SPAC Chenghe Acquisition files for a $100 million IPO, targeting fintech in Asia

Chenghe Acquisition, a blank check company targeting fintech in Asia, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

The company plans to raise $100 million by offering 10 million units at a price of $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Chenghe Acquisition would command a market value of $129 million.

The company is led by Chairman Richard Li, the former COO and CIO of China Great Wall AMC International, and the former CEO of Great Wall Pan Asia Asset Management. He is joined by CEO and Director Shibin Wang, the co-founder and CEO of Hong Kong Digital Asset Ex, and CFO Anna Zhou, a former Senior Associate at Mighty Divine Investment Management.

Chenghe Acquisition intends to focus on fintech or technology-enabled financial service companies, including artificial intelligence, big data, cloud and blockchain-related initiatives in Asian markets, excluding Mainland China, Hong Kong, and Macau.

The Singapore-based company was founded in 2021 and plans to list on the Nasdaq under the symbol CHEA.U. Morgan Stanley and EarlyBirdCapital are the joint bookrunners on the deal.