Trinity Acquisition has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $250 million in an initial public offering (IPO) of 25 million units at $10. The special purpose acquisition company (SPAC), based in Hong Kong, is led by Li Ning, the former Olympic champion turned tycoon. Li Ning won six medals in artistic gymnastics — three gold, two silver and a bronze — at the 1984 Summer Olympics in Los Angeles and is one of the greatest sports figures in China. After his sporting career, he created the namesake sportwear brand Li-Ning in 1989.
According to the prospectus filed with the SEC, Trinity Acquisition wants to “capitalize on the China, consumer and sporting expertise” of its management. The new business aims to pursue opportunities among global lifestyle brands with compelling potential in China, and these “may include sports and sports-related brands,” according to the filing.
Trinity Acquisition plans to list on the New York Stock Exchange (NYSE) under the symbol TRNY.U. Goldman Sachs Asia is the sole bookrunner in the deal. Li Ning, who is the chairman of the new company, is joined by Daniel Kar Keung Tseung, the founder of LionRock Capital, who serves as Trinity’s co-CEO, CFO and director, and David Tse Young Chou, a veteran of Goldman Sachs, who serves as Trinity’s co-CEO and director.
As reported in Shoe Intelligence, LionRock has just completed the acquisition of Clarks and appointed a new CEO.