China Growth Alliance Ltd. is another a blank-check company or special purpose acquisition company (or SPAC) that has filed to come public via an initial public offering. It filed to sell up to $56 million in units and will trade under the "CGN" ticker on AMEX. China Growth plans to sell 7 million units in the IPO at $8.00 each.
Its underwriting group consist of Ferris Baker Watts Inc., Jesup & Lamont Securities Corp. and Maxim Group LLC. Each unit consists of one ordinary share and one Class B warrant, while each Class A warrant will entitle the holder to buy one ordinary share for $6.00.
As normal with blank-check and SPAC companies, China Growth will acquire an unspecified business. While no business, nor even exact sector is assured, the company intends to focus initial efforts in locating a business with operations in the People’s Republic of China. It’s a good thing they cleared that up, because that would have been almost impossible to tell by the name. Management is as follows:
- Dr. Bin Zhou, Chairman and Co-Chief Executive Officer;
- Mr. Peifeng Zhu Vice Chairman and Co-Chief Executive Officer;
- Mr. Dongbing Ma, Vice Chairman and President.
Jon C. Ogg
March 18, 2008
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