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2021-08-05

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SPACs Target Emerging Markets as U.S. Competition Mounts<blockquote>随着美国竞争加剧，SPAC瞄准新兴市场</blockquote>

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Blank-check companies are venturing to far-flung locales such as Brazil, Israel and Turkey to find attractive merger targets these days.<blockquote>随着投资者在海外寻求更好的价值，专注于发展中国家的空白支票公司数量在2021年几乎增加了两倍。如今，空白支票公司正冒险前往巴西、以色列和土耳其等遥远的地方，寻找有吸引力的合并目标。</blockquote> Special-purpose acquisition companies, or SPACs, explicitly pursuing companies in Asia, Latin America, Eastern Europe, the Middle East and Africa remain a small part of the overall market. But they are growing at a faster clip than their conventional counterparts, according to The Wall Street Journal’s analysis of data from SPAC Research.<blockquote>明确收购亚洲、拉丁美洲、东欧、中东和非洲公司的特殊目的收购公司（SPAC）仍然只占整个市场的一小部分。但根据《华尔街日报》对 SPAC 研究数据的分析，它们的增长速度比传统同行更快。</blockquote> Sixty new SPACs focused on emerging markets filed documents with the Securities and Exchange Commission in the first half of 2021, almost triple the number for all of 2020, according to the analysis. The number of non-emerging-market SPACs grew by about 67% to 515 over the same period.<blockquote>分析显示，2021年上半年，60家专注于新兴市场的新SPAC向美国证券交易委员会提交了文件，几乎是2020年全年的两倍。同期，非新兴市场SPAC的数量增长了约67%，达到515家。</blockquote> The surge coincides with mounting competition that has driven up purchase prices, and a selloff that has buffeted the U.S. SPAC market in recent months.<blockquote>这一激增恰逢竞争加剧推高了收购价格，以及近几个月来打击美国 SPAC 市场的抛售。</blockquote> SPACs are shell firms that raise money on stock exchanges, then merge with private companies and take them public. With so-manybuyers chasing dealsin the U.S., blank-check companies are more likely to overpay or to purchase speculative businesses because they must close deals within two years of launching or give investors their money back. The bidding wars have grown so heated that Wall Street insiders have taken to calling them SPAC-offs.<blockquote>SPAC是在证券交易所筹集资金，然后与私营公司合并并上市的空壳公司。由于美国有如此多的买家追逐交易，空白支票公司更有可能支付过高的价格或收购投机性企业，因为它们必须在推出两年内完成交易，否则将资金退还给投资者。竞购战变得如此激烈，以至于华尔街内部人士开始称其为特殊目的收购。</blockquote> “People are finding two Stanford dropouts with a twinkle in their eye and a plan to colonize Venus and giving them $2 billion,” said Daniel Freifeld, founder of Callaway Capital Management LLC, a money manager focused on emerging markets.<blockquote>“专注于新兴市场的基金管理公司卡拉威资本管理有限责任公司（Callaway Capital Management LLC）的创始人丹尼尔-弗赖菲尔德（Daniel Freifeld）说：”人们发现两名斯坦福大学辍学生眼中闪烁着光芒，并计划殖民金星，并给他们 20 亿美元。</blockquote> Callaway completed a $125 million SPAC in July that listed on the New York Stock Exchange and is targeting Turkish financial-technology companies.<blockquote>Callaway 于 7 月完成了一项价值 1.25 亿美元的 SPAC，在纽约证券交易所上市，目标是土耳其金融科技公司。</blockquote> Turkey is a prime example of the risks that foreign investors take playing in developing markets. Political instability, high inflation and erratic monetary policy have sent the country’s stock market andcurrency into a tailspindespite the global economic recovery this year. The Turkey BIST 100 stock index lost 5.2% in 2021 through Aug. 2, making it the third-worst performer of the global benchmark indexes listed by FactSet.<blockquote>土耳其是外国投资者在发展中市场冒险的一个典型例子。尽管今年全球经济复苏，但政治不稳定、高通胀和不稳定的货币政策使该国股市和货币陷入了困境。截至 8 月 2 日，土耳其 BIST 100 股票指数在 2021 年下跌 5.2%，成为 FactSet 列出的全球基准指数中表现第三差的指数。</blockquote> “Nowhere in the world is cheaper than Turkey right now,” Mr. Freifeld said&nbsp;Still, the country’s banks and insurance companies are well capitalized and its young population is underbanked, creating strong growth prospects for the financial sector, according to Mr. Freifeld, who says Turkish assets are unlikely to fall much further.<blockquote>弗赖菲尔德先生说：“目前世界上没有哪个地方比土耳其更便宜。”弗赖菲尔德先生说，土耳其的银行和保险公司资本充足，年轻人口银行服务不足，这为金融业创造了强劲的增长前景。</blockquote> Most SPACs focused on emerging markets list on U.S. stock exchanges, where relatively stringent reporting and regulatory requirements give investors comfort, said Matthew Simpson, managing partner at WealthSpring Capital, which has about $750 million it invests in SPACs. They also give SPAC investors a way to reduce concentration in the U.S., where lofty valuations andwarnings from regulatorshave recently sparkeda sharp selloff.