Synagistics First Overseas Firm to List via SPAC in Hong Kong

Hong Kong has witnessed its first successful de-SPAC listing with the introduction of Synagistics, a Singapore-based e-commerce platform, which began trading on the Hong Kong Stock Exchange after merging with HK Acquisition Corporation. This marks a significant milestone for Hong Kong’s SPAC regime, which was established in January 2022 to attract more listings and keep pace with global markets. Despite the positive debut, the SPAC sector in Hong Kong continues to face challenges, as many proposed mergers have yet to succeed in gaining regulatory approval. In addition to this development, HKEX is set to launch Asia's first EU-compliant crypto index on November 15, aimed at integrating cryptocurrencies into the stock market. This index will provide real-time benchmarks for Bitcoin and Ethereum, positioning Hong Kong as a leading financial hub in the crypto space. The successful listing of Synagistics and the upcoming crypto index highlight Hong Kong's efforts to strengthen its role as an international financial center.