Hony Capital Acquisition in an amended S-1 filing said it now plans to offer 20 million units at $10 each, down from the 30 million units initially registered with the SEC in March. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant; whole warrants exercisable at $11.50.
The underwriters have a 45-day option to purchase up to an additional 3 million units to cover over-allotments, if any. Citigroup, Credit Suisse and CICC are joint book-running managers for the offering.
Hony Capital said it will focus on technology enabled companies in the healthcare and consumer sectors in China or a global or regional company in these sectors with a strong nexus or growth potential in China.
The SPAC is led by Chairman John Zhao, who is chairman and CEO of Hony Capital, an alternative investment management group focusing on opportunities in China.
The SPAC intends to list on the NYSE under HCAA.U. Read more.
