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Freshfields advises on Hong Kong’s second SPAC listing

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Citigroup Global Markets Asia Limited and Haitong International Capital Limited, the joint sponsors, and the underwriters on the listing of Vision Deal HK Acquisition Corp. (‘Vision Deal’) on the Hong Kong Stock Exchange (‘HKSE’). Trading in the securities commenced today (10 June 2022).

The transaction marks the second listing by a special purpose acquisition company (‘SPAC’) since the Listing Rules changed at the start of the year to permit such listings. Freshfields also advised on the city’s first-ever SPAC listing of Aquila Acquisition Corporation in March 2022.

Vision Deal will target companies in China specialising in smart car technology or those with supply chain and cross-border e-commerce capabilities as potential de-SPAC targets. It aims to announce a de-SPAC transaction within 18 months of the listing date and complete that transaction within 30 months of the listing date – a shorter timeframe than that permitted under the Listing Rules.

The Freshfields team advising on the transaction was led by partners Grace Huang and Arun Balasubramanian, supported by associates Randa Leung, Yitian Jin and Jasmine Kwok.