They are a newly incorporated blank check company. While they may pursue a business combination target in any business or industry, they intend to focus on global consumer companies with a significant China presence or a compelling China potential. They believe the economic and market dislocation resulting from the COVID-19 global pandemic has significantly broadened their opportunity set by putting additional pressure on many consumer businesses, which were already facing challenges prior to the pandemic. They further believe that as China becomes one of the first major economies to return to growth since the onset of the pandemic, consumer brands that can disproportionately benefit from strong brand equity and favorable consumption trends in China will emerge as long-term global winners in their addressable markets. They believe their management team and their directors have the relevant skills and experience to identify consumer companies that can best capture the current market opportunities. Primavera Capital Group (“Primavera”), which is their affiliate, is a leading China-based alternative investment management firm. They believe Primavera’s stellar track record in the global consumer sector, together with its extensive network of important business contacts and relationships, give them a significant advantage to identify the best investment opportunities and deliver stellar returns in their target sectors.
Tong Chen has served as a member of our board of directors and as our Chief Executive Officer since our inception, and as our Chief Financial Officer since September 12, 2020. Mr. Chen is a partner and a founding member of Primavera Capital Group, which he joined in 2010. At Primavera, Mr. Chen is responsible for sourcing, executing and exiting a variety of deals in the consumer and technology sectors, including investments in Alibaba Group, Ant Financial, Cainiao Smart Logistics, Alibaba Local Services Group, iResearch, Vitaco Health and Linksure Global. Prior to Primavera, Mr. Chen worked at the Investment Banking Division of Goldman Sachs in both Hong Kong and New York from 2003 to 2006. Mr. Chen holds a Bachelor of Arts degree in Applied Mathematics from Harvard College. He also received his JD and MBA degrees from Harvard Law School and Harvard Business School, respectively.
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