New SPAC: Sichuan Wanma Benteng Technology Co. Files for $70M IPO
by Marlena Haddad on 2023-11-08 at 3:02pm

Sichuan Wanma Benteng Technology Co. (NASDAQ:WMBT) submitted its S-1 filing this afternoon for a $70 million IPO and intends to focus its search in the China and Asia-Pacific areas.

However, the new SPAC submitted the filing without any expertise attached, becoming the third company to do so this year. This means that the filing was made without the guidance of underwriters, legal counsel, or auditors to provide advice on the process.

This trend was initiated by GRD Biotechnology (NASDAQ:CGRD) when it submitted a $40 million IPO filing back in July, followed by Lianfeng’s(NASDAQ:LFKJ) $70 million IPO filing in October.

Notably, all three SPACs have a focus on China and maintain identical terms with a 24-month timeline, absence of warrants or rights, and a fully funded trust of 100%.

Sichuan Wanma Benteng Tech is led by CEO and Chairman Mr. Xinchun Wu, who has more than three decades of experience in export trade and new energy. The S-1 did not divulge further details on Mr. Wu’s prior work history, but noted that as of last year, he was the Chairman of Yundu Huisheng Technology Co.

Mr. Wu is joined by CFO Mr. Bin Yu, who is also one of the founders of Yunchuang Blueprint (Xiamen) Technology Group Co. Mr. Yu has served as deputy general manager at an undisclosed accelerator company in China and as an operations manager at a Hong Kong-listed company.

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