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HKEx Publishes Consultation Paper On Special Purpose Acquisition Companies<blockquote>港交所发表特殊目的收购公司咨询文件</blockquote>

Regulatory The Exchange is seeking market feedback on proposals to create a listing framework for S

HKEx Publishes Consultation Paper On Special Purpose Acquisition Companies<blockquote>港交所发表特殊目的收购公司咨询文件</blockquote>

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We believe the introduction of a Hong Kong SPAC listing framework will provide another attractive route to listing in Hong Kong, allowing more companies from Greater China, Southeast Asia and beyond to seek a listing on HKEX,” said HKEX Head of Listing, Bonnie Y Chan.<blockquote>“作为亚洲首屈一指的全球上市市场，港交所一直在寻求加强其上市框架的方法，在提供适当的投资者保护、市场质量和市场吸引力之间取得适当的平衡。我们相信引入香港特殊目的收购公司上市框架将提供另一条有吸引力的途径在香港上市，让更多来自大中华区、东南亚及其他地区的公司寻求在港交所上市，”香港交易所上市主管Bonnie Y Chan表示。</blockquote> A SPAC is a type of shell company that raises funds through its listing for the purpose of acquiring a business (a De-SPAC Target) at a later stage (a De-SPAC Transaction) within a pre-defined time period after listing.<blockquote>特殊目的收购公司是一种空壳公司，其通过上市筹集资金，目的是在上市后的预定时间段内在后期收购业务（特殊目的收购公司并购目标）（特殊目的收购公司并购交易）。</blockquote> The Exchange is seeking market feedback on its SPAC proposals and the proposed Listing Rules to implement them; responses are sought from the market over the next 45 days. The deadline for responses is 31 October 2021. Interested parties are encouraged to respond to the Consultation Paper by completing and submitting a&nbsp;questionnaire&nbsp;on the HKEX website.<blockquote>交易所正在寻求市场对其特殊目的收购公司建议和拟议上市规则的反馈，以实施这些建议；在接下来的45天内寻求市场的回应。回复截止日期为2021年10月31日。我们鼓励有兴趣的人士填写并提交一份调查表在香港交易所网站上。</blockquote> “To maintain Hong Kong’s reputation for high quality listings and stable secondary trading, safeguards are included in our SPAC listings proposals, which are designed to welcome experienced and reputable SPAC Promoters1that seek good quality De-SPAC Targets.” added Ms Chan.<blockquote>“为维持香港优质上市及稳定二级交易的声誉，我们的特殊目的收购公司上市建议包括保障措施，旨在欢迎经验丰富及信誉良好的特殊目的收购公司发起人1寻求优质的特殊目的收购公司并购目标。”陈女士补充道。</blockquote> A summary of the Consultation Paper’s key proposals is set out below:<blockquote>谘询文件的主要建议摘要如下：</blockquote> Pre De-SPAC Transaction Proposals<blockquote>特殊目的收购公司并购前交易建议</blockquote> <ul> <li>Investor Suitability:the subscription for and trading of a SPAC’s securities would be restricted to professional investors only. Thisrestriction would not apply to the trading of the Successor Company2shares post the De-SPAC Transaction;</li> <li>SPAC Promoters:SPAC Promoters must meet suitability and eligibility requirements, and each SPAC must have at least one SPAC Promoter which is an SFC licensed firm3holding at least 10per centof the Promoter Shares4;</li> <li>Dilution Cap:Promoter Shares are proposed to be capped at a maximum of 30 per cent of the total number of all shares in issue as at the initial offering date; and a similar 30 per cent cap on dilution from the exercise of warrants is also proposed; and</li> <li>Fund Raising Size:the funds expected to be raised by a SPAC from its initial offering must be at least $1 billion.</li> </ul> De-SPAC Transaction Proposals<blockquote><ul><li>投资者适合性：特殊目的收购公司证券的认购和交易将仅限于专业投资者。此限制不适用于特殊目的收购公司并购交易后继承公司2股的交易；</li><li>SPAC发起人：特殊目的收购公司发起人必须符合适当性和资格要求，每个特殊目的收购公司必须至少有一名特殊目的收购公司发起人是证监会持牌公司3，持有至少10%的发起人股份4；</li><li>稀释上限：发起人股份建议上限为首次发售日期已发行所有股份总数的最多30%；还提议对行使认股权证的稀释设定类似的30%上限；和</li><li>基金募集规模：SPAC预计从首次公开募股中筹集的资金必须至少为10亿美元。