May 30, 2022

According to a disclosure by the Hong Kong Stock Exchange (HKEx) on Sunday , Vision Deal HK Acquisition Corp, a special purpose acquisition company (SPAC) jointly sponsored by David Wei, founding partner and chairman of Vision Knight Capital, DealGlobe and Opus, has received approval following a listing hearing a few days ago. Citigroup and Haitong International Capital are serving as co-sponsors. Vision Deal is now the second SPAC to pass a listing hearing at the HKEx. According to the prospectus, it intends to focus on Chinese high-quality companies specializing in smart car technology and those having supply chain and cross-border e-commerce capabilities, benefiting from the upgrading trend of domestic consumption. David Wei, one of the founders of Vision Deal, was an executive of Alibaba Group and is now a founding partner of Vision Knight Capital, a private equity fund management company, focusing on new channels, B2B platforms, services, products, new consumption and new technologies for empowering the Chinese internet industry. As of December 31, 2021, through the management of two US dollar funds and five RMB funds, the assets under its management are equivalent to $2.2 billion. Its previous well-known investment cases include Pop Mart, Smoore International and Anker Innovations. At present, Wei is the chairman of the board of directors at Vision Deal. It is worth noting that Vision Deal plans to make an announcement within 18 months and the completion of a De-SPAC Transaction within 30 months after the listing date. This target is significantly shorter than the 24 months and 36 months required by HKEx rules.