Rising Dragon Acquisition Corp. remains a blank check entity targeting a business combination chiefly with Chinese-tied companies, explicitly excluding variable interest entities (VIEs) due to regulatory uncertainties. The company extended its deadline multiple times through mid-2027, supported by unsecured promissory notes convertible into its units to fund trust account extension fees. However, operational progress is constrained by ongoing regulatory risks in China and a thin capital and liquidity profile. These factors combine to limit deal pipeline visibility and heighten redemption risk, typical of China-focused SPACs in the current geopolitical environment.