Vision Deal HK Acquisition Corporation, a special purpose acquisition company (SPAC) initiated by David Wei, Founding Partner and Chairman of Vision Knight Capital, DealGlobe and Opus, was officially listed on the Hong Kong Stock Exchange on Friday, with Citigroup and Haitong International Securities Group Limited as co-sponsors.
On February 15, Vision Deal officially submitted its A1 document to the Hong Kong Stock Exchange to begin the approval process. David Wei was in the first batch of founding partners of private equity fund to submit the SPAC listing application to the stock exchange.
Wei spoke about the company’s development over the last little while, saying: “In the continual change of capital markets in 2022, a SPAC can reduce the uncertainty of listing and pricing for some companies while improving the returns of original shareholders. This method also provides additional incentives for firm founders.”
Prior to founding Vision Knight Capital, David was the CEO of Alibaba.com Limited for five years. Vision Knight Capital (VKC), founded in 2011, is a private equity fund focusing on investments involving the internet, new channels, online consumer branding, and B2B platform/services/products empowered by internet sectors in China. VKC has an AUM of around 15 billion RMB managing two USD funds and five RMB funds.
Vision Deal will mainly focus on sci-tech, intelligent automobiles, cross-border brands and domestic consumer enterprises driven by supply chain advantages. In addition, the ability to find the target company and strict review process are also the core competitiveness of Vision Deal. The company is the first to put forward the goal of issuing a De-SPAC transaction announcement within 18 months after listing and completing the De-SPAC transaction within 30 months after listing, which is shorter than the usual 24 months and 36 months required by the rules.