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Hony Capital founder and CEO John Zhao. Photo by Bloomberg.
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SPACs Spread to China as ByteDance Investor Hony Capital Preps Listing

Photo: Hony Capital founder and CEO John Zhao. Photo by Bloomberg.

The SPAC boom is spreading to China.

Hony Capital, a major private equity firm which has investments in companies such as TikTok owner ByteDance and WeWork’s China unit, is preparing to list a special purpose acquisition company in the U.S. That will make it one of the first Chinese private equity giants to jump on the global SPAC bandwagon.

Hony’s blank-check company is planning to apply for a listing on the Nasdaq Stock Market and raise $300 million, according to a person familiar with the matter and a confidential listing application document reviewed by The Information. The SPAC, called Hony Capital Acquisition Corp., intends to seek mergers with companies that have a significant presence in China, mainly in sectors such as healthcare and consumer products, according to the document.

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