED NAME: YishengBio Co., Ltd DATE OF NAME CHANGE: 20220912 PUBLIC REFERENCE ACCESSION NUMBER: 0001104659-23-044356 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]#;VQO7!E+UA/8FIE8W0O5VED=&@@,30R."],96YG=&@@,S8U+T)I='-097)# M;VUP;VYE;G0@.#X^7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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MI=?]#.D"UHJE.93E%R_+GWOYFX#6_Z1P/QX'(15F?>87.E7YS%.P"SWGBSKU M/JKKV*0VQ$X]A+B..7SDOZ*JTG/[#=--:/.^$.OR(Z9E>J?#9P,R>C/B@A8G MW@$57J@^"F5N9'-T%LP(#$V72])1"!;/&4Y,#AC-&9C,S'0M-2XT+C4* TEXT-EXTRACT 2 filename2.txt United States securities and exchange commission logo April 26, 2023 Hui Shao Chief Executive Officer YS Biopharma Co., Ltd. Building No. 2, 38 Yongda Road Daxing Biomedical Industry Park Daxing District, Beijing, PRC Re: YS Biopharma Co., Ltd. Registration Statement on Form F-1 Filed April 12, 2023 File No. 333-271221 Dear Hui Shao: 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-1 Cover Page 1. For each of the ordinary shares being registered for resale, disclose the price that the selling securityholders paid for such ordinary shares. 2. We note the significant number of redemptions of your ordinary shares in connection with your business combination and that the shares being registered for resale will constitute a considerable percentage of your public float. Highlight the significant negative impact sales of shares on this registration statement could have on the public trading price of the ordinary shares. Hui Shao FirstName LastNameHui YS Biopharma Co., Ltd. Shao Comapany April NameYS Biopharma Co., Ltd. 26, 2023 April 226, 2023 Page 2 Page FirstName LastName Summary of the Prospectus Overview, page 8 3. Please expand your discussion here to reflect the fact that this offering involves the potential sale of a substantial portion of shares for resale and discuss how such sales could impact the market price of the company s common stock. General 4. Revise your prospectus to disclose the price that each selling securityholder paid for the shares being registered for resale. Highlight any differences in the current trading price, the prices that the Sponsor, private placement investors, and other selling securityholders acquired their shares and warrants, and the price that the public securityholders acquired their shares and warrants. If applicable, disclose that while the Sponsor, private placement investors, and other selling securityholders may experience a positive rate of return based on the current trading price, the public securityholders may not experience a similar rate of return on the securities they purchased due to differences in the purchase prices and the current trading price. Please also disclose the potential profit the selling securityholders will earn based on the current trading price. Lastly, please include appropriate risk factor disclosure. 5. In light of the significant number of redemptions and the unlikelihood that the company will receive significant proceeds from exercises of the warrants because of the disparity between the exercise price of the warrants and the current trading price of the ordinary shares, expand your discussion of capital resources to address any changes in the company s liquidity position since the business combination. If the company is likely to have to seek additional capital, discuss the effect of this offering on the company s ability to raise additional capital. 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 Jimmy McNamara at 202-321-4485 or Jason Drory at 202-551-8342 with any questions. Sincerely, Division of Corporation Finance Hui Shao YS Biopharma Co., Ltd. April 26, 2023 FirstName Page 3 LastNameHui Shao Comapany NameYS Biopharma Co., Ltd. Office of Life Sciences April 26, 2023 Page 3 cc: Dan Ouyang FirstName LastName