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.
A) Act as your SPAC’s Outsourced Finance Function
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