Hony Capital Acquisition, a blank check company targeting tech-enabled consumer and healthcare businesses in China, withdrew its plans for an initial public offering on Thursday. It had originally filed in March 2021 to raise $300 million by offering 30 million units at $10, but later lowered the deal size to $200 million in June, with each unit containing one share of common stock and one-half of a warrant. Affiliates of the sponsor intended to purchase $35 million worth of units in the offering.
The company was set to be led by Chairman John Zhao, who is the Chairman of Hony Capital, and CEO and Director Bing Yuan, who is the COO of Hony Capital and a member of Hony Capital's Executive Committee. Hony Capital Acquisition intended to focus on technology-enabled companies in the healthcare and consumer sectors in China or a global or regional company in these sectors with a strong nexus or growth potential in China.
The Hong Kong-based company was founded in 2021 and had planned to list on the NYSE under the symbol HCAA.U. Citi, Credit Suisse, and CICC were set to be the joint bookrunners on the deal.