<blockquote>WealthSpring Capital 的执行合伙人马修·辛普森 (Matthew Simpson) 表示，大多数专注于新兴市场的 SPAC 都在美国证券交易所上市，美国相对严格的报告和监管要求让投资者感到安心，该公司在 SPAC 上投资了约 7.5 亿美元。它们还为特殊目的收购公司投资者提供了一种减少在美国集中度的方法，美国的高估值和监管机构的警告最近引发了大幅抛售。</blockquote> “We actually like adding a lot of foreign-focused SPACs in our portfolio because it adds diversity,” Mr. Simpson said.<blockquote>“辛普森先生说：”实际上，我们喜欢在我们的投资组合中增加很多以外国为重点的 SPAC，因为这增加了多样性。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SPACs Target Emerging Markets as U.S. Competition Mounts<blockquote>随着美国竞争加剧，SPAC瞄准新兴市场</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSPACs Target Emerging Markets as U.S. Competition Mounts<blockquote>随着美国竞争加剧，SPAC瞄准新兴市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-08-05 21:02\n\n</h4>\n</header>\n<article>\n The number of blank-check companies focused on developing countries has almost tripled in 2021 as investors look for better value overseas. Blank-check companies are venturing to far-flung locales such as Brazil, Israel and Turkey to find attractive merger targets these days.<blockquote>随着投资者在海外寻求更好的价值，专注于发展中国家的空白支票公司数量在2021年几乎增加了两倍。如今，空白支票公司正冒险前往巴西、以色列和土耳其等遥远的地方，寻找有吸引力的合并目标。</blockquote> Special-purpose acquisition companies, or SPACs, explicitly pursuing companies in Asia, Latin America, Eastern Europe, the Middle East and Africa remain a small part of the overall market. But they are growing at a faster clip than their conventional counterparts, according to The Wall Street Journal’s analysis of data from SPAC Research.<blockquote>明确收购亚洲、拉丁美洲、东欧、中东和非洲公司的特殊目的收购公司（SPAC）仍然只占整个市场的一小部分。但根据《华尔街日报》对 SPAC 研究数据的分析，它们的增长速度比传统同行更快。</blockquote> Sixty new SPACs focused on emerging markets filed documents with the Securities and Exchange Commission in the first half of 2021, almost triple the number for all of 2020, according to the analysis. The number of non-emerging-market SPACs grew by about 67% to 515 over the same period.<blockquote>分析显示，2021年上半年，60家专注于新兴市场的新SPAC向美国证券交易委员会提交了文件，几乎是2020年全年的两倍。同期，非新兴市场SPAC的数量增长了约67%，达到515家。</blockquote> The surge coincides with mounting competition that has driven up purchase prices, and a selloff that has buffeted the U.S. SPAC market in recent months.<blockquote>这一激增恰逢竞争加剧推高了收购价格，以及近几个月来打击美国 SPAC 市场的抛售。</blockquote> SPACs are shell firms that raise money on stock exchanges, then merge with private companies and take them public. With so-manybuyers chasing dealsin the U.S., blank-check companies are more likely to overpay or to purchase speculative businesses because they must close deals within two years of launching or give investors their money back. The bidding wars have grown so heated that Wall Street insiders have taken to calling them SPAC-offs.<blockquote>SPAC是在证券交易所筹集资金，然后与私营公司合并并上市的空壳公司。由于美国有如此多的买家追逐交易，空白支票公司更有可能支付过高的价格或收购投机性企业，因为它们必须在推出两年内完成交易，否则将资金退还给投资者。竞购战变得如此激烈，以至于华尔街内部人士开始称其为特殊目的收购。</blockquote> “People are finding two Stanford dropouts with a twinkle in their eye and a plan to colonize Venus and giving them $2 billion,” said Daniel Freifeld, founder of Callaway Capital Management LLC, a money manager focused on emerging markets.<blockquote>“专注于新兴市场的基金管理公司卡拉威资本管理有限责任公司（Callaway Capital Management LLC）的创始人丹尼尔-弗赖菲尔德（Daniel Freifeld）说：”人们发现两名斯坦福大学辍学生眼中闪烁着光芒，并计划殖民金星，并给他们 20 亿美元。</blockquote> Callaway completed a $125 million SPAC in July that listed on the New York Stock Exchange and is targeting Turkish financial-technology companies.<blockquote>Callaway 于 7 月完成了一项价值 1.25 亿美元的 SPAC，在纽约证券交易所上市，目标是土耳其金融科技公司。</blockquote> Turkey is a prime example of the risks that foreign investors take playing in developing markets. Political instability, high inflation and erratic monetary policy have sent the country’s stock market andcurrency into a tailspindespite the global economic recovery this year. The Turkey BIST 100 stock index lost 5.2% in 2021 through Aug. 2, making it the third-worst performer of the global benchmark indexes listed by FactSet.<blockquote>土耳其是外国投资者在发展中市场冒险的一个典型例子。尽管今年全球经济复苏，但政治不稳定、高通胀和不稳定的货币政策使该国股市和货币陷入了困境。截至 8 月 2 日，土耳其 BIST 100 股票指数在 2021 年下跌 5.2%，成为 FactSet 列出的全球基准指数中表现第三差的指数。</blockquote> “Nowhere in the world is cheaper than Turkey right now,” Mr. Freifeld said&nbsp;Still, the country’s banks and insurance companies are well capitalized and its young population is underbanked, creating strong growth prospects for the financial sector, according to Mr. Freifeld, who says Turkish assets are unlikely to fall much further.