Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Thematic (Sector/Industry)

Multiple Countries / Thematic (Sector/Industry)

<h2>10 Questions on Special Purpose Acquisition Companies (SPACs)</h2>
Overview In light of market developments, increased interest, and potential M&amp;A opportunities in the Asia Pacific, SGX has launched the Special Purpose Acquisition Companies (SPACs) Framework to introduce a new listing vehicle to the Singapore market. SGX believes that the introduction of SPACs will generate benefits to capital market participants and become a viable alternative to traditional IPOs for fundraising in Singapore and the region.
This special edition of SGX Research’s 10 in 10 provides an introduction on SPACs and its typical lifecycle. For more information, visit SGX’s <a href="https://www.sgx.com/research-education/securities-products#SPACs" target="_blank" rel="noopener">SPACs products page</a> (<a href="https://www.smartkarma.com/www.sgx.com/spacs)." target="_blank" rel="noopener">www.sgx.com/spacs).</a>
<ol>
<li>What are Special Purpose Acquisition Companies (SPACs)?</li>
</ol>
<ul>
<li>SPACs are formed to raise capital through initial public offerings (IPOs) for the sole purpose of acquiring operating business(es) or asset(s) (i.e. initial business combination). Such acquisitions may be in the form of a merger, share exchange or other similar business combination (BC) methods. Prior to an initial BC, SPACs are listed investment vehicles with no prior operating history and revenue-generating business/asset at IPO.</li>
<li>A SPAC is generally established and initially financed by experienced and reputable founding shareholders (typically referred to as sponsors). These sponsors are usually considered the management team which forms the SPAC entity to acquire or merge with a private operating company.</li>
<li>Unlike traditional IPOs, SPAC listings typically have a shorter time to market due to the absence of business fundamental operations and financials at IPO. SPACs have no historical financial results to disclose, assets description, and minimal business-related risks at IPO. Investors will find more information on a SPAC’s target assets/businesses upon announcing a proposed BC agreement (i.e. a proposal to acquire or combine with an operating company).</li>
<li>At the point of IPO, a listed SPAC unit is usually made up of shares and fractional warrants held by the SPAC sponsor and public investors. At least 90% of the gross proceeds raised at a SPAC listing must be placed in an escrow account. The fractional warrants grant holders the right to buy a corresponding fraction of the shares from the company (post-BC) at a specific price in the future. Full warrants must be accumulated in order for them to be exercised.</li>
</ul>

10 Questions on Special Purpose Acquisition Companies (SPACs)
Overview In light of market developments, increased interest, and potential M&amp;A opportunities in the Asia Pacific, SGX has launched the Special Purpose Acquisition Companies (SPACs) Framework to introduce a new listing vehicle to the Singapore market. SGX believes that the introduction of SPACs will generate benefits to capital market participants and become a viable alternative to traditional IPOs for fundraising in Singapore and the region.
This special edition of SGX Research’s 10 in 10 provides an introduction on SPACs and its typical lifecycle. For more information, visit SGX’s SPACs products page (www.sgx.com/spacs).

What are Special Purpose Acquisition Companies (SPACs)?


SPACs are formed to raise capital through initial public offerings (IPOs) for the sole purpose of acquiring operating business(es) or asset(s) (i.e. initial business combination). Such acquisitions may be in the form of a merger, share exchange or other similar business combination (BC) methods. Prior to an initial BC, SPACs are listed investment vehicles with no prior operating history and revenue-generating business/asset at IPO.
A SPAC is generally established and initially financed by experienced and reputable founding shareholders (typically referred to as sponsors). These sponsors are usually considered the management team which forms the SPAC entity to acquire or merge with a private operating company.
Unlike traditional IPOs, SPAC listings typically have a shorter time to market due to the absence of business fundamental operations and financials at IPO. SPACs have no historical financial results to disclose, assets description, and minimal business-related risks at IPO. Investors will find more information on a SPAC’s target assets/businesses upon announcing a proposed BC agreement (i.e. a proposal to acquire or combine with an operating company).
At the point of IPO, a listed SPAC unit is usually made up of shares and fractional warrants held by the SPAC sponsor and public investors. At least 90% of the gross proceeds raised at a SPAC listing must be placed in an escrow account. The fractional warrants grant holders the right to buy a corresponding fraction of the shares from the company (post-BC) at a specific price in the future. Full warrants must be accumulated in order for them to be exercised.


10 in 10 - SPACial 版