Vietnam Electric Car VinFast $23 Billion SPAC IPO Merger with Hong Kong Black Spade Acquisition Co Expected to be Delayed, Black Spade to Extend Target Acquisition Timeline by 1 Year with 83% of Investors Voting to Redeem $147 Million with Remaining $28 Million in Black Spade Trust Account
14th July 2023 | Hong Kong
Vietnam multi-billion dollar & first electric car company & automaker VinFast $23 billion IPO merger with Hong Kong Black Spade Acquisition Co is expected to be delayed, with Black Spade (Shareholding voting on 13/7/23) to extend target acquisition timeline by 1 year (deadline 20/7/24) and 83% of investors voting to redeem their cash totalling $147.01 million (remaining $28.56 million in black spade trust account, SPAC). In 2023 May, VinFast announced plans to IPO on NYSE (New York Stock Exchange) in United States via a $23 billion SPAC merger (Special Purpose Acquisition Company) with Black Spade Acquisition Co. VinFast is backed by Vingroup (Vietnam largest conglomerate) & Vingroup President Pham Nhat Vuong with $4.5 billion to $5 billion personal fortune. In 2023 June, Black Spade Acquisition Co had moved the SPAC listing from New York Stock Exchange (NYSE) to the small cap NYSE American. Black Space (14/7/23): “Black Spade Acquisition Co (the “Company”) today announced that, at its extraordinary general meeting of shareholders on July 13, 2023, the Company’s shareholders voted in favor of the proposal to amend and restate (the “Articles Amendment”) the Company’s current amended and restated memorandum and articles of association to, among other things, extend the date by which the Company has to consummate a business combination for an additional twelve months from July 20, 2023 to July 20, 2024 by adopting the second amended and restated memorandum and articles of association. In connection with the vote to approve the Articles Amendment, the holders of 14,150,715 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of. approximately $10.38867176 per share, for an aggregate redemption amount of approximately $147.01 million. Following the redemption in connection with the Articles Amendment, the amount of funds remaining in the trust account is approximately $28.56 million.” See below for more info.
“ Vietnam Electric Car VinFast $23 Billion SPAC IPO Merger with Hong Kong Black Spade Acquisition Co Expected to be Delayed, Black Spade to Extend Target Acquisition Timeline by 1 Year with 83% of Investors Voting to Redeem $147 Million with Remaining $28 Million in Black Spade Trust Account “
Black Spade Acquisition Co – Black Spade Acquisition Co (“BSAQ”) is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). BSAQ was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.
Vietnam Electric Car VinFast to IPO on NYSE in United States via $23 Billion SPAC Merger with Black Spade Acquisition Co, Backed by Vietnam Largest Conglomerate Vingroup & Vingroup President Pham Nhat Vuong with $5 Billion Fortune
12th May 2023 – Vietnam multi-billion dollar & first electric car company & automaker VinFast will IPO on NYSE (New York Stock Exchange) in United States via a $23 billion SPAC merger (Special Purpose Acquisition Company) with Black Spade Acquisition Co. VinFast is backed by Vingroup (Vietnam largest conglomerate) & Vingroup President Pham Nhat Vuong with $4.5 billion to $5 billion personal fortune. Earlier in November 2022, VinFast announced the first batch of 999 VF 8s exported to the United States. The first VinFast customers in the US can expect their cars by the end of December 2022. The international export is the first batch of the 65,000 global orders already made for VinFast’s VF 8 and VF 9. Following this first batch of cars for the American market, VinFast will continue to export more VF 8 lots to Canada and Europe for customer deliveries in early 2023. The first VF 9 models will be handed over to customers in Vietnam and international markets in the first quarter of 2023. VinFast was founded in 2017, and registered in Singapore under VinFast Trading & Investment Pte Ltd. Headquartered in Hong Kong, Black Spade Capital runs a global portfolio consisting of a wide spectrum of cross-border investments. Black Spade Capital is the private investment arm of Lawrence Ho, who is the Chairman and CEO since March 2006 of Melco International Development (listed company of Hong Kong Exchange), Chairman and CEO of Melco Resorts & Entertainment (NASDAQ Global Select Market) and Director of Studio City International Holdings (New York Stock Exchange), both listed subsidiaries of Melco International.
Vietnam Electric Car VinFast to IPO on NYSE in United States via $23 Billion SPAC Merger with Black Spade Acquisition Co
12th May 2023 – VinFast Auto Pte. Ltd. (“VinFast” or “the Company”), and Black Spade Acquisition Co (NYSE: BSAQ) (“Black Spade”) announced today that they have entered into a business combination agreement. After the transaction, VinFast will have an equity value of over US$23 billion and be listed in the U.S.
The business combination values VinFast at an enterprise value of approximately US$27 billion and an equity value of US$23 billion, not including cash from BSAQ’s approximately US$169 million of cash in trust (assuming no Black Spade shareholders elect to have their Black Spade shares redeemed for cash as permitted).
The transaction is expected to close in the second half of 2023, subject to regulatory and shareholder approvals, and other customary closing conditions. After the transaction, existing shareholders of VinFast will hold approximately 99% shares of the combined company.
Madame Thuy Le, Global CEO of VinFast Auto Pte. Ltd., said: “VinFast has already demonstrated the ability to quickly reach international markets. The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup.”
Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, shared, “VinFast has demonstrated their execution excellence by building up a maximum production facility of up to 300,000 electric vehicles (EVs) a year and having a full range of beautifully designed high quality EVs, all within the span of a few years. With the support of Vingroup, one of the largest conglomerates in Vietnam, VinFast is very well positioned to take advantage of the EV lifestyle trend and we are very excited about the future potential growth of VinFast in Vietnam and globally.”
