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HKEX Welcomes First SPAC Listing

Corporate
18 Mar 2022

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.

 

 

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets.  HKEX is the world’s leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant markets.

HKEX is also the global leader in metals trading, through its wholly owned subsidiaries, The London Metal Exchange (LME) and LME Clear Limited.  This commodity franchise was further enhanced with the launch of Qianhai Mercantile Exchange (QME), in China, in 2018.

HKEX launched the pioneering Shanghai-Hong Kong Stock Connect programme in 2014, further expanded with the launch of Shenzhen Connect in 2016, and the launch of Bond Connect in 2017.

www.hkexgroup.com

 

Ends

Updated 28 Mar 2022