New World Development Co.’s CEO Adrian Cheng is planning to raise funds through a SPAC in the United States, Bloomberg reports, citing people familiar with the matter, making him the latest Hong Kong tycoon to jump on the blank-check bandwagon.
So far this year, eight SPACs backed by Asian sponsors have gone public in the U.S., raising $2.42 billion, according to data compiled by Bloomberg. That’s an acceleration from 2020, when 11 Asian SPACs raised $2.26 billion in the whole year. Read more.
