TGE, Subsidiary of AMTD Digital, Announces Successful Pricing of First SPAC Listing

Rhea-AI Summary

TGE (subsidiary of AMTD Digital, NYSE:HKD) announced that its sponsored SPAC, TGE Value Creative Solutions, successfully priced an IPO of 15 million units at $10.00 per unit and began trading on the New York Stock Exchange on December 19, 2025 under the ticker BEBE U.

Each unit contains one Class A ordinary share and one-half warrant (each full warrant exercisable at $11.50). Once separated, shares and warrants are expected to trade as BEBE and BEBE WS. The order book was oversubscribed and filled by institutional investors. The SPAC will target acquisitions primarily in media, digital media, entertainment, high fashion, lifestyle, culture, and gaming.

Positive

• IPO priced at $10 for 15 million units (total gross proceeds $150M)
• NYSE listing commenced on December 19, 2025 under BEBE U
• Order book reported as oversubscribed and filled by reputable investors
• Clear sector focus: media, entertainment, fashion, lifestyle, gaming

Negative

• None.

Key Figures

IPO units 15 million units TGE Value Creative Solutions SPAC IPO size

Unit price $10.00 per unit Initial public offering price on NYSE

Warrant exercise price $11.50 per share Price per Class A share for each whole redeemable warrant

Ritz Carlton Perth stake 50% interest Planned acquisition of The Ritz Carlton Hotel in Perth

Ritz Carlton deal value A$280 million Stated total value of Perth hotel transaction

Revenue growth 1,085.9% increase Half-year performance highlighted in 2025-10-31 Form 6-K

Market Reality Check

$1.07 Last Close

Volume Volume 263,875 is about 45% below the 20-day average of 483,947, indicating muted trading ahead of this news. low

Technical Shares at $1.35 are trading below the 200-day MA of $1.85 and 75.32% below the 52-week high of $5.47.

Peers on Argus

No peer stocks or sector momentum data are provided, so the context around this SPAC news appears stock-specific based on available information.

Market Pulse Summary

This announcement highlights TGE, a subsidiary of AMTD Digital (HKD), successfully pricing its first sponsored SPAC, selling 15 million units at $10.00 with attached warrants exercisable at $11.50. It marks the first step in TGE’s broader SPAC-driven acquisition strategy across media and lifestyle sectors. Recent filings also referenced large hospitality transactions, including a 50% stake in a Perth Ritz-Carlton valued at A$280 million, and a reported 1,085.9% revenue increase, underscoring an aggressive growth trajectory that investors may monitor for execution risk.

Key Terms

special purpose acquisition companies financial

"plans to sponsor and list a series of special purpose acquisition companies (SPACs)"

A special purpose acquisition company (SPAC) is a company created solely to raise money from investors through an initial public offering and then use that cash to buy or merge with a private business, giving the private business a faster route to become publicly traded. For investors, a SPAC is like a blank-check fund: you bet on the team’s ability to find a good deal and the merged company’s future performance, so success depends heavily on the acquirers’ skill and the eventual target’s prospects.

spacs financial

"plans to sponsor and list a series of special purpose acquisition companies (SPACs)"

Special purpose acquisition companies (SPACs) are blank‑check companies that raise money from investors through a stock market listing with the sole goal of merging with or buying a private business to make it public. For investors a SPAC is like buying a shopping voucher for an unknown store: it can provide faster access to a private company’s shares but carries uncertainty about which business you’ll ultimately own and how well it will perform.

redeemable warrant financial

"one Class A ordinary share and one-half of one redeemable warrant"

A redeemable warrant is a financial tool that gives its holder the right to buy shares of a company at a fixed price within a certain period. If the holder chooses to do so, the company can buy back or cancel the warrant before it expires, often to encourage investment or manage share issuance. For investors, it provides an option to potentially buy shares at a favorable price while offering some flexibility for the issuing company.

secondary listing regulatory

"it plans a secondary listing on the London Stock Exchange"

A secondary listing is when a company that is already publicly traded adds a listing on another stock exchange, so its shares can be bought and sold in a different country or market. For investors it matters because it can increase the pool of buyers and sellers, improve liquidity, and expose the stock to different time zones, currencies and rules—think of a store opening a second branch so more customers can shop more easily.

de-spac financial

"which may then conduct various "de-SPAC" business combinations"

A de-spac occurs when a company that was created through a special type of public listing, called a SPAC, officially becomes a regular publicly traded company. This process is similar to a startup moving out of its temporary workspace into a permanent office, allowing investors to see the company's true value and operations. For investors, de-spacs are important because they mark the transition to a more established company, often leading to clearer financial information and investment opportunities.

AI-generated analysis. Not financial advice.

PARIS and NEW YORK and LONDON, Dec. 19, 2025 /PRNewswire/ -- AMTD Group Inc. ("AMTD Group"), AMTD IDEA Group (NYSE: AMTD; SGX: HKB), AMTD Digital Inc. (NYSE: HKD) and The Generation Essentials Group ("TGE", NYSE: TGE; LSE: TGE), a subsidiary of AMTD Digital Inc., announce jointly that TGE has successfully listed the first SPAC it sponsors, TGE Value Creative Solutions Corp ("TGE Value Creative Solutions"), on the New York Stock Exchange (the "NYSE").

