Chinese gamer-platform operator Quwan set for Hong Kong share listing via SPAC merger with Vision Deal
- Quwan Holding, operator of TT Chat, will merge with the special-purpose acquisition company in the second such deal in the city
- The Guangzhou-based company filed for a conventional initial public offering in Hong Kong in 2021, and refiled the listing in June
Quwan Holding, which operates a Chinese gamer-centric networking platform, is set for a listing in Hong Kong via a merger with a special-purpose acquisition company (SPAC) marking the second such deal in the city.
Vision Deal HK Acquisition, a SPAC backed by former Alibaba Group Holding executive Wei Zhe, announced in an exchange filing on Friday that it has agreed to acquire an aggregate of 6,286,210 Quwan Holding shares for HK$298 million.
The de-SPAC deal comes with a private investment in public equity (PIPE) with 12 corporate investors including Zheshang International Financial Holdings and Orient Asset Management (Hong Kong), as well as individual investors, according to the filing.
The proceeds from the PIPE will be HK$576 million, which could be adjusted to as much as HK$610 million. From this, HK$298 million will be used to acquire shares from shareholders in Quwan, including Dream League, Matrix Partners, Skycus China Fund and Tencent-backed Image Frame Investment (HK).
China International Capital Corporation (CICC) is the sole sponsor of the deal, which still needs a green light from China’s securities regulator.