Aquila raised HK$1 billion ($128 million) by selling 100 million class A shares at HK$10 each, according to its regulatory filings. The shares were not traded at 0224 GMT.
SPACs are shell companies that raise funds from institutional and retail investors through public listings, and place them in a trust with the intention of merging with a private company and taking it public.
Hong Kong Exchanges and Clearing Ltd (HKEX) welcomed SPAC’s listing on the exchange’s main board.
“The introduction of SPAC Hong Kong listings is an exciting development for HKEX,” HKEX Managing Director Nicolas Aguzin said in a statement.
“It adds a new route to market for issuers, further diversifies our listing offering and helps us play an even greater role in fueling the aspirations of tomorrow’s companies,” added Mr. Aguzin.
($1 = HK$7.8172)