“三只羊”否认借壳登陆美股：上市是假的，但出海是真的

Core Viewpoint - The news discusses the recent developments surrounding Sanziyang Group's involvement with Rich Sparkle (ANPA) and clarifies that the company is not pursuing a reverse merger or IPO, but rather engaging in a strategic partnership to leverage its operational capabilities in the global market [1][8]. Group 1: Company Developments - Sanziyang Group issued a statement denying any plans for a reverse merger or IPO, emphasizing that the rumors about "landing on NASDAQ" are related to overseas business collaborations [1]. - The acquisition of Step Distinctive by Rich Sparkle for approximately $975 million has drawn attention due to the involvement of popular TikTok influencer Khaby Lame, who holds a significant stake in the company [2][3]. - The founders of Sanziyang Group are behind the investment in Step Distinctive, leading to speculation about a reverse merger scenario [5][6]. Group 2: Strategic Implications - The transaction is characterized as a resource exchange rather than a traditional reverse merger, with Sanziyang Group trading operational capabilities for equity in Rich Sparkle [6][7]. - Sanziyang Group will gain exclusive operational rights for Khaby Lame's brand globally, including in live commerce and supply chain management, over the next three years [6][10]. - The company aims to achieve an ambitious revenue target of $4 billion in the future, significantly higher than its peak domestic performance [10]. Group 3: Market Positioning - The overseas expansion of Sanziyang Group has been a strategic necessity following challenges in the domestic market, including regulatory issues and operational setbacks [8][9]. - The establishment of Three Sheep Network in Singapore marks the company's commitment to penetrating Southeast Asian markets, with plans to expand further into regions like Mexico and Brazil [10]. - The digital rights agreement with Khaby Lame allows for the creation of a digital IP that can be replicated for continuous engagement, presenting both opportunities and challenges in adapting to diverse cultural markets [11][12].