At least nine Singapore and Hong Kong companies this year have announced plans to go public with SPACs listed in the U.S, says Refinitiv.
The minimum market capitalisation in the U.S. for SPACs is lower than in Hong Kong and Singapore.
The minimum requirement is $127 million for Hong Kong SPACs and $106 million for Singapore, compared with a minimum of $50 million for a Nasdaq listing and $100 million for a NYSE listing in U.S.
Singapore had eight companies with SPAC plans — seven on Nasdaq and one on the New York Stock Exchange.
| Asian startups and their U.S. SPACs | ||
|---|---|---|
| Month announced | Startup (Location, deal value in millions of dollars) |
SPAC (Listing exchange) |
| Jan. 2022 | Ethereal Tech (Singapore, 1,500) | Arisz Acquisition (Nasdaq) |
| Apr. 2022 | Hypebeast (Hong Kong, 221.83) | Iron Spark I (Nasdaq) |
| Apr. 2022 | Caravelle Group (Singapore, 850) | Pacifico Acquisition (Nasdaq) |
| Apr 2022 | EUDA Health (Singapore, 630.4) | 8i Acquisition 2 (Nasdaq) |
| Aug. 2022 | Seamless Group (Singapore, 400) | InFinT Acquisition (New York) |
| Aug. 2022 | Avanseus Holdings (Singapore, 94.62) | Fat Projects Acquisition (Nasdaq) |
| Sep. 2022 | Hwh International (Singapore, 124.74) | Alset Capital Acquisition (Nasdaq) |
| Oct. 2022 | 20Cube Logistics (Singapore, 278) | Evo Acquisition (Nasdaq) |
| Oct. 2022 | Aum Biosciences (Singapore, 400) | Mountain Crest Acquisition 5 (Nasdaq) |
| Source: Refinitiv | ||
