Hong Kong’s latest application for a special purpose acquisition company comes from a former central banking head and family members of the city’s ex-chief executive.
HK Acquisition is seeking a SPAC listing on the Hong Kong bourse with the aim of raising funds to buy fintech companies, according to an exchange filing.
Hong Kong is a relatively late joiner to the SPAC market, with a company backed by China Merchant Bank green lighted for the blank cheque debut earlier this week after first applying in mid-January.
Financial Bigwigs
The new SPAC firm is jointly owned by major figures linked to both financial services and politics in Hong Kong.
51 percent majority ownership is held by ex-Hong Kong Monetary Authority head Norman Chan , who retired from the central banking role to go on and establish his own cross-border payment firm Round Dollar Wallet Technologies in 2020.
The remaining 49 percent is co-owned by Katherine Tsang and investment firm Max Giant. Tsang is the former Greater China chair of Standard Chartered, sister of the city's previous chief executive Donald Tsang and co-founder of Max Giant, alongside nephew Thomas Tsang.
«Our promoters, [Chan] and [Tsang], have played very substantial roles in the development and innovation of Hong Kong’s financial services industry,» the listing prospectus said, describing the two as «home-grown icons valuing integrity and ethics as their primary priorities».
