TechStar Acquisition Corporation, a special purpose acquisition company (SPAC) initiated by CNCB Capital, Zero2IPO Group, Zero2IPO Capital, and individuals including Ni Zhengdong, Li Zhu and Liu Weijie, submitted a listing application to the main board of the Hong Kong Stock Exchange (HKEx) on June 24. Zero2IPO Capital and China Securities International are serving as co-sponsors.
Among the 13 SPACs that have filed A1 documents so far with the HKEx, TechStar has the largest number of sponsors by a significant margin.
CNCB Capital is a wholly-owned subsidiary of CNCB Investment, which is itself a subsidiary of China CITIC Bank. As of December 31, 2021, CNCB Capital managed more than 10 equity funds and fixed income funds, providing advice to funds covering industries such as e-commerce, health care, logistics and biotechnology.
Zero2IPO Group has rich experience in venture capital, fund management and industry investment. Its Zero2IPO Capital is an investment banking platform based in Hong Kong. It actively participates in IPOs and M&As, and has a proven record of excellence in providing independent financial advisory services to a wide range of clients.
Ni Zhengdong is the founder, CEO, executive director and chairman of Zero2IPO Ventures. He is mainly responsible for the overall management of business, strategy and enterprise development.
Li Zhu founded Innoangel Fund in 2013, and has about 30 years of experience as a senior executive in several companies, more than 20 years of experience as a consultant and more than 10 years of experience in private equity investment in China, and has invested in projects such as YOOZOO Games and TECSUN.
Liu Weijie has been a partner of Tsing Fund since December 2014. Before that, Liu co-founded Gobi Partners China with others in January 2002 and served as a senior managing partner until December 2014.
TechStar said it plans to focus on identifying high-growth special purpose acquisition targets in “new economy” sectors, including, but not limited to, innovative technology, advanced manufacturing, health care, life sciences, entertainment, consumer and new retail, green energy and climate action sectors that are consistent with economic trends and national industrial policies in the jurisdictions where SPAC targets operate.