Hong Kong’s status as an international financial center hinges on ensuring investors have confidence that the city follows the “conventional” rule of law in place in other global hubs and maintaining its special role as a bridge between the world and China, according to Ashley Alder, the outgoing top market regulator, Bloomberg reports.
Alder noted that “SPACs were one of the phenomena which basically signaled the final bit of bull market. We were very aware of that. Given that there seemed to be an inevitable, unstoppable drive to create a SPAC regime, we ended up with one that was deliberately designed to detoxify it. Because the incentives and other features of SPACs, without that sort of framework, in my view, broadly works against public investors.” Read more.