According to the Hong Kong Stock Exchange, the special purpose acquisition company (SPAC), HK ACQ-Z (07841.HK), has passed the listing hearing for its De-SPAC transaction. HK ACQ-Z's business is expected to be merged with that of the target company, Synagistics Pte. Ltd. The joint sponsors for this transaction are Haitong International and CMB International.Synagistics is a Southeast Asian e-commerce solutions platform, currently 47.22% owned by Alibaba Singapore, a subsidiary of BABA-W (09988.HK) +8.900 (+8.484%) Short selling $3.00B; Ratio 12.408% . Assuming full redemption of SPAC shares, and no exercise of the promoter earn-out right/ the target company founder earn-out right/ the subscription rights attached to HK ACQ-Z SPAC warrants and promoter warrants, and with the permitted equity financing subscription amount totaling $15 million, HK ACQ-Z (also known as the successor company) is expected to be 34.26% owned by Alibaba Singapore upon completion of the transaction, making BABA-W its controlling shareholder.Related NewsHSBC Research: DeepSeek Shows CN Innovation Capability, which May Prompt CN Stock Mkt Re-rating & Foreign Inflow UptickIn addition, after completing the De-SPAC transaction, HK ACQ-Z is expected to be renamed Synagistics Limited.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-02-12 16:25.)