Copley Acquisition, a special purpose acquisition company (SPAC) backed by Hong Kong-based investment firms Pacific Aegis Capital Management (PACM), Gobi Partners and Hermitage Capital, plans to raise $150 million on the Hong Kong Stock Exchange. New York (NYSE).
The SPAC priced its initial public offering (IPO) of 15 million units at $10 each, according to its filing with the U.S. Securities and Exchange Commission on Friday.
The SPAC listing could be in February 2025, subject to regulatory approval. The proceeds will be used to combine merger targets in the technology and lifestyle sectors in North America and Asia-Pacific, excluding China.
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“We are seeing opportunities supported by the stock market recovery, especially as the new [US] Management will take over next year,” Francis Ng, co-CEO of Copley, said on Monday. “The publicly traded SPAC should be able to benefit from market momentum next year.”
Francis Ng, co-CEO of Copley Acquisition, was president and CFO of Black Spade Acquisition when it completed a $23 billion merger with VinFast Auto in August 2023. Photo: AFP alt=Francis Ng, co-CEO of Copley Acquisition, He was president and CFO of Black Spade Acquisition when it completed a $23 billion merger with VinFast Auto in August 2023. Photo: AFP>
Copley said in the presentation that the technology and lifestyle industries, particularly those that are the primary beneficiaries of next-generation technology, provide “ample business combination opportunities.”
Co-CEO Chibo Tang is managing partner of Gobi Partners, a Hong Kong and Kuala Lumpur-based venture capital firm with $1.6 billion in assets under management. Gobi invests in sectors including artificial intelligence (AI), fintech, consumer, healthcare and sustainability.
Copley CFO and Chairman Menghan Henry Zhang is the Chairman and Managing Partner of Hermitage Capital, a technology-focused private equity firm with $1 billion in assets under management. The company’s investments include autonomous driving solutions provider Horizon Robotics, AI smart manufacturing provider SmartMore and AI drug discovery company XTalPi.
Copley will focus on sectors such as electric vehicles, robotics and cybersecurity, and lifestyle services, which involve luxury apparel, wellness and travel.