Financial Performance - For the three months ended March 31, 2023, the net income was $644,898, compared to a net loss of $3,749 for the same period in 2022[8]. - The basic and diluted net income per share for common stock subject to redemption was $0.46 for the three months ended March 31, 2023[8]. - As of March 31, 2023, the Company reported a net income of $644,898, which includes interest earned on marketable securities of $803,084[82]. - The Company has not generated any operating revenues to date and will not do so until the completion of its initial Business Combination[81]. Balance Sheet and Cash Position - The total current liabilities decreased to $39,412 as of March 31, 2023, from $257,871 as of December 31, 2022[7]. - The total shareholders' equity as of March 31, 2023, was $358,221, down from $554,543 as of December 31, 2022[7]. - The company had cash at the end of the period amounting to $310,950, down from $659,035 at the beginning of the period[14]. - The Company had cash of $310,950 as of March 31, 2023, intended for identifying and evaluating target businesses[88]. - Cash used in operating activities for the three months ended March 31, 2023, was $348,085[93]. - The Company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2023[94]. Initial Public Offering (IPO) - The company generated gross proceeds of $60,000,000 from its Initial Public Offering on December 22, 2022[19]. - The Company sold 6,000,000 Units at a price of $10.00 per Unit during its Initial Public Offering, raising a total of $60,000,000[51]. - An additional 900,000 Units were issued due to the underwriter's full exercise of their over-allotment option, generating an extra $9,000,000[51]. - The Company completed a private sale of 390,000 Private Placement Units at $10.00 per Unit, totaling $3,900,000, which were added to the net proceeds from the Initial Public Offering[52]. - The total net proceeds from the initial public offering and the sale of Private Placement Units amounted to $71,030,000, or $10.20 per share sold in the initial public offering[114]. - The Company incurred transaction costs related to the Initial Public Offering amounting to $3,734,629[21]. - Offering costs of $3,734,630 were charged to additional paid-in capital upon completion of the Initial Public Offering[41]. Trust Account and Investments - The company placed $61,200,000 in a Trust Account from the net proceeds of the Initial Public Offering, with a per unit value of $10.20[20]. - The Company has $71,221,220 in investments held in the Trust Account as of March 31, 2023, including $802,992 in interest income[40]. - As of March 31, 2023, the Trust Account held $71,221,220 in a mutual fund primarily invested in U.S. Treasury Securities[72]. - The fair value of marketable securities held in the Trust Account increased from $70,418,228 on December 31, 2022, to $71,221,220 on March 31, 2023, reflecting a growth of approximately 1.14%[72]. Business Combination and Future Plans - The Company will redeem 100% of the Public Shares if a Business Combination is not completed within the Combination Period[28]. - The Company has until 12 months (or 18 months if extended) from the closing of the Initial Public Offering to consummate a Business Combination[28]. - The Company intends to use substantially all funds in the trust account to complete its initial business combination[87]. - Management believes that the funds available will sustain operations for at least one year from the issuance date of the financial statement[31]. - There is substantial doubt about the Company's ability to continue as a going concern within one year after the issuance of the financial statements[91]. Internal Controls and Compliance - There was a material weakness identified in internal controls related to the accretion adjustment, which management plans to enhance through additional analyses[107]. - No changes in internal control over financial reporting materially affected the company during the most recent fiscal quarter[107]. - The Company does not expect any recently issued accounting standards to have a material effect on its financial statements[50]. - The Company has no unrecognized tax benefits or accrued interest and penalties as of March 31, 2023[47]. - There have been no material changes to the risk factors disclosed in previous filings as of the date of this Quarterly Report[109].

Financial Overview - The company generated gross proceeds of $60 million from its Initial Public Offering (IPO) by selling 6 million units at $10.00 per unit[20] - An additional 900,000 units were sold due to the underwriters fully exercising their over-allotment option, resulting in total gross proceeds of $9 million[20] - The total amount deposited into a U.S.-based trust account was $70.38 million, equating to $10.20 per public share[22] - The net proceeds from the Initial Public Offering and the sale of private units may be used for general corporate purposes, including maintenance or expansion of operations[34] Business Strategy - The company intends to focus on acquiring businesses in Asia, particularly those with strong management teams and significant growth potential[26] - The management team has extensive experience in mergers and acquisitions, which is expected to aid in identifying attractive acquisition opportunities[25] - The company plans to leverage its management team's expertise to improve operational efficiency and scale revenue through acquisitions[28] Operational Status - The company has not commenced any operations and does not expect to generate operating revenues until after completing its Business Combination[19] - The company has generated no revenues to date and is classified as an early-stage and emerging growth company[17] - The company currently maintains executive offices at a cost of $10,000 per month for office space and administrative services[40] - The company has no full-time employees and relies on its management team to devote necessary time until the initial business combination is completed[41] Regulatory and Market Risks - The company may face additional risks related to potential business combinations with target companies operating in China, including regulatory and enforcement risks[54] - PRC regulations may limit the company's ability to inject capital into its Chinese subsidiaries, affecting profit distribution and exposing it to legal liabilities[62] - Changes in PRC government policies could significantly impact the company's operations and the value of its securities[62] - The company may face increased scrutiny from the Cybersecurity Administration of China, affecting its ability to complete business combinations with certain technology firms[62] Competition and Market Environment - The company may face intense competition from other entities, including private equity groups and leveraged buyout funds, which may limit its ability to acquire larger target businesses[39] - The Asian private equity market saw a record deal value of $296 billion in 2021, representing a 50% increase over 2020[27] Business Combination Details - The company has a maximum of 12 months from the IPO closing to complete its initial business combination, extendable up to 18 months with additional deposits[31] - The initial business combination must involve target businesses with an aggregate fair market value of at least 80% of the assets held in the trust account[33] Growth Company Status - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[47] - The company may remain an emerging growth company until it has total annual gross revenue of at least $1.07 billion or the market value of its common stock held by non-affiliates exceeds $700 million[49] Legal and Compliance - There is no material litigation or governmental proceeding currently pending against the company or its management team[51] - The company may face conflicts of interest due to management's potential involvement with other businesses, which could negatively impact the completion of its initial business combination[59] - There is a risk that the company may not maintain control over a target business post-combination, potentially affecting operational profitability[60] - Managing cross-border operations may lead to negative impacts on the company's results due to inherent costs and difficulties[61] Financial Risk - As of December 31, 2022, the company was not subject to market or interest rate risk, with IPO proceeds invested in U.S. government treasury obligations[415]