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Asia's tycoons pile into SPACs just as US eyes tighter rules

Bloomberg News
Bloomberg News4/18/2021 10:38 AM GMT+08  • 3 min read
Asia's tycoons pile into SPACs just as US eyes tighter rules
A cooling off in the SPAC market may not be all bad news, given the bubble-like quality it had garnered.
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Asia’s billionaires had only just started taking to blank-check companies, but now the SPAC boom is deflating on Wall Street.

After a frenzy of listings by special purpose acquisition companies - 326 have raised over US$101 billion this year -- the whole pipeline is now in limbo due to regulatory overhang, including a number of deals by Asian investment firms and tycoons.

Gateway Strategic Acquisition Co, backed by buyout firm Gaw Capital Advisors, Artisan Acquisition Corp, backed by New World Development Co’s Adrian Cheng (picture) and Hony Capital Acquisition Corp are some of the Asian SPACs that are waiting in the wings to list in the US.

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