Horizon Space Acquisition II (HSPT) is a SPAC — a blank check company with no operations, revenue, or employees beyond two part-time executives. Its sole purpose is to complete a merger or acquisition with a private business, taking that business public via the SPAC structure. HSPT raised $69M in its November 2024 IPO, with proceeds held in trust until a business combination closes. HSPT has signed a definitive agreement to merge with SL Bio, a Cayman Islands company, which would result in both entities becoming subsidiaries of a new Nasdaq-listed holding company. Shareholders have approved the deal, though it had not yet closed as of the filing date. The SPAC model generates value for sponsors primarily through the "promote" — founders receive an equity stake at minimal cost that becomes valuable upon a successful business combination. Public shareholders can redeem shares at roughly $10.00 per share if they choose not to participate. HSPT's management has significant ties to China, and HSPT acknowledges it is more likely to pursue China-linked acquisitions. The pending SL Bio deal reflects this orientation. China-focused SPACs face specific risks, including PRC regulatory oversight, potential CSRC approval requirements, restrictions on moving cash out of China, and CFIUS review risk for any U.S. target given management's China ties. Over 6.7M shares were redeemed across two shareholder meetings, substantially reducing the capital available to the combined company.