Li Ka-shing’s Horizon Ventures is benefitting from the blank cheque boom with at least three fintech portfolio companies already merging with special purpose acquisition companies.
At least three fintech investments made by the private investment arm of Hong Kong’s richest have found mergers with special purpose acquisition companies (SPAC).
They include insurance group Hippo Enterprises, which announced it would go public via a merger with SPAC Reinvent Technology Partners for a deal valued at $5 billion, and property tech firm Doma, which announced a merger with SPAC Capitol Investment Corp V in a deal valued at $3 billion – both in the month of March alone.
The third Horizon Ventures-backed fintech – digital asset marketplace Bakkt – also said it would list via a merger with SPAC VPC Impact Acquisition Holdings.
SPAC Craze Reaches Asia
In addition to the wave of issuers in the region, most notably fellow tycoons like Li Ka-shing’s younger son Richard Li or New World Development chief Adrian Cheng, even exchanges have expressed interest.
The Hong Kong Exchange and Clearing is reviewing the possibility of adding SPACs to its offering while the Singapore Exchange could list them as early as this year.
