The first de-SPAC stock, SYNAGISTICS (02562.HK)  -0.460 (-2.674%)   , opened 100% higher at $20 this morning (30th), and then saw its rally accelerated abruptly in the morning session, peaking at $50.05 , about 4 times above the listing price of $10. The uptrend then ebbed. It closed at $25.4 near midday close, 1.54 times above the listing price, with a turnover of $5.637 million.

For the De-SPAC Transaction between the special purpose acquisition company (SPAC) HK Acquisition Corporation, initiated by former Hong Kong Monetary Authority (HKMA) Chief Executive Norman Chan and former Chief Executive Donald Tsang's sister Katherine Tsang, and the SPAC Synagistics, a Southeast e-commerce solutions platform, the Conditions to the Closing under the Business Combination Agreement were fulfilled, and the Closing took place at 8:00 a.m. today (30th) (Effective Time).

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With effect at the Effective Time, the English name of the Company changed from “HK Acquisition Corporation” to “Synagistics Limited”, and the Chinese name of the Company changed from “香港匯德收購公司” to “獅騰控股有限公司”. The Successor Shares will be traded on the Stock Exchange in board lots of 500 Successor Shares under the stock code of 2562 and the stock short name of “SYNAGISTICS” in English and “獅騰控股” in Chinese.

Carlson Tong, chairman of HKEX (00388.HK)  +0.800 (+0.237%)    Short selling $246.55M; Ratio 12.559%   , who is currently in the Middle East, also attended the listing ceremony via pre-recorded video, welcoming the listing of SYNAGISTICS, and saying that its successful listing is another milestone for Hong Kong.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-04-25 16:25.)