</li></ul>特殊目的收购公司并购交易建议</blockquote> <ul> <li>Application of New Listing Requirements:a Successor Company must meet all new listing requirements (including minimum market capitalisation requirements and financial eligibility tests);</li> <li>Independent Third Party Investment:this would bemandatory and must constitute at least 15 to 25 per cent of the expected market capitalisation of the Successor Company, validating the valuation of the Successor Company;</li> <li>Shareholder Vote: a De-SPAC Transaction must be approved by SPAC shareholders at a general meeting (which would exclude the SPAC Promoter and other shareholders with a material interest); and</li> <li>Redemption Option: SPAC shareholders must be given the option to redeem their shares prior to: a De-SPAC Transaction; a change in SPAC Promoter; and any extension to the deadline for finding a suitable De-SPAC Target.</li> </ul> Liquidation and De-listing<blockquote><ul><li>新上市规定的应用：继承公司必须符合所有新的上市要求（包括最低市值要求和财务资格测试）；</li><li>独立第三方投资：这将是强制性的，并且必须至少占继承公司预期市值的15%至25%，以验证继承公司的估值；</li><li>股东投票：特殊目的收购公司并购交易须经特殊目的收购公司股东于股东大会上批准（不包括特殊目的收购公司发起人及其他拥有重大权益的股东）；和</li><li>赎回选择权：特殊目的收购公司股东必须有权在以下情况下赎回其股份：特殊目的收购公司并购交易；SPAC启动子的变化；以及寻找合适的特殊目的收购公司并购目标的截止日期的任何延长。</li></ul>清盘及除名</blockquote> <ul> <li>Return of Funds to Shareholders: if a SPAC is unable to announce a De-SPAC Transaction within 24 months, or complete one within 36 months, the SPAC must liquidate and return 100 per cent of the funds it raised (plus accrued interest) to its shareholders. The Exchange will then de-list the SPAC.</li> </ul> Notes:<blockquote><ul><li>向股东返还资金：如果特殊目的收购公司无法在24个月内宣布特殊目的收购公司并购交易，或无法在36个月内完成交易，特殊目的收购公司必须清算并将其筹集的资金（加上应计利息）100%返还给其股东。然后，交易所将把SPAC摘牌。</li></ul>附注：</blockquote> <ol> <li>SPAC Promoters are professional managers, usually with private equity, corporate finance and/or industry experience, who establish and manage a SPAC. They are also known as “SPAC Sponsors” in the US.</li> <li>A Successor Company is the listed issuer following the completion of a De-SPAC Transaction.</li> <li>Firms with a Type 6 (advising on corporate finance) and/or a Type 9 (asset management) license issued by the Securities and Futures Commission.</li> <li>Promoter Shares are a separate class to the ordinary listed SPAC shares that are convertible into the ordinary listed SPAC shares, issued by a SPAC exclusively to a SPAC Promoter at nominal considerationas a financial incentive to establish and manage the SPAC.</li> </ol><blockquote><ol><li>特殊目的收购公司发起人是专业经理人，通常具有私募股权、企业融资和/或行业经验，他们建立和管理特殊目的收购公司。他们在美国也被称为“特殊目的收购公司发起人”。</li><li>继公司为特殊目的收购公司并购交易完成后的上市发行人。</li><li>持有证券及期货事务监察委员会颁发的第6类（就企业融资提供意见）及/或第9类（资产管理）牌照的公司。</li><li>发起人股份是普通上市特殊目的收购公司股份的一个单独类别，可转换为普通上市特殊目的收购公司股份，由特殊目的收购公司以名义代价专门向特殊目的收购公司发起人发行，作为建立和管理特殊目的收购公司的财务激励。</li></ol></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHKEx Publishes Consultation Paper On Special Purpose Acquisition Companies<blockquote>港交所发表特殊目的收购公司咨询文件</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-09-17 16:27\n</div>\n</a>\n</h4>\n</header>\n<article>\nRegulatory<blockquote>监管</blockquote> <ul> <li>The Exchange is seeking market feedback on proposals to create a listing framework for SPACs in Hong Kong</li> <li>Proposed approach is designed to welcome SPAC listing applications from experienced and reputable SPAC Promoters seeking good quality De-SPAC Targets</li> <li>Market feedback sought during 45-day consultation period</li> </ul> The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) published&nbsp;a&nbsp;consultation paper&nbsp;seeking market feedback on proposals to create a listing regime for special purpose acquisition companies (SPACs) in Hong Kong (Consultation Paper).<blockquote><ul><li>交易所正就在香港建立SPAC上市框架的建议寻求市场反馈</li><li>建议方法旨在欢迎经验丰富及声誉良好的特殊目的收购公司发起人寻求优质的特殊目的收购公司并购目标的特殊目的收购公司上市申请</li><li>在45天咨询期内寻求市场反馈</li></ul>香港交易及结算所有限公司（港交所）全资附属公司香港联合交易所有限公司（联交所）今日（星期五）发表一份谘询文件寻求市场对在香港设立特殊目的收购公司（SPAC）上市制度的建议的反馈（咨询文件）。