HONG KONG/SINGAPORE -- The race between Singapore and Hong Kong to attract special-purpose acquisition companies (SPACs) is off to a cautious start, damping hopes the phenomenon could quickly produce a juicy revenue stream for Asia's top stock exchanges.
The two exchanges spent last year preparing new rules to encourage SPAC listings after seeing hundreds of such flotations in the U.S. and worrying that Asian companies would be lured away to list in New York.
