It should surprise nobody that Singapore Exchange (SGX) is thinking of allowing special purpose acquisition company (Spac) listings. If anything, it is odd it has taken this long.
Spacs raised around $81 billion in 2020 across 250 IPOs, mostly on North American exchanges. The phenomenon has caught the attention of entrepreneurs and venture capitalists in Asia, all of whom, so far, have headed to New York to raise their money.
So why wouldn’t SGX, badly in need of a spur to new listings, seek to provide a source of funds closer to home?
The story of Spacs in Asia in effect starts with Antony Leung, Hong Kong’s former finance secretary and a former Blackstone Greater China chairman, who raised $1.5
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