Hong Kong Exchanges and Clearing Limited (HKEX) is, today (Friday), pleased to welcome the first Special Purpose Acquisition Company (SPAC) listing in Hong Kong, with Aquila Acquisition Corporation debuting on the Main Board.
HKEX Chief Executive Officer Nicolas Aguzin said: “The introduction of Hong Kong SPAC listings is an exciting development for HKEX. It adds a new route to market for issuers, further diversifies our listing offering and helps us to play an even more important role in fueling the aspirations of the companies of tomorrow.”
“We have already seen significant demand for this new SPAC listing route and today we were delighted to welcome Aquila, the first SPAC on our market. We look forward to welcoming more sponsors and companies in the months ahead,” said Mr Aguzin.
HKEX introduced the Hong Kong SPAC listing regime in January 2022 after receiving substantial market support to its SPAC proposal consultation. As at 17 March, HKEX had received ten SPAC listing applications, reflecting strong market interest and demand for this new listing route.
HKEX’s SPAC listing framework is unique to Hong Kong. It focuses on welcoming SPAC listing applications from experienced and reputable SPAC Promoters seeking good quality De-SPAC Targets, providing another attractive route to listing in Hong Kong whilst ensuring appropriate investor safeguards.
A SPAC raises funds through its listing for the purpose of acquiring a business (a De-SPAC Target) at a later stage (a De-SPAC Transaction), within a pre-defined time period after listing.
