HONG KONG -- The Hong Kong Stock Exchange is set to welcome its first special purpose acquisition company (SPAC) listing on Friday as competition to tap interest in the investment vehicles heats up among major Asian markets.
Aquila Acquisition, backed by an affiliate of China Merchants Bank, said on Thursday that it had raised 1 billion Hong Kong dollars ($127.8 million) -- the minimum amount set under the HKEX's rules but slightly below the proceeds raised by Vertex Technology Acquisition in Singapore's first SPAC listing in January.
