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New World’s Adrian Cheng Plans Up to $400 Million SPAC

  • Cheng joins other Hong Kong tycoons in setting up SPACs
  • Asian sponsors are increasingly joining the U.S. SPAC boom
Adrian Cheng
Adrian ChengPhotographer: Giulia Marchi/Bloomberg

New World Development Co.’s Adrian Cheng is planning to raise funds through a special purpose acquisition company in the U.S., according to people familiar with the matter, making him the latest Hong Kong tycoon to jump on the blank-check firm bandwagon.

Cheng is working with advisers on the potential SPAC’s initial public offering, said the people, asking not to be identified as the information isn’t public. The blank-check company could raise $200 million to $400 million, one of the people said.