Synagistics Limited’s Historic De-SPAC Debut on Hong Kong Exchange with 210% surge

dimsum daily10-30

(Hong Kong) Synagistics Limited (stock code: 2562), the first successful De-SPAC company in Hong Kong, made its official debut on the Hong Kong Stock Exchange today, witnessing an impressive rise of ...

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Provided all conditions are fulfilled or waived, the closing of this transaction is expected to occur next Wednesday.According to Hong Kong Exchange regulations, SPAC mergers must be announced within 24 months of the SPAC’s initial public offering (IPO) and completed within 36 months. HK Acquisition Corporation listed in August 2022. Norman Chan, a former Chief Executive of the Hong Kong Monetary Authority and a key figure in the SPAC initiative, noted the extensive due diligence process that ultimately led to the selection of Synagistics as the merger partner.Chan explained that Synagistics primarily assists international brands in establishing their e-commerce presence in Southeast Asia, offering a comprehensive suite of services that includes brand and inventory management as well as customer support. Unlike traditional agencies, Synagistics has built trust with brand owners, reducing the financial risk associated with upfront inventory purchases.Katherine Tsang, who played a pivotal role in the merger, remarked that her introduction of Synagistics to Chan’s team stemmed from a shared vision and values, describing the partnership as a natural fit.Looking ahead, Chan indicated that the real measure of success for the SPAC will be assessed after the 12-month lock-up period, when SPAC rewards can be redeemed based on stock performance. He emphasised that the process of completing a SPAC involves three key stages: raising capital, executing the merger, and ultimately assessing the success based on post-lock-up stock performance.Post-merger, the SPAC initiators will hold a 5.76% stake in the new company, which will be subject to a 12-month lock-up period. Chan believes that Hong Kong’s stricter SPAC regulations provide a balanced approach to investor protection while also benefiting corporate interests.The introduction of Synagistics marks a significant milestone for Hong Kong’s SPAC landscape, which has faced challenges compared to the more established US market. The local framework requires that the financial performance of SPAC merger targets meet the standards for main board listings, a move Chan sees as crucial for maintaining investor confidence.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1109935874"}