Quwan Holding, which operates a Chinese gamer-centric networking platform, is set for a listing in Hong Kong via a merger with Vision Deal, marking the second such deal in the city.
Vision Deal HK Acquisition, a SPAC backed by former Alibaba Group Holding executive Wei Zhe, announced in an exchange filing that it has agreed to acquire an aggregate of 6,286,210 Quwan Holding shares for HK$298 million, reports the South China Morning Post.
The de-SPAC deal comes with a PIPE with 12 corporate investors including Zheshang International Financial Holdings and Orient Asset Management (Hong Kong), as well as individual investors, according to the filing.
Vision Deal’s float was Hong Kong’s second SPAC listing. Its June 2022 IPO raised $130 million with initial plans to acquire an enterprise in China involved in smart-car technologies or supply chain and cross-border e-commerce. Read more.
