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Business deals

Hong Kong tycoon's SPAC raises $300m for China deals

Adrian Cheng-led vehicle first to list in US from Asia since SEC warning

Adrian Cheng's SPAC was able to complete its share sale within two hours. (Photo by Paul Yeung)

HONG KONG -- Hong Kong billionaire Adrian Cheng has raised $300 million through a Nasdaq Stock Market IPO for a special-purpose acquisition company focused on acquisitions of health care, consumer and technology businesses with potential for the greater China market.

The initial public offering for Artisan Acquisition marks the first SPAC created by an Asian company in the U.S. since Washington's Securities and Exchange Commission issued warnings last month to cool overheated deal-making in the sector.

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