富而德律师事务所（“富而德”）继上月为首个特殊目的收购公司（SPAC）Aquila Acquisition Corporation向香港联交所提交的上市申请提供法律服务之后，又为另外五个香港联交所SPAC上市申请提供服务。也就是说，香港SPAC上市机制相关新规则自2022年1月1日生效以来，本所已就香港联交所收到的七宗SPAC上市申请中的六宗提供法律服务。
Freshfields Bruckhaus Deringer ('Freshfields') is advising on five further applications to list special purpose acquisition companies ('SPACs') on the Hong Kong Stock Exchange ('HKSE'), after advising on Hong Kong’s first-ever SPAC listing application last month for Aquila Acquisition Corporation. These latest mandates mean that the firm has now advised on six out of the first seven SPAC listing applications that have been made since new rules allowing such listings took effect on 1 January 2022.
为此，Arun就香港SPAC上市申请流程以及本所在服务多项申请中的感触发表以下看法：
Here, Arun comments on the process of listing SPACs in Hong Kong and what the team has learned from its experience to date:
众所周知，香港的SPAC上市机制实际上已经开始运作。香港联交所刊发咨询结论和SPAC新上市规则一个月后，由招银国际资产管理有限公司发起的Aquila Acquisition Corporation于2022年1月17日公开提交首个SPAC上市申请。在如此短的时间，我们必须从商业、文件和执行等各个层面为新的SPAC机制建立架构。而香港 SPAC新上市规则中的部分规定在国际 SPAC市场上也概无前例，因此，我们在实际操作中必须与香港联交所和多家市场中介机构不断协商，以建立一个全新的执行和文件框架。
1. What are the biggest challenges when advising this listing?
The SPAC regime in Hong Kong effectively commenced with the public filing of the first SPAC listing application by Aquila Acquisition Corporation (promoted by CMBI Asset Management), on 17 January 2022, which was one month following the publication of the HKEX's consultation conclusions and the new SPAC listing rules. We had to, within a very short timeline, come up with a commercial, documentation and execution structure for the new SPAC regime. Several of the features in the new Hong Kong listing rules for SPACs are unprecedented in the international SPAC market, so we effectively had to create a new execution and documentation framework in consultation with the HKEX and various market intermediaries.
市场对此的初步反应是非常积极的。我们看到许多知名的资产管理、私募股权和风险投资公司在香港发起SPAC，希望能够利用他们强大的资源和执行能力寻找到最终可以在香港联交所上市的收购目标。各市场主体清楚，新机制不会允许尚未准备好上市的公司“借壳”上市。因此，他们必须将寻找收购目标的重点放在符合香港联交所上市资格标准，且能够通过IPO级别的尽职调查和披露程序的高质量公司上。
2. As Hong Kong has started accepting SPAC applications since this January, what do you anticipate the most from this development?
The initial reception from the market has been very positive. We are seeing a number of well-known asset management, private equity and venture capital firms promoting SPACs in Hong Kong, and the hope is that they will be able to use their deep sourcing and execution capabilities to find acquisition targets that will eventually be listed on the HKEX. Market participants are aware that the new regime will not permit 'back door' listings by companies that are not yet ready to go public, and therefore have to focus their search for acquisition targets on high-quality companies that meet the HKEX's eligibility standards for listing and are able to go through an IPO-level due diligence and disclosure process.
3. 与新加坡相比，香港SPAC上市为什么更具吸引力？
从市场角度来看，亚洲出现两个新的 SPAC机制令人鼓舞。新加坡证交所和香港联交所都提供了监管、执行和披露的全球标准，为 SPAC投资者、发起人和目标公司提供了保证。新加坡 SPAC机制为东南亚和南亚的新兴公司提供了一个自然的上市选择。此前，这些公司一直通过在美国上市的SPAC来寻找在美上市的机会。香港SPAC机制为中国的新兴公司提供了一个新的可选项，而这些公司在美国上市的路径目前都面临挑战，无论是通过传统上市还是de-SPAC交易。考虑到这两个市场的相对规模和流动性，业界普遍认为香港会迎来更大的交易量，但对于亚洲公司来说，拥有两个“近在咫尺”的SPAC市场也是一个积极的发展。
3. What makes Hong Kong more attractive compared to Singapore for SPAC listing?
From a market perspective, it is encouraging to see two new SPAC regimes emerging in Asia. Both the SGX and the HKEX offer global standards of regulation, execution and disclosure, which should provide assurance to SPAC investors, promoters and targets. The Singapore SPAC regime should provide a natural listing alternative for emerging companies in Southeast and South Asia, which until now have been targeting listings in the US through US-listed SPACs. The Hong Kong SPAC regime provides a viable option for emerging companies in China for whom the US listing route (whether through a traditional listing or a de-SPAC transaction) is currently challenging. Given the relative size and liquidity of the two markets, it is perhaps natural to expect that there will be greater deal flow in Hong Kong, but having two 'close-to-home' SPAC markets for Asian companies is a positive development.
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黄颖慧 （Grace Huang） 合伙人，香港 Partner, Hong Kong grace.huang@freshfields.com |
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Arun Balasubramanian 合伙人，香港 Partner, Hong Kong arun.balasubramanian@freshfields.com |
 富而德成立于1743年，是国际律师事务所中的翘楚，也是历史最为悠久的顶级国际律所。本所拥有超过400位合伙人和超过3100名律师组成的网络，覆盖全球16个国家的28个重要商业中心。本所在大中华区及亚洲其他国家、欧洲、中东和美国均设有办事处，我们紧密合作为您提供领先业界的法律服务。 本文仅载列一般资料，并非旨在提供法律意见。 本文提供者为国际律师事务所富而德律师事务所有限责任合伙制机构（Freshfields Bruckhaus Deringer LLP）（一家根据英格兰及威尔士法律组建并受英国律师监管局规管的有限责任合伙制机构）（下称“英国有限责任合伙制机构”）以及在一系列司法管辖区以富而德律师事务所（Freshfields Bruckhaus Deringer）名义执业的英国有限责任合伙制机构的办事处和联属实体以及富而德律师事务所美国有限责任合伙制机构（Freshfields Bruckhaus Deringer US LLP）（在本文中合称“富而德”）。关于监管信息，请参阅网页www.freshfields.com/support/legalnotice。 |