On September 28, 2022, TH International Limited, the exclusive operator of Tim Hortons coffee shops in China ("Tims China"), completed its business combination with Silver Crest Acquisition Corporation, a U.S. special purpose acquisition company ("SPAC"). Tims China officially became a publicly traded company on September 29, 2022, with its shares and warrants trading on NASDAQ under the symbol "THCH". The closing and related transactions will provide Tims China access to nearly US$ 200 million to support continued growth.
Han Kun provided legal services to Tims China throughout the de-SPAC combination and listing process. Previously, Han Kun advised Tims China on its multiple equity financing series.
Tims China is an emerging coffee champion in China with a vision to build the premier coffee and bake shop in mainland China. Tims China offers freshly brewed coffee, tea and other beverages, bakery and sides, and sandwiches through company-owned and -operated stores and franchised stores. Tims China had 390 system-wide stores across 21 cities in mainland China as of December 31, 2021 and aims to build a profitable network of 2,750 stores by 2026. Closing of the de-SPAC listing marks a notable milestone for Tims China, making it the "first Chinese coffee stock listed through a SPAC".
