Thiam's Freedom Acquisition I Corporation has parted ways with Pimco, which offloaded its stake to Next G, an affiliate of Zeng’s advisory firm China Bridge Capital

Both exchanges spent last year preparing new rules to encourage SPAC listings after seeing hundreds of such flotations in the US and worrying that Asian firms would be lured away to list in New York

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