Asia-Focused SPAC Pacifico Gains On Nasdaq Debut; Investor Sees More Cross-Border Flows

Asia-Focused SPAC Pacifico Gains On Nasdaq Debut; Investor Sees More Cross-Border Flows

The NASDAQ site in Times Square. (Photo by Spencer Platt/Getty Images) Pacifico Acquisition Corp., the latest Asian-related SPAC to go public in the U. S., rose by 0. 5% to $10. 05 on its Nasdaq debut yesterday, a day after it said raised $50 million in an IPO. Pacifico acquisition targets won't "be limited to a particular industry or geographic region, although the company intends to focus on operating businesses in and around the new energy, biotech, and education industries in Asia (excluding China)," a statement said. Ronald Shuang, the Harvard-educated chairman of Shanghai-headquartered boutique investment and asset management company Balloch Holding Group – Pacifico's ultimate investor, says Asia's economic growth prospects and demand for capital among growing businesses are likely to expand the region's role in global markets despite recent ups-and-downs in the U. S.-China relationship. In particular, he said in an interview in Shanghai, "there is strong demand for Asian companies for U. S. listings." SPACs offer a time-saving way to raise capital compared with traditional IPOs, Shuang said. Given ample global liquidity in capital markets plus the likelihood of continued economic recovery from Covid-19, demand and supply trends look favorable to SPAC issuers, Shuang said. "There will