On the afternoon of their first day's trading, the stock declined to HK$9.70, down 3% from the offer price of HK$10, with only one live trade during the session

The move comes as China is set to unveil tougher rules for offshore capital raising by domestic companies, as regulators also want to subject investment banks to extra scrutiny.

Last month, Faraday said it had identified certain inaccurate statements made by its employees to investors and announced changes in its leadership structure

Encouraged by a flurry of Southeast Asian tech start-ups seeking funding, Singapore may list up to a dozen SPACs in the next 18 months

Novo Tellus Alpha Acquisition, which raised $111 million, traded at S$4.96 versus its initial public offering price of S$5 per unit

The second SPAC to debut in the city-state raised S$170 million ($126 million) and plans to invest in tech-enabled sectors

Investors should favour stocks in the MSCI China and MSCI Hong Kong indices over global benchmarks, BCA Research analysts said

Listing sponsored by Vertex Venture Holdings comes four months after Singapore Exchange relaxed its proposed rules for SPACs in response to market feedback

Japanese carmaker says SES planned to list on the New York Stock Exchange via Ivanhoe Capital Acquisition Corporation in a SPAC deal

Aquila Acquisition Corporation applied to list in Hong Kong, the first company to do so since new SPAC rules took effect this year

IPOs by Vertex Technology Acquisition Corp (VTAC) and Pegasus Asia mark the first SPAC listings in Asia since the frenzy for such blank-check firms began in the US in 2020

New rules from February 15 will require platform companies with data for more than 1 million users to undergo a security review before listing their shares overseas