Aimei Health (AFJK) Merger with United Hydrogen Pending CSRC Approval
Aimei Health Technology Co., Ltd. (AFJK), a SPAC, is progressing with its proposed business combination with United Hydrogen Group Inc., which was initially agreed upon in June 2024 and approved by Aimei Health shareholders in November 2025. However, the closing is currently pending United Hydrogen obtaining necessary approvals from the China Securities Regulatory Commission (CSRC), causing delays. The deadline for completing the business combination has been extended multiple times, most recently to May 6, 2026, with the Sponsor and United Hydrogen making monthly deposits. The company also highlighted significant legal and operational risks associated with potential business combinations involving PRC-based companies, including United Hydrogen, and stated it will not acquire companies operating through VIEs.
Key Highlights
- Aimei Health entered a definitive business combination agreement with United Hydrogen on June 19, 2024.
- Aimei Health shareholders approved the business combination on November 6, 2025.
- Closing of the merger is contingent on United Hydrogen obtaining required CSRC approvals.
- The business combination is currently expected to close by May 2026.
- The deadline for completing the business combination was extended to May 6, 2026.
- Sponsor and United Hydrogen deposited $34,330.96 for each of the last five monthly extensions.
- Company faces legal and operational risks due to United Hydrogen's PRC operating subsidiaries.
- Aimei Health will not acquire target companies operating through variable interest entities (VIEs).