A: You need to qualify as a professional investor.
A: The minimum trading amount is HK$1 million.
A: There's no universal allotment rule for HK SPACs. We cannot guarantee the number of shares allotted to you as this depends on the sponsor and underwriter. There are chances that you may not be allotted shares or you may be allotted 100% of the shares you requested.
A: Grey market trading is not supported, but professional investors can sell SPAC shares after the market opens on the IPO day.
A: You can use FUTU Financing (i.e. unified buying power) to participate in HK SPAC IPOs.
A: Prior to the payment day, which is scheduled after the day of announcing allotment results, your subscription funds will be frozen and no interest will be incurred. FUTU Financing will be used If your withdrawable cash on the payment day is less than the amount required when you are allotted shares. The interest is settled monthly along with the interest incurred on your HK Margin Account, and the interest rate is normally 6.8% p.a. You can borrow or repay a loan at any time. As long as you can make up extra funds which are enough for the allotment on the day of announcing allotment results, no interest will be incurred.
A: No matter whether you are allotted shares, it is strictly prohibited to disclose any information relating to the offering to any third party or on any public occasion or social media platform, including Futubull Community and WeChat Moments.
A: Investors are bound by confidentiality obligations regarding the details about the international offering. Violations may result in the cancellation of the shares allotted to you or your disqualification from future international offerings. If any losses are caused to the company due to your violations, you shall be liable for such losses.
A: No. There is not a definite target company on the IPO day of a SPAC, and the target company is not limited to a specific industry, field, or geographical area. As a result, you will not be able to tell the operational advantages or risks of the target company.
A: A SPAC needs to announce the merger within 24 months after the IPO date and complete the merger within 36 months after the IPO date, with a possible extension of up to six months. If the above conditions cannot be met, the HKEX may apply a trading halt to the SPAC and request the SPAC to return the funds raised from the IPO to all SPAC shareholders within one month after the trading halt.