Chenghe Acquisition II Co.
CHEB · NYSE
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Chenghe Acquisition II Co. / Chenghe Acquisition III Co. / Ribbon (Zhou Zhiyang), listed on NYSE in June 2024.
- What it's doing now
- It agreed to buy Polibeli Group Ltd, a Digital supply chain services and distribution platform company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Polibeli Group Ltd
- Industry
- Digital supply chain services and distribution platform
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 7 June 2024
- size not on file · 102.8% of each $10 unit into trust
- Headquarters
- 38 BEACH ROAD #29-11, SINGAPORE, U0, 189767
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Zhang James (Director) · Fortmiller Frederick Vincent Jr. · Yuan Yixuan (Chief Executive Officer)
- Listed securities
- CHEB common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 7 June 2024IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedpost-close PLBLSEC primary
- closedSEC primary
The score
deterministic, from filed fieldsCHEB is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 295 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Chenghe Acquisition II Co. (NYSE: CHEB) was a blank-check company whose SEC SIC industry code was 6770. The company priced its IPO on June 7, 2024, per 424B prospectus 0001213900-24-050581, with a trust value of $10.28 per unit. Its securities included Class A Ordinary Shares; Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant; and Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50. The common ticker CHEB is printed on the cover page of 8-K 0001213900-25-050797, filed June 3, 2025. The company is closed, having completed a business combination, as established by Form 25 0001143313-25-000054 filed August 8, 2025, under 17 CFR 240.12d2-2(a)(3), the rule for securities that have come to evidence other securities in substitution therefor.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The same registration statement also carries a resale prospectus covering up to 30,102,200 Class A ordinary shares to be received by the Company Shareholder — more than two and a half times the 11,810,000 shares in the public offering prospectus — so the overhang that can be sold into the market after closing is larger than the block being registered for the combination itself. The two prospectuses are substantively identical apart from a different cover, a Selling Shareholder section and a Selling Shareholder Plan of Distribution.
The resale prospectus covers up to 30,102,200 Class A ordinary shares the Company Shareholder receives if the combination closes, against 11,810,000 shares in the public offering prospectus — so from the first version the registered resale block is the larger of the two and is the number that measures post-closing selling pressure. Chenghe shareholders vote at an extraordinary general meeting whose date is not stated here, and the document is preliminary and subject to completion.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Deal completion: 1/1 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. No measured post-close outcome yet, so completion credit is NOT gated — missing data is never a penalty. Small sample — the shrink below keeps this near neutral.
Mixed record · low confidence
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001213900-25-038236
Trading & liquidity
Company profile
Directors & officers
- Zhang JamesDirector
- Fortmiller Frederick Vincent Jr.10% owner
- Yuan YixuanChief Executive Officer
- Li Qi10% owner
- Wang ShibinDirector
- Ma NingDirector
- Wang ZhaohaiChief Financial Officer
- Sun KwanDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
5 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- First Trust Capital Management L.P.with 1 other reporting person on the same schedule9.3% · SC 13GNov 14, 2024 stale
- Karpus Management, Inc.8.7% · SC 13GNov 13, 2024 stale
- GOLDMAN SACHS GROUP INCwith 1 other reporting person on the same schedule7.2% · SC 13GNov 12, 2024 stale
- AQR CAPITAL MANAGEMENT LLCwith 1 other reporting person on the same schedule6.7% · SC 13GNov 14, 2024 stale
- Centiva Capital, LPwith 1 other reporting person on the same schedule6.3% · SC 13GNov 14, 2024 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault deal note — Polibeli Group Ltd (CHEB)
vault-note · /vault/deals/polibeli-group-ltd
- Vault note — CHEB (Chenghe Acquisition II Co.)
vault-note · /vault/tickers/CHEB
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail9 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-24-050581 priced 2024-06-07; common ticker CHEB off 8-K 0001213900-25-050797 (2025-06-03); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001143313-25-000054 (2025-08-08) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Ordinary Shares; Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant; Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
warrantStrike=11.5, unitSeparationDays=52 from the definitive prospectus (0001213900-24-050581). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate
sponsor "Chenghe Investment II Ltd." (SEC CIK 0002025110) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-24-050475.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC; no agreement-naming filing on file, so announcedAt is NULL rather than guessed
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC; no agreement-naming filing on file, so announcedAt is NULL rather than guessed
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read