HONG KONG: A SPAC backed by China Merchants Bank utilized to checklist in Hong Kong late on Monday, the first firm to take action since new rules permitting such listings took impact firstly of this 12 months.
Interest in SPACs – particular objective acquisition corporations that elevate money to purchase non-public companies and take them public with out a conventional preliminary public providing (IPO) – is beginning to shift to Asia, with two SPACs set to checklist in Singapore later this month.
Monday’s submitting was by Aquila Acquisition Corporation, whose final dad or mum is China Merchants Bank.
The submitting stated Aquila is goal buying “a technology-enabled firm in ‘new financial system’ sectors (similar to inexperienced power, life sciences and superior know-how and manufacturing) in Asia, with a concentrate on China.” Hong Kong modified its rules to permit SPACs late final 12 months, and the rules took impact on Jan 1. – Reuters
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