Allen & Overy Acted on De-SPAC Transaction on Hong Kong Stock Exchange
Global law firm Allen & Overy is advising the sponsors of the first-ever de-SPAC transaction announced on the Hong Kong Stock Exchange (HKSE). The transaction will result in the business combination of Aquila Acquisition Corporation and ZG Group, with ZG Group listed on the HKSE as the successor company. The transaction also includes PIPE agreements with 10 investors, which will raise HKD605.3 million in proceeds.
Aquila Acquisition Corporation is a blank-check company that was formed to acquire a technology-enabled company in the new economy sectors in Asia, with a focus on China.
ZG Group is the world's largest digital platform for third-party steel transactions. It was the first in China to offer a one-stop integrated suite of B2B services covering the entire value chain of steel transactions. These services include online steel transactions, logistics, warehousing and processing, fintech solutions, SaaS products, and big data analytics. ZG Group connects key participants in the steel transaction industry onto its digital platform, providing them with a more efficient and convenient way to conduct business.
“We take pride in being one of the law firms involved in Hong Kong’s first de-SPAC transaction. SPAC transactions are inherently complex, our teams understand the right processes to move quickly in this rapidly evolving area,” Allen & Overy Hong Kong partner Lina Lee stated.
The leadership of the Allen & Overy team is spearheaded by partner Lina Lee, based in Hong Kong, and Counsel Ryan Tou. They receive valuable assistance from Matthew Chan and Rachel Chan, along with support from Rosie Wang, Hannah Huang, and Tim Qiao, who are part of A&O's joint operation partner in Shanghai, Shanghai Lang Yue Law Firm.
Partners Alexander Stathopoulos and Kung-Wei Liu contribute their expertise in US securities law, and they are supported by Rong Wang. For sanctions analysis, valuable advice is offered by Nick Ognibene and Zoe Guan.