2022年末，美国及香港资本市场见证了特殊目的收购公司（SPAC）交易新进展。
香港
12月23日，香港迎来第5家SPAC上市公司——TechStar Acquisition Corporation在香港联合交易所主板成功上市，募集资金约10亿港元（1.285亿美元）。
该项目中，竞天公诚律师事务所担任TechStar的中国法律顾问，威尔逊律师事务所是其香港及美国法律顾问，盛德律师事务所则为联席保荐人及承销商的香港及美国法律顾问。
香港SPAC上市机制于2022年1月1日生效。TechStar招股书显示，该公司将专注于识别新经济领域的高增长特殊目的收购公司并购目标，包括但不限于与国家经济趋势及产业政策一致的创新技术、先进制造、医疗保健、生命科学、文娱、消费及电子商务、绿色能源及气候行动行业。
威尔逊团队由合伙人欧阳丹、尹灿领导。盛德团队由合伙人余嘉慧、丁锰率领。
迈普达律师事务所在该项目中担任离岸律师。清科资本、中信建投国际担任联席保荐人。
美国
另有两笔涉及中国公司的De-SPAC合并上市交易。
来自中国的出行科技公司亿咖通科技控股于12月20日与美国SPAC公司COVA Acquisition Corp.完成合并交易，并于次日在纳斯达克正式挂牌上市。
汉坤律师事务所、世达国际律师事务所、迈普达律师事务所为亿咖通科技提供法律服务；奥睿律师事务所、汇嘉律师事务所则担任COVA的法律顾问。
通过此次交易，亿咖通科技预计融资3.68亿美元。根据Dealogic的数据，该交易是中国公司通过SPAC方式进行的最大一次上市，也是2022年全球移动出行行业最大的SPAC交易。亿咖通科技由公司董事长兼首席执行官沈子瑜和浙江吉利控股集团创始人兼董事长李书福在2017年共同创立。此后，亿咖通科技持续与全球汽车制造商深度合作。
奥睿团队由合伙人张劲松、Hari Raman和Albert Vanderlaan领导。
另一笔De-SPAC交易来自复星国际旗下的时尚奢侈品企业复朗集团。
12月15日，复朗集团与SPAC公司Primavera Capital Acquisition Corporation（PCAC）宣布完成业务合并，并在纽约证券交易所上市，其合并后的市值超过 10 亿美元。
欧华律师事务所为复朗集团的De-SPAC业务及上市提供法律意见，盛信律师事务所、达维律师事务所担任PCAC的法律顾问。
复朗集团总部位于上海，于2017年由复星国际有限公司创立，旗下包括 Lanvin、Wolford、Sergio Rossi、St. John Knits和Caruso等服饰、鞋履品牌。
欧华团队由香港资本市场合伙人卢慧霞和新加坡管理合伙人兼东南亚资本市场负责人Joe Bauerschmidt 共同领导。
Wilson, Sidley, Skadden, DLA Piper on SPAC listing and mergers in US and HK
Capital markets in the US and Hong Kong SAR see progress in special purpose acquisition company (SPAC) deals towards the end of 2022.
HONG KONG
TechStar Acquisition Corporation has become Hong Kong’s fifth SPAC to go public as it completed the initial public offering on the Main Board of HKEX on Dec. 23. It has raised approximately $128.5 million by issuing shares and warrants.
Hong Kong’s SPAC listing rules came into effect on Jan. 1, 2022. TechStar will focus on identifying high-growth De-SPAC targets in the new economy sector in China, including but not limited to innovative technology, advanced manufacturing, healthcare, life sciences, culture and entertainment, consumer and e-commerce, green energy and climate actions industries that align with the national economic trends and industrial policies.
Wilson Sonsini Goodrich & Rosati, Jingtian & Gongcheng, and Maples and Calder (Hong Kong) acted as legal advisors to TechStar. Sidley acted as legal counsel for the joint sponsors Zero2IPO Capital Limited and China Securities (International) Corporate Finance Company Limited, as well as the underwriters.
The Wilson team was led by partners Dan Ouyang and Can Yin. The Sidley team was led by partners Claudia Yu and Meng Ding.
US
There are also two De-SPAC mergers involving Chinese companies in the US.
ECARX Holdings, Inc., a China’s mobility tech company backed by Geely Holding Group's chairman, has completed its business combination with COVA Acquisition Corp., a publicly traded SPAC. The combined company retains the ECARX name. Its shares and warrants have begun trading on the Nasdaq.
Skadden, Arps, Slate, Meagher & Flom, Han Kun Law Offices, and Maples and Calder (Hong Kong) served as legal advisors to ECARX, while Orrick, Herrington & Sutcliffe and Walkers (Cayman) acted as legal advisors to COVA.
The public offering will raise an estimated $368 million after expenses, ECARX said in an investors’ presentation in November. The deal was the largest listing of a company hailing from China through a SPAC, according to Dealogic.
ECARX, founded in 2017, focuses on tech used in car chips, high-definition maps and smart vehicles.
The Orrick team was led by Albert Vanderlaan, Hari Raman and Jeff Zhang.
The other De-SPAC deal came from Chinese luxury fashion conglomerate Lanvin Group Holdings Limited.
Lanvin Group made its debut on the New York Stock Exchange after it merged with SPAC company Primavera Capital Acquisition Corporation (PCAC). The transaction valued the Lanvin Group at a combined equity value of more than $1 billion.
DLA Piper advised Lanvin Group in the deal. Simpson Thacher & Bartlett and Davis Polk & Wardwell served as legal advisors to PCAC.
Lanvin Group, established by China’s Fosun International Limited in 2017, manages iconic brands such as Lanvin, Sergio Rossi, Wolford, St. John Knits, and Caruso.
DLA Piper team was led by Christina Loh, capital markets partner in Hong Kong, and Joe Bauerschmidt, country managing partner, Singapore and head of capital markets, Southeast Asia.
