Our Client

Our client is a large global investment firm, acting as the Promoter of the SPAC. They are looking to list one of the first SPACs in Hong Kong.

The Challenge

The timeline was to have the SPAC listed by the end of January 2022. One month after the release of the listing regime in Hong Kong.

As a pioneer in the new listing process in Hong Kong, there were few precedence to reference, thus all professional parties had to work closely with each other, and hold many discussions internally and externally (with HKEX’s IPO vetting department, other big-4 accounting firms) to confirm the correct approach.

Our Solution

As the Issuer’s outsourced finance function, we referenced our knowledge in the US SPAC deals and applied such knowledge in the HK SPAC listing. We worked closely with a Big-4 accounting firm to prepare the financial statements & Accountants Report and the Pro-Forma Net Assets/Liabilities statement; we worked closely with the valuation firm and Big-4 valuation team on the valuation approach and methodology in valuing the financial instruments (such as Promoter & Listed Warrants and Shares); we also worked closely with the Sponsors and Promoters to prepare the Working Capital Forecast Memo.

The Result

We’ve met the deadline for filing, and helped the client to become one of the first SPACs to have filed the Application Proof (A-1) in Hong Kong. We expect the actual listing to completed in the first half of 2022.