Core Viewpoint - The recent delisting of VISION DEAL-Z highlights the challenges faced by SPACs in the Hong Kong market, with only two out of five SPACs successfully completing their De-SPAC transactions since the introduction of SPAC regulations in 2022 [1][3][7]. Group 1: SPAC Market Overview - VISION DEAL-Z, initiated by former Alibaba executive Wei Zhe, was unable to complete its De-SPAC transaction within the required timeframe, leading to its delisting [1][3]. - Since the launch of SPAC regulations by the Hong Kong Stock Exchange (HKEX) in December 2021, only five SPACs have been listed, with two successfully completing De-SPAC transactions, two delisted, and one pending [3][7]. - The two successful SPACs are Huitian Acquisition-Z, which merged with Singapore's Lion Group, and Aquila Acquisition-Z, which merged with Zhaogang Group [7]. Group 2: Regulatory Environment - SPACs must announce a De-SPAC transaction within 24 months and complete it within 36 months of listing, making 2025 a critical year for SPACs in Hong Kong [3][4]. - The HKEX has strict rules regarding SPACs, including the requirement for independent third-party investments, which some industry experts believe are too stringent and hinder market activity [10][11]. Group 3: Future Outlook - There is a call for regulatory adjustments to revitalize the SPAC market in Hong Kong, including lowering the thresholds for PIPE investors and reducing the required fundraising amounts [10][11]. - Recent optimizations to SPAC regulations aim to lower transaction barriers while ensuring transparency and fairness in the merger process [11]. - The SPAC model is viewed as a potential "golden channel" for emerging companies to access international capital markets, offering advantages over traditional IPOs [12].

Core Viewpoint - The recent delisting of VISION DEAL-Z highlights the challenges faced by SPACs in the Hong Kong market, with only two out of five SPACs successfully completing their De-SPAC transactions since the introduction of SPAC regulations in 2022 [1][2][5]. SPAC Market Overview - VISION DEAL-Z, initiated by former Alibaba executive Wei Zhe, was unable to complete its De-SPAC transaction within the required timeframe, leading to its delisting [1][2]. - The Hong Kong Stock Exchange (HKEX) introduced SPAC listing rules in December 2021 to provide a flexible financing path for emerging companies, effective from January 1, 2022 [2]. - In 2022, five SPACs were listed in Hong Kong, but only two have successfully completed De-SPAC transactions, while two have been delisted and one is still pending [5]. Regulatory Environment - SPACs must announce their De-SPAC transactions within 24 months and complete them within 36 months of listing, making 2025 a critical year for SPACs in Hong Kong [2][3]. - The delisting of VISION DEAL-Z was confirmed by the HKEX on June 12, 2025, with the official removal occurring on June 30, 2025 [3]. Successful De-SPAC Transactions - The two SPACs that successfully completed their De-SPAC transactions are 汇德收购-Z and AQUILA ACQ-Z, with the former merging with Singapore's LionTee Holdings and the latter merging with 找钢产业互联集团 [5]. - LionTee Holdings, post-merger, became the first successful SPAC acquisition in Hong Kong, with Alibaba's Singapore entity holding a 47.22% stake [5]. Market Sentiment and Future Outlook - The SPAC market in Hong Kong has been quiet in 2023, with no new SPAC listings, raising questions about its future [7]. - Industry experts suggest that the stringent listing rules and the requirement for PIPE investors are hindering SPAC activity, advocating for a reduction in these requirements to revitalize the market [8]. - Recent regulatory changes in August 2024 aimed to lower the barriers for SPAC transactions, including reducing the minimum independent third-party investment amount [8][9]. - The approval process for De-SPAC transactions remains lengthy, leading companies to prefer traditional IPOs or other markets, indicating a need for further optimization of SPAC regulations [9].

