‘Special Purpose Acquisition Companies’ offer Chinese companies what they want: a quick and easy way to get foreign capital and a foreign listing.
Blank check companies are flooding the boards, and now Chinese companies want in. Credit: Christopher Berry, Creative Commons
Wall Street’s latest craze for SPACs has reached a new frontier: China.
These so-called blank check companies — which raise money, go public and merge with a private company, typically within two years — have already raised $97 billion in 2021, according to SPACinsider, more than all of last year. And though the vast majority of that money has been raised by American sponsored SPACs, Chinese firms are starting to get in on the action.
SPACs, or "special purpose acquisitio
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