特殊目的收购公司 (SPAC) 在美国由来已久，而最近几个月，这种上市机制在亚洲——特别是香港和新加坡掀起了新的波澜，其中蕴藏的广阔机遇吸引了投资者的热切目光。随着监管制度不断完善，围绕这些“空壳公司”的法律事务也将迅速增多，离岸律师将迎来忙碌的一年。
去年十二月，香港联交所宣布，自 1 月 1 日起，SPAC 将可在香港上市，港交所也由此成为最后一家接纳这种融资载体的全球交易所。在此前数月，新加坡刚刚推出了 SPAC 上市制度，并在律师群体中引起了积极反响。
“香港主板上市规则针对 SPAC 机制的最新修订可谓迈出了积极的一步，将有效提升香港对于 SPAC 发起人的吸引力。”凯瑞奥信律师事务所香港办公室管理合伙人彭德贤（Michael Padarin）表示。他也指出，香港是一片“竞争激烈的市场，面临着来自中国内地交易所、新交所等区域竞争对手和美国各大交易所的上市竞争压力”。
“香港主板上市规则针对 SPAC 机制的最新修订可谓迈出了积极的一步，将有效提升香港对于 SPAC 发起人的吸引力，尤其是能够弥补其相对于美国两大交易所的劣势。”
- 彭德贤，凯瑞奥信律师事务所
他还表示，香港的 SPAC 上市机制寻求的是一种平衡，“面对 SPAC 发起人的商业需求，既能针对上市候选公司和 SPAC 标的公司的质量提出比较严格的要求，也能够提升对于投资者的保护”。
尽管一些评论人士认为，新机制在上市公司质量和可持续性方面要求过高，可能削弱香港的商业吸引力，但彭德贤表示，“新规令中国内地和香港地区的 SPAC 发起人欢欣鼓舞，他们认为这将提升在香港上市的吸引力，并降低上市门槛”。
奥杰律师事务所香港办公室高级法律经理区伟伦认为，新规将在香港营造良好的 SPAC 上市环境。
“港交所是将其作为在香港上市的一种替代方式，而并非一种更轻松的途径。就此而言，港交所成功维护了香港证券市场汇聚优质上市公司和企业的良好声誉，同时提升了自身吸引力，并向不断发展的 SPAC 市场敞开了大门，变得更具竞争力。”
康德明律师事务所合伙人何礼泽（Richard Hall）同样认为，香港对 SPAC 上市规则的修订与市场需求高度契合。
“亚洲投资者更熟悉本地区的企业和投资议题，如果 SPAC 未来寻求与专注亚洲市场的企业完成商业合并，在香港上市无疑比在美国更合情理。”新规充分兼顾了融资的灵活性和商业合并（或收购标的）的难度，并为投资者提供了妥善保护。”他说。
“由于亚洲投资者更熟悉亚洲地区的企业和投资议题，因此如果 SPAC 寻求与重心在亚洲市场的企业完成商业合并，在香港上市无疑比选择美国更加合情合理。”
- 何礼泽，康德明律师事务所
科技热潮
一轮上市过后，新加坡市场持续升温。凯瑞奥信律师事务所新加坡办公室管理合伙人麦安腾（Anthony McKenzie）表示，新加坡可能重现美国市场的 SPAC 热潮。
“相比于传统 IPO ，SPAC 上市更简单，2020 至 2021 年初曾在美国风靡一时，之后因市场冷却和监管强化而趋于平息。东南亚地区拥有超过 6.5 亿人口，并且汇聚了印度尼西亚、菲律宾和越南等众多发展迅速的经济体。迎着东南亚的科技投资热潮，新加坡出台了 SPAC 上市框架，志在复刻美国市场的繁荣景象。”他说。
“区域经济的蓬勃发展和新加坡推出 SPAC 框架的举措势必带动当地相关交易和法律服务需求量的增加。随着新加坡市场的 SPAC 活动增加，SPAC 与标的公司都将寻求与各类服务提供商建立合作，以解决在 SPAC 生命周期的各个阶段面临的财务、会计、监管和合规问题。”麦安腾继续说。
面对未来业务需求，离岸律所纷纷蓄势待发。麦安腾指出，前三家 SPAC 已经亮相新交所，“值得一提的是，它们全部以开曼群岛豁免公司作为发行主体”。
“这是在亚洲上市的首批 SPAC，不仅体现了新交所对于重振声威的迫切需求（在对优质科技 IPO 的争夺中，比起港交所和美国各大交易所，新交所一向处于下风），也将有助于新交所摆脱房地产投资信托大行其道，以及投资者只重收益、不求增长的不良声誉。”
