Tech startups shun Singapore and Hong Kong for U.S. SPACs

SINGAPORE -- Singapore and Hong Kong startups are sidestepping their home stock exchanges to merge with special purpose acquisition companies (SPACs) in the U.S., as fundraising vehicles in the Asian financial hubs have yielded little on their exit plans.

Information from financial data provider Refinitiv shows that at least nine Singapore and Hong Kong companies this year have announced plans to go public with SPACs listed in the U.S., despite the cities offering a number of these shell companies since the first quarter -- none of which has merged successfully with a target business.