Hong Kong SPACs are backed by star promoters that include an Olympian, former central banker
- Promoters of SPACs play a key role in their success because these blank-cheque companies do not have any business operations or assets, says a banker
- Former HKMA boss Norman Chan and Olympic gold medallist Li Ning are among the star promoters putting their weight behind the new Hong Kong SPACs
An Olympian, a former central banker, a tycoon, medical experts, and veteran investment bankers are among the star promoters of the first group of so-called blank-cheque companies, or special purpose acquisition companies (SPACs), in Hong Kong.
“The promoters of SPACs play key roles in their success because these companies do not have business operations or assets,” John Lee, vice-chairman and head of Greater China global banking at UBS, told the Post.
“They rely on the experience and reputation of the promoters to attract investors. Likewise, they need promoters to negotiate with the potential buying targets,” Lee said. UBS is the sponsor of three SPACs in Hong Kong.
The 11 SPACs that have applied to list in Hong Kong cover a wide range of industries and professions, including consumer, health care and TMT, as well as new energy banking and finance, seen as important to the development of SPACs in Hong Kong, Lee added.
Here are seven people considered to have the star qualities necessary to attract investors to SPACs.
Norman Chan Tak-lam – HK Acquisition Corp
Chan, 67, former chief executive of the Hong Kong Monetary Authority, owns 51 per cent of HK Acquisition Corp, while the remainder is owned by family members of Hong Kong’s former chief executive Donald Tsang Yam-kuen.