Freshfields Bruckhaus Deringer is advising Aquila Acquisition Corporation, a special purpose acquisition company (SPAC) jointly established by CMB International and AAC Mgmt Holding, on its planned IPO in Hong Kong, with Linklaters advising the joint sponsors.

This is Hong Kong’s first application under the new SPAC listing rules, which came into effect on Jan. 1. The Hong Kong Stock Exchange introduced SPAC new rules in December last year. If Aquila’s application is successful, it will become the first SPAC listed in Hong Kong.

Established in 2021, Aquila is registered in the Cayman Islands. According to the company’s prospectus, its key interest in acquisition of one or multiple companies targets Asian, especially Chinese, companies in the new economy such as green energy, life science, and advanced technology and manufacturing.

The Linklaters team is led by partners Gilbert Li and Lipton Li, with the Maples Group acting as offshore counsel to the issuer.