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First Hong Kong-listed spac has slow start in trading debut

Bloomberg
Bloomberg3/18/2022 03:15 PM GMT+08  • 2 min read
First Hong Kong-listed spac has slow start in trading debut
Hong Kong’s rules for SPACs are more stringent than those of other venues
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Aquila Acquisition Corp, the first special purpose acquisition company to list in Hong Kong, had a slow debut Friday as few investors are qualified to trade the shares.

As of 12:55 p.m. local time, just two trades were registered with the shares, which were unchanged from their offer price of HK$10 each. The firm backed by CMB International Asset Management and AAC Mgmt Holding raised about US$128 million in the IPO, inaugurating rules for blank-check companies effective since January.

Transactions with blank-check companies in the Asian hub are restricted to professional investors, and there are only 29 approved SPAC exchange participants allowed to trade them in Hong Kong, according to information in the Hong Kong Exchanges & Clearing’s (HKEX) website.

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