IPO to fund PRC entry

China Holdings Acquisitions Corp. completed a “blank-check” initial public offering of stock, giving it $120 million to acquire a company whose primary operations are in China.

If the Westport company is unable to complete a deal in two years, under U.S. Securities and Exchange Commission rules it must refund investors.

Paul Kelly, chairman and CEO, holds the same roles with Knox & Co., a boutique investment banking firm in Westport.