Starry Sea Acquisition (SSEA) is a SPAC — a blank check company with no operations or revenues — formed solely to identify and merge with a private business, thereby taking that business public. Starry Sea completed its IPO in August 2025, raising $57.5M at $10 per unit. IPO proceeds are held in a trust account invested in U.S. Treasuries or money market funds. Management then searches for an acquisition target with a fair market value of at least 80% of the trust. If a deal closes, public shareholders can either redeem their shares at roughly $10 per share or retain equity in the combined public company. If no deal closes by approximately November 2026, the trust is liquidated and public shareholders are returned their ~$10 per share, while the sponsor's founder shares would be worthless. The sponsor, controlled by Guojian Zhang, paid ~$25,000 for 1.4375M founder shares — worth roughly $14.4M at $10 per share if a deal closes — a classic SPAC promote structure funded by dilution to public shareholders. In September 2025, Starry Sea signed a non-binding letter of intent to acquire Forever Young International, a Cayman Islands company providing management and support services to medical institutions in China, at a proposed pre-money equity value of $750M–$900M. While Starry Sea's acquisition mandate is stated as industry- and geography-agnostic, the management team's ties to China and Hong Kong tilt the search toward China-based targets, which carries meaningful regulatory and structural risks, including potential VIE structures and PRC regulatory approvals.