hk acquisition corp will raise 100 billion hong kong dollars us12748 billion in gross proceeds through a spac listing in hong kong making it the third such listing in one of asias largest financial markets the company had sold the shares to 79 investors and the offering was slightly oversubscribed hk acquisition said friday shares will start trading on the hong kong stock exchange from aug 15 of the 79 professional investors 20 are institutional investors it said spacs or specialpurpose acquisition companies are cash shells that first raise money from public investors and list on an exchange and then hunt for private companies to merge with