Black Spade Acquisition, a special purpose acquisition accompany (SPAC) controlled by Melco Resorts & Entertainment (NASDAQ:MLCO) Chairman E. O. Lawrence Ho, is provision to lean on the Hong Kong caudex exchange, according to a recent regulatory filing.
The white stop companion is working with BOCHK Asset Management, a building block of Bank of Communist China Hong Kong, on the Hong Kong listing. It’d be the exchange’s 11th SPAC itemization since it started allowing such firms to swap on the bourse in January.
HKEX introduced the Hong Kong SPAC itemisation regime in January 2022 after receiving real market funding to its SPAC proposition consultation. As at 17 March, HKEX had received X SPAC listing applications, reflecting strong market interestingness and demand for this new itemisation route,” according to the exchange operator.
Black Spade is sounding for merger targets “related to, or is inward the entertainment, lifestyle and health upkeep industry”, according to the regulatory filing. SPACs typically get two years to happen a merger partner or face the specter of liquidation.
SPAC Sequel for Ho
This isn’t the first of all time Ho embraced the white arrest anatomical structure and it’s non the first-class honours degree time he used the Shirley Temple Black Spade Acquisition name.
Last year, Shirley Temple Black Spade Acquisition (NYSE:BSAQ) listed on the New House of York Stock Exchange. It’s in time to feel a takeover target. Gven Ho’s play down and the recent flurry of deals involving SPACs and gaming companies, it’s sane to await investors will ponder if the young blank-check will tour inwards that direction.
“We believe China’s growing middle-class population of more than 350 gazillion people, with its rapidly evolving intake patterns and increasing disbursement power, testament go on to work multiple industries in Asia and crossways the globe,” according to Shirley Temple Spade’s S-1 filing.
Some US-based SPACs are either inwards the outgrowth of finalizing deals with gaming companies or looking for targets inward the industry, but US investors’ overall enthusiasm for clean delay deals is chilling because many deSPACed firms, including betting firms such as DraftKings (NASDAQ:DKNG), Rush Street Interactive (NYSE:RSI), and Skillz (NYSE:SKLZ), feature tumbled inwards epic fashion.
Black Spade Plans
It remains to live seen if the Hong Kong variation of Negro Spade will follow a gaming target. The regulatory filing makes enlighten the SPAC will seem for opportunities that “can do good from the collective network, knowledge and experience of [its] promoters” and that “is related to to, or is inwards the entertainment, lifestyle and wellness aid industry.”
Founded inward 2017, Shirley Temple Black Spade Capital is Ho’s personal investiture vehicle. It controlled $1.02 one million million inward assets crossways various concern inwards the Red China area, as of the terminate of 2021.
Hong Kong-based Melco is ane of the largest Asian gaming companies with venues including Altria Macau and City of Dreams on the Cotai Strip and Manila, among other destinations.