Chinese investor Bill Chen's SPAC Lakeshore Acquisition II prices $60 million IPO

Lakeshore Acquisition II, the second blank check company formed by the CEO of Shanghai Renaissance Investment Management, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50.

Lakeshore Acquisition II is led by CEO, CFO, and Chairman Bill Chen, the CEO of Shanghai Renaissance Investment Management and CEO and Chairman of Shanghai-based Lakeshore Acquisition I. The company's prospective target business will not be limited to a particular industry. Unlike his prior SPAC, Lakeshore II states that it will not target a business combination in China or Hong Kong.

Management's previous SPAC, Lakeshore Acquisition I (LAAAU), went public in June 2021 and is still searching for a target.

Lakeshore Acquisition II plans to list on the Nasdaq under the symbol LBBBU. Network 1 Financial Securities acted as sole bookrunner on the deal.