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wsopfinaltable2022| Taifeng Culture plans to go public in the United States through SPAC, leading art trading platform to sound the U.S. stock market

TodayWsopfinaltable2022Leading art trading platform-Tai Fung Culture Holdings Limited (Tyfon Culture Holdings Limited) and Global Technology Acquisition CorpWsopfinaltable2022. I (NASDAQ)Wsopfinaltable2022GTAC) signed a business merger agreement to list on Nasdaq through the SPAC model in the second half of 2024.

wsopfinaltable2022| Taifeng Culture plans to go public in the United States through SPAC, leading art trading platform to sound the U.S. stock market

According to the announcement, Tai Fung Culture and GTACWsopfinaltable2022The board of directors has unanimously approved the business merger. The combined company is expected to be valued at $434 million and the net proceeds raised from the merger will be used to finance future growth opportunities. This business merger is not subject to the minimum cash conditions.

Take advantage of the popularity of art collection and the wave of Internet technology to be listed in the United States.

According to the 2023 Art Market report, written and released by Artprice.com & ARAA, global art and NFT auctions totaled US $14.9 billion in 2023, with nearly 763000 works sold. Of the top five art market powers (accounting for 89 per cent of the global market), China is the only country with an increase in total auction turnover. The performance of contemporary art works is particularly eye-catching in the Chinese art market in 2023. With the stable development of China's economy and the popularization of the concept of art collection, more and more collectors begin to pay attention to contemporary art works and regard them as the direction of investment and collection. Secondly, practitioners have the courage to innovate in the service model, and more and more auctions adopt new service models such as online auctions, live auctions and so on. These models not only provide a more convenient auction channel, but also expand the coverage of the market and attract more young collectors to participate. The rise of online auction makes the business of auction companies no longer subject to geographical restrictions, further improve the transaction success rate, and provide participants with a better service experience.

Taifeng Culture is a well-known online and offline (O2O) art trading platform in China, forecasting a compound annual growth rate (CAGR) of revenue and gross profit of about 49 per cent and 52 per cent respectively from 2021 to 2024. Net profit in 2023 was $23 million, with adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) of $34 million. Tai Fung Culture has a unique online and offline O2O business model, which combines the advantages of live art experience and exhibitions, and improves transaction efficiency through innovative online markets, providing identification, traceability and data storage services. According to Frost & Sullivan, Taifeng Culture has shown significant growth in the Chinese contemporary art market (works of art created after 1949) and will become the largest intermediary platform for painting transactions in China by transaction value in 2022. From 2021 to 2023, the total transaction volume of the platform reached US $906 million, with more than 110000 registered users by 2023. Taifeng Culture has become the mainstream art market in China.

Through the merger with GTAC, Tai Fung Culture expects to expand its art trading platform internationally and promote its technological development as well as the development of more diversified products and services. After the deal is completed, Terra Fung's senior leadership team will continue to manage the combined company, and GTAC will initially appoint two of the seven directors.

In recent years, many Chinese enterprises have listed in the United States, among which there is no lack of new Internet companies that integrate online and offline business, mainly because US stocks are the largest stock exchange market in the world, which is very active, with the highest trading volume and high liquidity. Coupled with a variety of financing channels, Chinese enterprises have more financing opportunities. In terms of valuation, US stock investors are generally optimistic about Internet companies and high-tech companies, and will give high valuations, which will help Internet companies to raise funds to expand their business scope and achieve greater market capitalization growth.

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