New York, NY, June 23, 2022 (GLOBE NEWSWIRE) — Fujian Frozen Goods Online Network Technology Co., Ltd (“FG Online” or the “Company”), a Chinese B2B online frozen food distributor, is mulling going public through a merger with a Special Purpose Acquisition Company (“SPAC”).
The Company expects it will be listed on Nasdaq around the first quarter of 2023 at the earliest, with an estimated valuation of US$1 billion (equivalent to approximately 67 billion CNY).
Founded in 2015, FG Online specializes in providing frozen food, pre-made food and supply chain services to small and medium-sized restaurants, community convenience stores, farmers’ markets and other small food business owners. The Company’s business now covers more than 10 cities in China, with approximately 1,000 upstream suppliers and 400,000+ downstream restaurants and food business owners, serving nearly 100 million consumers per month.
In addition to the distribution network to business owners, FG Online is also actively expanding into other business verticals. EasyFresh Cold Chain Logistics Co., Ltd (“YX Cold Chain”), a wholly owned subsidiary of FG Online, is a cold chain warehousing and storage management and logistics operator that provides third-party warehousing and distribution services for food and grocery delivery companies. Some of their notable customers include Meituan, Alibaba, Fresh Hema, Pupu Supermarket, Mengniu Diary and Yili Group. YX Cold Chain currently has more…