</blockquote> “As Asia’s premier global listing market, HKEX is always looking for ways to enhance its listing framework, striking the right balance between delivering appropriate investor protections, market quality and market attractiveness. We believe the introduction of a Hong Kong SPAC listing framework will provide another attractive route to listing in Hong Kong, allowing more companies from Greater China, Southeast Asia and beyond to seek a listing on HKEX,” said HKEX Head of Listing, Bonnie Y Chan.<blockquote>“作为亚洲首屈一指的全球上市市场，港交所一直在寻求加强其上市框架的方法，在提供适当的投资者保护、市场质量和市场吸引力之间取得适当的平衡。我们相信引入香港特殊目的收购公司上市框架将提供另一条有吸引力的途径在香港上市，让更多来自大中华区、东南亚及其他地区的公司寻求在港交所上市，”香港交易所上市主管Bonnie Y Chan表示。</blockquote> A SPAC is a type of shell company that raises funds through its listing for the purpose of acquiring a business (a De-SPAC Target) at a later stage (a De-SPAC Transaction) within a pre-defined time period after listing.<blockquote>特殊目的收购公司是一种空壳公司，其通过上市筹集资金，目的是在上市后的预定时间段内在后期收购业务（特殊目的收购公司并购目标）（特殊目的收购公司并购交易）。</blockquote> The Exchange is seeking market feedback on its SPAC proposals and the proposed Listing Rules to implement them; responses are sought from the market over the next 45 days. The deadline for responses is 31 October 2021. Interested parties are encouraged to respond to the Consultation Paper by completing and submitting a&nbsp;questionnaire&nbsp;on the HKEX website.<blockquote>交易所正在寻求市场对其特殊目的收购公司建议和拟议上市规则的反馈，以实施这些建议；在接下来的45天内寻求市场的回应。回复截止日期为2021年10月31日。我们鼓励有兴趣的人士填写并提交一份调查表在香港交易所网站上。</blockquote> “To maintain Hong Kong’s reputation for high quality listings and stable secondary trading, safeguards are included in our SPAC listings proposals, which are designed to welcome experienced and reputable SPAC Promoters1that seek good quality De-SPAC Targets.” added Ms Chan.<blockquote>“为维持香港优质上市及稳定二级交易的声誉，我们的特殊目的收购公司上市建议包括保障措施，旨在欢迎经验丰富及信誉良好的特殊目的收购公司发起人1寻求优质的特殊目的收购公司并购目标。”陈女士补充道。</blockquote> A summary of the Consultation Paper’s key proposals is set out below:<blockquote>谘询文件的主要建议摘要如下：</blockquote> Pre De-SPAC Transaction Proposals<blockquote>特殊目的收购公司并购前交易建议</blockquote> <ul> <li>Investor Suitability:the subscription for and trading of a SPAC’s securities would be restricted to professional investors only. Thisrestriction would not apply to the trading of the Successor Company2shares post the De-SPAC Transaction;</li> <li>SPAC Promoters:SPAC Promoters must meet suitability and eligibility requirements, and each SPAC must have at least one SPAC Promoter which is an SFC licensed firm3holding at least 10per centof the Promoter Shares4;</li> <li>Dilution Cap:Promoter Shares are proposed to be capped at a maximum of 30 per cent of the total number of all shares in issue as at the initial offering date; and a similar 30 per cent cap on dilution from the exercise of warrants is also proposed; and</li> <li>Fund Raising Size:the funds expected to be raised by a SPAC from its initial offering must be at least $1 billion.</li> </ul> De-SPAC Transaction Proposals<blockquote><ul><li>投资者适合性：特殊目的收购公司证券的认购和交易将仅限于专业投资者。此限制不适用于特殊目的收购公司并购交易后继承公司2股的交易；</li><li>SPAC发起人：特殊目的收购公司发起人必须符合适当性和资格要求，每个特殊目的收购公司必须至少有一名特殊目的收购公司发起人是证监会持牌公司3，持有至少10%的发起人股份4；</li><li>稀释上限：发起人股份建议上限为首次发售日期已发行所有股份总数的最多30%；还提议对行使认股权证的稀释设定类似的30%上限；和</li><li>基金募集规模：SPAC预计从首次公开募股中筹集的资金必须至少为10亿美元。</li></ul>特殊目的收购公司并购交易建议</blockquote> <ul> <li>Application of New Listing Requirements:a Successor Company must meet all new listing requirements (including minimum market capitalisation requirements and financial eligibility tests);</li> <li>Independent Third Party Investment:this would bemandatory and must constitute at least 15 to 25 per cent of the expected market capitalisation of the Successor Company, validating the valuation of the Successor Company;</li> <li>Shareholder Vote: a De-SPAC Transaction must be approved by SPAC shareholders at a general meeting (which would exclude the SPAC Promoter and other shareholders with a material interest); and</li> <li>Redemption Option: SPAC shareholders must be given the option to redeem their shares prior to: a De-SPAC Transaction; a change in SPAC Promoter; and any extension to the deadline for finding a suitable De-SPAC Target.