The Alibaba-backed Synagistic is coming to Hong Kong for a reverse takeover listing: it ranks second in Southeast Asia and specializes in e-commerce operation solutions.

After two years of silence, Hong Kong finally has the opportunity to welcome its third company to go public through a De-SPAC listing. Recently, the special purpose acquisition company (SPAC) Huide submitted a business combination application to SYNAGISTICS PTE. LTD. The target company for this proposed merger is Synagistics, a data-driven digital business solutions platform headquartered in Singapore, primarily operating in Southeast Asia. If the merger is successfully completed, Synagistics will become the third company to list on the Hong Kong Stock Exchange through a De-SPAC transaction. The valuation of this deal is HKD 3.5 billion (approximately USD 448 million). It is noteworthy that before the completion of the De-SPAC transaction, Alibaba is the largest external investor in Synagistics, holding a direct stake of 47.22%.

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