Sidley represented special purpose acquisition company (SPAC) HK Acquisition Corporation (HKEX: 7841) as issuer’s Hong Kong and U.S. counsel in its approximately HK$1 billion (US$128.2 million) initial offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX). This is the third successful SPAC listing in Hong Kong since the SPAC listing rules took effect in January 2022.
The SPAC promoters are Dr. Norman Chan, former Chief Executive of the Hong Kong Monetary Authority, Ms. Katherine Tsang, the first Asian and first woman appointed as Standard Chartered Bank’s Chairperson of Greater China, and Max Giant Limited. Max Giant Limited is 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 Sidley Austin team is the best legal team on commercial matters that we have ever worked with. Every one of the lawyers is equally talented and knowledgeable, they are just a pulse away working round the clock, leveraging their global resources, addressing different demands. Distinctive professionalism aside, they are modest and personable. These qualities must be in the firm’s DNA. Achieving this SPAC listing is a feat, credits to all, and Sidley Austin plays a giant role!” Dr. Chan and Ms. Tsang commented.
HK Acquisition Corporation focused on de-SPAC targets in the financial services and technology sectors with competitive edges on sustainability and corporate governance and with operations or prospective operations in the Greater China area.
Haitong International Capital Limited acted as the sole sponsor, sole global coordinator, joint bookrunner, and joint lead manager in the offering.
The Sidley team was led by Constance Choy, a member of Sidley’s Management Committee and Executive Committee, the managing partner for the Asia Pacific region and head of China Corporate and Finance group. The team included partners Meng Ding and Claudia Yu, with support of other team members including senior counsel Dominic Tsu; counsel Damien Yeow; senior associate Kevin Chan; legal manager Gilbert Han; associates Yiming Chen, Maggie Bai and Jay Choy; and senior legal assistant Chloe Cheong.
Sidley has one of the largest Hong Kong IPO teams in the region, with more than 100 lawyers and legal professionals. It remains the No. 1 legal adviser in the Hong Kong IPO league table by deal count in the past 24 months (until July 2022), according to Ryanben Capital. As a pioneer in Hong Kong listings, Sidley has a strong proven track record in the first wave of precedent-setting deals in the past three decades, from Chapter 18A biotech listings, Chapter 19C secondary listings, dual primary listings to the new Chapter 18B SPAC listings.