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SPACs can help Singapore break driest IPO spell in years
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Singapore Rolls Out SPAC Listing Rules as Global Scrutiny Rises
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HONG KONG: Hong Kong and Singapore are trying to get in on the boom in blank-cheque company listings, while safeguarding investors from what some say is a bubble about to burst.
Authorities in the Asian financial hubs are mulling tighter frameworks than in the United States for listings of special purpose acquisition companies (SPAC).
The US-led dealmaking boom has raised about US$100bil (RM413bil) so far this year even though it’s now showing signs of fizzling amid increased scrutiny by regulators.
“They are a bit too late to the party so it’s good that they are cautious, ” said Justin Tang, head of Asian research at United First Partners in Singapore.
SPAC bubble trouble? Hong Kong, Singapore proceed cautiously
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31 Mar, 2021 Author Rebecca Isjwara
Singapore plans to have more stringent rules with a stronger emphasis on governance than in the U.S. for blank-check companies that seek a listing on the Asian financial center s exchange.
Singapore Exchange Ltd. started a public consultation on March 31 for a regulatory framework for listing special purpose acquisition companies, which are skeleton organizations that launch with the intention of buying and reverse merging with a private company. Under the proposed rules, investors in these companies won t be allowed to cash out as soon as the SPAC merges with a private entity, and sponsors won t be allowed to vote on a business combination, two key departures from the regulation in the U.S.