SPAC Weekly Report

1. The SPAC initiated by Primavera and ABCI submitted the form to the Hong Kong Stock Exchange On January 31, Interra Acquisition Corporation, a special purpose acquisition company (SPAC) initiated by Primavera and ABCI, formally submitted an A-1 document to the Hong Kong Stock Exchange, with ABCI and JPMorgan as joint sponsors. This SPAC is the one with the widest focus among the four SPACs disclosed on the official website of the Hong Kong Stock Exchange so far – it focuses on innovation and technology, consumer and new retail, high-end manufacturing, healthcare and climate action in the Greater China region. of high-growth companies. Interra Acquisition emphasized in the prospectus that this investment strategy was chosen based on its confidence in the sustainable growth of the Greater China region. This high growth trend will be mainly driven by future consumption upgrades, urbanization, technological innovation and energy decarbonization. of positive megatrends. 2. Li Ning, Lane Capital and Astrapto jointly launch a SPAC On January 31, Trinity Acquisition, a special purpose acquisition company (SPAC) jointly sponsored by Li Ning, Lane Capital and Astrapto, officially filed an A-1 document with the Hong Kong Stock Exchange, with JPMorgan and Credit Suisse serving as joint sponsors and joint global coordinators and joint bookrunners. In fact, the three filed an S-1 document with the U.S. Securities and Exchange Commission on March 31, 2021, planning to list Trinity Acquisition on the New York Stock Exchange, with an estimated fundraising scale of $250 million. According to Trinity Acquisition's plan, the SPAC applying for listing in Hong Kong will focus on global consumer lifestyle companies that have strong growth potential in China and can benefit from the professional operational knowledge and capabilities of the promoters and management teams. 3. Medical Dao International Group Etao plans to go public through SPAC On February 1, Etao International Group announced that it would go public by merging with Mountain Crest Acquisition Corp III, a special purpose acquisition company (SPAC), in a transaction valued at $2.5 billion. If the deal is concluded, Medical Dao International is expected to receive total proceeds of up to $304 million, including a $250 million private investment from China Small and Medium Enterprises Investment Group. The transaction is expected to close this summer, when the new combined entity will be listed on the New York Stock Exchange. 4. Lidar company Quanergy completes SPAC listing On February 11, lidar company Quanergy Systems completed a stock market listing through a special-purpose acquisition company (SPAC) merger transaction. Quanergy said the deal, which now trades under the ticker "QNGY," gives it about $175 million in new liquidity. The total includes $50 million in cash, as well as $125 million in funding committed through the Luxembourg investor Global Emerging Markets (GEM) group, from which an upfront payment of $25 million is now available. Quanergy, one of the first companies to develop lidar units for automotive applications, demonstrated sensors for a conceptual self-driving car back in 2015 at the Frankfurt Motor Show. Although it now joins the likes of Velodyne, Luminar Technologies, Aeva, AEye, Ouster, and Innoviz Technologies through a SPAC listing, it appears that Quanergy really hasn't lived up to the expected financing. In June 2021, Quanergy hopes to cooperate with the Cayman Islands financing institution CITIC Capital Acquisition Corp. The merger released $278 million. In the crowded lidar space, Quanergy's unique selling point is its chip-based optical phased array (OPA) technology. In unveiling the SPAC deal to investors, the company's CEO described how the OPA approach closely mimics phased-array radar sensors, an already well-established technology in the automotive space.