HK Acquisition Corp, a blank-check company backed by the former head of Hong Kong’s de facto central bank, has its book fully covered for its HK$1 billion (US$127 million) initial public offering, reports the South China Morning Post.
The SPAC formed by Norman Chan Tak-lam, the former chief executive of the Hong Kong Monetary Authority, along with two family members of the city’s former chief executive Donald Tsang Yam-kuen, will issue 100 million shares at HK$10 each. Every two shares will entitle the holder to a warrant, exercisable at HK$11.50.
HK Acquisition Corp is the city’s third SPAC to complete an IPO under a relatively new listing regime that started in January. Read more.
