Joint Venture’s Debut Project Bolsters Falcon’s
Global Expansion into China and Provides K11 Group with Signature
IP to Attract Audiences to its Popular Retailtainment Location
Ocean Adventure-Themed Vquarium Attraction to
Debut at Hong Kong’s Iconic 11 SKIES in 2025
Falcon’s Beyond (“Falcon’s” or the “Company”), a diversified
global entertainment, consumer experience, and technology
enterprise that accelerates intellectual property (IP) activations
concurrently across physical and digital experiences, has announced
its debut project as part of its joint venture with Raging Power
Limited, an arm of K11 Group, the Hong Kong-based cultural commerce
giant. Through their joint venture, these two trailblazers in
entertainment and retail, respectively, are expected to collaborate
to develop and launch new entertainment franchises and
location-based entertainment (LBE) attractions across China.
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the full release here:
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Ocean adventure-themed Vquarium
attraction from Falcon’s Beyond and K11 to launch at Hong Kong’s 11
Skies in 2025. (Photo: Business Wire)
The new global alliance comes ahead of Falcon’s planning to
become a publicly listed company on Nasdaq, strengthens its
position in the world’s second largest economic market, and
accelerates the Orlando-based company’s global expansion. The joint
venture simultaneously solidifies K11 Group's position as one of
the world’s foremost purveyors of retail entertainment experiences
and provides them with co-ownership of attractive IP to launch
through LBEs and beyond, including entertainment and consumer
products, across China.
“As a global giant who shares our mission to develop
state-of-the-art, game-changing consumer entertainment experiences,
K11 Group is an ideal partner for Falcon’s as we continue our
international growth, particularly across Asia, by expanding
popular franchises across the world,” said Cecil D. Magpuri, CEO of
Falcon’s Beyond. “Firmly established in the United States, Europe,
and the Caribbean, we now have our sights set on China, the world’s
second largest consumer market, as we continue to grow our company
and bring innovative consumer experiences to people around the
world.”
Falcon’s alliance with K11 Group bolsters its strong track
record in China and advances its investment in a global expansion
through a larger presence in Asia, where it recently opened a
flagship office in the Philippines. Over the past two decades,
Falcon’s has developed a variety of consumer entertainment
attractions, incorporating some of the world’s most iconic brands,
for clients in Asia. Through its K11 Group joint venture, the
Company is -- for the first time -- creating immersive experiences
built around new, proprietary IP it has developed.
The first new attraction experience being developed by Falcon’s
under the joint venture is the underwater adventure themed
Vquarium™. Providing a science fiction-like experience that
is rooted entirely in the natural world, Vquarium will be a
story-driven interactive adventure that explores oceans and
waterways around the globe in a wonder-filled narrative that offers
intimate and empowering encounters with virtual sea life to
entertain, educate, and inspire. Vquarium will be introduced
through an interactive attraction that allows visitors to simulate
going on an immersive undersea voyage. A multi-room, multi-level
experience, the attraction will also provide creative food and
beverage offerings, along with retail components.
The first Vquarium immersive LBE is expected to launch in 2025
at K11 Group’s heralded 11 SKIES retailtainment destination. This
is the first collaboration between Falcon’s and K11 Group,
following Falcon’s nearly two decades of work in China. 11 SKIES is
anticipated to be the largest retailtainment landmark in Hong Kong,
with a total gross floor area of 3.8M ft2 (353K m2), 800 shops
including 120 dining concepts, the largest indoor entertainment hub
featuring 8 world class attractions, and 3 office towers providing
professional services including wealth management and medical
services. Located between Hong Kong International Airport and Hong
Kong-Zhuhai-Macao Bridge connecting to the Greater Bay Area, the
HK$20-billion project is expected to entice Hong Kong residents,
visitors from across the rest of China and travelers passing
through the airport.
Following its debut at 11 SKIES, Vquarium is planned to expand
to nearly a dozen additional locations across China in the coming
years. Falcon’s also expects to launch Vquarium in other
high-profile markets outside of Asia.
Under the joint venture, Falcon’s plans to expand the Vquarium
experience beyond LBEs, across all forms of entertainment,
including media content, video games, and consumer products. This
IP expansion model is core to the company’s mission and purpose, to
accelerate franchise activations concurrently across physical and
digital experiences. The growth of the Vquarium franchise follows
Falcon’s acceleration of its first global franchise, Katmandu™,
which originated at Katmandu Park in Mallorca. Now, the company has
opened a second park – Katmandu Park | Punta Cana – in the
Dominican Republic, and expanded the IP to consumer products and
gaming, and is developing an animated series.
