Workflow
港股SPAC机制遇冷 制度革新迫在眉睫
Zheng Quan Shi Bao·2025-07-02 18:11

Core Viewpoint - The recent delisting of VISION DEAL-Z highlights the challenges faced by SPACs in the Hong Kong market, with only two out of five SPACs successfully completing their De-SPAC transactions since the introduction of SPAC regulations in 2022 [1][2][5]. SPAC Market Overview - VISION DEAL-Z, initiated by former Alibaba executive Wei Zhe, was unable to complete its De-SPAC transaction within the required timeframe, leading to its delisting [1][2]. - The Hong Kong Stock Exchange (HKEX) introduced SPAC listing rules in December 2021 to provide a flexible financing path for emerging companies, effective from January 1, 2022 [2]. - In 2022, five SPACs were listed in Hong Kong, but only two have successfully completed De-SPAC transactions, while two have been delisted and one is still pending [5]. Regulatory Environment - SPACs must announce their De-SPAC transactions within 24 months and complete them within 36 months of listing, making 2025 a critical year for SPACs in Hong Kong [2][3]. - The delisting of VISION DEAL-Z was confirmed by the HKEX on June 12, 2025, with the official removal occurring on June 30, 2025 [3]. Successful De-SPAC Transactions - The two SPACs that successfully completed their De-SPAC transactions are 汇德收购-Z and AQUILA ACQ-Z, with the former merging with Singapore's LionTee Holdings and the latter merging with 找钢产业互联集团 [5]. - LionTee Holdings, post-merger, became the first successful SPAC acquisition in Hong Kong, with Alibaba's Singapore entity holding a 47.22% stake [5]. Market Sentiment and Future Outlook - The SPAC market in Hong Kong has been quiet in 2023, with no new SPAC listings, raising questions about its future [7]. - Industry experts suggest that the stringent listing rules and the requirement for PIPE investors are hindering SPAC activity, advocating for a reduction in these requirements to revitalize the market [8]. - Recent regulatory changes in August 2024 aimed to lower the barriers for SPAC transactions, including reducing the minimum independent third-party investment amount [8][9]. - The approval process for De-SPAC transactions remains lengthy, leading companies to prefer traditional IPOs or other markets, indicating a need for further optimization of SPAC regulations [9].