日前，由海南中天云朗私募基金管理有限公司设立和运营的反向并购公司Hainan Manaslu  Acquisition Corp在纳斯达克IPO（首次公开募股），股票代码为HMAC，公司目前市值9000余万美金。成功IPO后，HMAC成为“海南省SPAC第一股”。这是记者从三亚市金融发展局获得的消息。

Lately, Hainan Manaslu Acquisition Corp, a reverse takeover founded and run by Hainan Zhongtian Yunlang Private Equity Fund Management Co., Ltd., floated an IPO on Nasdaq under the symbol of HMAC with a market cap over USD 90mn, marking Hainan’s first SPAC listing, according to Sanya Financial Development Bureau.

据了解，HMAC在全球范围内寻找在智能制造、大消费、人工智能等高增长行业领域，具有明确战略发展前景和价值增长预期的企业作为并购标的。目前已与符合并购标准的标的企业签署并购协议，计划在2023年一季度完成并购。

HMAC is reported to identify a target boasting of promising strategic growth and rising value expectations from high-growth sectors including intelligent manufacturing, big consumption, and artificial intelligence on a global scale. It has signed an acquisition agreement with the qualified target, and plans to complete the acquisition in the first quarter of 2023.

中天云朗于2021年4月在三亚市中央商务区注册，是一家由来自北京、上海、香港企业运营及战略咨询、投行等资深人士所组成的私募股权基金管理公司，专注于数字消费新模式以及科技驱动的产业革新机会的精品投行及股权投资机构。公司业务涵盖跨境收并购、股权投资、上市公司资本运作等领域。

Registered as a private equity fund management company in Sanya Central Business District in April 2021, Zhongtian Yunlang is composed of veterans in corporate operation, strategic consulting, and investment banking from Beijing, Shanghai and Hong Kong. As a boutique investment banking and equity investment operator focusing on the new model of digital consumption and opportunities of technology-driven industrial innovation, it engages in cross-border acquisition, equity investment, capital operation of listed companies, among others.

中天云朗公司有关负责人表示，公司立足海南，充分对接海外资本市场，积极探索利用外资引入产业资本，引入具有重点产业优势的上市项目落地海南，以点带面，通过上市公司的带动效应，助力海南自贸港建设。

Headquartered in Hainan, Zhongtian Yunlang aligns with overseas capital markets, leverages foreign funds to attract industrial capital, and introduces listed projects with key industrial advantages to Hainan, contributing to the construction of Hainan Free Trade Port from point to area through the driving effect of listed companies, according to its head.

俯瞰海口市世纪大桥一带城市新貌。

An aerial view of city landscape near Century Bridge in Haikou.

什么是SPAC？

SPAC适合什么企业？

与IPO相比SPAC有何优势？

和小编一起来看看

What is SPAC?

Which businesses are eligible for SPAC?

What are the advantages of SPAC over IPO?

Let’s take a look

一：什么是SPAC 

No1:What is SPAC?

SPAC（Special Purpose Acquisition Company即特殊目的收购公司）是通过金融专业技能和资源实现跨境并购的一种融资方式，将IPO、海外并购、反向收购、跨境募资等多种金融属性集于一体，优化各金融工具的特征，从而完成企业上市融资的目的。SPAC模式已经成为近年来各国企业在美国资本市场进行IPO的热门选择。
SPAC stands for Special Purpose Acquisitions Company and is a kind of financing to realize cross-border acquisition with professional financial skills and resources. By integrating multiple financial properties such as IPO, overseas merger, reverse acquisition, and cross-border fundraising, SPAC optimizes the features of various financial instruments for the sole purpose of listing for financing. Recent years have witnessed SPAC become a popular model of businesses for IPOs in the American capital market.

No2:SPAC和IPOSPAC and IPO

通过传统IPO方式上市，需要完成选择中介机构、向证监会和交易所提交资料，路演定价等流程。然而，通过SPAC的方式上市，目标企业只需要与已上市主体合并，即可完成上市。
Traditionally, listing by IPO requires choosing an intermediary, submitting documents to the CSRC and the exchange, carrying out roadshow and pricing, etc. In contrast, listing by SPAC only requires the target to merge with a listed company.

SPAC

↓

SPAC管理层设立SPAC公司并上市

Found a SPAC and make it listed by the management

↓

SPAC管理层寻找目标企业

Identify a target by the management

↓

完成并购

Complete the acquisition

↓

新公司正式上市

Go listing officially

IPO

↓ 

选择中介机构Choose an intermediary

↓

向证监会和交易所提交资料

Submit documents to the CSRC and the exchange

↓

路演及定价

Carry out roadshow and pricing

↓

证券承销挂牌上市

Go listed after securities underwriting

与传统IPO相比，SPAC主要具有如下优势：SPAC features the following advantages over traditional IPO:

1.上市流程更简单，上市时间通常较短，上市费用也更低；SPAC前期已完成证监会和交易所的挂牌流程，对经营实体来说，无需像传统IPO那样等待半年以上的上市审核时间。通常最快3—6个月之内即可完成上市；

1.Simpler process, shorter waiting time and lower cost. For an operator, early-stage registration at the CSRC and the exchange shortens the duration of over half a year before listing to 3-6 months at the earliest;

2.对于投资人而言，由于目前无风险利率较低，投资SPAC的机会成本也比较低，SPAC相当于固定收益加期权的投资工具；

2.For an investor, low risk-free interest rate results in low opportunity cost of investing in SPAC, making SPAC an investment tool of fixed income plus options;

3.对于目标公司而言，因目标公司与SPAC可在并购谈判过程中谈好定价，其对并购价格和交易成功的确定性更高；SPAC已经是主板上市公司，且通过投资者认购募集大量资金，完成与SPAC的反向并购，经营实体即可实现上市，同时得到融资；

3.For a target, pricing in the process of acquisition negotiation makes acquisition price and successful transaction more certain and the operator may go listing and receive funding upon completing the reverse takeover with SPAC because SPAC is already a listed company on the main board that raises a large amount of funds through subscription by investors;

4.没有传统IPO存在的对公布管理层对未来业务预测的限制，SPAC会在并购目标公司时公布后者的未来业绩预测，投资者可以更清楚投资标的的质量。

4.Without the restriction on announcing the management’s future business forecast in traditional IPO, SPAC releases the future performance forecast of the target when acquiring it, so that investors can be better informed of the target quality.

三．SPAC适合什么企业
No3:Which businesses are eligible for SPAC

企业性质：民营；

Nature: Private;

行业：IT、消费电子、新材料新能源、生物技术、或其他特色行业；

Industry: IT, consumer electronics, new materials and new energy, biotechnology, and other featured industries;

企业地位：细分行业领导者、高成长、市场份额高；

Status: High-growth leaders with large market share in segment industries;

盈利要求：净利润>5000万人民币/年(盈利非硬性要求，主要以公司市值来评估)；

Profitability: Net profit > RMB50mn/year (not mandatory, mainly evaluated by market cap);

法律：合法纳税、合法经营的企业。

Legal: Pay taxes and operate legally.