HONG KONG: A special-purpose acquisition company (SPAC) backed by China Merchants Bank applied to list in Hong Kong, the first company to do so since new rules allowing such listings took effect at the start of this year.
Interest in SPACs that raise cash to buy private firms and take them public without a traditional initial public offering (IPO) is starting to shift to Asia, with two SPACs set to list in Singapore later this month.
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