HONG KONG: Former HKMA Chief's SPAC Completes IPO.

As published on finews.asia, Wednesday 10 August, 2022.

Hong Kong registers the third initial public offering of a special purpose acquisition company, backed by the city’s former central banking chief.

HK Acquisition Corp has fully covered its books for a HK$1 billion ($127 million) IPO yesterday, according to an SCMP report citing unnamed sources. The SPAC will issue 100 million shares at HK$10 each and is scheduled to list on the main board on August 15.

This marks the third SPAC to complete an IPO in Hong Kong where regulatory requirements to list a blank cheque company are the tightest amongst exchanges with a minimum fundraising amount of HK$1 billion and access limited to only professional investors.

HK Acquisition Corp will focus on acquiring companies in financial services and technology.

The newly listed SPAC features a star-studded roster of financial heavyweights as owners.

In addition to former Hong Kong Monetary Authority chief Norman Chan, who owns 51 percent, the remaining 49 percent of the SPAC is co-owned by Katherine Tsang, ex-Standard Chartered Greater China chair and younger sister of ex-Hong Kong chief executive Donald Tsang, and investment firm Max Giant. Max Giant was co-founded by Katherine Tsang as well as Thomas Tsang, her nephew and son of the former Hong Kong leader.

"Our promoters, Dr. Chan and Ms. Tsang, have played very substantial roles in the development and innovation of Hong Kong’s financial services industry," HK Acquisition Corp said in its prospectus, describing its directors and senior management as "homegrown icons valuing integrity and ethics as their primary priorities".