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PSPCs face new test: wave of operations focused on Asia

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Thousands of miles from Wall Street, the blank check company boom is taking hold in a region where major stock exchanges do not allow companies to raise funds for unspecified uses.

In mainland China, Hong Kong and Singapore, investment firms controlled by tycoons and fund managers have collectively raised billions of dollars on the New York Stock Exchange and the Nasdaq Stock Market over the past year. via special acquisition vehicles, showing just how great the The SPAC boom has been.

The vehicles are publicly traded shell companies with cash reserves ready to invest and merge with private companies. They have been touted by investment bankers as an easier way for startups to go public. If a PSPC fails to find a merger target by a deadline, typically two years, investors could get their money back.

As of Feb. 18, eight PSPCs sponsored by Asian companies have raised a total of $ 2.3 billion this year, according to Dealogic data. The sum is small compared to what was raised by US companies, but it has already exceeded the total raised from the region’s PSPCs for the whole of 2020. Bankers believe more emissions are likely, including including those of private equity groups.

This is a compelling pocket of capital that all major private equity and venture capital firms in Asia will consider, said Udhay Furtado, co-head of Asian equity markets at Citigroup Inc.

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