First Hong Kong-Listed SPAC Has Slow Start In Trading Debut
- Aquila Acquisition Corp. raised $128 million in its IPO
- SPAC trading in H.K. is restricted to professional investors
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Aquila Acquisition Corp., the first special purpose acquisition company to list in Hong Kong, had a slow debut Friday as few investors are qualified to trade the shares.
The SPAC closed 3.2% lower at HK$9.68 after a session marked by only a few trades. The firm backed by CMB International Asset Management and AAC Mgmt Holding raised about $128 million in the IPO with shares sold at HK$10 each, inaugurating rules for blank-check companies effective since January.