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SPAC HH&L Acquisition prices upsized $360 million IPO, targeting healthcare in Asia

February 5, 2021

HH&L Acquisition, a blank check company targeting the healthcare sector in Asia, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

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 plans to list on the NYSE under the symbol HHLA.U. Goldman Sachs (Asia) and Credit Suisse acted as lead managers on the deal.