ATIF Holdings Limited, has established a Special Purpose Acquisition Company ("SPAC") Department (the "Department") and is planning to establish a SPAC in the roles of founder, management team and sponsor. The SPAC will fundraise through initial public offering, then to identify private company with high growth potential as acquisition target. The Group expects to generate substantial returns for its shareholders by establishing SPACs and to fundraise to acquire companies with high growth potential. SPACs have become a huge hit among U.S. capital market because it enables companies that meet the listing requirements to go public very quickly. The target company will become a public company after the completion of the SPAC acquisition, and that save the target company a lot of tedious procedures in traditional IPO. Acquisition process may be completed as fast as within a few months. ATIF has extensive experience in IPO advisory services and a thorough understanding of business in various high-growth industries, and has provided IPO advisory services to a number of companies in both the U.S. and China. The Group has signed several going public consulting agreements in 2020 with an impressive track record. Qilian International Holding Group Limited (Nasdaq: QLI, "Qilian"), an IPO client advised by ATIF, made a strong debut in its U.S. IPO on January 12, 2021, closing up 100% on its first day of trading, with a market capitalization of $350 million. Qilian's price jumped 340% during the day. Qilian is a China-based pharmaceutical and chemical products manufacturer. Members of the Department have extensive private equity, IPO and M&A experience and are currently preparing and discussing with various senior angel investors and private equity funds in relation to collaboration and sponsorship of SPACs. The SPAC trend has spread across the globe, with several Asian companies targeted for acquisition. The Group offers excellent resources to identify highly innovative and promising companies in China and the United States.