| 英文摘要 |
While SPACs have become increasingly common around the world during the pandemic, Taiwan’s Financial Supervisory Commission has maintained a conservative stance towards them. The main reasons for this conservatism are concerns over regulatory arbitrage, a lack of sufficient professional gatekeepers, and the potential for misleading information that could infringe on investors’rights and interests. However, these issues are not uncommon in reverse mergers, which are accepted in Taiwan.
Therefore, this article aims to compare initial public offerings (IPOs), reverse mergers, and SPACs. It also explores the similarities and differences among various company listing channels. By doing so, we can better understand whether SPACs are at a disadvantage in terms of investor protection compared to other listing channels.
In addition, this article introduces the latest SPAC regulations enacted by the U.S. SEC, as well as the new SPAC listing rules of Singapore and Hong Kong from 2021 and 2022. These can serve as references for Taiwan when considering the enactment of SPAC-related laws and regulations in the future. With appropriate regulatory and supporting measures, SPACs could enhance the attractiveness of Taiwan’s capital market. |
