Corporate bosses warn tough standards deter blank-cheque companies from listing
Hong Kong’s blank-cheque companies are landing their first acquisition targets but corporate executives warn that tight rules are stifling the risk-taking they are meant to reward. Last month heralded the first Hong Kong special purpose acquisition vehicle to close a deal, merging with Synagistics, a Singaporean ecommerce company.
“The beauty of a Spac is that the funds are ready, and for companies looking to list on the Hong Kong exchange I think it will be an attractive alternative to the listing path,” said Jean Thio, capital markets partner at law firm Clifford Chance. She pointed out that private companies could establish their valuations through direct negotiation with an acquirer, rather than rely on the market price.
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