AlphaVest Acquisition Corp. (ATMV) to Combine with Wanshun
by Marlena Haddad on 2023-08-14 at 10:50am

AlphaVest Acquisition Corp (NASDAQ: ATMV) has entered into a definitive agreement to combine with peer-to-peer ride-hailing marketplace Wanshun Technology Industrial Group Limited.

Shenzhen, China-based Wanshun engages primarily in a peer-to-peer marketplace for on-demand ride hailing services with around 5.8 million registered drivers.

The combined company is expected to trade on the Nasdaq once the deal is completed in the fourth quarter of 2023 or early 2024.

Transaction Overview

AlphaVest has about $70.4 million in its current trust and has not faced any redemptions or held an extension vote thus far. The transaction is anticipated to result in ATMV shareholders receiving shares of Wanshun capital stock valued at approximately $300 million.

The parties have not yet released their merger documents or an investor presentation, but AlphaVest’s profile page will be updated once additional terms and details are made available.

Quick Takes: While most ride-hailing services are limited to just an app, Wanshun has brought a new angle to the market in China by establishing brick-and-mortar stores.

Wanshun Technology aims to seamlessly blend novel transportation models with shared mobility solutions and online booking services for new energy vehicles. The company specializes in personalized online car-hailing experiences, distribution through various channels, and integrating applications.

With a focus on networked intelligent transportation, it also plays a role in enhancing local urban services through smart city initiatives. Wanshun is among the leading 100 companies within Shenzhen’s Bao’an District and holds second place in the online car-hailing express track in the district.

Wanshun also has a strict driver policy. According to its website, drivers must “dress neatly, actively take orders, get out of the car and open the door, smile and treat guests and travel safely.” Additionally, the company emphasizes legal compliance and safety as its drivers need to pass various screenings and compliance tests before they can register with the app.

But, what stands out the most about Wanshun is that it has established an extensive network of over 13,000 brick-and-mortar outlets, encompassing driver residences, new energy vehicle sales hubs, and local lifestyle channel endpoints. While most other ride-hailing services do not have physical stores, the company believes this distinctive approach sets it apart from all other platform businesses.

As of 2022, Wanshun secured online car-hailing licenses across more than 350 cities, cementing its position in the industry. In 2019, the Wanshun Car-calling Party Committee was formally established. At present, around 90 branches have received the green light from local party committees to establish party branches, and 150 branches have initiated veteran service fleets, enabling over 10,000 retired soldiers to find employment and entrepreneurship within the company.

The platform boasts over 600,000 licensed drivers, exceeding 2.5 million registered drivers locally, and amassing a user base of 120 million.

In 2021, Wanshun generated over 5 billion Chinese yuan, or $721 million, in sales from car-hailing services and new energy vehicles. For the year 2023, Wanshun aims to achieve a car-hailing and shared travel order revenue of 10.5 billion yuan, or approximately $1.45 billion, according to its website.

Although Wanshun’s previous financials and targets are impressive, it remains difficult to take a deeper dive into the company without further information, including an investor presentation.

It appears the company has been in talks to go public in the U.S. with a SPAC since September 2022, but it is unclear if it always intended to merge with AlphaVest specifically.

Wanshun will join a cohort of other mobility app de-SPACs such as Getaround (NYSE:GETR), Marti (NYSE:MRT), Bird (NYSE:BRDS), and Grab (NASDAQ:GRAB).

While Grab, which completed its $31.2 billion deal with Altimeter in November 2021, and Wanshun are both Asian ride-hailing service providers, Grab mainly focuses on Southeast Asia while Wanshun appears to offer its services exclusively to China for the time being.

But, when it comes to ride-sharing in China, Didi (OTC:DIDIY) seems to be taking the lead and is dubbed the Uber of China. The company IPO’d on the NYSE in June 2021. However, shortly after listing in the U.S., Chinese regulators banned it from app stores, claiming that it broke data privacy laws and posed cybersecurity risks by going public outside of its home country. As a result, Didi’s shareholders voted to delist the company from the NYSE in 2022.

For AlphaVest, the China-based target aligns with what the SPAC originally sought to combine with when it IPO’d in December 2022. AlphaVest’s S-1 states that it intended to focus its search on businesses in Asia, but was not limited to a particular industry or geographic region.


  • Company
    • Jun He Law Offices LLC is serving as legal advisor
  • SPAC
    • Small Seashell Limited is serving as financial advisor
    • Winston & Strawn is serving as legal advisor
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