Rising Dragon Acquisition Corp (RDAC) is a SPAC — a blank check company with no operations of its own — formed solely to identify and merge with a private company, taking it public via a reverse merger rather than a traditional IPO. RDAC raised approximately $57.5M in its IPO in October 2024, placing those proceeds into a trust account while management searched for an acquisition target. RDAC has since signed a merger agreement to acquire HZJL Cayman Limited, a privately held, China-linked holding company, at a $350M valuation. HZJL shareholders would receive 35M ordinary shares at $10.00 per share, plus an earn-out of up to 20M additional shares tied to post-close revenue targets. The combined company would list on Nasdaq under a new ticker. RDAC's sponsor, Aurora Beacon LLC, holds founder shares at nominal cost and must deposit $100,000 per month into trust to fund deadline extensions, which have been granted through at least April 2026. However, roughly 76% of public shares have been redeemed across two shareholder meetings, leaving very little cash in trust — meaning the transaction functions more as a Nasdaq shell listing than a meaningful capital raise. RDAC's management is predominantly China-based, and the deal requires CSRC approval and PRC legal opinions as closing conditions. Beyond the Cayman Islands incorporation and China-linked structure, RDAC's filings provide limited detail on HZJL's actual business, products, customers, or industry.