Hony Capital Acquisition, a blank check company targeting tech-enabled consumer and healthcare businesses in China, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.
The Hong Kong, China-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Hony Capital Acquisition will command a market value of $375 million.
The company is led by Chairman John Zhao, who is the Chairman and CEO of Hony Capital, and CEO and Director Bing Yuan, who is the COO of Hony Capital and a member of Hony Capital's Executive Committee. Hony Capital intends to focus on technology-enabled companies in the healthcare and consumer sectors in China or a global or regional company in these sectors with a strong nexus or growth potential in China.
Hony Capital Acquisition was founded in 2021 and plans to list on the NYSE under the symbol HCAA.U. It filed confidentially on February 22, 2021. Citi and Credit Suisse are the joint bookrunners on the deal.
