SPAC TradeUP Global Corp prices $40 million IPO, led by Chinese VCs and execs

TradeUP Global Corp, a blank check company led by the founder of Zhencheng Capital, raised $40 million by offering 4.0 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The New York, NY-based company is led by Co-CEO and Chairman Jianwei Li, the founder and Managing Partner of Zhencheng Capital, and former CIO of ZhenFund and VP at Sequoia Capital China. Jianwei Li also serves as Co-CEO and Chairman of TradeUP Acquisition (UPTDU), a SPAC that filed to raise $40 million in February. Co-CEO and Director Lei Huang currently serves as the CEO of US Tiger Securities, and sits on the board of its parent, UP Fintech.

The company plans to target businesses that are fundamentally sound but underperforming their potential, exhibit unrecognized value, and offer opportunities to enhance financial performance, among other characteristics.

TradeUP Global Corp plans to list on the Nasdaq under the symbol TUGCU. Tiger Brokers, R.F. Lafferty & Co. and Ingalls & Snyder acted as joint bookrunners on the deal.