Chum successfully listed ChinaGrowth North Acquisition Corporation and ChinaGrowth South Acquisition Corporation, two publicly traded companies with only cash as assets, through IPO in the U.S. in January 2007 (collectively “ChinaGrowth”). ChinaGrowth are screening quality growth Chinese companies to combine businesses. Each company has available cash of at least US$40 million (there are no upper limits in the amount of capital that ChinaGrowth can provide). After business combination is completed, the listed companies will be moved to NYSE or Nasdaq. ChinaGrowth doesn’t have either geographic or industry limitations. What we like is high growth mid-to-large size enterprises in China.

Investors of ChinaGrowth include some most well-known funds in the U.S. ChinaGrowth represents a new way to list in the U.S. stock markets – combining with listed U.S. companies formed through IPOs and with only cash as assets. Such method not only combines features of IPO, M&A and private equity, but also integrates well among these products to help businesses complete fundraising and listing concurrently in a flexible way. Some notable advantages are as follows:

1. Fundraising is completed thus no risk of unable to raise capital
2. Listing through business combination thus restructuring process is more flexible
3. Relatively low listing cost
4. Relatively short time to go public
5. New incentive structure