Over the past few years, Special Purpose Acquisition Companies (“SPACs”) have evolved from being a relatively obscure and ignored niche structure, to becoming the hottest thing on Wall Street over the past year and a half. However, they cooled off quickly in recent months. What are these vehicles? Are SPACs a fad or bubble or will they become permanent features of the fundraising landscape? Do these vehicles represent good investment opportunities or are they being thrust upon an unsophisticated retail public? Prof. Winnie Peng, Director of the Tanoto Center for Asian Family Business and Entrepreneurship Studies at the HKUST, believes it is a right timing to have some in-depth study and discussion over SPACs.

On 29th July, the Center invited Mr. Stephen King, a longtime investor and participant in both the public and private markets, to share his views on SPACs from an investor’s standpoint. The seminar was conducted in a hybrid mode and was well received by participants joining either online or physically at the China Club in Central, Hong Kong. Majority of the participants were owners and professional managers of family offices, and academics from Hong Kong and overseas. One participants said the seminar “is the most comprehensive with detailed sharing which I had attended.”

Stephen King, a longtime investor and participant in both the public and private markets, will share his views on SPACs from an investor’s standpoint.  Stephen will describe the unique structural features that may or may not make a SPAC interesting from a risk return prospective and what he sees as the best opportunities in the market.  Stephen recently seeded Carnegie Park Opportunities Fund, a fund specializing in providing “at-risk capital” to SPAC sponsors, and he will share what he finds interesting about investments made by his fund.  Stephen will also share insights into the other parts of the SPAC value chain, including SPAC units, warrants and PIPEs, and share his views as to how the market may develop in the future.