Caixin
Aug 27, 2021 05:38 AM
BUSINESS

Hong Kong Cooking Platform DayDayCook Seeks U.S. IPO in SPAC Deal

What’s new: DayDayCook, a Hong Kong online cooking community platform backed by Alibaba, is seeking a Nasdaq listing via a merger with a blank check company.

Ace Global Business Acquisitions, a New York-listed special purpose acquisition company (SPAC), said Wednesday it agreed to merge with DayDayCook in a deal that values the company at $300 million.

As part of the transaction, Ace will complete a private investment in public equity of $30 million to $40 million, and DayDayCook will receive $46.9 million in cash from Ace’s trust account, Ace said in a press release.

The background: DayDayCook was founded by former HSBC banker-turned-online influencer Norma Chu in 2012, producing short cooking instructional videos posted across major social media. Now the company mainly generates revenue by selling ready-to-cook food, condiments and kitchen products on its platform.

DayDayCook has accumulated more than 3 billion video views and more than 10 million paid customers worldwide, Ace said. Ace projected the ready-to-cook food market will expand 20% annually and reach $150 billion in 2027.

The company raised $40.1 million through five rounds of fundraising. Investors include Alibaba Entrepreneurs Fund, Hong Kong developer Henderson Land Development Co-Chairman Peter Lee Ka Kit’s private fund and New World Development’s Executive Vice Chairman Adrian Cheng Chi-kong.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

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