Deloitte China assists listing of Synagistics on SEHK via a de-SPAC transaction

Deloitte China assisted the listing of Synagistics Limited (new stock code: 02562.HK; “Synagistics”), a data-driven digital commerce solutions platform, on the Main Board of the Stock Exchange of Hong Kong via a de-SPAC transaction with HK Acquisition Corporation (former stock code: 07841.HK; "HKAC"), a special purpose acquisition company (SPAC), on 30 October 2024. This marks the 1st de-SPAC in Hong Kong, a historical milestone.

(From left) Rancy Lui, Deloitte China Audit and Assurance (A&A) manager; Hilson Lee, A&A senior manager; Darren Ng, A&A partner; Kenneth Chan, lead client services partner (LCSP) and audit engagement partner and Capital Market Services Group (CMSG) Southern Region US Offering leader; Ernest Lee, Technical partner, and a member of the Listing Committee of the SEHK; Selwyn Siu, CMBI Hong Kong managing director; Dick Kay, National Offering Services leader of the CMSG; Edward Au, Southern Region managing partner; Carol Lim, A&A senior manager; and Sting Zhou, CMBI VP of Wealth Management, attend the listing ceremony of Synagistics

(From left) Hilson Lee, Deloitte China A&A senior manager; Zanetta Lee, co-founder of Synagistics; Sheila Wong, HKAC promotor; Clement Lee, co-founder and CEO of Synagistics; Malcolm Tan, CFO of Synagistics; Kenneth Chan, LCSP and audit engagement partner and CMSG Southern Region US Offering leader; Darren Ng, A&A partner; Carol Lim, A&A senior manager; and Rancy Lui, A&A manager, attend the listing ceremony of Synagistics

Client overview

Following the introduction of the SPAC listing regime in January 2022, HKAC listed in Hong Kong by way of a SPAC offering on 15 August 2022. The promoters include Dr. Chan Tak Lam, Norman (former Chief Executive of the Hong Kong Monetary Authority) and Ms. Tsang King Suen, Katherine (the former Chairperson for Greater China of Standard Chartered Bank).

Synagistics, a data-driven digital commerce solutions platform in Southeast Asia, provides integrated digital commerce solutions to its brand partners and sells brands’ products to consumers directly. It has a geographical presence in Southeast Asia covering Singapore, Malaysia, the Philippines, Vietnam, Thailand and Indonesia.

Source: HKAC’s circular published on 3 October 2024 and listing document published on 9 August 2022

Deloitte’s role

Deloitte China is the reporting accountant of this 1st de-SPAC in Hong Kong for HKAC and Synagistics. We have proudly supported HKAC and Synagistics throughout this de-SPAC transaction journey, embodying our commitment to the philosophy of "diligence and excellence".

Leveraging our extensive experience in capital market and exceptional service capabilities, our engagement team was dedicated to delivering the highest quality professional services. We helped HKAC and Synagistics navigate the filing process smoothly at every stage of this de-SPAC transaction. Our experience and in-depth understanding and technical strength in de-SPAC rules and related accounting standards, coupled with close collaboration with our clients, our fellow Asia Pacific firms and all of the involved intermediaries, enabled HKAC and Synagistics to successfully complete this 1st de-SPAC in Hong Kong.

Deloitte China congratulates HKAC and Synagistics for completing this Hong Kong’s 1st de-SPAC. We will continue to provide high quality professional services and outstanding resources integration to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.