China Yunhong Holdings, a blank check company mainly targeting consumer or lifestyle assets in Asia, filed for an initial public offering on the US stock market.
The company plans to list on the Nasdaq under the ticker symbol of “ZGYHU,” with an expectation to raise up to US$50 million, according to its prospectus filed with the US Securities and Exchange Commission late Friday.
It intends to offer 5 million units at a price of 10 dollars apiece, the company said in its filing. Each unit consists of one of its Class A ordinary shares and one redeemable warrant.
Maxim Group LLC is the sole bookrunner on the deal.
Founded in 2019, the Wuhan-based company has been formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, which it refers to as a “target business.”
It will initially focus on growing opportunities created by consumer or lifestyle assets in Asia, revealed the filing.
The number of Chinese firms listed on the US exchanges increased in 2018, as more companies mull going public driven by the country’s fast economic development.
A total of 43 Chinese companies were newly listed in the US market last year, up from 24 in 2017 and 10 in 2016, according to data from Wind, a financial data provider.