区伟伦表示，这些进展令人“激动不已”，与麦安腾一样，他也注意到了开曼群岛注册公司在这轮风潮中发挥的作用。
他指出，“作为新加坡上市的首批 SPAC 之一，祥峰科技收购企业是一家在开曼群岛注册成立的公司，这意味着新加坡今后的 SPAC 项目将可能需要像奥杰这样的离岸法律顾问”。
“过往在新加坡上市的许多公司都是在新加坡注册成立，但我们希望新加坡的 SPAC 能仿效美国，将离岸公司作为切实可行的优质上市载体。美国 SPAC 之所以热衷于选择开曼群岛和英属维尔京群岛 (BVI) ，是出于多方面原因，包括：两地的公司法规格外有利于 SPAC、宽松的监管合规要求、良好的税收中性环境、可靠的司法体系以及零外汇管制。”
“美国 SPAC 之所以热衷于选择开曼群岛和英属维尔京群岛 (BVI) 是出于多方面原因，包括：两地的公司法规格外有利于 SPAC、宽松的监管合规要求、良好的税收中性环境、可靠的司法体系以及零外汇管制。”
- 区伟伦，奥杰律师事务所
离岸律所扮演的角色
谈到涉及离岸律所的 SPAC 事务，区伟伦表示，在准备上市前，通常需要离岸律所来协助成立离岸公司和进行重组。
“之后离岸律所还将参与 SPAC 在相关交易所的上市活动。并购 SPAC 标的公司时，一般需要遵循开曼群岛的监管制度进行法定合并，也需要离岸律所扮演重要角色。在 SPAC 并购期间，往往还需要离岸律所处理相应上市公司各方面的法律事务。”他介绍道。
彭德贤表示，在考虑 SPAC 交易时，开曼群岛公司将继续受到发起人和投资者青睐，“当标的公司位于美国境外时尤其如此”。
“得益于‘外国私人发行人’规则和豁免政策，在美国上市的开曼群岛公司在 IPO 阶段具有一定优势。而且，开曼群岛还拥有高度灵活和成熟的并购机制，在最终的商业合并或 SPAC 并购交易中往往能够起到积极作用。截至 2021 年 6 月，在纳斯达克上市的开曼群岛公司有 289 家；在纽交所上市的有 185 家。截至 2020 年末，在港交所上市的开曼群岛公司多达 1,186 家，约占港交所上市公司总数的 60.36%。”
彭德贤表示，以开曼群岛公司作为上市主体和标的公司的架构十分普遍，“我们将在每宗交易的 SPAC 上市和并购阶段，与在岸律所联手提供开曼群岛事务的相关法律支持，并在 SPAC 并购交易后继续担当离岸法律顾问角色”。
“随着 SPAC 机制在香港的实行，相信开曼群岛上市主体的业务需求量将持续增加。”他继续说。
鉴于众多律所纷纷敲定后续计划，预计相关业务将迎来快速增长。
“香港上市规则的实行使得 SPAC 上市发行人和投资者纷纷聚焦于这片广阔市场。”何礼泽表示。
“许多客户已经在着手制定或完善在香港的 SPAC 上市计划，而其他此前准备在美国上市的 SPAC 发行人也纷纷将目光转向香港。与此同时，新加坡资本市场的进展同样喜人，两家 SPAC 已率先启动 IPO，预计在2月上市，第三家 SPAC 也发布了招股说明书，”他说道，“亚洲 SPAC 中心争夺战已经打响。”
SPAC POTENTIAL
New listing rules are paving the way for plenty of SPAC activity in Hong Kong and Singapore in the coming months. With Singapore already seeing its first SPAC IPOs, and Hong Kong recently approving a listing framework of its own, offshore law firms are gearing up to take advantage of this nascent opportunity.
