Rising Dragon Acquisition Corp. (NASDAQ: RDAC) is a blank check special purpose acquisition company incorporated in the Cayman Islands that seeks to identify and complete a merger or acquisition with a target company. It generates no operating revenue; its business model is to raise capital through an IPO, hold proceeds in trust, and deploy them through a single initial business combination. RDAC has focused its target search on companies with operations in emerging markets, with a stated emphasis on innovative technologies or unique business models. As of the 10-K filed 2026-03-30 (accession 000121390026036396), RDAC had approved a transaction with HZJL, subject to regulatory approvals and Nasdaq listing confirmation. The company's auditors issued a going concern opinion, citing a working capital deficit of $382,105 and limited cash. As of November 20, 2025, shareholders had approved the proposed business combination, and 5,715,609 ordinary shares were tendered for redemption at the extraordinary general meeting.

Revenue model

No operating revenue. RDAC is a pre-combination SPAC; it holds IPO proceeds in trust and earns no product or service revenue. Value realization is contingent on closing an initial business combination.

Products and services

No products or services. RDAC's sole activity is sourcing, evaluating, and executing a merger or acquisition target.

Customers and end markets

No customers or end markets disclosed. Target acquisition focus is on companies in emerging markets with innovative technologies or unique business models, with PRC-based targets explicitly considered.

Value-chain role

SPAC sponsor and acquisition vehicle. RDAC occupies the role of capital aggregator and deal sponsor, bridging public capital markets to a private operating company seeking a public listing via business combination.

Geographic exposure

Cayman Islands incorporation; principal executive offices located in China. Target acquisition strategy directed toward PRC-based or emerging market companies, subject to PRC regulatory constraints on dividend remittance and foreign exchange conversion.

Source: SEC 10-K, filed 2026-03-30

Industry: Blank Checks