Vietnam Electric Car VinFast Completes $23 Billion SPAC IPO Merger with Hong Kong Black Spade Acquisition Co on Nasdaq, Ends Trading First Week at $74.5 Billion Market Value
18th August 2023 | Hong Kong
Vietnam first electric car company & automaker VinFast has completed the $23 billion IPO merger with Hong Kong Black Spade Acquisition Co on Nasdaq, ending the first trading week at $74.5 billion market value (18/8/23). Madame Thuy Le, Global CEO of VinFast Auto Ltd: “VinFast has accelerated the global electric vehicle (“EV”) revolution by making smart, safe, and environmentally friendly EVs accessible to everyone. Today’s successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development. Further, it is our hope that VinFast’s listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market.” More info below.
“ Vietnam Electric Car VinFast Completes $23 Billion SPAC IPO Merger with Hong Kong Black Spade Acquisition Co on Nasdaq, Ends Trading First Week at $74.5 Billion Market Value “
Vietnam Electric Car VinFast Completes $23 Billion SPAC IPO Merger with Hong Kong Black Spade Acquisition Co on Nasdaq
15th August 2023 – VinFast Auto Ltd. (“VinFast” or the “Company”) celebrated its listing and commencement of trading of its shares on the Nasdaq Global Select Market under the ticker symbol “VFS,” with an equity value of over US$23 billion. VinFast’s public listing follows the completion of the business combination with Black Spade Acquisition Co (“Black Spade”) on August 14, 2023. VinFast celebrated this moment by ringing the opening bell at Nasdaq Stock LLC (“Nasdaq”) earlier today and became the largest Vietnamese company listed on the U.S. stock market by market capitalization. The combined company will now operate as VinFast Auto Ltd. and continue to be led by Global CEO Le Thi Thu Thuy, or Madame Thuy Le, who is supported by an experienced, diverse, and entrepreneurial senior management team. Black Spade will provide ongoing business advisory input for the growth of the brand and assist with direct investor engagement.
VinFast has delivered close to 19,000 EVs including the VF e34, VF 5, VF 8, and VF 9 models, as of June 30, 2023. It is also preparing for the upcoming launch of the VF 3, VF 6, and VF 7 models in the Vietnamese and global markets. VinFast looks forward to building upon its rapid expansion as the company rolls out next-generation EVs and solutions, and carries out its strategy of expanding its footprint globally.
The company has established a strong foothold in its Vietnamese home market by rolling out its own charging network spanning across 63 cities and provinces, and plans to expand it further in the coming years. VinFast has also established a company-owned retail and service network of over 122 VinFast stores worldwide. Additionally, VinFast is working to strengthen its position in the global EV market by leveraging new partnerships with distributors and dealers in select markets, including North America, Europe, Vietnam, and Southeast Asia. On July 28, 2023, VinFast broke ground at its new EV manufacturing facility in the U.S. The event marked a significant step toward its global expansion and supply chain development in North America.
Today’s bell-ringing event at Nasdaq and listing in the world’s largest capital market mark an important milestone in VinFast’s global expansion. It does not only provide VinFast with more opportunities for future development but also leads the way for other Vietnamese brands to play an increasing role in the global economy.
Vietnam Electric Car VinFast $23 Billion SPAC IPO Merger with Hong Kong Black Spade Acquisition Co Extraordinary General Meeting to be Held on 10th August 2023, Target IPO Listing of VinFast in August 2023
4th August 2023 – Vietnam multi-billion dollar & first electric car company & automaker VinFast $23 billion IPO merger with Hong Kong Black Spade Acquisition Co Extraordinary General Meeting (EGM) to be held on 10th August 2023, targeting IPO listing of VinFast in August 2023. VinFast: “The business combination values VinFast at an enterprise value of US$27 billion and an equity value of US$23 billion. The transaction is expected to close followed by the listing of VinFast in August 2023, subject to shareholder approvals and other customary closing conditions.” More info below.
Madame Thuy Le, Global CEO of VinFast Auto Pte. Ltd: “Today represents a remarkable milestone in advancing VinFast’s presence in the U.S. as we move towards our proposed U.S. listing. Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina. These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an EV easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions.”
Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co: “The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast. We have diligently sought out a partner that aligns with our vision, and we are confident that this merger will position us for long-term success. We anticipate that the global lifestyle paradigm shift towards electric mobility will accelerate further and that VinFast will continue to distinguish itself as a trailblazer in the global EV arena. We are delighted to collaborate with the entire VinFast leadership team as they bring their highly anticipated full range EV models to the global market, instigating a significant transformation in the EV landscape.”
VinFast, a member of Vingroup Jsc, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufactures and exports a 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 an 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 per year in phase 1. VinFast is committed to its mission of creating a sustainable future for everyone. The Company became a fully EV manufacturer in 2022, and has since delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date. VinFast crossed an important milestone on the journey to becoming a recognized global EV brand with its first VF 8 EVs exported to North America earlier this year.
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 – 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.
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.
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