Hong Kong-based workspace operator Flexi Group is going public through a merger with the blank cheque company TG Venture Acquisition. Separately, Guangzhou-based semiconductor packaging firm 3DSEMI has notched almost $24 million.
HK’s Flexi Group to go public through SPAC merger
Hong Kong-based workspace operator the Flexi Group is going public through a merger with global family office Tsang Group’s blank cheque company TG Venture Acquisition, according to an announcement on Monday.
The transaction is expected to be completed in the second quarter of next year, subject to regulatory approvals and other customary closing conditions. The merged entity is expected to trade on the Nasdaq.
Flexi Group manages 45 locations in 12 cities and nine countries in Asia Pacific, including Australia, Singapore, Malaysia, Hong Kong, Thailand, the Philippines, Taiwan, Vietnam and Japan, following the merger of three workspace brands this year.
The Flexi Group is also planning a consolidation strategy across APAC into North America, the Emirates and Europe, following the business merger, per the statement.
Semiconductor packaging firm 3DSEMI bags $24m
Semiconductor packaging firm 3DSEMI notched 165 million yuan ($23.7 million) in an equity financing round, according to an announcement on Friday.
The round saw the participation of Guangdong Semiconductor and Integrated Circuit Industry Investment Fund, a state-owned vehicle that aims to foster investments in the semiconductor and IC industry in China’s Guangdong Province, as well as Guangzhou Industrial Investment and Capital Operation Holding Group, and Guangzhou Zengcheng Industrial Investment.
Since its inception in January, Guangzhou-based 3DSEMI, which specialises in wafer-level packaging, is slated to reach an annual production worth 4 billion yuan ($575.4 million). Wafer-level packaging refers to the process of packaging integrated circuits at the wafer level.