Aquila is looking for ‘new economy’ merger targets after raising about $128 million from investors
Hong Kong’s first SPAC listing concluded Friday, with nine more in the pipeline, as the city seeks to establish itself as a base for China- and Asia-focused blank-check companies.
The deal by Aquila Acquisition Corp., which raised the equivalent of about $128 million, came against a backdrop of extraordinary volatility for Chinese stocks, fueled by a range of concerns including potential U.S. delistings, Covid-19 lockdowns and the war in Ukraine. Hong Kong’s Hang Seng Index has recently hit multiyear lows and on Wednesday staged its biggest rally since 2008.
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