Global law firm Freshfields has advised Aquila Acquisition Corporation (‘Aquila’) on its completed de-SPAC transaction involving a business combination with ZG Group. This is the second completed de-SPAC transaction in Hong Kong.  Freshfields also advised on the first completed de-SPAC transaction in Hong Kong, being the Synagistics de-SPAC transaction with HK Acquisition Corporation in October 2024.

ZG Group operates China’s largest digital platform for third-party steel transactions, as measured by online steel transaction volume in 2023. Through connecting key participants in the steel transactions industry, ZG Group currently offers a one-stop integrated suite of B2B services. ZG Group has a negotiated value of approximately HK$10 billion.

The Freshfields team advising on the transaction was led by partners Grace Huang and Arun Balasubramanian with support from counsel Cindy Kwong, senior associate Frank Jin and associates Kristy Wong and Candice Ma.