HONG KONG, March 2 - Hong Kong is exploringwhether to allow Special Purpose Acquisition Companies (SPAC) tolist in the Asian financial hub, according to a governmentstatement, indicating that a largely U.S. phenomenon could begoing global. A SPAC is a blank-cheque company that raises money throughan initial public offering (IPO) with the intention of mergingwith another firm, allowing that business to list more quickly. Most SPACs so far have listed in the United States. Theyraised $60 billion in the first two months of 2021, Dealogicdata showed, already more than 70% of 2020's annual deal value. Hong Kong's markets regulator, the Securities and FuturesCommission (SFC) and exchange operator Hong Kong Exchanges andClearing (HKEX) briefed a forum of top financialleaders in the city about latest developments in SPACS onMonday, according to the statement issued that evening. The Financial Leaders Forum, which is chaired by Hong Kong'sFinancial Secretary, Paul Chan, had asked the two organisations"to explore suitable listing regimes to enhance thecompetitiveness of Hong Kong as an international financialcentre, while safeguarding the interests of the investingpublic." Chan said in an interview with Bloomberg TV on Tuesday thatthe government was seriously looking into allowing SPACs. Several Hong Kong tycoons, including Richard Li, the son ofHong Kong's richest man Li Kashing, have set up SPACs already orare working on doing so. REUTERS
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