Hong Kong SPAC Pioneer Calls for Looser Rules to Revive Market
- Financier Jason Wong says HK should align its rulebook with US
- City should allow retail investors to join market, says Wong
This article is for subscribers only.
One of the pioneers of blank-check companies in Hong Kong is urging local regulators to relax rules in order for more listings to happen, acquisitions to materialize and liquidity to improve.
Jason Wong, one of the first financiers of special purpose acquisition companies in the Asian financial hub, said Hong Kong should align its SPAC rulebook to that in the more lightly regulated US market, so as to attract stronger foreign demand. Changes needed include allowing retail investors to access SPAC offerings, boosting the proportion of embedded warrants and providing more clarity about who qualifies as a promoter.