Aimei Health Technology Co Ltd (NASDAQ: AFJK) is a blank check special purpose acquisition company incorporated to identify and complete a business combination with one or more target businesses. The company raised capital through an IPO completed in December 2023, with proceeds held in a trust account administered by Continental Stock Transfer & Trust Company. AFJK targets late-stage development or revenue-generating businesses with high growth prospects, experienced management teams, and sustainable proprietary positions, with a stated focus on companies connected to China or Chinese-American markets. As of the filing date of its 10-K (filed 2026-05-04), the company had entered into a Business Combination Agreement with United Hydrogen and related entities but had not yet closed the transaction. The company carries material regulatory risk tied to potential PRC government oversight of its business combination, including possible CSRC review requirements.

Revenue model

As a SPAC, AFJK does not generate operating revenue. Capital is held in a trust account following the IPO (December 2023), with a stated redemption value of $10.10 per share. Returns to shareholders depend entirely on the completion of a qualifying business combination.

Products and services

Blank check acquisition vehicle seeking a business combination target. The announced pending target is United Hydrogen, as disclosed in the 10-K filed 2026-05-04.

Customers and end markets

Not applicable. AFJK has no customers or commercial end markets as of the filing date (2026-05-04). Its counterparties are IPO investors and the target company, United Hydrogen.

Value-chain role

SPAC sponsor and acquisition vehicle. AFJK's role is to source, negotiate, and close a merger or acquisition with a private operating company, then facilitate a public listing of the combined entity.

Geographic exposure

Incorporated in a non-PRC jurisdiction but focused on targets with PRC-connected operations. Faces PRC regulatory risks including CSRC and CAC oversight, as disclosed in the 10-K filed 2026-05-04.

Source: SEC 10-K, filed 2026-05-04

Industry: Blank Checks