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As special purpose acquisition companies (SPACs) become a popular fundraising vehicle in the United States, financial regulators in Asia Pacific explore them as means to add depth and diversity in their markets.


Introduction

In the global context, public financial markets have undergone profound changes in the decade since the global financial crisis (the “GFC”) in 2009. The surge in liquidity globally post-GFC meant that the market power of entrepreneurs in accessing capital for their businesses has increased to the extent that avoiding public markets entirely has become feasible. At the same time, pressure on public companies has been growing, due to increasing corporate disclosure requirements, listing standards, and governance practices.

Financial regulators in Asia Pacific have been exploring them as a means to add depth and diversity in their markets, ensure their relevance and competitiveness, and cement their role as hubs for fundraising in the region. 
However, we also believe that market development needs should be balanced with robust investor protection and sound corporate governance practices. Without such balance, there is potential for poor investor experience souring not just the future SPAC issuances, but investors’ faith and trust in capital markets as a whole.


HKEX Consultation Paper on SPACs

CFA Institute and CFA Society Hong Kong submit a response to the consultation paper issued by the Stock Exchange of Hong Kong on a proposed listing framework for special purpose acquisition companies (SPACs).

4 November 2021 | CFA Institute, CFA Society Hong Kong

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SGX's Consultation on Proposed Listing Framework for SPACs

CFA Institute and CFA Society Singapore submit a response to the consultation paper issued by Singapore Exchange Regulation on a proposed listing framework for special purpose acquisition companies (SPACs)

28 April 2021 | CFA Institute, CFA Society Singapore

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Hong Kong Roundtable on Special Purpose Acquisition Companies

A summary of a virtual roundtable discussion on SPACs in Hong Kong SAR held on 21 April 2021. The participants included private equity, other institutional investors, securities lawyers, and investment banking professionals. Several of the participants were involved in SPAC deals as PE investors or intermediaries.

21 April 2021 | CFA Institute

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Singapore Roundtable on Special Purpose Acquisition Companies

A summary of two virtual roundtable discussions on SPACs in Singapore held in April 2021, in preparation for submitting a response by CFA Institute and CFA Society Singapore to SGX's consultation on proposed listing framework for SPACs.

21 April 2021 | CFA Institute

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Minutes of the Roundtable on SPACs in India

Minutes of a virtual roundtable discussion on SPACs in India held by CFA Institute on 24 March 2021. The roundtable saw participation from a diverse group of stakeholders including Indian investors, foreign investors representing global investment firms, securities lawyers, and proxy investors.

24 March 2021 | CFA Institute

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About the Author(s)

ARX Editorial Team

Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu