The Hong Kong Stock Exchange learned from US stocks and pushed spac: the follow-up of many PE companies could not hide the embarrassment of the world's worst stock market

RedI network Lei Jianping 2 month 14 Reported Wednesday

recently , HKEx SPAC became angry .

recently , By CMB international asset management and AAC Mgmt Holding As the initiator Aquila Acquisition Corporation（ abbreviation “AAC”） Submit a listing application to the Hong Kong Stock Exchange .

After the previous , Taixin capital fund 、 Initiated by Longshi capital Tiger Jade Acquisition Company Delivery table ; Besides ,Trinity Acquisition Holdings Ltd.（ abbreviation “Trinity”） And Interra Acquisition Corporation（ abbreviation “Interra”） Submit the form at the same time .

Among these sponsors , Including former famous athlete and current entrepreneur Li Ning , It also includes China Merchants Bank International 、 Taixin capital fund 、 Longshi capital 、 Chunhua capital , It looks magnificent .

It's hard to hide the embarrassment of the world's worst stock market

HKEx SPAC Behind the fiery , It is also difficult to cover up Hong Kong stocks 2021 The embarrassment of the worst performance of the global stock market in .

Hong Kong stocks in China 2021 At the beginning of the year, it was still a prosperous scene , At that time, funds flowed southward , Some organizations even said “ Cross the Xiangjiang River , Seize pricing power ”.

then , On the Dow 、 The s&p 500 And the NASDAQ index as a whole is rising ,A The Shanghai Composite Index and Shenzhen Composite Index in the stock market also rose during the year , The Hong Kong stock market has been falling .

The most typical is , Kwai Chung , Hot and unusual , Market value breakthrough 1.4 Trillion Hong Kong dollars , then , A year passed , The market value of Kwai has evaporated more than HK $trillion .

Take another look at meituan , The share price is from the highest point 460 The Hong Kong dollar has fallen all the way to the lowest point 200 The Hong Kong dollar . tencent 、 The performance of heavyweights such as Alibaba is not much better , Alibaba's share price has fallen to 118 The Hong Kong dollar , At its peak , The stock price has broken through 300 The Hong Kong dollar .

Ali 、 Meituan 、 Behind the sharp decline of Kwai's share price , Of course, there are Sino US Relations 、 Stock market correction , And industry adjustment , But compared with U.S. stocks and A stocks , The vulnerability of Hong Kong stocks is clear at a glance .

On the other hand , The once popular grand occasion of playing new games no longer exists .2021 year 3 Since the month , New shares listed in Hong Kong stocks ,100 One can have 95 A break , Behind a few stocks like Shang Tang that have not broken , Are institutional holdings , Retail investors are rare , Easy to control , Mode cannot be copied .

what's more , The daily trading volume of US stocks is much higher than that of Hong Kong stocks , Even Tesla's daily trading volume is higher than that of Hong Kong stocks , The liquidity of Hong Kong stocks is insufficient under the cold winter of capital , It is also very obvious .

Himalayan companies choose to list on Hong Kong stocks , It's just a helpless choice under the suspension of US stock listing .

SPAC It's a new bottle of old wine

So-called SPAC Its full name is Special Purpose Acquisition Company, Special purpose acquisition company , A large number of enterprises have passed SPAC The mode of is listed on American stocks .

2021 year 10 month ,WeWork Through the blank check company BowX Acquisition Corp Listed by way of merger , Including debt , The deal is WeWork Valuation about 90 Billion dollars .

2021 year 11 month , Autopilot company Aurora Complete with SPAC company Reinvent Technology Partners Y Merge , And listed on NASDAQ , The price was then set 50 Billion dollars .

2021 year 12 month , Southeast Asian online car hailing and express giants Grab With special purpose acquisition companies （SPAC）Altimeter Growth Corp Merge , Trading on NASDAQ , The maximum market value has broken 500 Billion dollars .

2022 year 2 month , Coffee brand black gun coffee Black Rifle Coffee It is also done with special purpose companies Silver Box Engaged Merger Corp I Merge , Listing on NYSE , Evaluate 17 Billion dollars .

Jia Yueting, founder of LETV holdings, has played SPAC Pattern ,2021 year 7 month , Jia Yueting's Faraday Future （FF） Listed on NASDAQ . Jia Yueting invested in luxury electric vehicle manufacturer Lucid Motors It is also through this mode that it is listed on US stocks .

SPAC The pattern is characterized by ,SPAC The listing requirements of the mode are lower , Be able to skip tradition IPO The roadshow of 、 hearing 、 Complex procedures such as financial statement Review , Reduce time to market .

in other words , The Hong Kong stock exchange is just learning from the US stock market SPAC, This model has been rotten in the U.S. stock market .

SPAC The model cannot save the depressed market of Hong Kong stocks

Against the background that Hong Kong stocks have created the worst stock market in the world , Hong Kong Stock Exchange SPAC Pattern , It can really give a shot in the arm to the depressed market ？ I'm afraid the answer is no .

Compared with Hong Kong stocks , Natural liquidity , It will be on the market soon , Usually, the listing of U.S. stocks can be completed in less than a month , And Hong Kong stocks tend to be at least a few months , It may take a year and a half ; and , The valuation of US stocks for technology stocks will be higher , Hong Kong stocks are more conservative , More profitable enterprises .

And the current , The global stock market is depressed , The pace of enterprise listing has slowed down significantly .

recently , Cardiovascular diagnostic medical technology start-up HeartFlow Also gave up with special purpose companies Longview Acquisition Corp II (NYSE: LGV) Merge ,HeartFlow Describe this as “ The result of current adverse market conditions ” The joint decision of .

In this case , HKEx SPAC Really can fire ？ It could be PE The wishful choice of the organization .

For the current Hong Kong stock exchange , Shorten the listing process , Let enterprises go public faster , meanwhile , Increase investor confidence , Boost stock market liquidity , Even lower the transaction tax , It's better than playing SPAC It is more important .

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Lei Di was founded by Lei Jianping, a senior media person , If reproduced, please indicate the source .