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Former Hong Kong Central Bank Chief Executive Norman Chan Completes $127 Million SPAC via HK Acquisition Corp with 51% Shareholding

11th August 2022 | Hong Kong

Former Hong Kong central bank (HKMA) Chief Executive Norman Chan has completed a $127 million (HKD 1 billion) book-building via SPAC – HK Acquisition Corp for its IPO, with the listing targeted to be around the 15th of August 2022.  In March 2022, the former HKMA Chief Executive Norman Chan had filed for a SPAC IPO listing via HK Acquisition Corp on Hong Kong Stock Exchange, with 51% shareholding of the SPAC.  The remaining 49% shares are owned by Katherine Tsang (former Chair of Standard Chartered Greater China & sister of former Hong Kong Chief Executive Donald Tsang) and Donald Tsang’s son Thomas Tsang.  Hong Kong requires SPAC listing to raise at least HKD 1 billion, which is around USD 128 million.  In 2019, Norman Chan stepped down as Chief Executive of Hong Kong central bank (HKMA) after 10 years on the role.  In 2020, Norman Chan founded fintech firm Round Dollar Wallet Technologies, a digital payment services to facilitate cross-border payments.  (SPAC ~ Special Purpose Acquisition Company, also known as “blank cheque company”, HKMA ~ Hong Kong Monetary Authority, IPO ~ Initial Public Offering)

“ Former Hong Kong Central Bank Chief Executive Norman Chan Completes $127 Million SPAC via HK Acquisition Corp with 51% Shareholding “

 


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