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Freshfields advises on Hong Kong’s latest SPAC listing application as trading in the city’s first-ever SPAC gets underway

Freshfields Bruckhaus Deringer (‘Freshfields’) is providing Hong Kong and US law advice to the sole sponsor in the listing of Black Spade Asia Acquisition Co, a special purpose acquisition company (‘SPAC’), on the Hong Kong Stock Exchange. The SPAC will focus on targets working in the entertainment, lifestyle or healthcare sectors for a potential future de-SPAC transaction. This latest mandate means that Freshfields has now advised on seven out of the 11 SPAC listing applications that have been made in Hong Kong since new rules allowing such listings took effect on 1 January 2022.

Meanwhile, trading in the securities of Aquila Acquisition Corporation (‘Aquila’), Hong Kong’s first-ever SPAC on which Freshfields also advised, commenced on 18 March 2022. Aquila will target technology-enabled companies in “new economy” sectors (such as green energy, life sciences and advanced technology and manufacturing) in Asia.

The Freshfields team advising on all of the SPAC transactions is led by partners Grace Huang and Arun Balasubramanian.