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 ...

Core Insights - VinFast Auto Ltd. reported a revenue of USD 719 million for Q3 2025, marking a 47% increase year-over-year and a 9% increase quarter-over-quarter [1][3] - The company delivered 38,195 electric vehicles (EVs) in Q3 2025, representing a 74% growth compared to Q3 2024 and a 7% increase from Q2 2025 [2][3] - Cumulatively, VinFast delivered 110,362 EVs in the first nine months of 2025, reflecting a 149% year-over-year increase [2] Financial Performance - Total revenues for Q3 2025 were VND 18,100.2 billion (approximately USD 718.6 million), up 46.8% from Q3 2024 [3] - The company also reported a significant increase in e-scooter and e-bike deliveries, with 120,052 units delivered in Q3 2025, a 535% increase year-over-year [3] Market Leadership - VinFast became the first automobile brand to surpass 100,000 vehicles sold in Vietnam within the first three quarters of a single year, maintaining its position as the best-selling carmaker in the country for thirteen consecutive months [4] - The company ranked among the top 8 for EV registrations in India and among the top 5 battery electric vehicle (BEV) brands in Indonesia for the first nine months of 2025 [4][10] Strategic Initiatives - VinFast is investing in technology to enhance competitiveness, focusing on three pillars: vehicle platform, electric-electronic architecture, and advanced driver-assistance systems (ADAS) [6][8] - The company is re-engineering its electric-electronic system into a zonal architecture, allowing for rapid over-the-air updates and improved system stability [7] International Expansion - VinFast has expanded its dealer network in India to 20 locations and in Indonesia to 33 locations, capturing approximately 5% of Indonesia's BEV market [9][10] - The company opened its first dealership in California, aiming to strengthen brand visibility in the U.S. market [11] Financial Support - During Q3 2025, VinFast secured a loan facility of USD 100 million with MUFG Bank and a USD 150 million loan from Barclays Bank to support its international expansion and working capital needs [14] Business Outlook - VinFast aims to double its global vehicle deliveries in 2025 and expects continued growth in the e-scooter business due to favorable government policies in Vietnam [15] - The company plans to prioritize top-line growth through strategic investments while focusing on cost rationalization as a medium-term priority [16]