Greencity Acquisition Corporation Files for $40M IPO
by Kristi Marvin on 2020-06-20 at 11:47am

On Friday, Greencity Acquisition Corporation (GRCYU) filed for their $40 million IPO. They will be focused on the Asian middle-market, with emphasis on finding one or more companies between $150 to $250 million of total enterprise value. Cynthia Management Corporation, the sponsor, is a British Virgin Islands company, majority owned by Greencity management.

With a focus as broad as the Asia middle-market in mind, the backgrounds of the management team also share a similar expansive breadth of experience. Common themes between the executives do emerge though, particularly in the ecommerce, automotive, and logistics industry segments. The Greencity team will be led by Ming Zhang, as CEO, Jianmin Yu, as CFO, and Jinlong Liu, as Chairman. Mr. Zhang has co-managed several growth equity funds in China, most recently with CCIN Capital Management Corp., which focuses on public private partnerships, non-performing assets and pre-IPO investments in China, and Manzi Holding Corp., which focuses on venture capital investments in China. He also has founded and operated three start-up ecommerce companies, including Seven Day Ecommerce Co., New Dream Technology Co., and Weipin Industries Co.

Jianmin Yu, the CFO, also comes to Greencity most recently from CCIN and Manzi Holding Corp. Mr. Yu is also on the board of directors for Shanghai Midai Investment Group., a company that focuses on auto finance, real estate investments, and investments relating to logistics, tourism and individual transportation. He has served as an independent consultant in the finance and e-commerce industries as well as President of Cargo Services (China), a logistics company in the Chinese market, and CMA Logistics (China), a container ship owner.

Jinlong Liu, Chairman and majority owner of Cynthia Management Corporation, Greencity’s sponsor, currently serves as chairman of Shanghai Midai Investment Group, having previously been CEO of Shanghai Midai Automobile Group, a subsidiary focused on auto sales, rental, finance and repairs, and gasoline trading. Prior to that, Mr. Liu was a manager of Ye Chiu Resources, a firm specializing in manufacturing and exportation of aluminum materials in China.

Looking at this SPAC’s structure, we see a very small offering from a first time SPAC team with investor-friendly terms to get the deal sold. More specifically, it is a $40 million, 1 warrant for 1/2 share, 12 month life SPAC, with 6.5% of total capital at-risk from the sponsor, monthly extension contributions after 12 months to 21 months, and $10.15 per unit in trust to start. The monthly extension contributions are $0.033 per share, meaning that at month 21, additional contributions will total $0.30 per share. These terms look very similar to previous Asia focused SPACs such as AGBA Acquisition Limited, Longevity Acquisition Corporation, and Tottenham Acquisition I Limited, however, Greencity’s unit does not include a Right.

Green City, in Pudong, Shanghai, is a high-end western inspired community blending low density upscale housing with nature. These SPAC terms are similarly high-end and will undoubtedly attract some investors, regardless of the future acquisition target. Look for Greencity to price the end June.

Summary of the terms below:

Greencity summary of terms 6-20-20

 

 

Greencity Acquisition Corporation Files for $40M IPO
Recent Posts
by Nicholas Alan Clayton on 2025-07-11 at 8:24am

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...

by Kristi Marvin on 2025-07-10 at 8:31am

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...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

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...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

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....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved