Special-purpose acquisition companies are cash shells that first raise money from public investors and list on an exchange, then hunt for private companies to merge with. They have been touted as a streamlined alternative to initial public offerings, although regulators in the U.S. have tightened scrutiny of these investment vehicles following a wave of activity.

Nine other SPACs have filed listing applications in Hong Kong, supported by a lineup of mostly Chinese investors and entrepreneurs. Those backers include Wei Zhe, a former

Alibaba Group Holding Ltd.

executive; Li Ning, the Chinese gymnast-turned-sportswear billionaire; and

Norman Chan,

the former central banker who helped steer Hong Kong through the Asian financial crisis.

Because investors can vote on proposed mergers, and can choose to demand their cash back, blank-check deals are seen as relatively resilient.

“It’s probably one of the few things that you could price in a market backdrop like we have this week,” said Eliot Fisk, a consultant and the former head of Asia equity capital markets syndicate at

JPMorgan Chase

& Co., referring to Hong Kong SPACs.

Voting and redemption rights give SPAC investors downside protection even when the market seesaws, said Michael Jiang, chairman of Aquila and general manager of its backer, CMB International Asset Management Ltd.

“SPACs are a flexible investment tool and have unique value for investors in the current market condition,” Mr. Jiang said.

Aquila, which is named after the constellation that is represented by an eagle, seeks merger targets in new-economy sectors such as green energy, life sciences and advanced technology in Asia, with a focus on China. It said the deal was “moderately oversubscribed,” with 99 investors participating, including 40 institutions.

Singapore and Hong Kong both jumped on the blank-check bandwagon last year by releasing frameworks after public consultations, even as interest waned in the U.S. Both cities sought to balance embracing the flexibility offered by SPACs with protecting investors’ interests.

Singapore has hosted three SPAC listings since allowing the vehicles in September.

Hong Kong allowed SPAC listings from the start of this year. The city’s markets have long been troubled by problematic shell companies and the exchange operator,

Hong Kong Exchanges and Clearing Ltd.

, set stringent requirements for such deals.

Subscription and trading of SPAC shares are limited to professional investors—meaning institutions or individuals with at least 8 million Hong Kong dollars, or the equivalent of about $1 million, in investment portfolios. Individual investors can only trade in the shares after a target has gone public by merging with a SPAC.

Trading in Aquila shares was thin Friday, with just HK$17.5 million of stock, or the equivalent of about $2.2 million, changing hands. The shares closed 3.2% lower at HK$9.68, according to FactSet.

Aquila’s backer, Hong Kong-based CMB International Asset Management, managed $3.2 billion as of end-2021 across private equity, stocks and bonds. It is a subsidiary of

China Merchants Bank Co.

, which in turn is partly owned by the state behemoth China Merchants Group.

Mr. Jiang said the asset manager planned to launch a second SPAC after Aquila has merged with a target. “We hope that SPACs will become a recurring part of our business,” he said. “There are many Chinese startups looking to list in Hong Kong. Many of them will find SPACs an attractive avenue to achieving that.”

Write to Jing Yang at Jing.Yang@wsj.com and Dave Sebastian at dave.sebastian@wsj.com