A special purpose acquisition company (SPAC) named Virtue Acquisition (Stock Code: 07841.HK), which was co-founded by former Hong Kong Monetary Authority Chief Executive Tony Chen Tak-lam, Tsang King-shuen (younger sister of former Chief Executive Donald Tsang Yam-kuen) and other individuals, recently announced that it will hold an extraordinary general meeting on October 25 to consider the proposed business combination to acquire Synagistics, a Southeast Asian e-commerce solutions platform. If approved, the transaction is expected to be completed on October 30. Upon completion, the company will be renamed "Lion Top Holdings" with the English name "Synagistics Limited", and its shares and warrants will start trading on The Stock Exchange of Hong Kong Limited (HKEX) under this new name, with the warrant stock code being 2461. The de-SPAC transaction has passed the HKEX listing hearing, The joint sponsors of this transaction are Haitong International and China Merchants Bank International. The agreed valuation of Synagistics for the proposed business combination is HK$3.5 billion, and the SPAC and Synagistics have received investment commitments from a total of 10 PIPE investors amounting to HK$551 million. The Independent Board Committee considers the above acquisition proposal to be "fair and reasonable", and recommends that independent shareholders vote at the extraordinary general meeting in favor of approving the SPAC Alibaba will become the single largest shareholder. Upon completion of the transaction, Synagistics will become a subsidiary of the company, and its securities will be publicly traded on the HKEX. Synagistics, a Singapore-based Southeast Asian e-commerce solutions platform, was founded in 2014 by Li Xuping, Dai Kexin and Li Yu. The three founders collectively hold 30.6% of the shares, while Alibaba Group and Gobi Partners hold 47.22% and 22.17% of the shares respectively. After the completion of the transaction, Alibaba's shareholding will be diluted to 27.89%, but it will still remain the single largest shareholder. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same controlling shareholder. Both companies share the same controlling shareholder, are managed under the framework of one China, and comply with the laws of Hong Kong and the Mainland of China.