Hong Kong SPACs off to slow start, and Ant Group’s growing independence

Hong Kong jumped on the global bandwagon for IPOs using special purpose acquisition companies, or SPACs, at the start of 2022. But a year later, the program has gotten off to a slow start. And Alipay operator Ant Group is declaring its independence from founder Jack Ma, leading some to say the fintech giant may be returning to favor with Beijing regulators.