Is the SPAC boom over? Deals in Singapore and Hong Kong appear to be fizzling out

It's been a slow and cautious start for SPACs that launched in Hong Kong and Singapore in recent months - in stark contrast to last year's SPAC boom in the U.S. which has also fizzled out. Only one SPAC was launched in Hong Kong in the first quarter and it raised $128 million, while three were launched in Singapore, raising a total of $334 million, according to data analytics firm Refinitiv. In Hong Kong, Aquila Acquisition made its SPAC debut in March, which was also trading below its offer price of 10 Hong Kong dollars. Chairman, MBP. The U.S., in comparison, enjoyed a record year with more than $160 billion raised on U.S. exchanges in 2021 - that's nearly double the amount raise the previous year, according to data from SPAC Research. The CNBC SPAC Post Deal Index - which comprises SPACs that have completed their mergers and taken their target companies public - tumbled around 20% in January this year, from a February 2021 high. Chinese unicorns - or start-ups with at least $1 billion in valuation - are running out of private capital to tap on, and that could drive them to seek SPAC listings in Hong Kong, according to Drew Bernstein, co-founder and chairman at audit advisory firm MBP. A Hong Kong SPAC merger may be an attractive option for mainland China companies that are seeking access to capital .... Drew Bernstein. "A Hong Kong SPAC merger may be an attractive option for mainland China companies that are seeking access to capital and liquidity convertible into dollars but are concerned about the accounting and regulatory uncertainties involved in a U.S. listing right now," he added.