Special purpose acquisition companies (SPACs) have a long history in the U.S. but in recent months these structures have generated buzz in Asia — especially in Hong Kong and Singapore – as investors eye potential opportunities. Following regulatory developments, legal work related to these blank-cheque companies is picking up steam, and offshore lawyers expect a busy year ahead.
In December, Hong Kong’s stock exchange operator said SPACs could list in Hong Kong from Jan. 1, becoming the latest global bourse to tap demand for the investment vehicles. It came a few months are Singapore introduced its own set of rules permitting SPACs, and lawyers welcomed the update.
“The recent revisions to the Hong Kong Main Board Listing Rules introducing the SPAC regime is an incredibly positive step forward in addressing the competitive disadvantage Hong Kong faced in attracting SPAC sponsors to the market, particularly from the dominant U.S. exchanges.”
- Michael Padarin, Carey Olsen
“The recent revisions to the Hong Kong Main Board Listing Rules introducing the SPAC regime is an incredibly positive step forward in addressing the competitive disadvantage Hong Kong faced in attracting SPAC sponsors to the market, particularly from the dominant U.S. exchanges,” says Michael Padarin, Carey Olsen’s Hong Kong managing partner, who notes Hong Kong is a “hyper-competitive marketplace, with competition for listings from exchanges in the PRC, regional exchanges such as Singapore and also the major U.S. exchanges.”
He adds that the city’s SPAC listing regime seeks a balance, “introducing relatively stringent requirements for the quality of both listing candidates and also de-SPAC targets, addressing the commercial needs of SPAC sponsors whilst also raising the bar in terms of investor protections.”
Although some commentators have said the quality and suitability requirements set out in the new regime are too high, and might detract from the commercial attractiveness of the SAR, Padarin says that “SPAC promoters in the PRC and Kong have largely welcomed the development and see it as increasing the attractiveness and accessibility of Hong Kong as a listing venue,” he says.
Alan Au, a senior legal manager in Ogier's corporate team in Hong Kong, says the new listing rules allow Hong Kong to be considered a suitable venue for listing of SPACs.
“The new rules in Hong Kong have been promoted by the Stock Exchange as an alternative way of listing, not an easier way of listing. In this respect, the HKEX has successfully maintained the Hong Kong stock market's reputation as a venue for listing of high-quality companies and businesses, while increasing its attractiveness and, at the same time, opening it up to the growing SPAC market and makes it more competitive,” he says.
Richard Hall, a corporate partner at Conyers, agrees Hong Kong’s amendments to SPAC listing rules meets the market needs well.
“For SPACs looking to complete a business combination with an Asian-focused business, a Hong Kong-listed SPAC is viewed as a potentially more logical fit than a U.S. listed SPAC, with Asian based investors more familiar with local/regional businesses and investment issues. The rules strike an appropriate balance between the flexibility of fundraising, ease of completing the business combination (or de-SPAC) and suitable protection for investors,” he says.
“For SPACs looking to complete a business combination with an Asian-focused business, a Hong Kong-listed SPAC is viewed as a potentially more logical fit than a U.S. listed SPAC, with Asian based investors more familiar with local/regional businesses and investment issues.”
- Richard Hall, Conyers
TECH BOOM
Over in Singapore, following a series of listings, the market it abuzz. Carey Olsen Singapore managing partner Anthony McKenzie says Singapore may echo the early SPAC enthusiasm seen in the U.S..
“SPAC listings have been touted as a more streamlined alternative to traditional IPOs and were all the rage on U.S. exchanges in 2020 and early 2021 until the market cooled and regulators began to apply more scrutiny. Singapore is keen to follow in the footsteps of the U.S., and its SPAC listing initiative comes amid a boom in tech investment in Southeast Asia, which is home to over 650 million people and fast-growing economies such as Indonesia, the Philippines and Vietnam,” he says.
