Chenghe Acquisition II Registers for $75M IPO

Chenghe Acquisition II today filed to raise $75 million in an offering of 7.5 million units at $10 each. A unit consists of one Class A share and one-half of a redeemable warrant, with whole warrants exercisable at $11.50. The sponsor intends to purchase $2.5 million in private placement units.

Additionally, the underwriters have a 45-day option to purchase up to 1,125,000 additional units to cover any over-allotments.

The new SPAC intends to focus on growing companies in Asian markets or global companies with a presence or focus in Asia, including China.

Dr. Shibin Wang, the SPAC’s chairman, has over 15 years’ experience in sales and trading of structured financial products, cross-border financing and other capital market activities. His clients have included banks (China Development Bank, Industrial and Commercial Bank of China, Agriculture Bank of China and China Construction Bank), organizations (China National Offshore Oil Corporation and GCL-Poly Energy) and private equity firms (Hillhouse Capital and Greenwoods Asset Management).

Chenghe II plans to apply for a listing on the NYSE American under the ticker symbol CHEB.U.

Management’s first Chenghe SPAC closed a deal in February with Taiwan Color Optics.

Cohen & Company is lead book-running manager on the deal, with Revere Securities and Chenghe Capital Management serving as co-managers. Read more.

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