Aimei Health Technology is a SPAC, or "blank check company," with no operating business of its own. Aimei Health raised $69.7M in a December 2023 IPO and placed those proceeds into a Trust Account invested in U.S. government securities and money market funds, with the sole purpose of merging with a private company and taking it public. Aimei Health's target focus is small-cap healthcare companies — specifically biopharma, medtech, and diagnostics — with a preference for companies in North America, Europe, and Asia Pacific that have connections to Asian markets. Aimei Health's sponsor acquired founder shares at a deeply discounted price before the IPO, and profits if a deal closes; if no deal closes, public shareholders redeem their shares from the Trust Account and the sponsor's founder shares become worthless. Aimei Health currently has a signed agreement to merge with United Hydrogen Group, a hydrogen energy company that operates through subsidiaries in China. The deal was approved by Aimei Health shareholders in November 2025 but remains pending CSRC (China Securities Regulatory Commission) approval, which has been under review since August 2024. The proposed structure would create a new Cayman Islands holding company listed on Nasdaq. Aimei Health expects to close the deal by May 2026, though the CSRC review timeline is uncertain and represents the key execution risk.