Shares of Synagistics rose nearly fivefold before paring gains in their debut on Wednesday. The stock gained 4.8% Thursday.
After Hong Kong’s first listing of a firm acquired by a special purpose acquisition company, a long line of such deal vehicles in the city continues to struggle to find targets or receive regulatory approval.
Singapore-based Synagistics, a digital-commerce platform backed by a unit of Alibaba Group Holding, went public Wednesday after combining with HK Acquisition. The debut was the first since Hong Kong allowed in 2022 listings of spacs, shell companies that seek to bring private businesses public.
