Polibeli Group Ltd completed its business combination with Chenghe Acquisition II Co. on August 7, 2025, and its shares began trading on Nasdaq on August 8, 2025.

• On August 7, 2025, Polibeli Group Ltd completed a business combination with Chenghe Acquisition II Co., resulting in Chenghe becoming a wholly owned subsidiary of Polibeli [S2].
• Following the business combination, Polibeli’s Class A Ordinary Shares commenced trading on the Nasdaq Global Market under the ticker symbol PLBL on August 8, 2025 [S2].
• The business combination involved conversion of SPAC units, shares, and warrants into Polibeli Class A Ordinary Shares and Company Warrants as per the Business Combination Agreement [S2].
• Lock-up agreements were entered at closing, restricting transfer of certain shares for twelve months with some carveouts and waivers [S2].
• The company entered into amended and restated memorandum and articles of association effective at closing, governing shareholder rights and corporate structure [S2].

Polibeli’s global integrated digital supply chain model leverages its multi-regional presence and related party arrangements to streamline procurement and distribution. The company’s equity incentive plan and governance framework support operational execution and talent retention. Its listing on Nasdaq provides access to capital markets. The company’s ability to manage liquidity and optimize its workforce structure aligns with its growth and operational development stages. Polibeli’s diversified geographic footprint and multi-currency operations position it to serve international consumer product markets effectively.

Polibeli reported a net loss and liquidity ratios below 1.0, indicating potential short-term financial constraints. The company’s reliance on related party transactions and loans may pose risks related to governance and financial independence. Workforce reductions suggest operational challenges or restructuring needs. The absence of dividend payments and plans to retain earnings may limit shareholder returns. Exposure to multiple tax jurisdictions and foreign exchange risks adds complexity. Competitive pressures in global consumer product trading and supply chain integration may impact profitability and growth.

Polibeli’s moat is derived from its integrated digital supply chain platform spanning multiple international markets and its established relationships with related parties for procurement and financing. The company’s geographic diversification across Asia, the U.S., Europe, and Australasia provides access to varied consumer markets. Its equity incentive plans and governance structure support talent retention and operational oversight. However, the company faces liquidity constraints as indicated by a current ratio below 1.0 and operates in competitive global consumer product trading markets, which may limit pricing power and margin stability.

• Liquidity Risk: The company’s current ratio of 0.88 as of December 31, 2025, indicates current liabilities exceed current assets, posing potential liquidity constraints.
• Related Party Transactions: Significant transactions and loans with related parties under common control may present governance and financial independence risks.
• Operational Risks: Workforce reductions and restructuring may affect operational capacity and execution.
• Market and Competitive Risks: Operating in competitive international consumer product trading markets may pressure margins and growth.
• Tax and Regulatory Risks: Exposure to multiple tax jurisdictions including Cayman Islands, Japan, Indonesia, and U.S. federal income tax rules adds complexity and compliance risk.

• Polibeli Group Ltd is a Cayman Islands exempted company with limited liability, incorporated in March 2024.
• The company completed a business combination with Chenghe Acquisition II Co. on August 7, 2025, after which its Class A Ordinary Shares began trading on Nasdaq under ticker PLBL on August 8, 2025.
• Polibeli operates a global integrated digital supply chain business focusing on international consumer products trading with operations in Asia, the U.S., Europe, and Australasia.
• The company has subsidiaries in multiple countries including Japan, Indonesia, Singapore, Korea, France, Italy, Hong Kong, and the United States, with local currencies as functional currencies.
• Polibeli has related party transactions with entities under common control such as Yun Yuan HK, Shenzhen Yunhua, and Xinyun Logistics, involving procurement and supply of goods and loans.
• The company had 91 full-time employees as of December 31, 2025, down from 291 in 2023, reflecting workforce adjustments aligned with operational development stages.
• Polibeli has a 2024 Equity Incentive Plan with authorized shares up to 27,891,406 for awards including options, restricted shares, and restricted share units.
• The company’s financials for the fiscal year ended December 31, 2025, include revenue of approximately $26.4 million USD and a net loss of about $5.97 million USD, with basic and diluted EPS of -$0.02 per share.
• As of December 31, 2025, current assets were approximately $16.65 million USD and current liabilities approximately $19.0 million USD, resulting in a current ratio of 0.88.
• Polibeli has loans and financial support agreements with related parties, including Yun Yuan HK and Xinyun Trading, with fixed interest rates and extended maturities.
• The company has not declared or paid dividends and does not have plans to pay dividends in the foreseeable future, intending to retain funds for operations and growth.
• Polibeli is subject to various tax regimes including Cayman Islands (no income tax), Japan, Indonesia, and U.S. federal income tax considerations for shareholders.
• The company’s governance includes a board of directors and executive officers with named individuals and committees as disclosed in the 20-F filing.
• Polibeli’s shares are listed on Nasdaq Global Market since August 8, 2025, under the symbol PLBL.
• The company’s liquidity risk is managed through financial position analysis and monitoring, with access to short-term funding from financial institutions and related parties if needed.
• Polibeli’s accounting policies include estimates for credit losses, inventory write-downs, and valuation allowances for deferred tax assets, with disclosures on methodologies and historical adjustments.