During the first four months of 2025, at least eight companies listed on the Singapore Exchange (SGX) announced potential delisting and at least 11 SGX-listed companies announced that they have received privatization offers...more
The Cayman Islands is the most common non-US jurisdiction for listed entities - Entities established in 47 different jurisdictions are currently listed on the NYSE and Nasdaq. Of these different jurisdictions, outside of...more
查看中文 The Stock Exchange of Hong Kong Limited (HKEX) and Securities and Futures Commission (SFC) have announced a temporary relaxation of the minimum market capitalization requirements for Specialist Technology Company...more
The market for initial public offerings (IPOs) in the United States has exceeded expectations in the first half of 2024. According to Renaissance Capital, 69 IPOs were priced by June 30, 2024, marking a 32.7% increase...more
The new reforms to the UK listing regime (Listing Rules) published by the Financial Conduct Authority (FCA) came into force on Monday 29 July 2024, marking the most significant change to the UK’s listing regime in 40 years as...more
The new regime modernises the listing framework while maintaining robust standards to protect investors and ensure market integrity. On 11 July 2024, the FCA released the final rules for the new UK listing regime, which...more
Pessimism surrounding the Federal Reserve’s interest rate hikes, combined with subdued business and consumer confidence as well as geopolitical concerns, weighed heavily on the IPO market in 2023. With 117 IPOs in 2023...more
On 20 December 2023, the FCA published finalised proposals for the merger of the existing premium and standard equity listing segments into a new single equity segment. A detailed discussion of these proposals, feedback...more
As part of the wider review of the UK’s capital markets regulatory landscape, in May 2023, the Financial Conduct Authority (FCA) published Consultation Paper CP23/10, which set out proposed reforms for companies with listed...more
A Special Purpose Acquisition Company (SPAC) is a blank-check company formed for the purpose of effecting a business combination with one or more businesses. While SPACs are not new, they have recently increased in...more
Takeaways - Responding to a decline in the London Stock Exchange’s global market share of IPOs and other fundraising, a string of government-commissioned reports prompted proposals to reform the U.K.’s listing rules and...more
Takeaways - Greater China companies operating in any industry can now obtain secondary listings in Hong Kong, provided they meet market capitalization minimums. Recent Listing Rules amendments also allow some companies...more
Broad reform to listing regimes, growing ESG scrutiny, and increasing retail participation in fundraisings are among the areas to watch. Last year was memorable for UK equity capital markets (ECM). The IPO market was at...more
Takeaways - German technology and mid-cap growth companies may find a combination with a U.S. SPAC appealing, but must prepare to meet public capital market requirements. Arranging adequate PIPE funding is crucial to...more
Recent SEC Comment Letters Recent Securities and Exchange Commission (SEC) comment letters reveal the SEC's close examination of special purpose acquisition companies (SPACs) and their proposed business combinations show no...more
Stable Road Enforcement Action Post Mortem: Lessons for the SPAC Market After Momentus Begins Trading - Stable Road And Momentus Close Business Combination. On August 11, Stable Road Acquisition Corp., a special purpose...more
This update provides an overview of key regulatory developments in the past three months relevant to companies listed or planning to list on The Stock Exchange of Hong Kong Limited (HKEx), and their advisers. In particular,...more
On September 17, 2021, the Hong Kong Stock Exchange (“SEHK”) published a consultation paper on the proposed Special Purpose Acquisition Companies (“SPAC”) listing regime in Hong Kong, setting out the initial framework with...more
The Hong Kong Stock Exchange (HKEx) has issued the much-anticipated consultation paper on creating a listing regime for special purpose acquisition companies (SPACs). The listing rules of the HKEx (Listing Rules) generally...more
The Singapore Exchange has launched special purpose acquisition company (SPAC) listings in Singapore with a new framework on governing SPACs. From 3 September 2021, SPACs will be able to apply for listing on the Mainboard...more
In response to Lord Hill’s review of the UK Listing Regime, the FCA consulted earlier this year on changes to the Listing Rules for special purpose acquisition companies (SPACs). The proposed changes remove the presumption of...more
As outlined in our 30 April 2021 insight, Exit through the SPAC door? UK FCA publishes proposed changes to the Listing Rules, the UK Financial Conduct Authority ("FCA") published a consultation paper (the "Consultation")...more
The revised criteria allow UK-listed SPACs to avoid a suspension of their shares when announcing a de-SPAC deal. The UK, acting through the Financial Conduct Authority (FCA), will implement a new SPAC listing regime from...more
The UK Financial Conduct Authority ("FCA") has published its proposals to amend the Listing Rules relating to special purpose acquisition companies ("SPACs"), having considered Lord Hill’s UK Listing Review Report....more
On 30 April 2021, the UK Financial Conduct Authority (FCA) published a consultation paper proposing changes to the Listing Rules applicable to special purpose acquisition companies (SPACs)....more