White Pearl Acquisition Corp. is a SPAC incorporated in the British Virgin Islands with no operations — its sole purpose is to identify and acquire a private company and take it public. White Pearl raised $100M in its IPO (up to $115M with the overallotment option exercised) by selling units at $10.00 each, with proceeds held in trust in U.S. government securities. White Pearl targets FinTech, InfoTech, and business services companies with enterprise values between $150M and $600M, with a stated openness to PRC-based targets given management's deep ties to China and Hong Kong. The sponsor, White Pearl Group Limited, paid $25,000 for founder shares that could convert into roughly 25% of outstanding shares upon a deal close, creating highly asymmetric economics: a successful deal at $10.00 per share would make those founder shares worth ~$33M, while failure to close within 18 months renders them worthless. This structure creates strong incentive for management to complete a transaction. Public investors get downside protection via trust redemption rights if no deal closes within 18 months. The CEO and an independent director previously worked together on Blue Safari Group Acquisition Corp., which merged with Bitdeer Technologies in 2023. Key risks include PRC regulatory exposure (VIE structures, PCAOB audit risk, CSRC approvals), significant dilution to public shareholders, the 18-month deadline creating negotiating pressure, and potential conflicts of interest with an affiliated SPAC, Best SPAC I Acquisition Corp., that is also seeking targets.