Chenghe Acquisition III Co (NASDAQ: CHEC) is a blank check special purpose acquisition company incorporated as a Cayman Islands exempted company that raised capital through an IPO to acquire an operating business. The company generates no operating revenue. It completed its IPO on September 17, 2025, selling 12,650,000 public units at $10.00 per unit and raising gross proceeds of $126,500,000, with an additional $4,080,000 raised through private placement units sold to co-sponsors and underwriter BTIG, LLC. The full $126,500,000 in net IPO proceeds is held in a trust account invested in U.S. government securities or qualifying money market funds. The company has 18 months from the IPO closing to complete an initial business combination, after which, if no deal is completed, public shareholders receive their pro-rata share of trust assets. Co-sponsors are Chenghe Investment III LLC, a Delaware limited liability company with its principal place of business in Hong Kong, and a Cayman Islands affiliate.

Revenue model

No operating revenue. Income is limited to interest earned on the $126,500,000 trust account, which is invested in U.S. government securities or qualifying money market funds. The economic return to sponsors comes through founder shares and private placement units upon completion of a business combination.

Products and services

Public units consisting of one Class A Ordinary Share and one-half of one redeemable Public Warrant, with each whole warrant exercisable for one Class A Ordinary Share at $11.50 per share. Units were sold at $10.00 each in the September 17, 2025 IPO.

Customers and end markets

Public shareholders who purchased units in the IPO. No identified end market or operating customer base, as the company has not completed a business combination as of the 10-K filing dated March 25, 2026.

Value-chain role

SPAC sponsor vehicle seeking an acquisition target. Co-sponsors identify and negotiate an initial business combination requiring acquisition of 50% or more of a target's outstanding voting securities or a controlling interest. Post-combination entity structure is to be determined.

Geographic exposure

Trust account held in the United States. Co-sponsors are based in Hong Kong. Filings reference potential exposure to PRC regulatory frameworks, including cybersecurity rules, if a post-combination entity operates in China.

Source: SEC 10-K, filed 2026-03-25

Industry: Blank Checks