Almost three years after the launch of the Hong Kong special purpose acquisition company (SPAC) regime, the first de-SPAC has finally listed on the HKEX.
The Hong Kong-listed SPAC, HK Acquisition Corporation, has completed its merger with Synagistics, a Singapore-based e-commerce solutions platform, with the new combination debuting on the HKEX under the name Synagistics.
Sidley Austin acted as the Hong Kong and US counsel to the SPAC, with partners Constance Choy, Claudia Yu, Ding Meng and Christopher Cheng leading the team.
Partner Matt Roberts at Maples Group advised the SPAC on Cayman Islands law.
Freshfields partners Grace Huang and Arun Balasubramanian advised Synagistics on Hong Kong and US law.
Rajah & Tann counselled on Singapore, Thailand and Vietnam law matters, with lead partners Hoon Chi Tern, Lee Xin Mei and Eugene Lee heading the team. The firm’s Asian network members, Christopher & Lee Ong and Assegaf Hamzah & Partners, advised on Malaysian and Indonesian law, respectively.
Romulo acted as the Philippines counsel to Synagistics.
Morrison Foerster’s partner, Vivian Yiu, advised the joint sponsors, Haitong International Capital and CMB International Capital, on Hong Kong and US law.
A de-SPAC refers to a SPAC investing its capital into a private company, allowing the latter to become publicly traded. After their merger, the operating company becomes the surviving entity, while the SPAC is dissolved.
In August, the Hong Kong Securities and Futures Commission and the HKEX made short-term adjustments to the SPAC listing system, relaxing the investment requirements from independent third parties to enhance the likelihood of successful debuts. Hong Kong implemented chapter 18B on 1 January 2022, introducing the SPAC framework in the city.
Previously, Aquila Acquisition, Hong Kong’s first SPAC, along with ZG Group, as well as Vision Deal and Quwan, all of which have proposed merger listings, but they have yet to succeed.
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