From a global perspective, the number and fund-raising amount of spacipo ushered in an upward acceleration inflection point in the second quarter of 2020, reaching 25 and US $6.5 billion respectively. In the third quarter, 82 IPOs raised a total of US $29.1 billion. In the fourth quarter, the growth trend continued, 134 IPOs raised a total of US $35.3 billion. In the first quarter of 2021, a blowout burst was realized, with a total of 298 IPOs in a single quarter, The fund-raising amount reached US $82.8 billion. In the second quarter of 2021, the fund-raising amount fell sharply, and 61 IPOs recorded only US $11.9 billion.
What is the "red" of SPAC model in 2020: sufficient or even flooded liquidity is the basis; Epidemic situation is an unprecedented "catalyst"; The resonance of interests of all parties is a Beijing Dynamic Power Co.Ltd(600405) spring.
Is the bubble feast or the future coming? The SPAC mode has a dividend policy, and when the regulatory policy is tightened, this craze will suddenly drop. It is hard to say that there is no bubble in a capital market model where prosperity and prosperity are firmly controlled by the regulatory policy, blowout in the short term and the risk of sudden cooling after being monitored by regulators. However, in the long run, the application cycle of technological innovation is getting shorter and shorter, and the demand for re dividing interests is the long-term factor supporting this SPAC frenzy.
Spac investment strategy: identifying the market environment is the first step; Invest in SPAC of high-quality sponsors; Diversify into multiple spacs; Buy in "gossip" and sell in "dust settled".
Future development trend of SPAC: strengthen supervision and fill loopholes; Become one of the potential listing methods; Competition in the international market has intensified.
The possibility of introducing SPAC mode in Chinese mainland is expected: the possibility of introducing SPAC mode in Chinese mainland is not likely to be in the short term, for four reasons: first, the position of the North exchange as the main position of service innovation SMEs, and will not change in the short term. Second, the registration system has yet to be implemented in the whole market; Third, the SPAC model conflicts with the existing listing rules, and the modification of laws and regulations is not done overnight; Fourth, the education of Chinese investors needs to be strengthened urgently. The rash introduction of SPAC mode is contrary to the concept of protecting investors. In the medium and long term, it may be possible to introduce spac mode.
Risk tips:
Overall macroeconomic downturn; The industry profit is less than expected; Tightening of regulatory policies; The promotion of reform policies is less than expected; Systemic risks in foreign markets; Deterioration of Sino US relations; The epidemic situation has worsened outside China.
