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AQUILA ACQ-Z(07836)今日挂牌港交所 港股迎来首只SPAC

AQUILA ACQ-Z (07836) was listed on the Hong Kong Stock Exchange today, and Hong Kong stocks ushered in the first SPAC

zhitongcaijing.com ·  Mar 18, 2022 11:27

Zhitong Financial APP learned that the first Hong Kong stock SPAC- Aquila Acquisition Corporation (07836) (warrant code: 04836) was listed on the Hong Kong Stock Exchange on March 18.

The proposed issue price of 100 million Class A shares is HK $10.

It is reported that Aquila is the first SPAC company to submit a listing application and successfully list in Hong Kong since the launch of the SPAC listing mechanism on January 1, 2022. The company submitted its listing application to the main board of the HKEx on January 17 and listed today, which took two months. In addition, the offering was oversubscribed and 99 professional investors, including 40 institutional professionals, raised a total of about HK $1 billion.

According to the announcement, the company intends to sell about 100.1 million Class A shares and 50.0325 million listed warrants at an issue price of HK $10 per Class A share, with one listing warrant for every two Class A shares and an over-allotment of 15 per cent. Class A shares will account for 80 per cent of the total number of shares issued immediately after the completion of the offering and will be bought and sold in the form of 105000 Class A shares per lot, with an initial value of HK $1.05 million per share. Listed warrants will be bought and sold in the form of 52500 listed warrants per transaction.

The plan focuses on companies with technological capabilities in Asia's "new economy" industry.

Aquila Acquisition Corporation is a newly registered Cayman Islands exempt company that acquires a company for a special purpose and is established for the purpose of business merger for one or more companies.

According to the prospectus, when the company acquires special purpose M & A targets, the company plans to focus on companies with technology capabilities in "new economy" industries in Asia (especially China), such as green energy, life sciences and advanced technology and manufacturing industries, although the company may be looking for special purpose M & A targets in any industry.

The company's objective is to create attractive returns for shareholders by selecting high-quality special purpose acquisition targets, negotiating favorable acquisition terms at an attractive valuation, and laying the foundation for improving the operational and financial performance of the successor company after the completion of the special purpose acquisition transaction.

Trading restrictions: trading by members of the public in Hong Kong who are not professional investors

SPAC refers to a shell company, whose sole purpose is to raise funds through initial public offerings, and to acquire and merge target companies with business activities with the proceeds, so as to achieve the purpose of the merged successor company to become a listed company.

According to the listing rules, the company is required to announce the merger and acquisition of the special purpose company within 24 months after the listing date, and to complete the merger and acquisition of the special purpose company within 36 months after the listing date. If the merger and acquisition is not successfully completed, the warrants will be worthless on the expiration date and the company will terminate all business except the winding up of the company; suspension of trading in Class A shares and listing warrants The money in the escrow account shall be distributed proportionately to the holders of Class A shares as soon as possible but not more than one month thereafter, provided that the amount per Class A share shall not be less than HK $10.00; and the winding up and dissolution of the company.

In addition, SPAC transaction restrictions include that the Company and its promoters and their respective directors and employees are prohibited from buying and selling any listed securities of the Company (including Class A shares and listing warrants) prior to the completion of the SPV M & A transaction. Class A shares and listing warrants shall not be traded by members of the public in Hong Kong who are not professional investors.

The translation is provided by third-party software.


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