港股首支SPAC來襲，Aquila Acquisition遞表港交所
SPAC Express | Hong Kong's first SPAC is coming, Aquila Acquisition submitted listing application to HKEX.
Futu News, January 18th - According to the disclosure from Hong Kong Exchanges and Clearing Limited (HKEX), special purpose acquisition company Aquila Acquisition Corporation (referred to as 'AAC') has submitted a listing application to the Main Board of HKEX. The sponsors of this SPAC are CM Investment Management Limited and AAC Mgmt Holding Ltd, with Morgan Stanley and CM Investment as the joint lead underwriters.
![Futu News on January 18th, according to the disclosure of the Hong Kong Stock Exchange, Aquila Acquisition Corporation (referred to as "AAC"), a special purpose acquisition company, has submitted an application for listing on the main board of the Hong Kong Stock Exchange. The initiators of this SPAC are CM Bank Asset Management Limited and AAC Mgmt Holding Ltd, with Morgan Stanley and CM Bank International Jointly serving as joint sponsors. This is also the first SPAC (Special Purpose Acquisition Company) to be listed on the Hong Kong Stock Exchange since the new SPAC listing mechanism came into effect on January 1st this year. Related reading: Understanding the highlights of the Hong Kong SPAC listing system. Aquila Acquisition Corporation is a newly registered exempted company in the Cayman Islands and is a special purpose acquisition company whose purpose is to merge the operations of one or more companies. [Awesome]Business strategy and acquisition targets. The company's goal is to acquire high-quality special purpose acquisition companies through selecting attractive valuation negotiation terms and to establish a foundation for improving the operational and financial performance of the acquired company after the completion of the special purpose acquisition company merger transaction, thereby creating attractive returns for shareholders. AAC in acquiring special purpose...](https://nnqimage.futunn.com/13609196670252101.png/big?imageMogr2/ignore-error/1/format/webp)
This also marks the first SPAC (Special Purpose Acquisition Company) listed on the Hong Kong Stock Exchange since the new SPAC listing mechanism took effect on January 1 this year.
Aquila Acquisition Corporation is a newly registered exempted company in the Cayman Islands, serving as a special purpose acquisition company. It is established with the purpose of business combinations for one or more companies.
Business strategy and acquisition targets.The company's goal is to select high-quality special purpose acquisition companies for acquisitions, negotiate attractive valuations and favorable acquisition terms, and lay the foundation for improving the operational and financial performance of the acquired companies after the completion of the special purpose acquisition company mergers, thereby creating attractive returns for shareholders.
When AAC acquires special purpose acquisition companies and their targets,The plan is to focus on companies with technology-enabled businesses in the Asia (especially China) "xinjingji" industry, such as green energy, life sciences, advanced technology, and manufacturing sectors.The company may seek special purpose acquisition companies as acquisition targets in any industry.
![Futu News on January 18th, according to the disclosure of the Hong Kong Stock Exchange, Aquila Acquisition Corporation (referred to as "AAC"), a special purpose acquisition company, has submitted an application for listing on the main board of the Hong Kong Stock Exchange. The initiators of this SPAC are CM Bank Asset Management Limited and AAC Mgmt Holding Ltd, with Morgan Stanley and CM Bank International Jointly serving as joint sponsors. This is also the first SPAC (Special Purpose Acquisition Company) to be listed on the Hong Kong Stock Exchange since the new SPAC listing mechanism came into effect on January 1st this year. Related reading: Understanding the highlights of the Hong Kong SPAC listing system. Aquila Acquisition Corporation is a newly registered exempted company in the Cayman Islands and is a special purpose acquisition company whose purpose is to merge the operations of one or more companies. [Awesome]Business strategy and acquisition targets. The company's goal is to acquire high-quality special purpose acquisition companies through selecting attractive valuation negotiation terms and to establish a foundation for improving the operational and financial performance of the acquired company after the completion of the special purpose acquisition company merger transaction, thereby creating attractive returns for shareholders. AAC in acquiring special purpose...](https://nnqimage.futunn.com/443007671695440894.png/big?imageMogr2/ignore-error/1/format/webp)
PromoterThe promoters of AAC are CM Bank Asset Management and AAC Mgmt Holding. Of these, CM Bank Asset Management and AAC Mgmt Holding respectively hold 90% and 10% of the issued shares of CMBI AM Acquisition Holding LLC, while CMBI AM Acquisition Holding LLC holds all the issued Class B shares of AAC.
![Futu News on January 18th, according to the disclosure of the Hong Kong Stock Exchange, Aquila Acquisition Corporation (referred to as "AAC"), a special purpose acquisition company, has submitted an application for listing on the main board of the Hong Kong Stock Exchange. The initiators of this SPAC are CM Bank Asset Management Limited and AAC Mgmt Holding Ltd, with Morgan Stanley and CM Bank International Jointly serving as joint sponsors. This is also the first SPAC (Special Purpose Acquisition Company) to be listed on the Hong Kong Stock Exchange since the new SPAC listing mechanism came into effect on January 1st this year. Related reading: Understanding the highlights of the Hong Kong SPAC listing system. Aquila Acquisition Corporation is a newly registered exempted company in the Cayman Islands and is a special purpose acquisition company whose purpose is to merge the operations of one or more companies. [Awesome]Business strategy and acquisition targets. The company's goal is to acquire high-quality special purpose acquisition companies through selecting attractive valuation negotiation terms and to establish a foundation for improving the operational and financial performance of the acquired company after the completion of the special purpose acquisition company merger transaction, thereby creating attractive returns for shareholders. AAC in acquiring special purpose...](https://nnqimage.futunn.com/1020333730363809819.png/big?imageMogr2/ignore-error/1/format/webp)
CM Bank Asset Management is a wholly-owned asset management company of CM Bank International Financial Limited, while CM Bank International is a wholly-owned subsidiary of CM Bank.
As of December 31, 2021, CM Bank Asset Management and CM Bank International Shenzhen jointly had over 30 billion USD in asset management scale (with CM Bank Asset Management alone having over 25 billion in Hong Kong dollar asset management scale), and achieved a return on investment multiple of approximately 2.9 times from 2015 to 2020.
The other promoter AAC Mgmt, whose shareholders mainly include Aquila's management team, members of the advisory committee, and all executive directors.
Trade RestrictionsPrior to the completion of the acquisition of special purpose acquisition companies, the company and the promoters, as well as their respective directors and employees, are prohibited from trading any listed securities of the company (including Class A shares and listed warrants).
A shares and warrants for listing rights shall not be bought or sold by Hong Kong general public who are not professional investors.
Among them, professional investors refer to: 1) Trust companies with assets of not less than HK$40 million; 2) Enterprises or partnership enterprises with investment portfolios of not less than HK$8 million and assets of not less than HK$40 million; 3) Individuals with investment portfolios of at least HK$8 million in scale.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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