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SPAC\u800c\u8a00\uff0c\u5c31\u6703\u51fa\u73fe\u8a0a\u606f\u62ab\u9732\u7684\u554f\u984c\u3002<\/p>\n<h5>\u56de\u5831\u9810\u671f\u7684\u843d\u5dee<\/h5>\n<p>SPAC\u7684\u4f30\u503c\u53d6\u6c7a\u65bc\u80fd\u5426\u8993\u5f97\u76ee\u6a19\u4f75\u8cfc\u4f01\u696d\uff0c\u9396\u5b9a\u5f8c\u82e5\u9047\u7af6\u722d\u5c0d\u624b\uff0c\u80fd\u5426\u4ee5\u9ad8\u50f9\u53ca\u5177\u5438\u5f15\u529b\u689d\u4ef6\u7372\u5f97\u76ee\u6a19\u9752\u775e\uff1f\u4f75 \u8cfc\u6210\u529f\u5f8c\uff0c\u5176\u6295\u8cc7\u7ba1\u7406\u5c64\u53c8\u80fd\u5426\u548c\u88ab\u4f75\u8cfc\u4f01\u696d\u7684\u52d9\u5be6\u7ba1\u7406\u5c64\u5275\u9020\u96d9\u8d0f\u5c40\u9762\uff1f\u53d7\u5236\u65bc\u9019\u4e9b\u672a\u77e5\u4e4b\u6578\uff0cSPAC\u5728\u4f75\u8cfc\u524d\u7684 \u8868\u73fe\u5f80\u5f80\u9060\u905c\u65bc\u50b3\u7d71\u65b0\u80a1\u516c\u53f8\u7684\u4e0a\u5e02\u8868\u73fe\u3010\u57163\u3011\u3002<\/p>\n<p style=\"text-align: center;\"><strong>\u3010\u57163\u3011 2015\u20132020 \u5e74\u4e0a\u5e02 SPAC \u8207\u50b3\u7d71\u65b0\u80a1\u4e0a\u5e02\u9996\u6708\u5e73\u5747\u56de\u5831\u7387 (%)<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-158149 size-large\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide4-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide4-1024x576.png 1024w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide4-300x169.png 300w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide4-768x432.png 768w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide4.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;\">\u8cc7\u6599\u4f86\u6e90\uff1a\u9999\u6e2f\u4ea4\u6613\u6240\u3001Dealogic\u3001\u5f6d\u535a<\/p>\n<p>&nbsp;<\/p>\n<p>\u4e0b\u3010\u8868\u3011\u5217\u51fa2019\u5e741\u6708\u81f32020\u5e746\u6708\u671f\u9593\uff0c47\u5bb6\u7f8e\u570b\u4e0a\u5e02SPAC\u5728\u5408\u4f75\u5f8c\u7684\u5e73\u5747\u56de\u5831\u3002SPAC\u65bc\u5408\u4f75\u5f8c\u7684\u6295\u8cc7\u8868\u73fe \uff0c\u8ddf\u767c\u8d77\u4eba\u7684\u8cea\u7d20\u6709\u83ab\u5927\u95dc\u4fc2\uff1a\u9ad8\u8cea\u7d20\u548c\u975e\u9ad8\u8cea\u7d20SPAC\u767c\u8d77\u4eba\u768412\u500b\u6708\u5e73\u5747\u56de\u5831\uff0c\u5206\u5225\u662f\u8667\u87556%\u53ca57%\uff0c\u7e3d\u8a08\u640d\u5931\u7d04 35%\u3002<\/p>\n<p style=\"text-align: center;\"><strong>\u3010\u8868\u3011SPAC \u5728\u5408\u4f75\u5f8c\u7684\u5e73\u5747\u56de\u5831 <\/strong><\/p>\n<div id=\"attachment_158153\" style=\"width: 946px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-158153\" class=\"wp-image-158155 size-full\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Table-TC.png\" alt=\"\" width=\"936\" height=\"299\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Table-TC.png 