Singapore-headquartered Synagistics, operator of e-commerce solutions platform Synagie, will become the first successful de-spac listing on the Stock Exchange of Hong Kong (SEHK).
The shareholders of Hong Kong (HK) Acquisition Corporation, a special purpose acquisition company (spac), approved the business combination at an extraordinary general meeting on Oct 25.
The transaction is expected to be complete on Oct 30, at which point HK Acquisition Corporation will become Synagistics Limited and its shares will commence trading under that name on the SEHK.
HK Acquisition Corporation had completed its spac offering in August 2022, comprising 100,050,000 spac shares at an issue price of HK$10 and 50,025,000 spac warrants.
Norman Chan, chairman and executive director at HK Acquisition Corporation, says: “We are very pleased with the shareholder support for this transaction, which highlights investor confidence in Synagistics’ growth prospects and the potential of Southeast Asia’s digital solutions market. This approval is also a significant milestone for Hong Kong’s capital markets, reinforcing the city’s leadership as an international financial centre.”
According to an Oct 25 announcement, Synagistics remains “well-capitalised” to support its growth, bolstered by HK$551 million ($93.55 million) Private Investment in Public Equity (PIPE) investments from a diverse group of institutional investors, including Celestial Link — an indirect wholly owned subsidiary of HKT Trust and HKT Limited, together a Hong Kong-listed investment holdings company — and China Orient Enhanced Income Fund.
See also: Synagie bridges the gap between brands, marketplaces and online shoppers
Synagie provides integrated digital solutions to its brand partners via two core propositions: its direct-to-brands model, which helps brands to manage the full spectrum of their e-commerce business while creating a unified experience for consumers throughout the entire consumer journey; and its direct-to-consumers model, which sells brands’ products directly to consumers through online stores owned by Synagistics and operated under the name of its brand partners across various e-commerce channels.
Founded in 2016, Synagie was listed on the Singapore Exchange S68 (SGX) in August 2018 at a market capitalisation of $71 million. It was the first e-commerce marketplace listed on the SGX. Alibaba took Synagie private in November 2020.
Synagie co-founder and managing director Olive Tai was named EY Entrepreneur of The Year in e-commerce services at the 22nd EY Entrepreneur of The Year (EOY) 2023 Singapore awards.
