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A Special Purpose Acquisition Company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company, also known as “blank check companies".

SPACs have been around for decades. In recent years, they've become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money.

SPACs have two years to complete an acquisition or they must return their funds to investors.


Step one

• Set up an independent entity for listing
• Announce to the public that it is going to be listed as SPAC
• Need not declare the target company for acquisition

Step two

• Gather the investment from investors to acquire a private company
• An option would also be offered to the investors.
• The SPAC must complete the acquisition within 2 years or dismissed.

Step three

• The private company acquired by the SPAC would be listed accordingly.

CHFT's media exposure


11 Oct 2021
TVB (Television Broadcasts Limited)

Stella Law Executive Director of CHFT was interviewed by TVB (Television Broadcasts Limited) news, saying a backdoor listing normally takes years to complete and may fail to receive approval from financial watchdog, but a SPAC, for an example, the US SPAC is typically designated to pursue a merger in 24 months, and some could even complete de-SPAC merger in six months. Thus, SPAC saves time, which could encourage more companies such as mainland companies to go that path, she said.

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14 Oct 2021 Radio "Crosstrade"
雷霆881 電台《人生交叉盤》

Stella Law Executive Director of CHFT was interviewed by "Crosstrade", a radio show at and discuss the prospect of SPAC in Hong Kong. She has shared her expertise and insights on SPAC with the listeners.  

SPAC in Asia

Singapore (SGX)

SPAC will be able to apply for a listing on the SingaporeExchange mainboard from September 2021. The new listing rules require a lower market capitalisation of $150 million, down from S$300 million. The minimum IPO price for #SPACs would be S$5 per share or unit, down from the S$10 proposed in the consultation.

Image by Manson Yim

Hong Kong (HKEX)

HKEX has proposed a consultation paper for SPACs listings in mid-September 2021, suggesting only to allow large blank-cheque companies that raise at least HK$1 billion (US$128 million) to list on its main board and ban retail investors from buying these so-called special purpose acquisition companies (SPACs).

CHFT insights

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Merger Market

Hong Kong's SPAC efforts may further cool down


IPO監管趨嚴 SPAC如雨後春筍般出現






羅珏瑜: 爆火SPAC背後的估值邏輯



CHFT comments
on HK SPAC listing rules


5 Nov 2021

Letter to the Editor : South China Morning Post SCMP

The Hong Kong stock exchange has published a consultation paper on special purpose acquisition companies (SPACs). By combining professional knowledge from a diversity of fields, CHFT is missioning to share viewpoints in different platform proactively. Stella Law, executive director of CHFT, has submitted a letter to South China Morning Post SCMP, saying that safeguards will help Hong Kong compete in SPAC listings.


29 Oct 2021

HKEx Feedback to Queries from CHFT 

HKEx launched the SPAC consultation document on 17 Sept 2021, and solicited public opinions on issues such as SPAC trading, management team quality, and SPAC valuation. As a professional appraisal and consulting agency, CHFT participated in the valuation work of several American SPAC projects in the De-SPAC stage. In response to this consultation document, CHFT responded to relevant questions and submitted comments based on its rich experience in SPAC evaluation and market research.

CHFT services

Valuation Services

An independent valuation is necessary during the de-SPAC period. CHFT’s professional valuation experience will provide standardized valuation reports for various industries including but not limited to new energy industry, high-tech industry, and manufacturing industry. Our team will also provide valuation services for financial instruments such as SPAC warrants.

Industry Study Service

To select the most valuable target company, you may need a comprehensive industry study to facilitate your decision-making. CHFT has an outstanding market research team to provide detailed industrial report that will include our insights on the specific area to facilitate your decision.

Financing Services

Raising sufficient capital will be helpful for SPAC to find high-quality target companies. CHFT will provide you with a broad net working relationship with different professional investors and help you to raise fund more efficiently.

Contact us to understand more

CHFT webinars 


The Rise of the Special Purpose Acquisition Company (SPAC)
by British Chamber of Commerce in Hong Kong

2020 was the year of the Special Purpose Acquisition Company, or SPAC, with more than 200 going public last year alone. Though SPACs have been around for decades, they have only gained traction in the past twelve months. So, what exactly is SPAC? What accounts for the recent SPAC boom and what can we expect in 2021? Our Stella Law honoured to be invited by British Chamber of Commerce in Hong Kong as one of the speakers to share valuation of SPAC.


PropTech SPAC webinar
by Women in PropTech & Asia PropTech

In this webinar co-organized by Women in PropTech and Asia PropTech, CHFT have gathered experts from the valuation, legal, and PropTech sectors to discuss the rise of SPACs for PropTech companies in Asia.  
•The landscape of SPACing for PropTech companies
•The procedure for SPACing
•The valuation of SPAC target PropTech companies 


HKU IPO vs. SPAC webinar
by ICB Lecture @ the Hong Kong University

Leo Lo, Managing Director of CHFT, has attended the ICB lecture at HKU on 25 November 2021 to briefly discuss the potential of SPAC listing in Asian capital markets, its rules and processes, the valuation needs of target companies, and the challenges of its due diligence and investor communication.

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