Hainan Sirius Acquisition, a blank check company targeting businesses in high growth industries, filed on Thursday with the SEC to raise up to $60 million in an initial public offering.
The Sanya, China-based company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50. At the proposed deal size, Hainan Sirius Acquisition would command a market value of $78 million.
Hainan Sirius Acquisition is led by CEO and Chairman Zhifan Zhou, the General Manager of investment firm Hainan Winlong Capital, where he leads M&A operations. The SPAC plans to target companies in high growth industries and geographies, particularly those exhibiting substantial potential in emerging markets driven by innovative technologies or novel business models. It plans to focus on businesses with enterprise values between $500 million and $2 billion.
Management's previous SPAC, Hainan Manaslu Acquisition, went public in August 2022 and completed its initial business combination with Chinese brand consultants Able View (ABLV; -65% from $10 offer price) this past August.
Hainan Sirius Acquisition was founded in 2023 and plans to list on the Nasdaq under the symbol HSACU. Ladenburg Thalmann is the sole bookrunner on the deal.
