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HH&L Acquisition, a SPAC targeting healthcare in Asia, files for a $300 million IPO

January 20, 2021

HH&L Acquisition, a blank check company targeting the healthcare sector in Asia, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.

The Hong Kong-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, HH&L Acquisition would command a market value of $375 million.

The company is led by Chairman Kenneth Hitchner, who spent nearly three decades at Goldman Sachs, most recently serving as CEO of Goldman Sachs in Asia Pacific Ex-Japan. He is joined by CEO and Director Richard Li, who previously served as CIO of China Great Wall AMC Holdings and CEO of Great Wall Pan Asia Asset Management. The company plans to target healthcare or healthcare-related businesses in Asian markets with a focus on the Greater China market, or global healthcare or healthcare-related businesses with a meaningful growth thesis in the Greater China or Asian markets.

HH&L Acquisition was founded in 2020 and plans to list on the NYSE under the symbol HHLA.U. Goldman Sachs (Asia) and Credit Suisse are the joint bookrunners on the deal.