Schedule 13G/A: Polar Asset Reports No Stake in Black Spade (BSIIW)

Rhea-AI Filing Summary

Polar Asset Management Partners Inc. filed a Schedule 13G/A concerning Class A ordinary shares of Black Spade Acquisition II Co. The filing states the reporting person, which acts as investment adviser to Polar Multi-Strategy Master Fund, reports 0 shares and holds 0% of the class, with no sole or shared voting or dispositive power. The statement affirms the securities, where applicable, were acquired and are held in the ordinary course of business and were not acquired to influence control of the issuer. This filing therefore clarifies that the reporting person asserts no beneficial ownership or control position in the issuers' Class A ordinary shares.

Positive

• Regulated reporting person: the filer identifies itself as a registered investment manager with relevant regulatory status
• Clear ownership disclosure: the filing explicitly reports 0 shares (0%), removing ambiguity about beneficial ownership or control

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine disclosure; reporting person confirms no beneficial stake in Black Spade Acquisition II Co, so no investor control impact.

The Schedule 13G/A is a standard ownership disclosure. It identifies Polar Asset Management Partners Inc. as investment adviser to a related fund and records 0 shares (0%) of Class A ordinary shares, with zero voting and dispositive powers. For market participants, this is a neutral filing: it provides transparency about potential stakeholders and confirms the filer is not a controlling or influential holder. There are no indications of group affiliations or >5% ownership that would trigger additional reporting obligations.

Compliance/Risk Analyst

TL;DR: Compliance filing confirms regulated status and certifies holdings are ordinary-course; no reportable ownership to create governance or control concerns.

The filing states the reporting person is a regulated investment manager and explicitly certifies that any referenced securities are held in the ordinary course of business and not for control purposes. Itemized ownership fields show 0 sole or shared voting power and 0 dispositive power, and Item 6 is noted as not applicable. From a compliance perspective, this satisfies disclosure without revealing any material exposure or related-party control risks.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Black Spade Acquisition II Co

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G1153L109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G1153L109

1

Names of Reporting Persons

Polar Asset Management Partners Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Black Spade Acquisition II Co
(b)	Address of issuer's principal executive offices: Suite 2902, 29/F, The Centrium, 60 Wyndham Street, Central, Hong Kong, 00000
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G1153L109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	08/14/2025

FAQ

Who filed the Schedule 13G/A for Black Spade Acquisition II Co (BSIIW)?

The filing was submitted by Polar Asset Management Partners Inc., which serves as investment adviser to Polar Multi-Strategy Master Fund.

How much of Black Spade Acquisition II Co's Class A ordinary shares does Polar Asset report owning?

The filing reports 0 shares, representing 0% of the Class A ordinary shares, with no sole or shared voting or dispositive power.

Does the filing indicate any ownership above 5% for BSIIW?

No. The filing reports ownership of 0% and notes that ownership of 5% or less applies.

Does Polar Asset claim the shares were acquired to influence control of the issuer?

No. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Is there any group affiliation or parent/subsidiary acquisition disclosed in the filing?

No. The filing lists related group and subsidiary items as not applicable.