港股SPAC机制遇冷 制度革新迫在眉睫

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][3][7]. Group 1: 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][3]. - Since the launch of SPAC regulations by the Hong Kong Stock Exchange (HKEX) in December 2021, only five SPACs have been listed, with two successfully completing De-SPAC transactions, two delisted, and one pending [3][7]. - The two successful SPACs are Huitian Acquisition-Z, which merged with Singapore's Lion Group, and Aquila Acquisition-Z, which merged with Zhaogang Group [7]. Group 2: Regulatory Environment - SPACs must announce a De-SPAC transaction within 24 months and complete it within 36 months of listing, making 2025 a critical year for SPACs in Hong Kong [3][4]. - The HKEX has strict rules regarding SPACs, including the requirement for independent third-party investments, which some industry experts believe are too stringent and hinder market activity [10][11]. Group 3: Future Outlook - There is a call for regulatory adjustments to revitalize the SPAC market in Hong Kong, including lowering the thresholds for PIPE investors and reducing the required fundraising amounts [10][11]. - Recent optimizations to SPAC regulations aim to lower transaction barriers while ensuring transparency and fairness in the merger process [11]. - The SPAC model is viewed as a potential "golden channel" for emerging companies to access international capital markets, offering advantages over traditional IPOs [12].