Yet another billionaire from Hong Kong’s property sector has joined the blank-cheque boom with an eye on raising up to $400 million.
New World chief executive officer Adrian Cheng is planning to potentially raise funds through a special purpose acquisition company (SPAC) in the U.S., according to a «Bloomberg» report citing unnamed sources, with a target of raising $200-400 million.
Concurrently, New World Group is reportedly searching for a senior executive to oversee mergers and acquisitions in areas beyond property, such as healthcare and logistics.
Hong Kong SPAC Boom
Cheng joins fellow Hong Kong billionaires Li Ka-shing and Richard Li as the city’s latest to join the SPAC boom to raise funds.
Though initially a laggard, Asia is rapidly catching up to western markets in SPAC fundraising. Year-to-date, the market has already seen eight SPACs backed by Asian sponsors raising a total of $2.42 billion, according to Bloomberg data, already exceeding the $2.26 billion raised by 11 Asian SPACs in 2020.
