Advertisement
Hong Kong’s second SPAC zooms in on smart cars, supply chain, e-commerce as potential takeover targets
- Vision Deal is reviewing a shortlist of sector leaders with market capitalisation between HK$15 billion and HK$20 billion, chairman says
- Geely-backed EV maker Polestar set to start trading on Nasdaq on Friday via SPAC, as more Chinese firms and entrepreneurs eye the alternative listing tool
Reading Time:3 minutes
Why you can trust SCMP
Hong Kong’s second special-purpose acquisition company (SPAC), Vision Deal, is reviewing a shortlist of potential merger targets, as Chinese entrepreneurs and companies including Geely-backed carmaker Polestar test-drive the investment vehicle as an alternative route to a public listing.
Vision Deal is looking at a number of candidates at the moment, including the largest or second-largest leaders in smart-car technologies, supply chain, and cross-border e-commerce, said Wei Zhe, chairman and executive director.
“The target company’s market cap needs to be big enough,” he said. “We hope its market cap to be around HK$15 billion to HK$20 billion, so that it can have sufficient liquidity for the SPAC investment.”
Advertisement
Vision Deal, led by former Alibaba.com CEO Wei, raised US$127 million when it debuted in Hong Kong on June 10, becoming the second SPAC in the city after Aquila Acquisition. Vision Knight Capital, spearheaded by Wei, owns 45 per cent of the listing company’s stake.
Meanwhile, Geely-owned electric vehicle maker Polestar is set to start trading on Nasdaq on Friday as it completes its merger with a SPAC named Gores Guggenheim. The merger, first announced last year, is expected to raise around US$890 million.
Advertisement
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x