Hong Kong is expected to have its own blank-check company listing framework ready in June for public feedback and targets allowing deals to start by the end of this year, Bloomberg reports, citing people familiar with the matter.
The city is looking at tighter rules for sponsors of SPAC listings and their buy-out targets than those enforced in the U.S., said the people, who asked not to be named. Officials are keen to address concerns springing up around the hundreds of publicly traded shell companies that have raised money on New York exchanges with the goal of buying a profitable business down the line, the people said.
Hong Kong’s financial chief, Paul Chan, has directed the regulator and the stock exchange to come up with a framework that fits its market as the Asian financial hub seeks to get in on a boom in SPAC deals that has mainly been centered in the U.S. Read more.
