Chinese art marketplace Tyfon Culture has agreed to list its shares on the Nasdaq through a merger with a special purpose acquisition company that values the combined entity at $434 million, the firms said on Wednesday.
The company is among a number of Chinese firms looking to list in the United States as the market for new share sales thaws after nearly two years.
The delisting of Chinese ride-hailing giant Didi Global from the New York Stock Exchange in 2022, following a backlash from Beijing, had discouraged many companies in the country from pursuing U.S. listings.
But China softened its stance after resolving a longstanding audit dispute with the U.S. accounting watchdog in December 2022 and released a set of rules last year to revive such listings.
Tyfon was founded in 2013 and is based in Suzhou in China’s Jiangsu Province. Those looking to sell contemporary Chinese paintings can enlist the company’s help in finding buyers.
The company is expected to trade on the Nasdaq under the ticker symbol “TFCI” after the deal closes in the second half of this year.
SPACs use capital raised from their initial public offerings to merge with private firms, which then go public.
Earlier this month, Chinese electric vehicle maker Zeekr’s shares also debuted on the NYSE.
Reuters