TGE Value Creative Solutions priced its initial public offering of 15 million units at $10.00 per unit. Its units will be listed on the NYSE and will begin trading on December 19, 2025 under the ticker symbol "BEBE U."

Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments.

Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on NYSE under the symbols "BEBE" and "BEBE WS," respectively.

The listing of TGE Value Creative Solutions has achieved remarkable success, with the order book being oversubscribed and filled up by reputable investors.

TGE Value Creative Solutions may pursue an acquisition or a business combination with a target in any business or industry but is primarily focused on identifying and acquiring businesses within the media, digital media, entertainment, high fashion, lifestyle, culture, and gaming sectors, which are in line with TGE's core business.

In July 2025, TGE announced its intention to pursue business expansion and acquisition strategy focused on strategically adjacent sectors. As part of this initiative, TGE plans to sponsor and list a series of special purpose acquisition companies (SPACs), which may then conduct various "de-SPAC" business combinations with potential acquisition targets. These "de-SPAC" transactions are expected to provide TGE with opportunities to extend its platform, fostering accelerated growth in areas that complement its core competencies. This strategy is designed to create synergies that will enhance overall value for shareholders in an accretive manner. The successful New York Stock Exchange listing of TGE Value Creative Solutions marks the first step of this strategy in action.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About AMTD Group

AMTD Group is a conglomerate with a core business portfolio spanning across media and entertainment, education and training, and premium assets and hospitality sectors.

About AMTD IDEA Group

AMTD IDEA Group (NYSE: AMTD; SGX: HKB) represents a diversified institution and digital solutions group connecting companies and investors with global markets. Its comprehensive one-stop business services plus digital solutions platform addresses different clients' diverse and inter-connected business needs and digital requirements across all phases of their life cycles. AMTD IDEA Group is uniquely positioned as an active super connector between clients, business partners, investee companies, and investors, connecting the East and the West. For more information, please visit www.amtdinc.com or follow us on X (formerly known as "Twitter") at @AMTDGroup.

About AMTD Digital Inc.

AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform headquartered in France. Its one-stop digital solutions platform operates key business lines including digital media, content and marketing services, investments as well as hospitality and VIP services. For AMTD Digital's announcements, please visit https://ir.amtdigital.net/investor-news.

About The Generation Essentials Group

The Generation Essentials Group (NYSE: TGE; LSE: TGE), jointly established by AMTD Group, AMTD IDEA Group (NYSE: AMTD; SGX: HKB) and AMTD Digital Inc. (NYSE: HKD), is headquartered in France and focuses on global strategies and developments in multi-media, entertainment, and cultural affairs worldwide as well as hospitality and VIP services. TGE comprises L'Officiel, The Art Newspaper, movie and entertainment projects. Collectively, TGE is a diversified portfolio of media and entertainment businesses, and a global portfolio of premium properties. Also, TGE is a special purpose acquisition company (SPAC) sponsor manager, with its first SPAC successfully raised and priced on December 18, 2025.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about the beliefs, plans, and expectations of AMTD IDEA Group, AMTD Digital and/or The Generation Essentials Group, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the filings of AMTD IDEA Group, AMTD Digital and The Generation Essentials Group with the SEC. All information provided in this press release is as of the date of this press release, and none of AMTD IDEA Group, AMTD Digital and The Generation Essentials Group undertakes any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

For AMTD IDEA Group:

IR Office

AMTD IDEA Group

EMAIL: ir@amtdinc.com 

For AMTD Digital Inc.:

IR Office

AMTD Digital Inc.

EMAIL: ir@amtdigital.net 

For The Generation Essentials Group:

IR Office

The Generation Essentials Group

EMAIL: tge@amtd.world

View original content:https://www.prnewswire.com/news-releases/tge-subsidiary-of-amtd-digital-announces-successful-pricing-of-first-spac-listing-302646957.html

SOURCE AMTD Digital; AMTD IDEA Group; The Generation Essentials Group

FAQ

What did TGE announce about the SPAC IPO on December 19, 2025 (NYSE:BEBE U)?

TGE said its sponsored SPAC, TGE Value Creative Solutions, priced 15 million units at $10.00 and began trading on December 19, 2025 as BEBE U on the NYSE.

How are the units of TGE Value Creative Solutions structured (ticker BEBE U)?

Each unit contains one Class A ordinary share and one-half redeemable warrant; each whole warrant is exercisable at $11.50 per share, subject to adjustments.

When will the Class A shares and warrants of BEBE U trade separately and under what symbols?

When separated, the Class A ordinary shares are expected to trade as BEBE and the warrants as BEBE WS on the NYSE.

How much capital did TGE Value Creative Solutions raise in its IPO (NYSE:BEBE U)?

The IPO priced 15 million units at $10, implying $150 million of gross proceeds before expenses.

What industries will BEBE U prioritize for de-SPAC acquisitions?

The SPAC said it is primarily focused on acquiring businesses in media, digital media, entertainment, high fashion, lifestyle, culture, and gaming.

Does the TGE press release guarantee a specific acquisition timeline for BEBE U?

No; the SPAC may pursue an acquisition in any industry but emphasized its primary sector focus without a specific timeline.