Harneys advises on two Hong Kong SPAC listing applications

Harneys has been acting as Cayman Islands counsel to two special purpose acquisition companies (SPACs) on their successful listing applications to the Hong Kong Stock Exchange, following the recent introduction of the new regime on SPAC listing by the Hong Kong Stock Exchange. Including the two SPACs advised by Harneys, seven SPACs have applied to list on the Main Board of the Hong Kong Stock Exchange as of today.

Our global co-head of Banking and Corporate groups Raymond Ng and Hong Kong Senior Associate Annie Liu assisted on the listing application by Ace Eight Acquisition Corporation (Ace Eight), which was submitted on 14 February 2022, while our Shanghai Corporate Partner Calamus Huang and Counsel Jessie Xu provided Cayman Islands legal support in the listing application by Vivere Lifesciences Acquisition Corporation (Vivere Lifesciences), which was submitted on 21 February 2022.

Both Ace Eight and Vivere Lifesciences are looking to collaborate with target companies focused on healthcare and biotechnology in China, with Ace Eight also hoping to tap into the telecommunications industry.

These applications are timely actions further to the Hong Kong Stock Exchange’s new rules that came into effect in January 2022, following its consultation paper first published in September 2021.

The corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience regarding all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The firm’s ECM expertise lie in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, Shanghai Stock Exchange and the Luxembourg Stock Exchange.