Hong Kong SPAC Rush Attracts Olympic Champions to Sofa Moguls

Hong Kong is finally joining the SPAC bandwagon, and a slew of influential personalities have lined up to lend credibility to the city’s inaugural offerings -- from an Olympic medalist to political power brokers and a sofa tycoon.

Gymnast-turned-businessman Li Ning, who launched one of China’s top sportswear brands after retiring from competition, was one of the first to file and will be looking for a consumer lifestyle deal. Chinese drug developer I-Mab formed a special purpose acquisition company to hunt for the next hot health-care innovation.

Li Ning performs during the XXIII Olympic Summer Games in Los Angeles in 1984.

Photographer: Trevor Jones/Getty Images

But it’s serial dealmaker Eugene Wong who’s assembled the most wide-ranging ...