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18B.03

The Exchange must be satisfied that adequate arrangements have been made to ensure that the securities of a SPAC will not be marketed to or traded by the public in Hong Kong (without prohibiting marketing to or trading by Professional Investors). For this reason a SPAC will be required to:
 
(1)    have a board lot size and subscription size of a value of at least HK$1,000,000 for its SPAC Shares;
 
(2) demonstrate to the Exchange that each intermediary involved in marketing or selling securities for and on its behalf, as part of its “know your client” procedures under the Code of Conduct, satisfy itself that each placee is a Professional Investor; and
 
(3) demonstrate to the Exchange that all other aspects of the structure of any SPAC securities offering preclude access by the public (other than Professional Investors).
 
Note:    For the purpose of compliance with this rule, the initial offering of a SPAC must not involve a public subscription tranche of securities.