HKEx issues SPAC consultation document
On September 17, a consultation document on the acquisition of companies for special purposes was issued. SPAC Securities will be subscribed and traded by professional investors only, and the market will comply with this requirement through additional approval, monitoring and enforcement measures. SPAC expects to raise at least HK $1 billion from the IPO.
According to the original plan, HKEx should conduct a public consultation on the SPAC listing framework in June this year, with the goal of listing the first local SPAC by the end of the year. Although the launch of SPAC is a little behind that of Singapore, if the Hong Kong regulatory authorities can launch the SPAC listing system at an appropriate time in the future, it is expected that it will come later, gather more financial resources, and attract more Chinese enterprises to list in Hong Kong, and the competitiveness of Hong Kong's financial centre is also expected to be further enhanced.
股Rights trading platform Forge Global will be listed through SPAC
On September 13th, Forge Global, an equity trading platform for unlisted companies in the United States, announced that it would acquire companies with special purpose (SPAC).$MOTIVE CAPITAL CORP (MOTV.US) $It went public through a merger, valuing the deal at $2 billion. Forge Global also received $68.5 million in PIPE funding from investors such as ION Group, Singapore national investors Temasek and Adit Ventures, as well as another $90 million from Motive Partners funds. The deal is expected to close in the fourth quarter of this year or the first quarter of next year.
Forge Global is an equity trading platform for unlisted companies in the United States, which mainly provides equity trading, brokerage business, investment management services and research services for unlisted unlisted technology unicorns. Forge Global formally merged with SharesPost, another giant in the field of equity trading of unlisted companies in 2020, and became the largest equity trading platform for unlisted companies in the world. In the first quarter of 2021, the combined Forge completed 1400 transactions, bringing more than $7.74 billion in private market volume to hundreds of private companies.
Motive Capital Corp completed its initial public offering on December 14, 2020, with 36 million units raising $360 million, each consisting of one Class A common share and 1/3 callable warrants. The initial M & A direction of the SPAC is focused on companies with a similar background to Motive Partners in the field of financial technology.
Ruineng Creative may be listed through SPAC
Gogoro, the leader of electric motorcycles in Taiwan, supported by Temasek, plans to adopt a special purpose acquisition company (SPAC).$POEMA Global Holdings (PPGHU.US) $It will go public through a merger, with an estimated valuation of about $1 billion. At present, the two sides are in the stage of negotiation.
Ruineng, founded in Taiwan in 2011, is a start-up in the field of battery replacement for electric vehicles. Ruineng's main products include electric bikes and battery replacements. As of August this year, Ruineng Creative has had 400000 monthly payments. since its launch in 2015, there are now a total of 2173 battery replacement stations, handling an average of 270000 battery replacements per day, and the cumulative number of battery replacements has exceeded 200 million. more than 348000 electric bikes have been sold.
Poema Global Holding completed its initial public offering of 30 million units on January 7 this year, raising $300 million, each consisting of one Class A common share and 1/2 redeemable warrants. The SPAC M & A focus is on Asian or European companies that are attractive and able to grow fast in the technology sector.
Fintech company Pagaya to be listed through SPAC
On September 15th, Pagaya, a financial technology company jointly founded by the United States and Israel, announced that it would adopt a special purpose acquisition company (SPAC).$EJF Acquisition Corp. (EJFAU.US) $It went public through a merger, valuing the deal at about $9 billion.
Founded in 2016, Pagaya uses machine learning algorithms and big data analysis to manage institutional assets, focusing on fixed income and alternative credit markets. Pagaya's artificial intelligence algorithm can select and buy personal loans by analyzing millions of data points. Pagaya mainly works with companies in the consumer loan, auto finance, credit card and real estate markets to help these partners provide more accurate services to their customers by analyzing huge amounts of data through the platform. Pagaya's sales grew to about $95 million in the second quarter of this year and plans to expand into mortgages and insurance products.
EJF Acquisition Corp launched in mid-January and completed its initial public offering on February 26, with 25 million units raising $250 million, each consisting of one Class A common share and 1/3 redeemable warrants. The SPAC M & A focus is on financial services, including banking, insurance, asset management, consumer loans and real estate finance, with an enterprise value of at least $1 billion.
Prenetics announces that it will merge with Zheng Zhigang's SPAC for listing
Prenetics, the world's leading gene and diagnostic testing company, announced plans to launch a special purpose acquisition company (SPAC) founded by Chow Tai Fook Jewellery and New World entrepreneur Zheng Zhigang on September 16, 2021.$Artisan Acquisition Corp. (ARTAU.US) $The merger is listed, and the two sides have signed an agreement to merge. In this transaction, Prenetics's transaction value is about $1.7 billion. Prenetics will raise $459 million in cash through the merger, including $339 million previously raised by Artisan and $120 million from forward purchase agreements (FPA) and post-IPO private equity (PIPE) transactions. The transaction is expected to close in the fourth quarter of 2021 or the first quarter of 2022.
Founded in 2014, Prenetics is the world's leading genetic testing and health diagnostics company, and its business has now expanded to 10 cities around the world. According to TrustPilot Review, Prenetics ranks first among diagnostic / DNA testing companies based in Hong Kong and the UK in terms of the number of tests. Since its inception, Prenetics has received more than $85 million in strategic capital support from BABA Entrepreneur Fund, Ping an Venture Capital and Apis Partners. According to Prenetics, Prenetics expects revenue to reach $205 million in 2021, up 215% from $65 million in 2020. It is expected that Prenetics will continue to maintain a significant revenue growth momentum in the future and the annual revenue in 2025 will exceed 600 million US dollars. Artisan Acquisition completed its initial public offering on May 14, 2021, with Aspex and PAG as anchor investors, with 30 million units raising $300 million, each consisting of one common share and 1/3 of redeemable warrants. The SPAC, launched by Zheng Zhigang, a prominent Hong Kong entrepreneur, focuses on the high-growth global healthcare, consumer and technology industries.