Hong Kong's luxury Rosewood Hotel Group, a unit of property developer New World Development (0017), plans to file for a special purpose acquisition company listing, three people with knowledge of the matter said, adding to the recent rush for such deals.
Rosewood, run by Sonia Cheng, the granddaughter of NWD founder Yu-tung Cheng, has enlisted Credit Suisse and JPMorgan to lead the US SPAC listing, which targets the consumer sector, two of the people told Reuters.
Typically, a SPAC, a blank-cheque company that raises money through initial public offerings (IPOs) and merges with firms by enticing them with shorter listing timelines, will issue shares at US$10 (HK$78) apiece.
One of the sources said that Rosewood's SPAC listing could aim to raise about US$400 million (HK$3.1 billion).
Adrian Cheng, Sonia's brother and chief executive of NWD, is separately in talks with banks about a SPAC listing, the people said. Bloomberg reported yesterday he's aiming to raise US$400 million.
Property tycoon Li Ka-shing has also tapped advisers for a SPAC listing via his family office, other people said.
Li's son, Richard Li, set up two SPACs last year with US venture capitalist Peter Thiel.