Hong Kong SPAC

Special Purpose Acquisition Companies (“SPACs”)
Register a Hong Kong SPAC

Market Overview:

Special Purpose Acquisition Companies (“SPACs”) have been used as an alternative investment vehicle in the US for decades, and recently came into popularity as seasoned investors and management teams sought to mitigate the increased market volatility risk of traditional initial public offerings (“IPOs”).

Given the market developments for US SPACs and the merger and acquisition opportunities in the Asia-Pacific, the Stock Exchange of Hong Kong (“HKEX”) issued rules to create a listing regime for SPACs to be listed in Hong Kong that took effect on 1 January 2022.

CanAsia is one of the first accounting service providers who supported the initial listings of the first batch of SPACs in Hong Kong, and since, have been working with various promoters and Big-4 auditors to produce listing rule compliant financial disclosures and supportings for filing with the HKEX.

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Scope of Work We Offer

A) Act as your SPAC’s Outsourced Finance Function

  • Attend all-party meetings as your finance function, and to work with other professional parties during the listing process;
  • Prepare a set of accounting books of the entity and maintain the historical accounting records for the period from incorporation date to the time right before the completion of the intended “merger”;
  • Liaise with the reporting accountants on complex accounting issues as recommended in the listing rules;
  • Preparation and collection of information for opening of the Issuer’s operating and Trust bank accounts; and
  • Liaise with the valuer on the valuation requirements, and their addressing of queries from the reporting accountants.

B) Prepare financial information for Pro-Forma Net Assets/Liabilities Statement and draft Pro-Forma Net Asset/Liabilities Statement for the auditors to work on.

C) Prepare a 36-month working capital forecast & draft Working Capital Forecast Memo for the sponsors to work on

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Yes, I would like a copy of the Hong Kong SPAC market report

Since the beginning of 2022, CanCan has successfully helped two out of the twelve HK SPACs to file for listing with the HKEX.

Download our market report to read more about SPAC.
(updated April 2022)

SPAC Whitepaper EN

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