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Adrian Cheng’s SPAC is poised to raise up to US$345 million in New York listing, as one of Hong Kong’s wealthiest families joins the hottest fad in global finance
- Cheng’s blank cheque company plans to raise up to US$345 million in Nasdaq listing
- Hong Kong considering allowing SPACs to list in the city as it tries to tap hot fundraising trend
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Adrian Cheng Chi-kong, the third-generation scion of one of Hong Kong’s wealthiest families and largest conglomerates, is poised to list a special purpose acquisition company (SPAC) in New York, joining the hottest fad to grip the global capital markets.
The blank cheque company, Artisan Acquisition Company, will raise up to US$345 million in an initial public offering on Nasdaq, according to a filing with the Securities & Exchange Commission. The transaction is being sponsored by one of Cheng’s companies, Artisan LLC.
Aspex Master Fund, a Hong Kong private investment fund, and Pacific Alliance Asia Opportunity Fund, a Hong Kong private-equity fund, are acting as anchor investors for the transaction, investing a combined US$60 million.
New World Development, at which Cheng serves as CEO and executive vice-chairman, declined to comment.
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The filing came as the SEC is reportingly seeking information from banks on a voluntary basis about SPAC fees and controls they have place regarding the blank cheque deals amid the SPAC frenzy, according to Reuters, citing sources.
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