This article only represents the author's own views.
Hong Kong’s stock market has had a dismal year, with sliding prices and a slump in IPO activity, but a drive to attract SPAC listings has drummed up some interest. The Hong Kong Stock Exchange (0388.HK) has been the preferred fund-raising route for several special purpose acquisition companies since it gave the green light to such listings earlier this year to compete with regional rival Singapore.
One of the SPACS seeking a Hong Kong IPO is Everest Acquisition Corporation, launched in March by private equity fund Hony Capital under Legend Holdings Corp. (3396.HK) and by ABCI Capital, a subsidiary of state-owned Agricultural Bank of China (ABC) (1288.HK). The SPAC filed to list at the exchange last Monday with ABC International and Citibank as co-sponsors.