Rumor

Chinese Online Food Distributor Said to Mull $1 Billion U.S. SPAC Deal

, Globe Newswire

Fujian Frozen Goods Online Network Technology Co, a Chinese B2B online frozen food distributor, is mulling going public through a merger with a SPAC.

The Company expects it will be listed on NASDAQ around the first quarter of 2023 at the earliest, with an estimated valuation of US$1 billion (equivalent to approximately 67 billion CNY).

Founded in 2015, FG Online specializes in providing frozen food, pre-made food and supply chain services to small and medium-sized restaurants, community convenience stores, farmers’ markets and other small food business owners. The Company’s business now covers more than 10 cities in China, with approximately 1,000 upstream suppliers and 400,000+ downstream restaurants and food business owners, serving nearly 100 million consumers per month.

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