Hong Kong opens up to SPACs

What does SPAC stand for?

Special purpose accounting company

Settled payments accounting committee

Special purpose acquisition committee

Special purpose acquisition company

What does a SPAC do?

Attempts to acquire a government-run business

Raises capital to acquire or merge with a company listed in a different country

Oversees the process of divesting parts of a company in order to maximise its value

Raises capital through an initial public offering in order to acquire or merge with another company

What is the minimum that a SPAC will need to raise through its listing?

HKD10bn

HKD500m

HKD1m

HKD1bn

What is the minimum independent third-party investment required?

20 percent

25 percent

15 percent

1.5 percent

What happens if a SPAC is unable to announce a de-SPAC transaction within 24 months, or complete within 36 months?

It will have to pay investors interest

It will receive a six-month extension from Hong Kong Exchanges and Clearing (HKEX)

It will have to wait another 12 months before beginning the process again

It will be required to liquidate and return all funds raised

Which of the following is NOT in HKEX's proposal?

Shareholders must have the option to redeem shares prior to the transaction

At least one promoter must hold at least 10 percent of shares

Buying and trading of SPAC securities would be restricted to professional investors

SPACs that cannot meet HKEX's criteria may operate at the exchange's discretion

Which country's SPAC regime could serve as a model for Hong Kong?

Canada

Australia

US

UK

Which other Asian country introduced SPACs this year?

India

Singapore

Vietnam

Malaysia

What is the minimum investor subscription proposed?

HKD1m

HKD500,000

HKD5m

HKD10m

What is the minimum number of professional investors required?

50

25

100

75

Hong Kong opens up to SPACs

What does SPAC stand for?

What does a SPAC do?

What is the minimum that a SPAC will need to raise through its listing?

What is the minimum independent third-party investment required?

What happens if a SPAC is unable to announce a de-SPAC transaction within 24 months, or complete within 36 months?

Which of the following is NOT in HKEX's proposal?

Which country's SPAC regime could serve as a model for Hong Kong?

Which other Asian country introduced SPACs this year?

What is the minimum investor subscription proposed?

What is the minimum number of professional investors required?

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