Core Insights - Fore Fund has strategically invested in the "Drip Irrigation" financial model created by former Hong Kong Stock Exchange CEO Li Xiaojia, marking its entry into the emerging asset class of Daily Revenue Sharing Certificates (DRO) aimed at addressing financing challenges for SMEs globally [1][2] - The Drip Irrigation Macau Financial Asset Exchange (MCEX) has gained significant attention since its launch in August 2023, offering a standardized, tradable digital financial certificate that allows SMEs, particularly in the restaurant and retail sectors, to access international capital [1] - Fore Fund views the Drip Irrigation model as a solution to the financing pain points faced by SMEs lacking fixed asset collateral and standardized financial statements, showcasing the potential of technology to empower the real economy [1] Investment Strategy - Fore Fund's co-founder Arjun Mehta emphasized that the goals of Drip Irrigation align with the fund's mission to address the mismatch between innovation and capital, injecting vitality into millions of micro-enterprises through digital means [2] - SPACs on the Drip Irrigation exchange function similarly to listed investment funds, allowing professional managers to raise capital and invest in a portfolio of DRO assets from various SMEs [2] - The investment research team at Fore Fund highlighted the emergence of vibrant consumer brands on the Drip Irrigation exchange, such as the well-known chain "Da Bin Jia Chuan Chuan Hotpot" and the innovative "YY E-sports," which have successfully raised development funds through DRO listings [2] Systemic Value - Co-founder Markus Reinhardt noted that the value lies not only in individual listed companies but in the systemic value of the entire Drip Irrigation ecosystem, creating a new, high-transparency asset class [4] - For global investors like Fore Fund, investing in SPAC products provides an efficient way to gain diversified exposure to the consumer economy in China and globally, aligning with their emerging market investment strategy [4] - This strategic move by Fore Fund reaffirms its commitment to financial innovation and extends its vision of building a global innovation community to empower the vibrant micro-economy [4]

Core Viewpoint - The primary focus of the article is on the upcoming launch of SPACs on the滴灌通澳交所 (MCEX), emphasizing the importance of fundraising for investment in listed fund products [1][7]. Group 1: SPAC Overview - A new SPAC, 东方尚饮1号SPAC, is set to be listed on MCEX, with its issuance ending on May 7, 2023. As of May 6, its net assets were RMB 200,000, with a net asset value of RMB 1 per share [2]. - SPACs serve as digital investment vehicles that allow small and micro enterprises to raise funds through revenue-sharing models on MCEX, enabling investors to gain returns from new technology and consumption sectors [2]. Group 2: SPV Details - The SPV, 尚饮AI智饮能量站-无锡南长街, is one of the projects invested by 东方尚饮1号SPAC, with a financing amount of RMB 199,999.0521 and an expected annualized return of 11.13% over a 16-month period [3]. - The SPV was established on April 21, 2023, with an initial issuance of 15,333 shares aimed at expanding production capacity [3]. Group 3: Company Background - 尚饮 (Shanghai) Industrial Co., Ltd. operates the AI beverage store in Wuxi, which combines traditional cultural elements with modern technology, aiming to provide a personalized consumer experience [5]. - The company was founded in 2022 and has developed the third-generation SMYZE intelligent beverage system, holding 42 intellectual property rights, with 18 attributed to its founder, 郑方 [6]. Group 4: Market Context - As of May 6, 2023, MCEX has listed 91 SPVs and 74 SPACs, with total underlying assets reaching 13,913 and cumulative financing amounting to RMB 54.25 billion [6]. - The滴灌通澳交所 is the first licensed revenue-sharing exchange globally, allowing small and micro enterprises to raise flexible and affordable long-term funds [6].