The former head of Hong Kong’s de facto central bank has formed a SPAC with two family members of the city’s former chief executive, as they look to bank on their credentials to raise funds for their blank-check company, reports the South China Morning Post.
Named HK Acquisition Corp, the company filed a draft prospectus sponsored solely by Haitong International on the city’s stock exchange on Monday night. Norman Chan Tak-lam, former chief executive of the Hong Kong Monetary Authority, owns 51% of the SPAC.
The other 49% is co-owned by Katherine Tsang, former chairperson of Standard Chartered Greater China and the younger sister of Hong Kong’s former chief executive Donald Tsang Yam-kuen, and investment firm Max Giant, which she and her nephew Thomas Tsang Hing-shun co-founded.
Hong Kong allows only professional investors to buy and deal in shares issued by a SPAC, and listings need to raise at least HK$1 billion ($128 million) to qualify for its main board, the highest requirement among all exchanges. Read more.
