Hong Kong’s First SPAC Wins Exchange Approval for IPO, Sources Say
- CMB-backed Aquila Acquisition seeks to buy a new economy firm
- Hong Kong’s rulebook for SPACs came into effect Jan. 1
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A blank-check company backed by China Merchants Bank Co.’s overseas asset management arm has become the first to win approval for an initial public offering in Hong Kong, according to people familiar with the matter.
Aquila Acquisition Corp. received the green light for a listing in the city on Thursday, the people said, asking not to be identified because the information is private. The special purpose acquisition company will seek to raise about $300 million in the offering, one of the people said.