Synagistics becomes Hong Kong’s first de-SPAC listing, while Geener and Jingu Afanda secure fundings in their latest rounds.
Synagistics becomes Hong Kong’s first de-SPAC listing
Singapore-headquartered Synagistics, which provides digital commerce solutions through its platform Synagie, is set to become the first overseas firm to go public on the Hong Kong Stock Exchange through a merger with a blank-cheque company.
The merger with special purpose acquisition company (SPAC) HK Acquisition Corporation is expected to complete on Wednesday, per an exchange filing on October 25. The firm, which will change its name to “Synagistics Limited”, will begin trading under the stock code of 2562 on Wednesday upon completion of the merger.
Founded in 2014, the digital commerce solutions provider counts Chinese tech giant Alibaba and Asia-focused venture capital firm Gobi Partners as its investors.
Previously known as Synagie, the firm was listed on the Singapore bourse from August 2018 until Synagistics, a consortium led by Meranti ASEAN Growth Fund acquired the firm in November 2020. The consortium counted the likes of Alibaba Singapore Holding, Synagie co-founders Clement Lee Shieh-Peen, Zanetta Lee Yue, and Tai Ho Yan, among others, per Reuters.
Geener snaps $70m Series B funding
Chinese automaker Geely’s power semiconductor subsidiary Zhejiang Jingneng Microelectronics, which also goes by Geener, has secured 500 million yuan ($70.1 million) in a Series B round led by a local investment firm Xiuzhou Linghang Fund.
Founded in June 2022, the Suzhou-headquartered firm previously closed its Series A round in 2023 led by venture capital firm Gaorong Ventures.
Zhejiang Jingu’s subsidiary bags over $91m
Shenzhen-listed steel wheels maker Zhejiang Jingu has seen its subsidiary Jingu Afanda secure 650 million ($91.2 million) in its first tranche of funding co-led by China National Building Material, the country’s largest cement and gypsum board manufacturer.
State Development and Investment Corporation (SDIC), the largest state-owned investment firm in China also led the round through its industry fund, per the company release.
The overall fundraising size could hit 800 yuan ($112.2 million) to 1.2 billion yuan ($168.4 million), the firm added in the release.
