|
Hong Kong, March 11, 2025 – Mango Financial Limited (“Mango Financial”), one of Hong Kong's oldest comprehensive international brokerages, today announced it has signed a non-binding letter of intent (LOI) with a special purpose acquisition company (SPAC) listed on Nasdaq. The proposed merger is intended to facilitate Mango Financial’s listing on the U.S. capital markets. The transaction, expected to close in the second half of 2025, marks a significant step in the globalization strategy of this 53-year-old Hong Kong financial institution.
Deep-Rooted Legacy: A Historic Institution in Hong Kong's Capital Markets As one of Hong Kong's established "Top Five Brokerages", Mango Financial has remained at the forefront of international finance since its founding in 1970. It holds a full suite of licenses issued by the Securities and Futures Commission (SFC) of Hong Kong, including Type 1 (Dealing in Securities), Type 4 (Advising on Securities), Type 6 (Advising on Corporate Finance), and Type 9 (Asset Management). Its diverse business encompasses securities trading, asset management, and cross-border investment and financing. Mango Financial possesses a rich heritage, having witnessed and participated in the development and internationalization of Hong Kong's capital markets: January 29, 1970: The Company’s predecessor, “PingOn & Company,” was established in Hong Kong. Madam Leung Wong Wing-yu, wife of Mr. Leung Ting-mau (then General Manager of Kwong On Bank), was one of the initial founders. March 2, 1993: The company was renamed “PING ON SECURITIES LIMITED.” May 26, 2003: The company was renamed “PING AN SECURITIES LIMITED.” Within the same year, Kinetics Group acquired the company to advance its financial services expansion strategy. 2015: The Company executed a reverse takeover of the then Hong Kong Stock Exchange-listed Ping An Securities Group (Holdings) Limited (00231.HK), transforming the listed entity's principal business from "property development and leasing" to "providing financial services." September 2017: A consortium led by China Innovation Investment Limited (8207.HK) acquired a 36.58% stake in Ping An Securities Group (Holdings) Limited (00231.HK) from its major shareholders for a total cash consideration of HKD 664 million, facilitating the group’s entry into the Hong Kong securities market. October 7, 2022: The company was renamed “MANGO FINANCIAL LIMITED,” the name it retains today. From “PingOn & Company” to “Ping On Securities,” “Ping An Securities,” and now “Mango Financial,” the Company has served as a platform for various consortia – including Kinetics Group, Ping An Securities Group (Holdings) Limited, and China Innovation Investment – to realize specific strategic objectives. For over five decades, Mango Financial has weathered numerous financial storms alongside international investors and Hong Kong citizens, maintaining stable growth and a resilient market position. This success stems from its unwavering commitment to the operating principle of "Safety First, Wealth Protected", underpinned by an experienced professional team providing clients with pragmatic investment advice. To date, Mango Financial has led over 160 successful IPOs, helping listed companies raise over HKD 20 billion. Ms. Zhang, the current Chairperson of Mango Financial's Board, possesses extensive leadership experience across fund management, investment banking, supply chain finance, equity investment, and energy management within large-scale enterprise groups. She brings substantial resource networks and exceptional international vision, excelling in identifying and enhancing corporate value and leveraging marginal effects during the intersecting growth and maturity phases of cyclical industries. With broad exposure across industrial investment and financial sectors, Ms. Zhang has led equity investments in new quality productive forces projects spanning new energy, new materials, information technology, and artificial intelligence, achieving significant investment returns. SPAC Listing: A Strategic Springboard for Accelerated Internationalization SPACs (Special Purpose Acquisition Companies), as a key innovation in global capital markets in recent years, offer an efficient and flexible pathway for companies seeking rapid U.S. listings. Mango Financial’s chosen SPAC partner has substantial experience in cross-border mergers and acquisitions, with its sponsor team having led multiple U.S. listings for Asian companies. Upon completion of the transaction, Mango Financial will gain access to the funds held in the SPAC’s trust account and proceeds from new financing, significantly bolstering its capital base. Concurrently, leveraging the liquidity of the U.S. market and its international investor base will accelerate the Company’s global business expansion. This move is poised to substantially enhance Mango Financial’s competitiveness in facilitating U.S. listings for clients, providing cross-border M&A advisory, and developing ESG investment products. It will further solidify its strategy of utilizing the connectivity mechanisms between Hong Kong and mainland China capital markets to launch flagship funds bridging Greater China and global assets.
New Opportunities: Hong Kong as the Nexus for Global Capital Following the signing of the non-binding LOI, Ms. Zhang, Chairperson of Mango Financial, stated: "Signing this letter of intent for a SPAC merger is a pivotal milestone in our half-century journey. The unique advantages of Hong Kong as an international financial center, combined with our full suite of licenses, will create powerful synergies with the resources of the U.S. capital markets. While actively preparing for our U.S. listing, we also plan to obtain U.S. investment banking licenses. Over the next five years, we aim to aggressively accelerate our overseas business expansion. Mango Financial is positioned to become the core bridge connecting Eastern and Western capital." The partnering SPAC commented: "Mango Financial's rare licensing portfolio, cross-border service capabilities, and profound expertise in Greater China perfectly complement our global resources. This merger will create a truly international investment bank equipped to serve clients across markets." (Special Note: This press release does not constitute investment advice. Specific transaction terms are subject to the definitive agreements between the relevant parties.) |
