CMBI arranges first SPAC listing on HKEX

On 18 March 2022, Aquila Acquisition Corporation (herein referred to as “Aquila” or the “Company”, stock code: 7836.HK; warrant code: 4836.HK) successfully listed on the Hong Kong Stock Exchange. CMB International Capital Limited (CMBI) was appointed as the joint sponsor, joint global coordinator and joint bookrunner for this project. Aquila is the first SPAC company to successfully submit an application and list on the Hong Kong Stock Exchange. The successful listing is a testament to CMBI’s position as a leader in the SPAC field, reflecting its professional abilities to lead the market and spearhead product innovation.

 

Aquila is a newly incorporated Special Purpose Acquisition Company (SPAC), with a plan to focus on Asia’s (particularly China) technology-enabled new economy companies. Aquila issued 100,065,000 Class A shares and 50,032,500 listed warrants globally, at a price of HKD$10 per Class A share for a total amount of HKD$1.001 billion (USD$128 million). The subscription and trading of the securities is currently limited to professional investors only. The minimum trading unit for Class A shares is 105,000 shares, equivalent to HKD$1.05 million per lot. One listed warrant will be given for every two Class A shares subscribed, and the minimum trading unit of listed warrants is 52,500 shares.

 

CMB International Asset Management Limited (CMBIAM), a wholly-owned subsidiary of CMBI and its parent company China Merchant’s Bank (CMB), was the SPAC promoter for Aquila together with some of its directors and management personnel. CMBIAM has invested in more than 150 companies across a wide range of new economic sectors, including CATL New Energy Technology Co., Ltd. (Shenzhen: 300750), which was listed on the Shenzhen Stock Exchange in 2018, Meituan (Hong Kong: 03690) and Burning Rock Medicine (NASDAQ: BNR) listed on the Nasdaq Global Market in 2020.

 

As the co-sponsor of this transaction, CMBI effectively communicated with Aquila’s management during the project implementation process, capitalizing on its extensive past project experience and flexibility to seamlessly communicate with stakeholders including regulatory authorities. CMBI conducted in-depth research regarding the SPAC listing process and focused on key areas, leading to efficient cooperation with Aquila to implement the new SPAC regulations. This laid the foundation for the smooth approvaland implementation for the overall project, enabling Aquila to successfully issue and list within 2 months after submitting A1 applications.

 

Issuer: Aquila Acquisition Corporation
Date of Listing: 18 March 2022
Total Issuance: HKD$1.001 billion (USD$128 million)
Issue Price: HKD$10
Issued Securities: 100,065,000 Class A shares and 50,032,500 listed warrants
Code: Stock code: 7836.HK;Warrant code: 4836.HK
Publish Date：2023-01-07
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