Hong Kong will only allow large blank-cheque companies that raise at least HK$1 billion ($128 million) to list on its main board and ban retail investors from buying these so-called special purpose acquisition companies (SPACs), according to a proposal released by Hong Kong Exchanges and Clearing (HKEX) on Friday.
The exchange operator proposed a range of tough criteria for SPACs listings, including requiring target companies to meet its normal listing requirements to go public. The proposal is open for public consultation, with deadline for responding set for October 31.
SPACs . . .
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