Group 1 - In 2024, Nasdaq outperformed NYSE for the sixth consecutive year in IPO transactions, with 188 new listings raising $23.2 billion [1][3] - Among the new listings, 123 were operating companies, including Lineage (LINE), Waystar (WAY), ServiceTitan (TTAN), and Palantir (PLTR), while 48 were special purpose acquisition companies (SPACs) [1] - Nasdaq's Executive Vice President Jeff Thomas attributed the increase in new listings to the exchange's focus on helping potential clients tell their stories, exemplified by Campbell's transition from NYSE to Nasdaq [3] Group 2 - In 2024, Nasdaq strengthened its regional business, particularly in Texas, appointing Rachel Racz as Senior Vice President and Listing Head for the region [3] - Nasdaq saw 87% of eligible SPAC IPOs in 2024, raising $7.169 billion, and completed 60 De-SPAC mergers, with Lotus (LOT) being the largest merger listing from China [3] - The macroeconomic environment is favorable for upcoming IPOs, with Nasdaq in contact with companies planning to list in the first half of 2025 [3]

Group 1 - Last week, there was one IPO and four SPACs that debuted in the U.S. market [1] - Pitanium (PTNM), a Hong Kong-based beauty products retailer, priced its IPO at the lower end of the range, raising $7 million with a market cap of $91 million [1][2] - Kochav Defense Acquisition (KCHVU) raised $220 million, targeting the defense and aerospace sectors [1][2] - Jena Acquisition II (JENA.U) raised $200 million, led by SPAC veterans Bill Foley and Richard Massey [1][2] - ChampionsGate Acquisition (CHPGU) raised $65 million, led by SPAC veteran Bala Padmakumar [1][2] - Wintergreen Acquisition (WTGUU) raised $50 million, focusing on the TMT industry in Asia [1][2] Group 2 - Magnitude International (MAGH), a Singapore-based electrical installation service provider, filed for an IPO seeking $10 million with a market cap of $15.8 million [2][3] - Four SPACs submitted initial filings last week, including Pioneer Acquisition I (PACHU) seeking $220 million targeting healthcare [3][4] - Crown Reserve Acquisition (CRACU) filed for $150 million, targeting the healthcare sector [3][4] - FG Merger III (FGTHU.RC) filed for $150 million, focusing on North American financial services [3][4] - Quantumsphere Acquisition (QUMSU) filed for $60 million, targeting businesses with growth potential [3][4] Group 3 - This week, two large IPOs are expected to price, including Circle Internet Group (CRCL) aiming to raise $600 million with a market cap of $6.2 billion [5][7] - Circle is the issuer of the USDC stablecoin, which holds nearly one-third of the market share [5][7] - Omada Health (OMDA) plans to raise $150 million with a market cap of $1.2 billion, focusing on digital health tools for chronic conditions [6][7] - Omada has shown growth and retention but faces potential threats from the rising popularity of GLP-1 therapies [6]

Group 1 - INFINT Acquisition 2, a SPAC targeting the fintech sector, filed for an IPO to raise up to $100 million by offering 10 million units at $10 each, with each unit consisting of one share of common stock and a right to receive one-tenth of a share upon business combination completion [1] - The SPAC is led by Alexander Edgarov, who is also the head of Sapta Group, and aims to focus on sub-sectors such as banking and payments, capital markets, data and analytics, insurance, and investment management [1] - Previous SPAC, InFinT Acquisition, completed a merger with digital payment platform Currenc Group, which has seen a 94% decline from its $10 issue price [1] Group 2 - FIGX Capital Acquisition, another SPAC, filed for an IPO to raise up to $131 million by offering 13.1 million units at $10 each, with each unit containing one share of common stock and half a warrant with an exercise price of $11.50 [3] - The SPAC is led by Lou Gerken, founder of Gerken Capital Associates, and aims to focus on differentiated private wealth/asset management companies within the financial industry group [3] - FIGX Capital Acquisition plans to list on NASDAQ under the ticker FIGXU [3] Group 3 - ProCap Acquisition, a SPAC led by Anthony Pompliano III, filed for an IPO to raise $220 million by offering 22 million units at $10 each, with each unit containing one share of common stock and one-third of a warrant with an exercise price of $11.50 [5] - The SPAC focuses on the financial services industry, specifically targeting U.S. companies [5] - ProCap Acquisition plans to list on NASDAQ under the ticker PCAPU [5] Group 4 - Armada Acquisition II, led by former Cantaloupe Inc. CEO Stephen Herbert, filed for an IPO to raise $200 million by offering 20 million units at $10 each, with each unit containing one share of common stock and half a warrant with an exercise price of $11.50 [6][7] - The SPAC targets the fintech, SaaS, and AI sectors [6][7] - Armada Acquisition II plans to list on NASDAQ under the ticker AACIU [6][7]

