Asia-focused SPAC Sichuan Wanma Benteng Technology files for a $70 million IPO

Sichuan Wanma Benteng Technology, a blank check company targeting businesses in China and the APAC region, filed on Wednesday with the SEC to raise up to $70 million in an initial public offering.

The Chengdu, China-based company plans to raise $70 million by offering 7 million shares at $10. The offering does not contain warrants or rights. At the proposed deal size, Sichuan Wanma Benteng Technology would command a market value of $100 million.

Sichuan Wanma Benteng Technology is led by CEO and Chairman Xinchun Wu, who currently serves as Chairman of Yundu Huisheng Technology. It plans to target businesses in China and the Asia Pacific area, focusing on those with solid financial performance and strong competitive position, among other characteristics.

Sichuan Wanma Benteng Technology plans to list on the Nasdaq under the symbol WMBT. The company has not selected an underwriter yet.