The theme forum of "Talking about overseas listing opportunities and grasping the new wave of SPAC development" was successfully held

Zhang Lijing Lin Qian China Securities News · China Securities Network

On October 27, CICC and Hankun Law Firm jointly held a forum on the theme of "Talking about Overseas Listing Opportunities and Grasping the New Wave of SPAC Development", which was attended by representatives of the Hong Kong Stock Exchange and NASDAQ Exchange, and industry insiders from First-line professional institutions such as Churchill Captial, Orrik Herrington & Sutcliffe, Kirkland & Ellis.

According to the introduction, SPAC (Special Purpose Acquisition Company), that is, a special purpose acquisition company, the purpose of which is to acquire a target company within a specified period of time after the public offering (IPO), so that the company can achieve listing. At present, the SPAC mechanism has been introduced in markets such as the United States, the United Kingdom and Singapore. On 17 September 2021, HKEx published the Consultation Paper on Special Purpose Acquisition Companies on its official website, which aroused widespread concern in the market.

Li Xuan, co-head and managing director of CICC's Guangdong regional business, said that SPAC as an innovative way of listing financing can be seen as a powerful complement to traditional IPOs. Given that the SPAC listing model has the characteristics of short time, low fee, relatively simple process and high certainty, it is very attractive to promoters, investors and target companies. Relying on the platform advantage of CICC's "double base six pillars, CICC one", it can provide customers with "one-stop" comprehensive financial services and help high-quality enterprises grasp the wave of SPAC development.

Churchill Capital, a long-term partner of CICC Capital's Greater Bay Area team, and Mark Long, co-founder of Prime Impact Capital and former CFO of Western Digital, also participated in the event through video link, making keynote speeches, all of which expressed their great concern for the Chinese market. Churchill Capital has a long-standing reputation in the SPAC space, and among the many De-SPAC deals it has completed, including the largest De-SPAC deal in the history of the US stock market so far, the Lucid Motors project of high-end electric vehicle brand. Mark Long said that when the target company chooses SPAC to merge, it should cooperate with high-quality SPAC promoters and senior industry experts to enjoy better capital market performance.