</li> </ul> Liquidation and De-listing<blockquote><ul><li>新上市规定的应用：继承公司必须符合所有新的上市要求（包括最低市值要求和财务资格测试）；</li><li>独立第三方投资：这将是强制性的，并且必须至少占继承公司预期市值的15%至25%，以验证继承公司的估值；</li><li>股东投票：特殊目的收购公司并购交易须经特殊目的收购公司股东于股东大会上批准（不包括特殊目的收购公司发起人及其他拥有重大权益的股东）；和</li><li>赎回选择权：特殊目的收购公司股东必须有权在以下情况下赎回其股份：特殊目的收购公司并购交易；SPAC启动子的变化；以及寻找合适的特殊目的收购公司并购目标的截止日期的任何延长。</li></ul>清盘及除名</blockquote> <ul> <li>Return of Funds to Shareholders: if a SPAC is unable to announce a De-SPAC Transaction within 24 months, or complete one within 36 months, the SPAC must liquidate and return 100 per cent of the funds it raised (plus accrued interest) to its shareholders. The Exchange will then de-list the SPAC.</li> </ul> Notes:<blockquote><ul><li>向股东返还资金：如果特殊目的收购公司无法在24个月内宣布特殊目的收购公司并购交易，或无法在36个月内完成交易，特殊目的收购公司必须清算并将其筹集的资金（加上应计利息）100%返还给其股东。然后，交易所将把SPAC摘牌。</li></ul>附注：</blockquote> <ol> <li>SPAC Promoters are professional managers, usually with private equity, corporate finance and/or industry experience, who establish and manage a SPAC. They are also known as “SPAC Sponsors” in the US.</li> <li>A Successor Company is the listed issuer following the completion of a De-SPAC Transaction.</li> <li>Firms with a Type 6 (advising on corporate finance) and/or a Type 9 (asset management) license issued by the Securities and Futures Commission.</li> <li>Promoter Shares are a separate class to the ordinary listed SPAC shares that are convertible into the ordinary listed SPAC shares, issued by a SPAC exclusively to a SPAC Promoter at nominal considerationas a financial incentive to establish and manage the SPAC.</li> </ol><blockquote><ol><li>特殊目的收购公司发起人是专业经理人，通常具有私募股权、企业融资和/或行业经验，他们建立和管理特殊目的收购公司。他们在美国也被称为“特殊目的收购公司发起人”。</li><li>继公司为特殊目的收购公司并购交易完成后的上市发行人。</li><li>持有证券及期货事务监察委员会颁发的第6类（就企业融资提供意见）及/或第9类（资产管理）牌照的公司。</li><li>发起人股份是普通上市特殊目的收购公司股份的一个单独类别，可转换为普通上市特殊目的收购公司股份，由特殊目的收购公司以名义代价专门向特殊目的收购公司发起人发行，作为建立和管理特殊目的收购公司的财务激励。</li></ol></blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数","00388":"香港交易所","HSCCI":"红筹指数","HSTECH":"恒生科技指数","HSCEI":"国企指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146638242","content_text":"Regulatory\n\nThe Exchange is seeking market feedback on proposals to create a listing framework for SPACs in Hong Kong\nProposed approach is designed to welcome SPAC listing applications from experienced and reputable SPAC Promoters seeking good quality De-SPAC Targets\nMarket feedback sought during 45-day consultation period\n\nThe Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) published a consultation paper seeking market feedback on proposals to create a listing regime for special purpose acquisition companies (SPACs) in Hong Kong (Consultation Paper).\n“As Asia’s premier global listing market, HKEX is always looking for ways to enhance its listing framework, striking the right balance between delivering appropriate investor protections, market quality and market attractiveness. We believe the introduction of a Hong Kong SPAC listing framework will provide another attractive route to listing in Hong Kong, allowing more companies from Greater China, Southeast Asia and beyond to seek a listing on HKEX,” said HKEX Head of Listing, Bonnie Y Chan.\nA SPAC is a type of shell company that raises funds through its listing for the purpose of acquiring a business (a De-SPAC Target) at a later stage (a De-SPAC Transaction) within a pre-defined time period after listing.