Chenghe Acquisition II (CHEB) is a SPAC — a blank check company with no operations or revenue — formed to identify and merge with a private operating company, taking it public in the process. Chenghe Acquisition II targets growing companies in Asian markets, with a preference for consumer and e-commerce businesses. The SPAC raised $86.25M in its June 2024 IPO at $10.00 per unit, with proceeds held in trust invested in U.S. government securities or money market funds. In September 2024, Chenghe Acquisition II announced a proposed merger with Polibeli Group at an implied equity value of $3.6B, though the deal has not yet closed. The SPAC has 24 months from its IPO to complete a business combination, or public shareholders can redeem their shares for approximately $10.00 plus interest. The sponsor, Chenghe Investment II Limited, paid roughly $0.009 per share for its founder shares — a structure that gives the sponsor an asymmetric upside if a deal closes, but results in a total loss of those shares if no deal is completed. Warrants, exercisable at $11.50 per share, provide additional upside post-merger. Chenghe Acquisition II argues its edge comes from the management team's networks in Greater China and the broader Asia-Pacific region, and its experience helping companies access Asian capital markets.