Bayview Acquisition, a blank-cheque company, is looking to raise up to $50 million in an initial public offering on the Nasdaq, according to a filing.
The company, led by Xin Wang, managing partner at Beijing-headquartered BHR Partners, and Yuk Man Lau, partner at Chinese investment firm Guoxing Capital, plans to sell 5 million units at $10 each.
BHR Partners, formerly known as Bohai Harvest, is one of China’s oldest private equity funds. It was founded in 2013 by US President Joe Biden’s son Hunter Biden, his former business associate Devon Archer, and Christopher Heinz, heir to the fortune of multi-billion dollar American food company Heinz.
Bayview Acquisition will list on the American bourse under the symbol BAYAU, per the filing.
The company is largely sector-agnostic, with a primary focus on businesses that have a clear path to positive operating cash flow, significant assets, and successful management teams that are seeking access to the US public capital markets, the filing said. In terms of geographic allocations, it will primarily focus on Asian companies.
Lately, several Asian companies have taken a similar route to a public listing, by filing to merge with a Special Purpose Acquisition Company (SPAC), or blank-cheque firm, despite lacklustre public market outlook and performance.
In August, VinFast merged with Hong Kong-based Black Spade Acquisition Company, which valued the Vietnamese electric vehicle maker at $23 billion at the time of its debut on Nasdaq.
Also in August, Shanghai-based steel trading website ZG Group agreed to go public via a merger with Hong Kong-listed Aquila Acquisition, which is backed by a unit of China Merchants Bank. The deal marked the city-state’s first SPAC merger.
Capital A, the parent company of budget airline AirAsia, announced plans this month to list its brand management business on the Nasdaq via a deal with the SPAC company Aetherium Acquisition Corp.