Horizon Space Acquisition II Corp.

Horizon Space Acquisition II Corp. is a Cayman Islands blank check company formed to complete a merger, share exchange, asset acquisition, or similar business combination with an operating business. It has no operating business of its own and is currently focused on identifying a target, with management noting potential interest in China, including Hong Kong and Macau, due to the company’s ties to China.

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— Horizon Space Acquisition II Corp.
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SPAC formation and listing0% Public company shell structure created to raise capital and pursue a future business combination.
Trust account capital0% Cash placed in trust from the IPO and over-allotment option for use in a future transaction.
Sponsor financing0% Private placement units and related sponsor funding that support formation and search costs.
Target identification and due diligence0% Evaluation of potential acquisition candidates across industries and geographies.

The company does not sell products or services to operating customers today; its economic counterparties are public...

  • Public investorsprimary

    Buy units, shares, and rights for exposure to a future merger transaction and trust-account capital.

  • Sponsorprimary

    Provides private placement funding and founder capital to support the SPAC structure and search process.

  • Potential target businessesprimary

    Would combine with the company to access public markets and transaction capital.

  • Target shareholderssecondary

    May receive consideration in a de-SPAC transaction and become holders of the combined company.

The company is organized in the Cayman Islands and is publicly listed in the United States, so its corporate and...

  • •Cayman Islands incorporation with U.S. public-market listing
  • •United States capital markets are the source of IPO and trust funding
  • •Potential target focus includes China, Hong Kong, and Macau
  • •No operating revenue or manufacturing footprint yet
  • •Geography will matter most after a business combination closes

The company’s strategy is to identify and complete an initial business combination with a target business that can...

01
Identify and close a business combinationshort-term

The company has no operating business until a transaction is completed.

02
Maintain liquidity for search and diligenceshort-term

Operating expenses continue while the company searches for a target.

03
Leverage geographic flexibilitymedium-term

The company can pursue targets across regions, including China-related opportunities.

The company’s main risk is execution: if it cannot identify, negotiate, and close a suitable business combination, it...

critical

Failure to complete an initial business combination

The company exists to execute one transaction; without it, there is no operating business.

Scope
All capital and time spent on the SPAC process
Materiality
high
high

Redemptions and dilution

Public shareholders may redeem, while sponsor and founder securities can dilute post-deal ownership.

Scope
Trust account and post-combination equity structure
Materiality
high
high

Search and transaction costs exceed available resources

The company has no operating cash flow and must fund diligence and compliance from trust-related resources and sponsor support.

Scope
Pre-combination liquidity
Materiality
high
medium

China-related regulatory and geopolitical exposure

Management noted potential interest in China, Hong Kong, and Macau, which can add cross-border execution risk.

Scope
Target sourcing and post-deal operations
Materiality
medium
Trust account interest income
Drives quarterly earnings despite no operating revenue
Formation and search costs
Creates losses or reduces net income before the business combination
Equity classification of rights and sponsor securities
Can affect balance sheet presentation and earnings volatility
Purchase accounting after de-SPAC
May create goodwill, intangible assets, and impairment risk

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: 28/04/2026