Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-43039 BLACK SPADE ACQUISITION III CO (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (S ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-43039 BLACK SPADE ACQUISITION III CO (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State ...

Core Insights - The Hong Kong IPO market is showing a vibrant start in 2026, achieving a record of zero IPO failures for the month and solidifying its position as a key financing platform for global new economy enterprises [2][4] Hong Kong IPO Market Overview - As of January 31, 2026, a total of 13 companies (including GEM) were listed on the Hong Kong Stock Exchange, an increase of 5 companies compared to the same period last year, marking a significant growth [4] - The total amount raised through IPOs reached HKD 39.255 billion, a staggering increase of 556.22% year-on-year, marking Hong Kong's return to the top of the global IPO fundraising rankings after six years [4] - The fundraising structure is becoming more balanced and healthy, with 11 companies raising over HKD 1 billion, 7 over HKD 3 billion, and 5 over HKD 4 billion [5][6] Sector and Company Highlights - Five hard technology companies, including Wallen Technology, were the main contributors to the fundraising, each raising over HKD 4 billion [6] - The consumer sector, exemplified by the leisure food chain "Mingming is Busy," also demonstrated strong capital attraction [6] - The hard technology sector continues to attract significant capital, reinforcing its dominant position in the market [7] Upcoming IPOs and Applications - In the period from January 26 to February 1, 2026, three companies from the hard technology sector passed the listing hearing, indicating ongoing interest in this field [8] - A total of 121 new IPO applications were received in January 2026, showcasing a robust pipeline of industry-leading companies across various sectors [10] US IPO Market Overview - In January 2026, three companies completed their listings in the US, with two using the SPAC method, indicating a rising trend in SPACs among Chinese companies [13][14] - SPACs accounted for two-thirds of the completed listings, highlighting their growing significance in the fundraising landscape [14][19] - The fundraising data shows that SPACs have become the dominant force, raising over USD 200 million, which constitutes more than 95% of the total fundraising for the month [19] Regulatory Environment - The recent policy upgrades in the US have significantly raised the listing thresholds, prompting Chinese companies to focus on enhancing their core competitiveness and compliance [22]

Core Insights - Black Spade Acquisition III Co, a SPAC sponsored by Black Spade Capital Limited, has successfully closed its initial public offering (IPO) [1] - The IPO consisted of 17,250,000 units, which included 2,250,000 units from the underwriters' over-allotment option [1] - The offering was priced at $10.00 per unit, leading to total gross proceeds of $17 million for the company [1]

Core Viewpoint - Black Spade Acquisition III Co, a special purpose acquisition company (SPAC) initiated by the family office of Ho Yau Long, is set to debut on the New York Stock Exchange with a target fundraising of $150 million through the issuance of 15 million units priced at $10 each [1]. Group 1 - The SPAC listing marks the third capital operation completed by Black Spade Capital within two years [1]. - The first SPAC project, Black Spade Acquisition Co, merged with Vietnamese electric vehicle manufacturer VinFast Auto in August 2023 [1]. - The second project, Black Spade Acquisition II Co, successfully merged with media entertainment company Generation Essentials in June 2025 [1]. Group 2 - The newly issued SPAC III will continue the investment strategy of focusing on high-growth sectors in the Asian market [1]. - Black Spade Capital, as the core investment platform of Ho Yau Long's family, has raised over $500 million cumulatively through the SPAC model in recent years [1].

Core Viewpoint - Black Spade Acquisition III Co, a SPAC sponsored by Black Spade Capital Limited, has announced the pricing of its initial public offering (IPO) of 15,000,000 units at a price of $10.00 per unit, with trading expected to begin on January 6, 2026 [1]. Group 1 - The IPO consists of 15,000,000 units priced at $10.00 each [1]. - The units will be listed for trading on The New York Stock Exchange under the ticker symbol "BIIIU" [1]. - Each unit includes one Class A ordinary share and one-third of a warrant [1].

As filed with the U.S. Securities and Exchange Commission on January 5, 2026 Registration No. 333-290602 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Cogency Global Inc. 122 East 42nd Street, 18th Floor New York, NY 10168 Phone: (800) 221-0102 Fax: (800) 944-6607 (Name, address, including zip code, and telephone number, including area code, of agent for service) AM ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on December 17, 2025 Registration No. 333-290602 UNITED STATES SECURITIES AND EXCHANGE COMMISSION TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Black Spade Acquisition III Co (Exact Name of Registrant as Specified in Its Charter) Washington, D.C. 20549 AMENDMENT NO. 3 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Cogency Global Inc. 122 Eas ...

As filed with the U.S. Securities and Exchange Commission on December 12, 2025 Registration No. 333- 290602 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Black Spade Acquisition III Co (Exact Name of Registrant as Specified in Its Charter) Cayman Islands (State or other jurisdiction of incorporation or organization 6770 (Primary Standard Industrial Classification Code Number) N/A (I.R.S. Employer Id ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on December 4, 2025 Registration No. 333-290602 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Black Spade Acquisition III Co (Exact Name of Registrant as Specified in Its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Cogency Global Inc. 122 East ...