SPAC Copley Acquisition eyes $150M IPO on NYSE, pursues targets in technology and lifestyle sectors

Copley Acquisition, a special purpose acquisition company (SPAC) backed by Hong Kong investment firms Pacific Aegis Capital Management (PACM), Gobi Partners and Hermitage Capital, plans to raise US$150 million on the New York Stock Exchange (NYSE).

The SPAC priced its initial public offering (IPO) of 15 million units at $10 each, according to its filing with the U.S. Securities and Exchange Commission on Friday.

The SPAC could be listed in February 2025, subject to regulatory approval. The proceeds will be used to consolidate merger targets in the technology and lifestyle sectors in North America and Asia Pacific, excluding China.

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“We look forward to the opportunities supported by the stock market recovery, especially when the new (US) administration takes office next year,” Copley co-CEO Francis Ng said on Monday. “The listed SPAC should be able to capitalize on the market momentum next year.”

Francis Ng, co-CEO of Copley Acquisition, was president and CFO of Black Spade Acquisition when it completed its US$23 billion merger with VinFast Auto in August 2023. Picture: AFP alt=Francis Ng, co-CEO of Copley Acquisition, was President and CFO of Black Spade Acquisition when it completed its US$23 billion merger with VinFast Auto in August 2023. Image: AFP

The technology and lifestyle industries, especially those that are major beneficiaries of next-generation technology, offer “ample opportunities for business combinations,” Copley said in the filing.

Co-CEO Chibo Tang is Managing Partner at Gobi Partners, a venture capital firm based in Hong Kong and Kuala Lumpur with US$1.6 billion in assets under management. Gobi invests in sectors including artificial intelligence, fintech, consumer, healthcare and sustainability.

Copley CFO and President Menghan Henry Zhang is President and Managing Partner of Hermitage Capital, a technology-focused private equity firm with $1 billion in assets under management. The company’s investments include autonomous driving solutions provider Horizon Robotics, AI smart manufacturing provider SmartMore and AI drug discovery company XTalPi.

Copley will focus on sectors such as electric vehicles, robotics, cybersecurity and lifestyle services that include luxury clothing, health and travel.

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