The paper sets out the long-awaited framework for a SPAC listing regime in Hong Kong, which will become effective 1 January 2022.

On 17 December 2021, the Stock Exchange of Hong Kong Limited (the Exchange or HKSE) published conclusions (Consultation Conclusions) to its consultation paper on special purpose acquisition companies, or SPACs (Consultation Paper), to create a listing regime for SPACs on the Exchange (SPAC Framework). The Consultation Conclusions set out the conditions for listing of SPACs, requirements for SPAC promoters and SPAC directors, and also requirements for De-SPAC transactions. In addition:

..The Exchange published a guidance letter on SPACs (Guidance Letter)

..The Securities and Futures Commission (SFC) published a practice note 23 to provide guidance on waivers from the application of Rule 26.1 of the Takeovers Code for De-SPAC Transactions (PN 23).