Vision Deal gets nod as HK’s second SPAC listing

Vision Deal gets nod as HK’s second SPAC listing

The HKEX listing of Vision Deal, a special purpose acquisition company backed by former Alibaba CEO David Wei, saw three firms advising in the HKD1 billion (USD127 million) transaction.

Kirkland & Ellis, Appleby and Freshfields advised in the second SPAC deal since the new rules allowing such listings took effect in January.

Vision Deal is expected to announce a de-SPAC transaction in 18 months to acquire an enterprise in China involved in smart-car technologies or supply chain and cross-border e-commerce.

Kirkland & Ellis acted as the issuer’s Hong Kong and US counsels, while Appleby advised on Cayman Islands law. Freshfields advised joint sponsors Citigroup Global Markets and Haitong International Capital on Hong Kong and US law.

David Zhang led the Kirkland & Ellis team with Hong Kong-based capital markets partner Mengyu Lu, and Beijing-based capital markets partners Steve Lin and Kelvin Chu.

The Freshfields team was led by partners Grace Huang and Arun Balasubramanian supported by associates Randa Leung, Jin Yitian and Jasmine Kwok.