Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Change in Regulations Likely to Lead to More Liquid SPAC IPOs in Korea

Virtual IPOs/Direct Listings: Uninhibited Price Discovery

Singapore Exchange: Asia's Future SPAC Hub

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Quiddity Advisors

Thematic (Sector/Industry)

Singapore Financials / Thematic (Sector/Industry)

On the 6 January 2010, the SGX issued a <a href="https://api2.sgx.com/sites/default/files/2018-09/Consultation%2BPaper%2Bon%2BProposed%2BRevisions%2Bto%2BMainboard%2BAdmission%2BCriteria%2Band%2Bthe%2BIntroduction%2Bof%2BSPAC.pdf" target="_blank" rel="noopener">consultation paper</a> on the "Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC".  Following the feedback at that time, SGX determined that it was not an opportune time to introduce SPACs.
In <a href="https://skr.ma/5UGLq" target="_blank" rel="noopener">Virtual IPOs/Direct Listings: Uninhibited Price Discovery</a> on the 29 November last year, I mentioned a white paper on special purpose acquisition company (SPAC) may be issued by the SGX in the first half of the following year.
In January, the Business Times <a href="https://www.businesstimes.com.sg/companies-markets/sgx-looking-into-listing-of-special-purpose-acquisition-companies" target="_blank" rel="noopener">reported</a> that a consultation could be launched by the SGX as early as this quarter - see <a href="https://skr.ma/u7S36" target="_blank" rel="noopener">Singapore Exchange: Asia's Future SPAC Hub</a>. The SGX did sound out the Listings Advisory Committee (“LAC”) for advice on SPACs in January, and after consideration, the LAC advised that it was in favour of SPAC listings, subject to the appropriate safeguards.
The Singapore Exchange <a href="https://api2.sgx.com/sites/default/files/2021-03/Consultation%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">announced</a> last week a regulatory framework for SPACs to list on the SGX and asked the market for feedback.
Subsequent to the feedback phase ending on the 28 April, the framework may be finalised in the middle of this year. 
The SGX makes it clear SPACs are susceptible to execution risks where the SPAC is unable to identify a suitable target company or successfully consummate the business combination within the pre-determined period. But given the clear demand for such instruments, the SGX evidently sees the benefits outweigh the risks.

On the 6 January 2010, the SGX issued a consultation paper on the "Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC".  Following the feedback at that time, SGX determined that it was not an opportune time to introduce SPACs.
In Virtual IPOs/Direct Listings: Uninhibited Price Discovery on the 29 November last year, I mentioned a white paper on special purpose acquisition company (SPAC) may be issued by the SGX in the first half of the following year.
In January, the Business Times reported that a consultation could be launched by the SGX as early as this quarter - see Singapore Exchange: Asia's Future SPAC Hub. The SGX did sound out the Listings Advisory Committee (“LAC”) for advice on SPACs in January, and after consideration, the LAC advised that it was in favour of SPAC listings, subject to the appropriate safeguards.
The Singapore Exchange announced last week a regulatory framework for SPACs to list on the SGX and asked the market for feedback.
Subsequent to the feedback phase ending on the 28 April, the framework may be finalised in the middle of this year. 
The SGX makes it clear SPACs are susceptible to execution risks where the SPAC is unable to identify a suitable target company or successfully consummate the business combination within the pre-determined period. But given the clear demand for such instruments, the SGX evidently sees the benefits outweigh the risks.

FTSE Straits Times Index (STI) (STI INDEX)

Singaporean SPACs: Democratizing Access To High Growth