Shinyoung HappyTomorrow No.11 Special Purpose Acquisition신영스팩11호

Shinyoung HappyTomorrow No.11 is a shell SPAC with no revenue, no identified merger target yet, and a share price far below its 52-week high.

The company was set up in July 2025 solely to list on KOSDAQ and then merge with another business, and it has no operations of its own. Its latest filings show an operating loss of ₩35.9B and a net loss of ₩17.9B for 2025, with no revenue, and the half-year report for June 2026 is on file. The data says it has not yet named a specific merger target.

What stands out

• Revenue is zero, and the reported losses of ₩35.9B operating and ₩17.9B net for 2025 are large relative to its ₩12.5B market value.
• Price is ₩2,065, up 1.5% over one month and 3.3% over three months, but well below the 52-week high of ₩5,200; the one-year return is not available.
• Book value is about 1x, and the data shows no P/E, dividend yield or fair value estimate because there are no earnings.
• Cash of about ₩2.2B against borrowings of ₩2.2B, with trailing free cash flow of -₩29.6B.
• Trading activity is thin: foreign ownership is 0.2%, short balance is 0%, and 20-day flows are mostly retail and institutional with small net amounts.

What to watch

• Any announcement naming a merger target, since the profile says none has been identified yet.
• The next quarterly report and any further filings on how the cash and borrowings are being used.
• Whether the ₩29.6B negative free cash flow and borrowings are addressed, as the data does not explain how the company funds its costs.