Greentech-focused Destone Acquisition, with backing from Wang Shi, the founder of major Chinese property developer Vanke, formally submitted an application April 8 for listing on the Hong Kong Stock Exchange, PanDaily reports.
In June 2017, Wang Shi retired as chairman of Vanke’s board of directors. Destone Acquisition is the 71-year-old’s first major business venture since retirement. Cayman-incorporated Destone was established in May 2021.
Destone Acquisition is 65% held by Wang through a wholly-owned subsidiary of Million Ridge International Limited, with the rest owned by Asia Investment Fund Management.
Wang Shi is chairman of the SPAC, with Goldman Sachs Group’s former head of investment banking for China, Erhfei Liu, being the CEO. Zhang Tian, managing partner of Destone Capital, is director and CFO. Read more.
