Last Friday, there was another new SPAC filing with the addition of China Yunhong Holdings (ZGYHU), a $50 million SPAC IPO focused on the consumer and lifestyle sectors in Asia. Mr. Yubao Li is acting as Chief Executive Officer and Chairman, however, he is currently the only team member listed. Mr. Li is currently the acting president of the Hubei Academy of Science and Technology. He is also serving as a director or officer at multiple solar and agriculture companies in addition to being a director at the Photoproteins Research Centre at China’s Academy of Management Science, a research institute located in Beijing.
The structure seen in Yunhong’s unit is interesting for an Asia-focused SPAC. There is no right included in the unit, only a warrant. Since there is no right in the unit, Yunhong is offering a full warrant instead of the 1 warrant for 1/2 share that is typically seen in these deals. Additionally, a Crescent term has not been included and the warrant call trigger is $18.00. The typical trigger for smaller Asia-focused deals similar to Yunhong is $16.50. The $18.00 trigger is similar to most larger SPACs, and with a longer duration than most small Asia-focused SPACs at 18 months, it will be interesting to see how investors react.
While Yunhong does not have a full management team yet, the strength of the team will likely feel similar to most other SPACs with this size and focus. The team does not have experience with blank check companies but they are well connected and have experience in other industries. Some of the terms for Yunhong would be considered unfavorable for certain investors, but the sheer number of deals successfully pricing and the current investment environment, combined with the small size of the deal, make it seem as though they should be able to get it sold even if there is some pushback.
Summary of terms below:


Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....