“Such regional economic growth and the introduction of Singapore's SPAC framework will no doubt be accompanied by an increased demand for deals and legal services here. As the Singapore market prepares for more SPAC activity, both SPACs and target companies will also look to engage various other service providers in order to address finance, accounting, regulatory and compliance issues at each stage of the SPAC life cycle,” McKenzie adds.
Offshore firms too are gearing up for further work in this area — McKenzie says the first three SPACs making their debuts on the SGX “notably each used a Cayman exempted company as the issuer vehicle.”
“These listings mark the first major launch of SPACs in Asia, represent a much-needed revival for the SGX (which has struggled to compete with the Hong Kong and U.S. exchanges for high-profile tech IPOs) and should help SGX shake off its reputation as an exchange dominated by real estate investment trusts and investors searching for yield rather than growth,” he says.
Au calls these developments “exciting,” and like McKenzie, he has observed the role of Cayman-incorporated companies in this trend.
“Vertex Technology Acquisition Corp, being likely the first SPAC to be listed in Singapore, is a company incorporated in Cayman Islands and this means that Singapore SPAC projects will likely involve offshore legal counsel like Ogier. Historically, many companies listed in Singapore have been incorporated in Singapore, but we hope that Singapore SPACs will follow those of U.S. and promulgate offshore companies as viable and attractive vehicles to be listed in the city-state. Cayman and the BVI are favourite jurisdictions for U.S. based SPACS for several reasons, including the particular suitability of their company law to SPACs, limited additional regulatory compliance requirements, tax neutrality, the trustworthy and reliable legal system, and no exchange controls,” Au notes.
"Cayman and the BVI are favourite jurisdictions for U.S. based SPACS for several reasons, including the particular suitability of their company law to SPACs, limited additional regulatory compliance requirements, tax neutrality, the trustworthy and reliable legal system, and no exchange controls.”
- Alan Au, Ogier
OFFSHORE ROLE
Prior to preparation for listing, offshore law firms would typically assist with setting up the offshore companies and restructuring, Au says of the work SPACs generate for offshore firms.
“Offshore law firms will then be engaged for the listing of SPAC on the relevant stock exchange. At the time of de-SPAC, offshore law firms would also play an important role in business combination as this would typically involve a Cayman statutory merger. Upon the de-SPAC, offshore law firms are often engaged in wide range of legal work customarily required from a listed company,” he says.
Padarin says Cayman Islands companies continue to be favoured by sponsors and investors when considering a SPAC transaction, “particularly where the target company is based outside of the U.S.”
“Cayman Islands companies listed in the U.S. can take advantage of the 'foreign private issuer' rules and exemptions making Cayman companies attractive at the IPO stage; the Cayman Islands also has a very flexible and well-tested merger regime which is commonly utilised to effect the ultimate business combination or de-SPAC transaction. As of June 2021, there were 289 Cayman Islands companies listed on NASDAQ and 185 Cayman Islands companies listed on the New York Stock Exchange. By end of 2020, there were 1,186 Cayman Islands companies listed on the Hong Kong Stock Exchange, which accounted for 60.36 percent of the aggregate number of listed companies on the Hong Kong Stock Exchange,” he notes.
And now, it is common for the listing vehicle and also the de-SPAC target to be structured as Cayman Islands companies, says Padarin noting “we are being instructed as Cayman Islands counsel at both the SPAC IPO stage, and also the de-SPAC stage, in each case alongside onshore counsel. Following the de-SPAC transaction, there is also an ongoing role as company offshore legal counsel.”
“With the implementation of the Hong Kong SPACs regime, we are optimistic that the demand for Cayman vehicles will continue to grow,” he adds.
And it appears that growth may be rapid, as firms nail down plans post reguatlory developments.
“The finalisation of the Hong Kong Listing Rules allowing for SPAC listings has focused issuers and investor’s attention on Hong Kong as a viable market for SPAC listings,” Hall says.
“A number of clients have initiated, or firmed up, plans to list a SPAC in Hong Kong, whilst other issuers who had previously been considering listing a SPAC in the U.S. have switched their attention to Hong Kong. Meanwhile in a welcome development for the Singapore capital markets, the first two SPACs launched their IPOs last week and are set to list this month, with a third SPAC lodging its preliminary prospectus in the same week,” he says. “The race to be a SPAC hub in Asia is on.”
