Aquila shares debut in Hong Kong's first SPAC listing
18/03/2022 02:32
HONG KONG, March 18 (Reuters) - Shares in Aquila Acquisition
Corp 7836.HK made their debut in Hong Kong on Friday, marking
the first special purpose acquisition company (SPAC) listing on
the city's bourse.
Aquila raised HK$1 billion ($128 million) by selling 100
million Class A shares at HK$10 each, according to its
regulatory filings. The shares were untraded as of 0224 GMT.
SPACs are shell firms that raise money from institutional
and retail investors via market listings, and put it in a trust
for the purpose of merging with a private company and taking it
public.
Hong Kong Exchanges and Clearing Ltd (HKEX) 0388.HK
welcomed the SPAC listing on the exchange's main board.
"The introduction of Hong Kong SPAC listings is an exciting
development for HKEX," HKEX Chief Executive Officer Nicolas
Aguzin said in a statement.
"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," Aguzin added.
($1 = 7.8172 Hong Kong dollars)
(Reporting by Scott Murdoch and Donny Kwok; Editing by Kenneth
Maxwell)
((Scott.Murdoch@thomsonreuters.com;))