Last year, Falcon’s Beyond announced plans to become a publicly
listed company through a definitive merger agreement with FAST
Acquisition Corp. II (NYSE: FZT), a special purpose acquisition
company founded by Doug Jacob and headed by Sandy Beall (“FAST
II”). Upon the closing of the transaction, the new combined company
will be named “Falcon’s Beyond Global, Inc.” and is expected to be
listed on Nasdaq under the ticker symbol “FBYD.” More information
about the transaction can be found in the Investor Relations
section of Falcon’s website.
About Falcon’s Beyond
Falcon’s Beyond is a diversified global entertainment, consumer
experience, and technology enterprise that is reimagining how we
play, travel, shop, dine, relax and are entertained. Situated at
the intersection of technology and entertainment, Falcon’s
accelerates intellectual property (IP) activations concurrently
across physical and digital experiences through three core business
units: Falcon’s Creative Group, Falcon’s Beyond Destinations, and
Falcon’s Beyond Brands. Falcon’s Creative Group is one of the
world’s leading master planners having planned more than $100
billion worth of award-winning experiences. Falcon’s Beyond
Destinations develops, owns, and operates resort hotels, theme
parks, retail, dining, and entertainment venues, including Falcon’s
Resort by Meliá in Punta Cana and its award-winning Katmandu theme
parks. Falcon’s Beyond Brands develops and deploys both proprietary
and partner IP across multiple platforms through animated and
live-action media content, gaming, music, and retail consumer
products. The company is headquartered in Orlando, FL, USA. Learn
more at falconsbeyond.com.
FALCON'S BEYOND, VQUARIUM and KATMANDU and their related
trademarks are owned or licensed by Falcon’s Beyond. Other
trademarks are owned by their respective owners.
About K11 Group
K11 Group was founded in 2008 by renowned entrepreneur Adrian
Cheng. The unique concept brand combines culture and commerce
through all of its projects, sustaining an ecosystem that caters to
all walks of life with a growing portfolio of brands spanning
sectors in Greater China and around the world.
A destination 10 years in the making, the flagship K11 MUSEA is
K11 Group's most ambitious "cultural-retail" development and
reinvigorates Hong Kong's waterfront with Cheng's vision to create
a "Silicon Valley of Culture", to encourage a deeper look at the
interconnectivity between creativity, culture and innovation.
11 SKIES is an upcoming mega project that will create a new
landmark in Hong Kong's Retail, Dining and Entertainment (RDE)
industries, as well as in wealth management and wellness services.
Set to be the most comprehensive retail and business hub in the
Greater Bay Area, 11 SKIES redefines the traveller and consumer
experience across a 3.8 million sq ft gross floor area in SKYCITY,
strategically located near Hong Kong International Airport and the
Hong Kong-Zhuhai-Macao Bridge.
In addition to its K11 Art Malls, K11 Group operates K11 ATELIER
as a network of office buildings for the next-generation workforce,
alongside K11 ARTUS's luxury residences for worldly travellers, and
K11 Select, which is a "cultural sandbox" for the modern
generation, and marked K11 Group's entry into the asset-light
management market. To cultivate cultural richness through its
operational goals, the group also proudly runs the Hong Kong
non-profit K11 Art Foundation to incubate Chinese artists and
curators, and the K11 Craft & Guild Foundation to preserve
traditional Chinese crafts and bring them into the future. The
group also manages and drives K11 KULTURE ACADEMY as an open
education platform and K11 Future Taskforce, a consulting and
market research institution.
K11 Group is based in Hong Kong SAR with operations in Greater
China and investments in Europe and the US. Through K11 Group,
Cheng's aim is to enrich the daily lives of next-generation
consumers and create a new global identity for Chinese millennials,
as well as cultivate opportunities for communities to thrive,
connect, work and shop. K11 is expected to attain a footprint of 39
projects with a total GFA of 2,906,000 sq m in eleven major cities
across Greater China.
www.k11.com
Additional Information and Where to Find It
In connection with the proposed business combination, Falcon’s
Beyond Global, Inc. (“Pubco”) has filed with the U.S. Securities
and Exchange Commission (the “SEC”) a registration statement on
Form S-4 (the “Registration Statement”), which includes a document
that serves as a joint prospectus of Pubco and proxy statement of
FAST II, referred to as a proxy statement/prospectus. A proxy
statement/prospectus will be sent to all FAST II shareholders after
the Registration Statement is declared effective by the SEC. No
offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, or an exemption therefrom. FAST II and
Pubco will also file other documents regarding the proposed
business combination with the SEC. BEFORE MAKING ANY VOTING
DECISION, INVESTORS AND SECURITY HOLDERS OF FAST II ARE URGED TO
READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND
ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE
SEC IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION AS THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders can obtain free copies of the
Registration Statement, and will be able to obtain free copies of
amendments to the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by FAST II or Pubco through the website
maintained by the SEC at www.sec.gov. The documents filed by FAST
II with the SEC also may be obtained free of charge upon written
request to 109 Old Branchville Road Ridgefield, CT 06877. The
documents filed by Pubco with the SEC may also be obtained free of
charge upon written request to 6996 Piazza Grande Avenue, Suite
301, Orlando, FL 32835.
