On March 10, "Zhao Gang Wang," an investee company of Yunqi Phase I, the sub-fund managed by Yuanhe Chenkun through Yuanhe Bingsheng, was listed in Hong Kong via a reverse takeover of Aquila, a Hong Kong-based SPAC company. This marks the second De-SPAC transaction to date. The Aquila merger deal received strong backing from shareholders, and the newly formed company, Zhao Gang Group, is now listed under the stock code 06676.HK.

Zhao Gang Group was established in In 2012, the company primarily connected key players in the steel trading industry to its digital platform, offering a one-stop B2B service spanning the entire steel trading value chain. Today, FindSteel Group is steadily expanding into non-steel industrial raw material markets, including electronic components, electrical and power equipment, hardware and mechanical products, as well as non-ferrous metals.

The digital platform of Zhaogang Group connects approximately 15,000 registered sellers and over 180,000 registered buyers, with a strong repeat purchase rate. In 2021, among the top 500 buyers of Zhao Gang Group based on GMV contribution, 91.8% continued doing business with the company in 2023. From 2021 to 2023, SME buyers maintained an average annual net cash retention rate of 131.1% when measured by GMV. As of September 30, 2024, Zhao Gang Group has established a nationwide logistics fulfillment network, collaborating with more than 1,700 registered logistics carriers and connecting over 173,900 truck capacity units.