Bowen Acquisition Corp is a Cayman Islands-based blank check company, or SPAC, formed to undertake a business combination, primarily focused on Asian markets, with no revenue yet but holding substantial trust assets and engaged in a merger process with Chinese biotech firm Shenzhen Qianzhi BioTechnology.

# Company Summary of Bowen Acquisition Corp

## Business Overview
- **Type:** Blank check company (special purpose acquisition company - SPAC)
- **Formation Date:** February 17, 2023
- **Jurisdiction:** Cayman Islands (exempted company)

## Purpose
- To effect a **Business Combination** with one or more businesses, primarily focusing on mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar transactions.
- Not limited to any specific industry or geographic region, but has an intended focus on businesses in Asia.

## Organizational Activities
- **Initial Public Offering (IPO):** 
  - Sold 6,000,000 units at $10.00 each, raising $60 million.
  - Each Unit includes:
    - 1 Ordinary Share (par value $0.0001)
    - 1 Right (entitling holder to receive 1/10 of an Ordinary Share upon Business Combination)
  - Over-allotment exercised for additional 900,000 Units, raising an extra $9 million.
- **Private Placements:**
  - Sold 330,000 private units at $10.00 each for $3.3 million.
  - Additional private units purchased following over-allotment exercise.
- **Sponsors & Shareholders:**
  - **Createcharm Holdings Ltd** and **Bowen Holding LP** are the main sponsors.
  - Sponsors held Founder Shares worth $25,000.
  - Founders and sponsors have registration rights and are subject to transfer restrictions.
- **Officers & Directors:** 
  - Planned officers include Jiangang Luo (CEO), Jing Lu (CFO), Na Gai (Chairwoman), Lawrence Leighton, Wei Li, and Jun Zhang.
  - Board of directors divided into three classes serving three-year terms.

## Financial Status (as of December 31, 2024)
- **No operating revenue** has been generated.
- **Interest income** earned on the trust account totaling approximately **$3.68 million** in 2024, primarily from U.S. government securities held in the trust.
- **Net income for 2024:**  
  - Approximately **$2.96 million**  
  - Composed of:
    - Income from trust account interest earnings
    - Offset by operating costs and interest expense.
- **Expenses:**
  - Formation and operating costs, legal, advisory, and transaction costs.
  - Significant professional and administrative fees.
- **Liquidity:**
  - Cash & equivalents: **$103,774** (as of December 31, 2024)
  - Working capital deficit of approximately **$799,056**.
- **Trust account balance:**  
  - **$75.79 million** (held in U.S. government securities)

## Key Transactions & Developments
- **Business Combination:**
  - Entered into an agreement with **Shenzhen Qianzhi BioTechnology Co. Ltd.** (Qianzhi), a Chinese company.
  - The merger process involves Qianzhi becoming a wholly owned subsidiary of a new Cayman Islands company (**NewCo**).
  - Upon completion, existing shareholders of Qianzhi will receive approximately **7.25 million** of Bowen’s shares plus earnout consideration up to **1.4 million** shares based on future performance.
  - The transaction is awaiting regulatory approval.
  
- **Extension & Redemption:**
  - Extensions granted to delay Business Combination until July 14, 2025.
  - Redeemed approximately **6.15 million** shares at about **$10.99** in total to extend the deadline.
  - As of April 15, 2025, remaining public shares are about **744,473**, with **$8.2 million** approximately left in trust.

## Summary
- **No revenue or profit** yet—primary activities focus on preparing for and executing a Business Combination.
- The company’s main assets are the funds held in the trust account from its IPO, totaling approximately **$75.79 million**.
- Currently, the company has no employees but is managed by appointed officers and a board of directors.
- The company is actively engaged in legal and regulatory preparations to complete its planned merger with Qianzhi, which is a Chinese biotech firm specializing in personal hygiene and disinfection products in China.

The company is a Cayman Islands blank check company formed to pursue a business combination with a focus on companies in Asia, while being funded primarily through its recent IPO and private placements.

# Summary of Company Operations

## Overview
The company is a blank check company incorporated on February 17, 2023, in the Cayman Islands. Its primary purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities (referred to as a “Business Combination”).

## Business Model
- The company is actively seeking suitable business combination targets, particularly focusing on Asia.
- It specifically avoids engaging with businesses operating under a variable interest entity (VIE) structure that consolidates operations in China due to regulatory restrictions.
- The company emphasizes that it has not generated any revenues to date and does not expect to do so until it completes its initial Business Combination.

## Financial Details
- On **July 14, 2023**, the company completed its initial public offering (IPO), raising gross proceeds of **$60 million** from the sale of **6 million units** at a price of **$10.00 per unit**.
- The IPO units included one Ordinary Share and one Right, which entitles holders to receive a fractional share upon completion of a Business Combination.
- Additionally, a **Private Placement** generated **$3.3 million** from the sale of **330,000 units**.
- After the IPO and private placements, approximately **$69.69 million** was deposited into a Trust Account to be utilized for the Business Combination.
- As of **December 31, 2023**, the company had approximately **$426,913** in operating cash and **$71,419,358** in investments within the Trust Account.

## Organizational Structure
- **Employees:** The company currently has three executive officers and does not have any full-time employees before the Business Combination.
  
## Target Market
- The company is particularly focused on merging with businesses in Asia but excludes companies that use VIE structures to operate in China.
  
## Customers and Revenue
- **Number of Customers:** The company does not currently serve any customers, as it is in the search phase for a suitable target business for acquisition.
- **Revenue:** No revenues have been generated to date.
- **Income:** The company has not reported any income or earnings since its inception.

## Governance and Management
- The company is sponsored by Createcharm Holdings Ltd and Bowen Holding LP, both of which are affiliated with the management team.
- The management's strategy includes evaluating potential target businesses and negotiating acquisitions as a means of growth and market entrance.

In conclusion, the blank check company is positioning itself for strategic acquisitions, focused primarily in Asia, while currently lacking operating revenue and clients. It is mainly funded through its IPO and expects to generate revenue through future acquisitions.

Bowen Acquisition Corp

10-K / April 15, 2025

10-K / March 29, 2024

10-K / April 15, 2025

Company Summary of Bowen Acquisition Corp

Business Overview

Purpose

Organizational Activities

Financial Status (as of December 31, 2024)

Key Transactions & Developments

Summary