VinFast, a member of Vingroup, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufacturers and exports a full portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe. The Company operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90% manufacturing automation and annual production capacity (i.e. maximum number of vehicles that can be constantly manufactured in a year with additional shifts per day throughout the year) of up to 300,000 units in phase 1.
VinFast is committed to its mission of creating a sustainable future for everyone. The Company converted into a fully EV manufacturer in 2022, and has delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date. VinFast recently crossed an important milestone on the journey to becoming a recognized global EV brand with the first VF 8 EVs exported to North America earlier this year.
Black Spade, listed on the NYSE, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.
Additional information about the proposed transaction, including a copy of the business combination agreement, is available in Black Spade’s Current Report on Form 8-K, filed on May 12, 2023 with the Securities and Exchange Commission (“SEC”) at www.sec.gov, and will be available on the VinFast investor relations page at www.vinfastauto.com.
More information about the proposed transaction will also be described in VinFast registration statement that include BSAQ’s proxy statement and VinFast’s prospectus relation to the business combination, which will be filed with the SEC.
About VinFast
VinFast – a member of Vingroup – is the leading Vietnamese automotive manufacturer, committed to its mission of creating a green future for everyone. VinFast manufacturers and exports a full portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe. Learn more at www.vinfastauto.com.
About Black Spade Acquisition Co
Black Spade Acquisition Co (“BSAQ”) is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). Listed on the NYSE, BSAQ was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Learn more at: https://www.blackspadeacquisition.com/.
Headquartered in Hong Kong, Black Spade Capital runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Black Spade Capital’s investment strategy covers all geographic regions and sectors whilst maintaining a portfolio of diversified asset classes, including equities (including SPAC and pre-IPO investments), fixed income and real estate. In 2018, Black Spade Capital became the first ever issuer of bonds denominated in Macau’s local currency patacas with its MOP$2 billion bond issuance.
Black Spade Capital Limited (“Black Spade Capital”) is the private investment arm of Mr. Lawrence Ho and an affiliate of our sponsor, Black Spade Sponsor LLC. Mr. Ho is a visionary entrepreneur and a globally recognized leader within the leisure and entertainment industry. Mr. Ho has been the chairman and chief executive officer since March 2006 of Melco International Development Limited, a company listed on the Stock Exchange of Hong Kong (collectively with its subsidiaries, “Melco International”, or “Melco Group”). Mr. Ho is also currently the chairman and chief executive officer of Melco Resorts & Entertainment Limited, a company listed on the NASDAQ Global Select Market and a director of Studio City International Holdings Limited, a company listed on the New York Stock Exchange, both listed subsidiaries of Melco International.
Vietnam Electric Car VinFast Files for United States Nasdaq IPO, Backed by Vietnam Largest Conglomerate $35 Billion Vingroup & Vingroup President Pham Nhat Vuong with $5 Billion Fortune
8th December 2022 – Vietnam multi-billion dollar & first electric car company & automaker VinFast has filed for a United States Nasdaq IPO, with VinFast backed by $35 billion Vingroup (Vietnam largest conglomerate) & Vingroup President Pham Nhat Vuong with $4.5 billion to $5 billion personal fortune. Depending on market condition and ongoing discussion, Vingroup may raise more than $1 billion and IPO in United States in January 2023. Earlier in November 2022, VinFast announced the first batch of 999 VF 8s exported to the United States. The first VinFast customers in the US can expect their cars by the end of December 2022. The international export is the first batch of the 65,000 global orders already made for VinFast’s VF 8 and VF 9. Following this first batch of cars for the American market, VinFast will continue to export more VF 8 lots to Canada and Europe for customer deliveries in early 2023. The first VF 9 models will be handed over to customers in Vietnam and international markets in the first quarter of 2023. VinFast was founded in 2017, and registered in Singapore under VinFast Trading & Investment Pte Ltd.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC will act as lead book-running managers and as representatives of the underwriters for the proposed offering. BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Nomura Securities International, Inc., WR Securities, LLC and RBC Capital Markets, LLC will also be book-running managers. Robert W. Baird & Co. Incorporated will act as co-manager for the proposed offering.
VinFast VF 8
The VinFast VF 8 is a 5-seater electric SUV in the D segment with overall length, width, and height dimensions of 4,750 mm x 1,934 mm x 1,667 mm, respectively. Vehicles are equipped with advanced driver assistance system (ADAS), including a series of advanced features that will be added and updated regularly, such as highway assist, automated lane changing assist, smart parking assist, smart summon mode, remote parking assist, and many more. In addition, a suite of Smart Services with integrated in-car entertainment and utility features such as vehicle voice control, remote vehicle management via the VinFast application, online shopping, playing video games on the car screen that sync passenger phones, and much more to bring an immersive experience to users.
The VF 8 has two trims, Eco and Plus. The VF 8 Eco version is equipped with an electric motor with a maximum power of 260kW, a maximum torque of 500Nm, and a battery with a target full-charge range estimate of 420km (WLTP standard). The VF 8 Plus version is equipped with an electric motor with a maximum power of 300kW, a maximum torque of 620Nm, and a battery with a target full-charge range estimate of 400km (WLTP standard). The absolute advantage of an electric motor over an internal combustion engine is its ability to instantly achieve maximum torque, which helps the VinFast VF 8 accelerate impressively, operate smoothly, and bring a completely different driving experience.
About VinFast
VinFast – a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam. Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.com.
About Vingroup
Established in 1993, Vingroup is one of the leading private conglomerates in the region, with a total capitalization of $35 billion USD from three publicly traded companies (as of November 4, 2021). Vingroup currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- June 2024 - Hong Kong
- June 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Investment Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
