Haitong International Securities Group has completed an initial public offering ( IPO ) deal for Keyarch Acquisition Corporation, which listed on the Nasdaq stock market in the format of a special purpose acquisition company ( Spac ) on January 25.

The deal, for which Haitong acted as the joint bookrunning manager and conducted underwriting duties along with Haitong International Securities ( USA ), makes Haitong the first among Chinese international banks to conduct underwriting with its US entity.

Keyarch Acquisition, which is sponsored by Fang Zheng, the founder, managing director and CIO of asset management firm Keywise, plans to target disruptive technology and innovative services businesses, focusing on those in developed economies like the US, Israel and Southeast Asia. The company raised US$115 million ( post-shoe ) through the IPO, with a total of 11.5 million units issued and each unit priced at US$10.

This deal is the first US IPO and the second equity financing deal that Haitong has completed globally so far in 2022.