\nThe Exchange is seeking market feedback on its SPAC proposals and the proposed Listing Rules to implement them; responses are sought from the market over the next 45 days. The deadline for responses is 31 October 2021. Interested parties are encouraged to respond to the Consultation Paper by completing and submitting a questionnaire on the HKEX website.\n\n“To maintain Hong Kong’s reputation for high quality listings and stable secondary trading, safeguards are included in our SPAC listings proposals, which are designed to welcome experienced and reputable SPAC Promoters1that seek good quality De-SPAC Targets.” added Ms Chan.\nA summary of the Consultation Paper’s key proposals is set out below:\nPre De-SPAC Transaction Proposals\n\nInvestor Suitability:the subscription for and trading of a SPAC’s securities would be restricted to professional investors only. Thisrestriction would not apply to the trading of the Successor Company2shares post the De-SPAC Transaction;\nSPAC Promoters:SPAC Promoters must meet suitability and eligibility requirements, and each SPAC must have at least one SPAC Promoter which is an SFC licensed firm3holding at least 10per centof the Promoter Shares4;\nDilution Cap:Promoter Shares are proposed to be capped at a maximum of 30 per cent of the total number of all shares in issue as at the initial offering date; and a similar 30 per cent cap on dilution from the exercise of warrants is also proposed; and\nFund Raising Size:the funds expected to be raised by a SPAC from its initial offering must be at least $1 billion.\n\nDe-SPAC Transaction Proposals\n\nApplication of New Listing Requirements:a Successor Company must meet all new listing requirements (including minimum market capitalisation requirements and financial eligibility tests);\nIndependent Third Party Investment:this would bemandatory and must constitute at least 15 to 25 per cent of the expected market capitalisation of the Successor Company, validating the valuation of the Successor Company;\nShareholder Vote: a De-SPAC Transaction must be approved by SPAC shareholders at a general meeting (which would exclude the SPAC Promoter and other shareholders with a material interest); and\nRedemption Option: SPAC shareholders must be given the option to redeem their shares prior to: a De-SPAC Transaction; a change in SPAC Promoter; and any extension to the deadline for finding a suitable De-SPAC Target.\n\nLiquidation and De-listing\n\nReturn of Funds to Shareholders: if a SPAC is unable to announce a De-SPAC Transaction within 24 months, or complete one within 36 months, the SPAC must liquidate and return 100 per cent of the funds it raised (plus accrued interest) to its shareholders. The Exchange will then de-list the SPAC.\n\nNotes:\n\nSPAC Promoters are professional managers, usually with private equity, corporate finance and/or industry experience, who establish and manage a SPAC. They are also known as “SPAC Sponsors” in the US.\nA Successor Company is the listed issuer following the completion of a De-SPAC Transaction.\nFirms with a Type 6 (advising on corporate finance) and/or a Type 9 (asset management) license issued by the Securities and Futures Commission.\nPromoter Shares are a separate class to the ordinary listed SPAC shares that are convertible into the ordinary listed SPAC shares, issued by a SPAC exclusively to a SPAC Promoter at nominal considerationas a financial incentive to establish and manage the SPAC.","news_type":1,"symbols_score_info":{"HSTECH":0.9,"HSI":0.9,"HSCCI":0.9,"HSCEI":0.9,"00388":0.9}},"isVote":1,"tweetType":1,"viewCount":1508,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

HKEx Publishes Consultation Paper On Special Purpose Acquisition Companies<blockquote>港交所发表特殊目的收购公司咨询文件</blockquote>

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