Big Chinese tech looking at SPACs to go public
Tech start-ups in mainland China, including those backed by industry titans such as Legend Holdings and Baidu, are exploring options to join what has been one of the hottest capital-raising trends this year and go public via SPACs, according to industry players. The interest in SPACs does not seem to be diminishing among Asian target companies and investors by the increased scrutiny of SPACs.
“We are in talks with more than 10 tech companies with businesses from electric vehicle components, e-commerce technology, biotech to media. Many of them are in Beijing’s tech hub, Zhongguancun,” said Jason Wong, a SPAC sponsor and partner at Whiz Partners Asia, the Asian affiliate of Japan’s Whiz Partners.