Participants in the Solicitations
FAST II and its directors and executive officers may be deemed
participants in the solicitation of proxies from FAST II’s
stockholders with respect to the proposed business combination. A
list of the names of those directors and executive officers and a
description of their interests in FAST II is contained in FAST II’s
final prospectus related to its initial public offering dated March
15, 2021 and the Registration Statement, each of which was filed
with the SEC and is available free of charge at the SEC’s website
at www.sec.gov. Additional information regarding the interests of
such participants will be contained in amendments to the
Registration Statement for the proposed business combination when
available.
The Company and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
stockholders of FAST II in connection with the proposed business
combination. A list of the names of such directors and executive
officers and information regarding their interests in the proposed
business combination is included in the Registration Statement,
which was filed with the SEC and is available free of charge at the
SEC’s website at www.sec.gov. Additional information regarding the
interests of such participants will be included in amendments to
the Registration Statement for the proposed business combination
when available.
No Offer or Solicitation
This press release is for informational purposes only and shall
not constitute a solicitation of a proxy, consent or authorization
with respect to any securities or in respect of the proposed
business combination and shall not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any state or jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offering of securities shall be made
except by means of a prospectus meeting the requirements of Section
10 the Securities Act of 1933, as amended, or an exemption
therefrom.
Caution About Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters.
These forward-looking statements include, but are not limited
to, the expectation that the proposed transaction will occur and
Pubco will be listed on Nasdaq, expansion plans for Vquarium, and
anticipated timing of and benefits associated with the opening of
the 11 SKIES destination. These statements are based on various
assumptions and on the current expectations of the Company, Pubco
and FAST II and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and should not be relied on
by an investor or others as, a guarantee, an assurance, a
prediction, or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of Falcon’s Beyond and FAST
II. These forward-looking statements are subject to a number of
risks and uncertainties, including, but not limited to, the
likelihood of which could be adversely affected by (1) changes in
domestic and foreign business, market, financial, political, and
legal conditions in general and in the entertainment industry in
particular; (2) the outcome of any legal proceedings that may be
instituted against FAST II, Falcon’s Beyond or Pubco following the
announcement of the proposed business combination; (3) the
inability of the parties to successfully or timely consummate the
proposed business combination, including the risk that any
regulatory approvals or the SEC’s declaration of the effectiveness
of our prospectus/proxy statement are not obtained, are delayed or
are subject to unanticipated conditions that could adversely affect
Falcon’s Beyond or the expected benefits of the proposed
transaction or that the approval of the requisite equity holders of
FAST II is not obtained; (4) the occurrence of any event, change or
other circumstance that could give rise to the termination of the
merger agreement; (5) volatility in the price of FAST II’s or
Falcon’s Beyond’s securities; (6) the risk that the proposed
business combination disrupts current plans and operations as a
result of the announcement and consummation of the business
combination; (7) the enforceability of Falcon’s Beyond’s
intellectual property, including its patents, and the potential
infringement on the intellectual property rights of others, cyber
security risks or potential breaches of data security; (8) any
failure to realize the anticipated benefits of the proposed
transaction; (9) risks relating to the uncertainty of the projected
financial information with respect to Falcon’s Beyond; (10) risks
related to the rollout of Falcon’s Beyond's business and the timing
of expected business milestones; (11) the effects of competition on
Falcon’s Beyond's business; (12) the risk that the proposed
business combination may not be completed by FAST II’s business
combination deadline; (13) the amount of redemption requests made
by FAST II's stockholders; (14) the ability of FAST II or Falcon’s
Beyond to issue equity or equity-linked securities or obtain debt
financing in connection with the proposed transaction or in the
future; (15) and those factors discussed in the Registration
Statement and FAST II's Form 10-K for the year ended December 31,
2022 under the heading "Risk Factors," and other documents FAST II
or Pubco has filed, or will file, with the SEC. If any of these
risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither FAST II nor Falcon’s Beyond presently know, or that FAST II
or Falcon’s Beyond currently believe are immaterial, that could
also cause actual results to differ from those contained in the
forward-looking statements. In addition, the forward-looking
statements reflect FAST II's and Falcon’s Beyond's expectations,
plans, or forecasts of future events and views as of the date of
this press release. FAST II and Falcon’s Beyond anticipate that
subsequent events and developments will cause FAST II's and
Falcon’s Beyond's assessments to change. However, while FAST II and
Falcon’s Beyond may elect to update these forward-looking
statements at some point in the future, FAST II and Falcon’s Beyond
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as a
representation of FAST II's and Falcon’s Beyond's assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230907878202/en/
Media: DKC Public Relations Falcons@dkcnews.com
Investor Relations: Brett Milotte, ICR
FalconsBeyondIR@icrinc.com
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