936w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Table-TC-300x96.png 300w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Table-TC-768x245.png 768w\" sizes=\"(max-width: 936px) 100vw, 936px\" \/><p id=\"caption-attachment-158153\" class=\"wp-caption-text\">\u8a3b\uff1a\u300c\u9ad8\u8cea\u7d20\u300dSPAC \u767c\u8d77\u4eba\u6307\u8207\u540d\u5217 PitchBook\u3001\u7ba1\u7406\u8cc7\u7522\u7e3d\u503c\u9054 78 \u5104\u6e2f\u5143\u6216\u4ee5\u4e0a\u7684\u57fa \u91d1\u76f8\u95dc\u4eba\u58eb\uff0c\u6216\u8005\u662f\u8ca1\u5bcc 500 \u5f37\u516c\u53f8\u7684\u524d\u7e3d\u88c1\/\u9ad8\u7d1a\u7ba1\u7406\u4eba\u54e1\u3002<\/p><\/div>\n<p style=\"text-align: center;\">\u8cc7\u6599\u4f86\u6e90\uff1a\u9999\u6e2f\u4ea4\u6613\u6240<\/p>\n<p>\u57282021\u5e743\u6708\uff0c\u5728\u5229\u7387\u4e0a\u5347\u548c\u901a\u8139\u9810\u671f\u5f71\u97ff\u4e0b\uff0c\u6295\u8cc7\u8005\u4ee5\u7834\u7d00\u9304\u7684\u901f\u5ea6\uff0c\u5c07\u76ee\u6a19\u5f9e\u9ad8\u589e\u9577\u7684\u79d1\u6280\u80a1\u8f49\u5411\u5468\u671f\u6027\u50f9\u503c \u80a1\u53caSPAC\u3002\u96a8\u7740\u6295\u8cc7\u6f6e\u5ef6\u4f38\u5230SPAC\uff0c\u6295\u8cc7\u8005\u4ea6\u91cd\u65b0\u5be9\u8996\u53ef\u80fd\u51fa\u73fe\u7684\u6ce1\u6cab\u98a8\u96aa\uff0c\u800c\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\u4e3b\u5e2d\u4e5f\u6307\u51fa \uff0c\u7814\u7a76\u8868\u660eSPAC\u7684\u6295\u8cc7\u8868\u73fe\u8207\u5927\u591a\u6578\u6295\u8cc7\u8005\u7684\u61a7\u61ac\u4e0d\u7b26\u3002<\/p>\n<p>\u81f3\u65bc\u6700\u5927\u7684\u98a8\u96aa\uff0c\u83ab\u904e\u65bc\u4ee5\u5de8\u984d\u8cc7\u91d1\u8ffd\u9010\u6578\u91cf\u6709\u9650\u7684\u9ad8\u8cea\u91cf\u4f75\u8cfc\u76ee\u6a19\u3001\u904e\u65bc\u9032\u53d6\u7684\u6295\u8cc7\u9805\u76ee\u53ca\u5176\u4f30\u503c\uff0c\u4ee5\u53ca\u4fdd\u85a6 \u4eba\u548c\u80a1\u6771\u4e4b\u9593\u7684\u4e0d\u5354\u8abf\u7b49\u3002<\/p>\n<h5>\u5c0d\u9999\u6e2f\u7684\u555f\u793a<\/h5>\n<p>\u300a\u7d93\u6fdf\u5b78\u4eba\u300b\u4eca\u5e74\u521d\u5c3150\u9805\u8fd1\u671f\u5b8c\u6210\u6216\u6709\u5f85\u843d\u5be6SPAC\u4ea4\u6613\u7684\u516c\u53f8\u4f5c\u51fa\u7d71\u8a08\uff0c\u767c\u73fe\u5927\u7d04\u4e00\u534a\u516c\u53f8\u7684\u76c8\u5229\u9810\u6e2c\u70ba\u8667\u640d \u3002\u901950\u5bb6\u516c\u53f8\u76ee\u524d\u7684\u6bcf\u5e74\u71df\u696d\u5229\u6f64\u7e3d\u984d\u7d04\u70ba10\u5104\u7f8e\u5143\uff0c\u4f46\u516c\u53f8\u7ba1\u7406\u5c64\u537b\u5411\u6295\u8cc7\u8005\u8868\u793a\uff0c\u9810\u6e2c\u71df\u696d\u5229\u6f64\u5c07\u65bc2023\u5e74\u51fa \u73fe\u5947\u8e5f\uff0c\u8e8d\u5347\u81f3150\u5104\u7f8e\u5143\u3002\u9019\u7a76\u7adf\u662f\u7a7a\u982d\u652f\u7968\u6291\u6216\u6295\u8cc7\u6ce1\u6cab\u4f7f\u7136\uff0c\u5c31\u8981\u8003\u9a57\u6295\u8cc7\u8005\u7684\u81bd\u91cf\u548c\u667a\u6167\u3002<\/p>\n<p>\u6839\u64daDealogic\u53ca\u6a19\u666e\u667a\u532f\uff0c\u622a\u81f32021\u5e747\u670813\u65e5\uff0c\u670925\u5bb6\u7e3d\u90e8\u4f4d\u65bc\u5927\u4e2d\u83ef\u5340\u7684SPAC\u5728\u7f8e\u570b\u4e0a\u5e02\uff0cIPO\u96c6\u8cc7\u5171\u7d0442\u5104 \u7f8e\u5143\uff08331\u5104\u6e2f\u5143\uff09\uff0c\u7576\u4e2d20\u5bb6\u7e3d\u90e8\u8a2d\u65bc\u9999\u6e2f\uff0c5\u5bb6\u8a2d\u65bc\u4e2d\u570b\u5167\u5730\u3002\u82e5\u9999\u6e2f\u5e02\u5834\u5141\u8a31\u4f01\u696d\u900f\u904eSPAC\u4e0a\u5e02\uff0c\u6216\u66f4\u6709\u52a9\u722d \u53d6\u5927\u4e2d\u83ef\u516c\u53f8\u4f86\u6e2f\u4e0a\u5e02\u3002<br \/>\nSPAC\u70ba\u516c\u773e\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\uff0c\u900f\u904e\u80a1\u4efd\u548c\u6b0a\u8b49\u8207\u5c08\u696d\u7684SPAC\u767c\u8d77\u4eba\u4e00\u540c\u6295\u8cc7\uff0c\u5982\u540c\u6295\u8cc7\u79c1\u52df\u57fa\u91d1\u4e00\u6a23\uff0c\u537b\u6bcb\u9808\u652f \u4ed8\u9019\u985e\u57fa\u91d1\u7684\u9ad8\u6602\u7ba1\u7406\u8cbb\u7528\u3002\u7136\u800c\uff0c\u7531\u65bc\u4e00\u822c\u672c\u5730\u6563\u6236\u6295\u8cc7\u8005\u5c0dSPAC\u8a8d\u8b58\u4e0d\u6df1\uff0c\u5be6\u6709\u5fc5\u8981\u5728\u9019\u65b9\u9762\u52a0\u5f37\u516c\u773e\u6559\u80b2\u3002<\/p>\n<p>SPAC\u4e0a\u5e02\u5728\u7f8e\u570b\u5f15\u767c\u71b1\u6f6e\uff0c\u65e9\u5df2\u5438\u5f15\u4e86\u4e9e\u6d32\u5730\u5340\u90e8\u5206\u653f\u5e9c\u7684\u76ee\u5149\u3002SPAC\u5728\u4e9e\u6d32\u5177\u6709\u767c\u5c55\u7684\u6f5b\u529b\uff0c\u9999\u6e2f\u61c9\u5f9e\u4e2d\u638c\u63e1 \u6a5f\u9047\u3002\u5728\u672c\u5730\u8cc7\u672c\u5e02\u5834\u63a8\u5ee3SPAC\u5177\u6709\u50f9\u503c\u548c\u610f\u7fa9\uff0c\u56e0\u70baSPAC\u4e0a\u5e02\u4eab\u6709\u81ea\u8eab\u512a\u52e2\uff0c\u70ba\u767c\u884c\u4eba\u63d0\u4f9b\u4e00\u7a2e\u66ff\u4ee3\u4e0a\u5e02\u65b9\u5f0f\u3002 \u9999\u6e2f\u4f5c\u70ba\u9818\u5148\u7684\u570b\u969b\u91d1\u878d\u4e2d\u5fc3\uff0c\u8cc7\u672c\u5e02\u5834\u6df1\u5ea6\u5ee3\u5ea6\u517c\u5099\uff0c\u800c\u4e14\u96f2\u96c6\u4e86\u4e0d\u5c11\u6a5f\u69cb\u6295\u8cc7\u8005\u53ca\u5c08\u696d\u4eba\u624d\uff0c\u52a0\u4e0a\u4e16\u754c\u7d1a\u76e3\u7ba1 \u5236\u5ea6\uff0c\u8db3\u4ee5\u70baSPAC\u7684\u767c\u5c55\u63d0\u4f9b\u6709\u5229\u74b0\u5883\u3002<\/p>\n<p>&nbsp;<\/p>\n<h5>\u53c3\u8003\u6587\u737b<\/h5>\n<p>\u7279\u6b8a\u76ee\u7684\u6536\u8cfc\u516c\u53f8\u8aee\u8a62\u6587\u4ef6\uff0c\u9999\u6e2f\u4ea4\u6613\u6240\uff0c2021\u5e749\u6708<\/p>\n<p>SPAC spectacle\uff0c\u300a\u7d93\u6fdf\u5b78\u4eba\u300b\uff0c2021\u5e744\u670824\u65e5<\/p>\n<p>The SPAC Bubble is About to Burst\uff0c\u300a\u54c8\u4f5b\u5546\u696d\u8a55\u8ad6\u300b\uff0c2021\u5e742\u670818\u65e5<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u8b1d\u570b\u751f 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