Feb 24 (Reuters) – A blank-check agency backed by Hony Capital, which has investments in TikTok proprietor ByteDance and WeWork’s China unit, is trying to elevate $300 million in an U.S. preliminary public providing, the Info reported, citing an individual acquainted with the matter.
Hony Capital Acquisition Corp, the particular goal acquisition firm (SPAC), is planning to use to checklist on Nasdaq, the Info stated on Wednesday, citing a confidential itemizing software doc. bit.ly/3bx4R6M
Hony Capital, one in all China’s largest private-equity corporations, didn’t instantly reply to a Reuters request for remark.
The SPAC will look to merge with firms which have a big presence in China, primarily in sectors reminiscent of healthcare and shopper merchandise, based on the report.
SPACs are shell firms that elevate cash by an IPO to take a personal firm public. In latest months, the recognition of utilizing SPAC’s has exploded amongst startup firms who need to keep away from the extra conventional route of utilizing an preliminary public providing to enter the market. (Reporting by Noor Zainab Hussain in Bengaluru; Modifying by Anil D’Silva)