瞻前顾后，姗姗来迟：亚洲终于向 SPAC 开启大门
（路透社） - 不求最终胜利，只求击败宿敌。今年 1 月，新加坡完成了对首批空白支票公司的上市定价，作为其最大竞争对手，中国香港也随即出台了 SPAC 机制。然而，掀起这场风潮的纽约市场早在一年前就已达到顶峰，它所取得的成功势必让新加坡和香港市场难以企及。
Dealogic 数据显示，去年共有 612 家 SPAC 公司在纽约启动 IPO，募资总额达 1620 亿美元。纵然随后由于针对 SPAC 的会计监管要求加码，以及各公司对收入预期过度乐观，导致市场出现震荡，截至 2021 年底，其月均募资总额仍高达约 100 亿美元。
新加坡和香港有意与伦敦和阿姆斯特丹联手对抗纽约也不足为奇。但亚洲市场设立了相当严格的规则。SPAC 股票销售额的隐含市场价值必须达到 1 亿美元以上，是纽约市场门槛的两倍。香港仅限专业投资者买入，并要求在任何相关交易中面向独立的第三方投资者进行一定比例的私募配售，从而有效迫使有利益关系的外部投资者认可并购价格。在纽约，这种配售形式十分普遍，但未做强制规定。
地域限制也将成为一项制约因素。中国公司无疑是香港 SPAC 的目标，但这些公司必须通过新的境外上市审批才能进入香港市场。中国内地的监管机构可能不愿操之过急。此外，继 2021 年新加坡公司 Grab 以 400 亿美元上市估值创下有史以来最大 SPAC 并购纪录之后——尽管其市值后续蒸发了约五分之二，炙手可热的东南亚初创公司也可能会寻求在纽约上市。
新加坡和香港曾出现过有问题公司寻求借壳上市规避完整 IPO 流程限制的先例，香港的情形更为严重，因此新加坡和香港在制定规则时都格外注意这一点。两地如此谨慎的态度可能会将一场 SPAC 热潮拒之门外，但为了避免因监管不力而重蹈覆辙，这种做法也无可厚非。
Asia comes late, with hangups, to the SPAC party
(Reuters Breakingviews) - Competitors don’t always care who wins, so long as they beat their fiercest rival. Singapore priced its first blank-cheque companies in January. The city is besting arch-challenger Hong Kong, whose own regime launched later. Yet the New York boom that inspired both peaked almost a year ago and neither will match its success in hosting shell companies.
Last year New York hosted the initial public offerings of 612 special-purpose acquisition companies which raised $162 billion, per Dealogic data. Even after the market was shaken by increased regulatory scrutiny of SPAC accounting and companies’ breathlessly optimistic revenue forecasts, about $10 billion was being raised per month by the end of 2021.
Small wonder that Singapore and Hong Kong want to join London and Amsterdam in taking on the Big Apple. However, the Asian hubs have set tough rules. SPACs must have a minimum implied market value in their share sales that is at least twice New York’s $50 million floor. In Hong Kong, only professionals can buy shares in such companies and the city requires a private placement of shares with independent investors in any resulting deal, effectively forcing outsiders with skin in the game to endorse the acquisition price. In New York, these placements are common, but not mandated.
Geography will be a stumbling block too. Chinese companies are natural targets for Hong Kong acquirors, but those coming to market must now seek new onshore approvals for overseas listings. Mainland regulators might dislike the fast-track. Meanwhile, Southeast Asia’s hottest startups are as likely to want a New York berth after Singapore-based Grab debuted in 2021’s biggest SPAC merger with a valuation of $40 billion, even though it’s lost about two-fifths of its value.
Singapore and Hong Kong have written their rules mindful of a history – more extreme in Hong Kong – of questionable companies seeking listed shells to buy in the hope of avoiding the rigour of a full initial public offering. Such caution might price them both out of a SPAC boom, but that’s fine if it prevents any repeat of a poor governance past.
