＜IPO＞HK ACQ-Z (07841.HK) Mulls de-SPAC Merger Deal w/ SE Asia E-commerce Solution Platform 'Synagistics'

　　HK ACQ-Z (07841.HK) 0.000 (0.000%) , chaired by Norman Chan, announced that it has entered into a de-SPAC transaction agreement with Synagistics Pte. Ltd and its PIPE Investors in late June, conducting a business combination in the future. HK ACQ is required to complete a de-SPAC transaction by 15 August 2025, 36 months from the date of its listing.

　　Synagistics is a data-driven digital commerce solutions platform in Southeast Asia and is ranked second among all digital commerce solutions platforms in Southeast Asia in terms of revenue in 2023, according to market research organisations. It is currently 47.22% owned by Alibaba Singapore, a subsidiary of BABA-SW (09988.HK) +1.100 (+1.560%) Short selling $190.33M; Ratio 17.332% .

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　　The negotiated value of Synagistics is $3.5 billion in this transaction. Both HK ACQ and Synagistics have entered into PIPE investment agreements with 9 PIPE investors, which the PIPE investors have conditionally agreed to subscribe for, and HK ACQ has conditionally agreed to issue, 60.124 million PIPE investment shares for an aggregate subscription price of over $601 million or $10 per PIPE investment share.

　　It is expected that upon completion of the de-SPAC transaction, the business combination of HK ACQ and Synagistics will take place and HK ACQ will be listed on the Stock Exchange as a successor company, with BABA-SW as the controlling shareholder holding an aggregate of 40.84% of the shares.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-28 12:25.)

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