SPAC XFLH Capital, led by Chinese executives, ups units offered by 67% ahead of $100 million IPO
February 12, 2026 News
SPAC XFLH Capital prices $100 million US IPO, backed by Chinese executives
XFLH Capital, a blank check company led by Chinese executives, raised $100 million by offering 10 million units at $10. The company had originally filed to offer 6 million units at the same price. Each unit consists of one share of common stock and one right to receive one-seventh of one share upon the consummation of an initial business combination.
IPO Overview
XFLH Capital, a blank check company led by Chinese executives, raised the proposed deal size for its upcoming IPO on Monday.
The Dover, DE-based company now plans to raise $100 million by offering 10 million units at a proposed price of $10. Each unit consists of one share of common stock, and one right to receive one-seventh of a share upon completion of a business combination. The company had previously filed to offer 6 million shares at the same proposed price. At the midpoint of the revised deal size, XFLH Capital will raise 67% more in proceeds than previously anticipated and command a market cap of $138 million.
The SPAC is led by CEO and Director Yanzhe Yang, who founded and serves as the CEO of Aroui Health Management. He is joined by CFO Tianshi Yang, who previously served as the CSO of SunCar Technology Group （Nasdaq: SDA）， and as the CFO of TD Holdings （formerly Nasdaq: GLG）。 The SPAC plans to target growth businesses with enterprise values between $200 million and $400 million that have strong management teams, a track record of revenue and earnings growth, and the ability to generate stable and increasing free cash flow.
XFLH Capital was founded in 2025 and plans to list on the Nasdaq under the symbol XFLHU. Maxim Group LLC is the sole bookrunner on the deal.
About the Company
We believe that the members of our management team and board of directors have valuable and applicable experience for sourcing and analyzing potential acquisition candidates across various industries and on an international basis based upon their professional experience. In addition, our management team has years of combined experience setting and implementing strategies to grow revenues and improve profitability, including developing growth initiatives, developing capital allocation strategies, reducing expenses to increase earnings or to redeploy capital into more beneficial initiatives, pursuing add-on acquisitions and divestitures, engaging in capital markets and other financing, evaluating, changing or enhancing management when appropriate, and crafting other initiatives. We will primarily seek to acquire one or more growth businesses with a total enterprise value of between $200,000,000 and $400,000,000. We intend to seek candidates who have strong management teams with a proven track record of driving revenue growth, enhancing profitability and generating strong free cash flow. We will seek to acquire one or more businesses that have the potential for significant revenue and earnings growth. We will seek to acquire one or more businesses that have the potential to generate strong, stable and increasing free cash flow. We intend to only acquire a business or businesses that will benefit from being publicly traded.