China Steel Website ZG Group to Go Public Via HK SPAC Merger (1)

Chinese steel trading website ZG Group has agreed a deal to go public in Hong Kong via a merger with a blank-check company backed by China Merchants Bank Co.’s overseas asset management arm.

The Shanghai-headquartered company, formerly known as Zhaogang.com, will combine with Hong Kong-listed Aquila Acquisition Corp. according to an exchange filing Thursday confirming a Bloomberg News report. The deal values ZG Group at about HK$10 billion ($1.3 billion).

The agreement comes with a private investment in public equity, or PIPE, with 10 investors including a subsidiary of commodities trading giant Trafigura Group, according to the ...