Hong Kong spac rush attracts Olympic champions to sofa moguls

Bloomberg
Bloomberg3/27/2022 05:26 PM GMT+08  • 5 min read
Hong Kong spac rush attracts Olympic champions to sofa moguls
Li Ning of China performs during the 1984 Los Angeles Olympic Games / Photo by Trevor Jones / Getty Images
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Hong Kong is finally joining the SPAC bandwagon, and a slew of influential personalities have lined up to lend credibility to the city’s inaugural offerings -- from an Olympic medalist to political power brokers and a sofa tycoon.

Gymnast-turned-businessman Li Ning, who launched one of China’s top sportswear brands after retiring from competition, was one of the first to file and will be looking for a consumer lifestyle deal. Chinese drug developer I-Mab formed a special purpose acquisition company to hunt for the next hot health-care innovation.

But it’s serial dealmaker Eugene Wong who’s assembled the most wide-ranging team for his SPAC, hoping to tap their connections to find good targets in the tech and biotech space. He’s working with his uncle Jason, known as “the godfather of SPACs in Asia.” Furniture maker Royale Home Holdings and a cigarette package printing magnate are among the partners they’ve roped in for Ace Eight Acquisition Corp.

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