China Merchants Bank Unit Kicks Off SPAC Listings in Hong Kong

A special purpose acquisition company (SPAC) backed by a China Merchants Bank Co. Ltd. (CMB) (600036.SH) subsidiary has filed for an IPO in Hong Kong, making it the first applicant to take advantage of the new rules allowing SPAC listings in the city.

The Asian financial hub is joining other major global stock markets in the rush to allow SPAC listings, an alternative to traditional methods of going public that has soared in popularity since last year because it can offer startups a quicker channel to raising funds.