Hong Kong could see its first-ever SPAC listing from a company backed by China Merchants Bank.
A Hong Kong filing was made by Aquila Acquisition Corporation – a company with China Merchant Bank (CMB) as its parent – to list as a special purpose acquisitions company (SPAC).
This marks Hong Kong’s first applicant to list a so-called blank cheque company in the public market after the city’s new rules to allow SPACs when into effect on January 1.
China Merchants Bank
CMB is the largest joint-stock commercial bank in the country and the seventh-largest overall.
According to the filing, the CMB-backed Aquila is targeting to acquire «a technology-enabled company in 'new economy' sectors (such as green energy, life sciences and advanced technology and manufacturing) in Asia, with a focus on China».
