Company profile SPAC put VinFast listed on the NYSE: Market capitalization of 220 million USD, with 169 million USD in cash, founded by the son of the Asian casino king

On May 12, 2023, VinFast Auto Pte. Ltd. (“VinFast”) and Black Spade Acquisition Co (“Black Spade”) (NYSE: BSAQ) announced a business merger agreement. After the transaction, VinFast has a valuation of more than 23 billion USD and continues to plan to list on the US stock exchange.

The combined company will have an enterprise value of approximately $27 billion. Equity value is $23 billion after the merger, excluding the roughly $169 million Black Spade Acquisition has.

The transaction is expected to close in 2023 upon regulatory and shareholder approval, as well as other customary closing conditions. After the transaction, existing shareholders of VinFast will own 99% of the company after the merger.

According to research, Black Spade is a white check company established in 2021 for the purpose of conducting business combination transactions with the target company (Special Purpose Acquisition Company – SPAC). Black Spade’s head office is located at Wyndham Street Central, Hong Kong.

The company reported 2022 net income of $12.02 million.

Black Spade is listed on the NYSE (USA) with the code BSAQ from July 2021. After the information about the deal with VinFast was announced, BSAQ increased slightly by 1% to 10.38 USD/share, equivalent to a market capitalization of nearly 220 million USD.

Currently, the Chairman and Co-CEO of BASQ is Dennis Tam. According to the introduction on the website, he has more than 20 years of experience in corporate finance, accounting, financial control and M&A. Prior to joining Black Spade Capital, Mr. Tam was the Group CFO of Melco International from 2006 to 2017. He has also held senior management positions at many multinational and listed companies. listed in the country. He has been the chairman of the Greater China board of the Institute of Certified Management Accountants since 2014, a member of the Institute of Public Accountants since 2013, a member of CPA Australia since 2000.

Black Spade is a company funded by Black Spade Capital – currently running a portfolio that includes many cross-border investments. Black Spade Capital is the private investment firm of Mr. Lawrence Ho.

Lawrence Ho is the eldest son of Macau “casino king” Stanley Ho – the tycoon who once led Asia’s largest casino empire SJM Holdings. He has a fortune of $1.1 billion according to chronological statistics. real Forbes.

In addition to Black Spade Capital, he is also the Chairman of Melco Resorts & Entertainment Limited – an “empire” that operates a chain of luxury resorts and casinos in Asia, Australia and Europe. At the same time, he is also the director of Studio City International Holdings – a subsidiary of Melco International.

Black Spade Capital’s investment strategy covers a wide range of assets such as equities (including SPAC and pre-IPO investments), fixed income and real estate. In 2018, Black Spade Capital became the first bond issuer in Macau’s Pataca local currency with a MOP 2 billion bond issue.