On December 19 2025, TGE— a subsidiary of AMTD Digital Inc.—completed the listing of its first SPAC, TGE Value Creative Solutions, on the New York Stock Exchange. The SPAC was priced at $10.00 per unit, with each unit comprising one Class A ordinary share and a half‑warrant. The units traded under the ticker “BEBE U,” while the underlying shares and warrants later received the tickers “BEBE” and “BEBE WS.” The 15 million units sold generated $150 million in gross proceeds for TGE.
The offering was oversubscribed, reflecting strong investor appetite for the SPAC’s focus on media, digital media, entertainment, high fashion, lifestyle, culture, and gaming. Units began trading at $9.95—slightly below the IPO price— and were at $9.94 by 12:01 p.m. EST, indicating a modest first‑day dip that is common for SPACs as investors adjust to the new price level.
TGE’s decision to launch a SPAC aligns with its core business of publishing and media ownership, including L’Officiel and The Art Newspaper. By raising capital through a SPAC, TGE can pursue acquisitions in its target sectors more efficiently than through a traditional IPO, accelerating growth and expanding its portfolio in high‑growth digital and cultural markets.
AMTD Digital’s financial backdrop is mixed: trailing‑12‑month revenue of HK$73.16 million, a net margin of 37 % and an operating margin of 80.7 %. However, a three‑year revenue decline of 3.6 % and an Altman Z‑Score of 1.56 signal potential financial fragility. The SPAC provides a vehicle to inject capital and diversify risk while positioning the company for strategic acquisitions.
Investor reaction to the SPAC was largely positive, as evidenced by the oversubscription and the willingness to purchase units at the IPO price. The slight first‑day price decline suggests cautious valuation, but the overall demand indicates confidence in TGE’s ability to identify and integrate valuable media and entertainment assets.
The SPAC launch marks a significant step for TGE and AMTD Digital, offering a new capital structure to support future acquisitions and potentially enhance shareholder value. The move also signals the company’s commitment to expanding its footprint in the evolving media and digital entertainment landscape.
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