• Shiteng Holdings is listed on the Stock Exchange with stock code 2562.HK.
• The listing of Shiteng Holdings marks the birth of Hong Kong's first merger and acquisition transaction for a special purpose acquisition company.
• With the platforms and resources of listed companies, Shiteng Holdings will expand its Southeast Asia business and accelerate business expansion in Greater China and Europe.

Hong Kong, October 30, 2024 /PRNewswire/ -- Southeast Asia's leading platform for data-driven digital solutions, Shiteng Holdings Limited (“Shiteng Holdings”) was officially listed for sale on the main board of the Hong Kong Stock Exchange (“Stock Exchange”) today. The stock code is 2562.HK. The listing of Shiteng Holdings is significant to Hong Kong's capital market. It is the first special purpose acquisition company merger and acquisition transaction (de-SPAC) since the Hong Kong Stock Exchange introduced a special purpose acquisition company listing mechanism in 2022.

The listing of Shiteng Holdings follows the shareholders of Hong Kong Huide Acquisition Company's approval of the company and Synagistics Pte, the predecessor of Shiteng Holdings, at the special shareholders' meeting on October 25, 2024. Ltd.'s business merger. As a listed company, Shiteng Holdings will further develop under the rapidly growing digital economy in Southeast Asia and expand its business to new markets using Hong Kong and Spain as starting points.

The DE-SPAC deal attracted 0.551 billion HKD PIPE (private equity investment in shares of listed companies) from various institutional investors. These PIPE investors include Celestial Link (an indirect wholly-owned subsidiary of HKT Trust and Hong Kong Telecom Limited) and China Orient Enhanced Income Fund, reflecting the market's confidence in the growth prospects of Shiteng Holdings.

Mr. Li Xuping, Chairman of the Board of Directors of Shiteng Holdings Limited, said, “Today marks an important new chapter in the development history of Shiteng Holdings. Becoming a listed company has strengthened the connection between Shiteng Holdings and the capital market, enhanced our popularity and credibility in the global market, enabled the company to accelerate the pace of expansion and bring more innovative digital solutions to partner brands. We are committed to creating long-term value for our shareholders and are confident that we can take advantage of the rapid development of Southeast Asia's digital economy to achieve our ambitious growth strategy. “

Dr. Norman Chan, Chairman of the Board of Directors and Executive Director of Hong Kong Huide Acquisition Company, said, “We are delighted to be able to reach this historic merger and acquisition deal with Shiteng Holdings for a special purpose acquisition company. The transaction is as far-reaching as it is for the company and Hong Kong's capital market, strengthening Hong Kong's leading position as an international financial center. We believe that Shiteng Holdings will make an important contribution to the digital economy in Southeast Asia, and we look forward to seeing Shiteng Holdings continue to shine brightly.”

About Shiteng Holdings Co., Ltd.

Shiteng Holdings Limited (stock code: 2562.HK) operates Synagie, a data-driven digital solutions platform for Southeast Asia. The company is one of the top ten digital solution providers in Southeast Asia, serving more than 600 brands. Shiteng Holdings provides comprehensive digital solutions for brand partners. (1) Under the direct-to-brand (“D2B”) business model, the group assists brands in managing all aspects of e-commerce and creating a unified experience for consumers throughout the consumer journey, and (2) under the direct-to-consumer (“D2C”) business model, Shiteng Holdings sells brand products directly to consumers through various e-commerce channels.

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