Three Hong Kong SPACs Let IPO Filings Lapse

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Three blank-check companies have let their listing applications lapse in Hong Kong after first filing them in late January.

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The special-purpose acquisition companies–Intra Acquisition Corp., Tiger Jade Acquisition Co. and Trinity Acquisition Holdings Ltd.—were among the dozen such vehicles that have filed for an initial public offering in Hong Kong.

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Interra Acquisition, which is backed by investment firm Primavera Capital Group and ABCI Asset Management, will refile its prospectus as soon as Tuesday, according to a person familiar with the matter.

Listing applications for SPACs, which seek a target business to combine with after trading on an exchange and raising money, have moved slowly in Asia. Only two SPACs have gone public in Hong Kong since the vehicles were allowed starting January this year.

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Market volatility brought on by Russia’s invasion of Ukraine and interest-rate increases have also cooled investor demand for SPACs and new issuance globally.

Hong Kong maintains strict requirements that SPAC sponsors and investment banks accountable for the eventual merger transaction, and it requires at least 20 institutional investors buying into each SPAC IPO.

Write to Singapore Editors at [email protected]

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Credit: www.marketwatch.com /

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