Core Insights - The article discusses the disappointing performance of companies that went public during the SPAC boom in the early 2020s, highlighting a mismatch between high demand for SPACs and the availability of quality companies to acquire [1]. Group 1 - The SPAC boom saw a surge in demand, but many of the resulting public companies have underperformed significantly [1]. - There is a noted lack of high-quality supply to meet the overwhelming demand for SPACs during this period [1]. Group 2 - Ian Bezek, a former hedge fund analyst, has extensive experience in conducting on-the-ground research in Latin American markets, focusing on countries like Mexico, Colombia, and Chile [2]. - Bezek specializes in identifying high-quality compounders and growth stocks at reasonable prices in both the US and developed markets [2].

Core Viewpoint - The article discusses the transformation of Strategy (formerly MicroStrategy) into a Bitcoin treasury, highlighting the emergence of a new company, Twenty One, which aims to focus exclusively on accumulating Bitcoin for shareholders [1][2][4]. Group 1: Company Transformation - Strategy has shifted from being an enterprise software provider to primarily accumulating Bitcoin, with CEO Michael Saylor likening the stock to a leveraged Bitcoin ETF [1]. - The stock has gained popularity as Bitcoin's value has increased significantly over the past five years [2]. Group 2: Emergence of Twenty One - Twenty One, a new Bitcoin treasury backed by Tether, Bitfinex, and SoftBank, plans to go public via SPAC and aims to eliminate unrelated business activities to focus solely on Bitcoin accumulation [4][5]. - Following the announcement of its merger with Cantor Equity Partners, shares of Cantor tripled in value, reflecting investor excitement [5]. Group 3: Financial Projections - The merger gives Cantor a market value of approximately $400 million, with a $100 million cash pile for a 2.7% stake in Twenty One post-merger [6]. - Twenty One aims to establish a treasury of 42,000 Bitcoins, building on $3 billion worth of Bitcoin supplied by its backers [6]. Group 4: Valuation Insights - Investors are valuing Twenty One's planned Bitcoin holdings at nearly four times their actual value, with 2.7% of 42,000 Bitcoins worth about $108 million [7][8]. - The strategy of increasing Bitcoin per share is expected to provide a yield for investors, which is currently impractical for most Bitcoin holders [9]. Group 5: Comparison with Strategy - Strategy's stock trades at about twice the value of its Bitcoin treasury, allowing it to sell shares and reinvest in Bitcoin, thereby increasing stock value [10]. - The company's board has authorized a significant increase in share count, raising concerns about the risks associated with leveraged exposure to Bitcoin [11]. Group 6: Investor Expectations - Investors in Twenty One are anticipating even greater increases in Bitcoin per share compared to those in Strategy, as articulated by CEO Jack Mallers [12]. - While potential returns are high if Bitcoin appreciates, the volatility of Bitcoin poses significant risks, making the premium above net asset value a questionable investment [13].

Core Insights - J.V.B. Financial Group, LLC has launched a new SPAC-focused equity trading platform to enhance its offerings in capital markets and SPAC advisory services [1][4] - The new trading platform aims to leverage the expertise of Cohen & Company Capital Markets, which has established itself as a leading SPAC advisor on Wall Street [2][4] - The platform will be led by experienced professionals Perry Choset and Brandon Brenner, who bring extensive backgrounds in SPAC equities and trading [3][4] Company Overview - J.V.B. Financial Group is a subsidiary of Cohen & Company Inc., specializing in capital markets and asset management services [1][5] - Cohen's Capital Markets segment includes a range of services such as fixed income sales, trading, and advisory services, with a focus on M&A and SPAC advisory [6][7] - As of December 31, 2024, Cohen managed approximately $2.3 billion in assets, primarily in fixed income assets across various classes [7]