Advertisement
Adrian Cheng’s SPAC is poised to raise up to US$345 million in New York listing, as one of Hong Kong’s wealthiest families joins the hottest fad in global finance
- Cheng’s blank cheque company plans to raise up to US$345 million in Nasdaq listing
- Hong Kong considering allowing SPACs to list in the city as it tries to tap hot fundraising trend
Reading Time:2 minutes
Why you can trust SCMP
2
Adrian Cheng Chi-kong, the third-generation scion of one of Hong Kong’s wealthiest families and largest conglomerates, is poised to list a special purpose acquisition company (SPAC) in New York, joining the hottest fad to grip the global capital markets.
Advertisement
The blank cheque company, Artisan Acquisition Company, will raise up to US$345 million in an initial public offering on Nasdaq, according to a filing with the Securities & Exchange Commission. The transaction is being sponsored by one of Cheng’s companies, Artisan LLC.
Aspex Master Fund, a Hong Kong private investment fund, and Pacific Alliance Asia Opportunity Fund, a Hong Kong private-equity fund, are acting as anchor investors for the transaction, investing a combined US$60 million.
New World Development, at which Cheng serves as CEO and executive vice-chairman, declined to comment.
03:43
What Hong Kong’s 2021-22 budget means for residents of the city
What Hong Kong’s 2021-22 budget means for residents of the city
The filing came as the SEC is reportingly seeking information from banks on a voluntary basis about SPAC fees and controls they have place regarding the blank cheque deals amid the SPAC frenzy, according to Reuters, citing sources.
Advertisement
Advertisement