Rongcheng Group Limited

Definitive (DA signed)

Industrials · integrated waste sorting services · Hong Kong, Hong Kong

What it is: Rongcheng is an integrated waste sorting service provider delivering end-to-end consultation, implementation and training solutions
What it’s doing now: Merging with GalaxyEdge Acquisition (GLED) — definitive (da signed), announced May 1, 2026.
What you should know: The real share count puts the effective valuation 44% above the announced $350M.

The business, per its filings

SEC primary

Rongcheng is an integrated waste sorting service provider delivering end-to-end consultation, implementation and training solutions. Headquartered in Hong Kong, it works through a network of local consulting and recycling partners alongside AI-powered sorting technology to offer integrated policy advisory, advertising advisory and project execution.

Source: 8-K, accession 0001829126-26-004377 · extraction confidence: high

What the company says about itself

Web research — not audited

What our web check found

[WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] [WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] [WEB-INTEL 2026-08-25] 5 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Pre-money equity valuation: $350,000,000" [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Per-share valuation: $10.00 per share" [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Lock-up Period: 180 days" [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] [WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] [WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] [WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] [WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] [WEB-INTEL 2026-08-26] 8 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisi [WEB-INTEL 2026-08-26] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $350 million for the Company." [https://www.globenewswire.com/news-release/2026/05/01/3286212/0/en/rongcheng-group-limited-announces-entering-into-an-agreement-and-plan-of-merger-with-galaxyedge-acquisition-corporation.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Rongcheng shareholders’ ordinary shares will be cancelled in exchange for the right to receive an aggregate 35,000,000 Purchaser ordinary shares, valued at $10.00 per share, based on a pre-money equity valuation of $350,000,000." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Closing is subject to shareholder approvals, SEC effectiveness of a Form F-4 registration statement, stock exchange listing approval and other customary conditions." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Sponsor and company shareholders have entered or will enter support and lock-up arrangements, including a 180-day lock-up on certain shares and an amended and restated registration rights agreement." [https://www.stocktitan.net/sec-filings/GLED/8-k-galaxy-edge-acquisition-corp-reports-material-event-311e58f66226.html]

Source: company web presence · marketing claims are reported as claims, never merged into the filed figures above.

The deal it’s entering

Rongcheng Group Limited is merging with GalaxyEdge Acquisition (GLED), a $115M SPAC currently marked Deal announced and trading at $10.01 against $10.02 in trust per share.

Headline equity value	$350M
Effective valuation (all shares)	$505M+44% vs headline
Sponsor promote	25.9%

Structure per SEC accession(s) 0001829126-26-004378, 0001829126-26-004377. How to read these numbers: headline vs effective valuation · what a definitive agreement commits

What exactly is being valued, and at what

Was this deal done at an expensive or a cheap valuation?

SpacBrain’s read on the price

No multiple can be computed

We hold no revenue figure in US dollars for Rongcheng Group Limited, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $505.3M regardless.

We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.

What the buyers are paying for the whole company$505.3M

Post-dilution equity (net debt unknown).

Divided by what the company actually sells in a yearno revenue figure on file

Not extracted from the filings yet.

= what this deal pays for every dollar of those salesno multiple

Not computable — no revenue figure has been extracted from the filings yet.

What the stock market pays for its closest listed peersno comparable multiple

No listed comparable carries a revenue multiple we can use.

What qualifies the figures above

Struck on the post-dilution value of $505.3M, not the announced $350M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
ICFI, RSG, HHZK, CWST, ZTG, LICN, KOEI, CLH, SEAH, WM, QRHC, OIO have no revenue to divide by, so they are shown but left out of the peer median.

The listed companies it is measured against

Ticker	Company	Mkt cap	EV / revenue	EV / EBITDA	Why it’s comparable
ICFI	ICF International, Inc.	—	—	—	Direct comp: Management Consulting Services; shares implementation, policy, advisory, consulting, technology, services with the target's own description; forward EV/Sales 1.0x.more ▾less ▴
RSG	Republic Services Inc	$65.3B	—	—	Direct comp: Environmental Services & Equipment (NEC); mega-cap ($65.3bn); shares waste, recycling, services, through, solutions, and with the target's own description; forward EV/Sales 4.7x.more ▾less ▴
HHZK	Hong Xiang Hui Zhi Holdings Ltd	—	—	—	Direct comp: Management Consulting Services; shares implementation, consulting, hong, services, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴
CWST	Casella Waste Systems, Inc.	$6.2B	—	—	Direct comp: Waste Management, Disposal & Recycling Services; mid-cap ($6.2bn); shares waste, recycling, integrated, service, solutions, services with the target's own description; forward EV/Sales 3.4x.more ▾less ▴
ZTG	Zenta Group Co Ltd	$39M	—	—	Operational comp: Business Support Services (NEC) (Industrials group); micro-cap ($39m); shares consultation, services, technology, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴
LICN	Lichen International Ltd	$46M	—	—	Operational comp: Accounting & Tax Preparation (Industrials group); micro-cap ($46m); shares consultation, training, services, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴
KOEI	Koei Group Co Ltd	—	—	—	Operational comp: Waste Management, Disposal & Recycling Services; shares waste, recycling, end, technology, solutions, services with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴
CLH	Clean Harbors Inc	$12.5B	—	—	Operational comp: Environmental Services & Equipment (NEC); large-cap ($12.5bn); shares waste, recycling, end, network, provider, services with the target's own description; forward EV/Sales 2.9x.more ▾less ▴
SEAH	Seahawk Recycling Holdings Inc	—	—	—	Operational comp: Waste Management, Disposal & Recycling Services; shares waste, recycling, solutions, through, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴
WM	Waste Management Inc	$88.5B	—	—	Operational comp: Environmental Services & Equipment (NEC); mega-cap ($88.5bn); shares waste, recycling, provider, solutions, services, and with the target's own description; forward EV/Sales 4.3x.more ▾less ▴
QRHC	Quest Resource Holding Corp	$39M	—	—	Operational comp: Waste Management, Disposal & Recycling Services; micro-cap ($39m); shares waste, recycling, provider, services, and with the target's own description; forward EV/Sales 0.4x.more ▾less ▴
OIO	Oio Group	$170M	—	—	Operational comp: Waste Management, Disposal & Recycling Services; micro-cap ($170m); shares waste, recycling, solutions, through, services, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴

Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data; a private target’s deal multiple is not audited the way theirs are.

Common questions

Is Rongcheng Group Limited going public?

Rongcheng Group Limited has a signed merger with the SPAC GalaxyEdge Acquisition (GLED), announced May 1, 2026. Deal status: Definitive (DA signed).

What is Rongcheng Group Limited's SPAC deal valuation?

The announced headline equity value is $350M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $505M, 44% above the headline.

Was Rongcheng Group Limited bought at an expensive or a cheap valuation?

Does Rongcheng Group Limited have revenue?

The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.

Educational content, not investment advice.

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Marine Thinking — with EURK ($130M)
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Same sponsor’s other SPACs

QRED — QuasarEdge Acquisition · Deal announced
QUMS — Quantumsphere Acquisition Corp · Searching
QSEA — Quartzsea Acquisition Corp · Deal announced