October 30, 2024 – Leeds Securities (“Leeds”) is pleased to announce its successful role as Joint Bookrunner and Joint Lead Manager in completing the De-SPAC merger and listing of Synagistics Limited (02562.HK, “Synagistics”), a leading digital commerce solutions platform in Southeast Asia owned by Alibaba (09988.HK). Through a reverse merger with HK Acquisition Corporation (07841.HK), Synagistics has now successfully listed on the Hong Kong Stock Exchange (HKEx) Main Board, marking an important milestone in its journey in international capital markets and further strengthening Leeds Securities’ leading role in the capital markets.

A Landmark De-SPAC Merger and Capital Support

This De-SPAC transaction, achieved through a Special Purpose Acquisition Company (SPAC) merger, included a private placement of 80,000 newly approved financing shares, totaling HK$800,000, which will support Synagistics’ future growth. With a total valuation of HK$3.5 billion, the transaction attracted investments from 10 PIPE (Private Investment in Public Equity) investors, raising a total commitment of HK$551 million. The PIPE investors include Oakwise Value Fund SPC - Greater China High Yield Income SP, managed by Oakwise Capital, Celestial Link (a wholly-owned subsidiary of HK Telecom, 06823.HK), China Orient Enhanced Income Fund, among other renowned investors, ensuring Synagistics is well-capitalized for future expansion.

Strengthening Market Position in the Capital Markets

As one of the core intermediaries in this transaction, Leeds Securities once again demonstrated its robust market coordination and execution capabilities. Leveraging extensive project experience, market insights, and efficient execution, Leeds Securities not only helped raise adequate capital but also ensured a seamless transaction closure. This successful De-SPAC listing further solidifies Leeds Securities' leadership in the capital markets, laying a strong foundation for future cross-border transactions and capital operations.

About SYNAGISTICS LIMITED

Founded in 2014, Synagistics Limited is Alibaba’s data-driven digital commerce solutions platform for Southeast Asia, with operations across Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia. Partnered with leading e-commerce channels and social media platforms, including Lazada, Synagistics has established itself as a core player in Southeast Asia's digital commerce market. As one of the top ten digital solution providers in the region, Synagistics commands a 3% market share.

Synagistics’ successful De-SPAC listing reflects not only Leeds Securities’ achievements in cross-border financial services and innovative investment but also the unique position of Hong Kong’s capital markets in supporting the internationalization of Southeast Asian companies. Leeds Securities will continue to drive innovation and collaborative development, optimizing integrated financial services in capital markets to support clients in their long-term global expansion.