MoFo Advised on the Listing of HK Acquisition Corporation

Morrison Foerster advised Haitong International Capital Limited, the sole sponsor, on the listing of HK Acquisition Corporation (“the SPAC”) on the Stock Exchange of Hong Kong Limited.

The promoters of the SPAC are Dr. Norman Chan, former Chief Executive of the Hong Kong Monetary Authority, Ms. Katherine Tsang, the first Asian and first woman to be appointed as Standard Chartered Bank’s Chairperson of Greater China, and Max Giant, a licensed corporation licensed by the SFC that manages private equity funds and investment projects that focus on Greater China and Asia with an environmental, social, and governance (ESG) bias.

The SPAC intends to focus on companies in the financial services and technology sectors with competitive edges on sustainability and corporate governance and with operations or prospective operations in Greater China as its potential de-SPAC targets. The SPAC will have 24 months from the listing date to make an announcement of the terms of a de-SPAC transaction and 36 months from the listing date to complete the de-SPAC transaction.

The MoFo team was led by Marcia Ellis, global chair of the firm’s Private Equity Group, and Hong Kong partner Vivian Yiu. Key members included Hong Kong associates Diana Tan, Francis Wong, and Yilong Luo, and Hong Kong trainee solicitor Jacky Lam.

MoFo’s global SPACs team has worked on over 45 SPAC IPO and de-SPAC transactions, with an aggregate value of approximately $70 billion for de-SPAC transactions. From the United States to Asia, we have experience from all vantage points on the economics and processes of raising SPACs, structuring de-SPAC transactions, including PIPE investments, and post-merger compliance.