<blockquote>弗赖菲尔德先生说：“目前世界上没有哪个地方比土耳其更便宜。”弗赖菲尔德先生说，土耳其的银行和保险公司资本充足，年轻人口银行服务不足，这为金融业创造了强劲的增长前景。</blockquote> Most SPACs focused on emerging markets list on U.S. stock exchanges, where relatively stringent reporting and regulatory requirements give investors comfort, said Matthew Simpson, managing partner at WealthSpring Capital, which has about $750 million it invests in SPACs. They also give SPAC investors a way to reduce concentration in the U.S., where lofty valuations andwarnings from regulatorshave recently sparkeda sharp selloff.<blockquote>WealthSpring Capital 的执行合伙人马修·辛普森 (Matthew Simpson) 表示，大多数专注于新兴市场的 SPAC 都在美国证券交易所上市，美国相对严格的报告和监管要求让投资者感到安心，该公司在 SPAC 上投资了约 7.5 亿美元。它们还为特殊目的收购公司投资者提供了一种减少在美国集中度的方法，美国的高估值和监管机构的警告最近引发了大幅抛售。</blockquote> “We actually like adding a lot of foreign-focused SPACs in our portfolio because it adds diversity,” Mr. Simpson said.<blockquote>“辛普森先生说：”实际上，我们喜欢在我们的投资组合中增加很多以外国为重点的 SPAC，因为这增加了多样性。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/spacs-target-emerging-markets-as-u-s-competition-mounts-11628161381?mod=markets_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/spacs-target-emerging-markets-as-u-s-competition-mounts-11628161381?mod=markets_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123028494","content_text":"The number of blank-check companies focused on developing countries has almost tripled in 2021 as investors look for better value overseas.\n\nBlank-check companies are venturing to far-flung locales such as Brazil, Israel and Turkey to find attractive merger targets these days.\nSpecial-purpose acquisition companies, or SPACs, explicitly pursuing companies in Asia, Latin America, Eastern Europe, the Middle East and Africa remain a small part of the overall market. But they are growing at a faster clip than their conventional counterparts, according to The Wall Street Journal’s analysis of data from SPAC Research.\nSixty new SPACs focused on emerging markets filed documents with the Securities and Exchange Commission in the first half of 2021, almost triple the number for all of 2020, according to the analysis. The number of non-emerging-market SPACs grew by about 67% to 515 over the same period.\nThe surge coincides with mounting competition that has driven up purchase prices, and a selloff that has buffeted the U.S. SPAC market in recent months.\nSPACs are shell firms that raise money on stock exchanges, then merge with private companies and take them public. With so-manybuyers chasing dealsin the U.S., blank-check companies are more likely to overpay or to purchase speculative businesses because they must close deals within two years of launching or give investors their money back. The bidding wars have grown so heated that Wall Street insiders have taken to calling them SPAC-offs.\n“People are finding two Stanford dropouts with a twinkle in their eye and a plan to colonize Venus and giving them $2 billion,” said Daniel Freifeld, founder of Callaway Capital Management LLC, a money manager focused on emerging markets.\nCallaway completed a $125 million SPAC in July that listed on the New York Stock Exchange and is targeting Turkish financial-technology companies.\nTurkey is a prime example of the risks that foreign investors take playing in developing markets. Political instability, high inflation and erratic monetary policy have sent the country’s stock market andcurrency into a tailspindespite the global economic recovery this year. The Turkey BIST 100 stock index lost 5.2% in 2021 through Aug. 2, making it the third-worst performer of the global benchmark indexes listed by FactSet.\n“Nowhere in the world is cheaper than Turkey right now,” Mr. Freifeld said Still, the country’s banks and insurance companies are well capitalized and its young population is underbanked, creating strong growth prospects for the financial sector, according to Mr. Freifeld, who says Turkish assets are unlikely to fall much further.\nMost SPACs focused on emerging markets list on U.S. stock exchanges, where relatively stringent reporting and regulatory requirements give investors comfort, said Matthew Simpson, managing partner at WealthSpring Capital, which has about $750 million it invests in SPACs. They also give SPAC investors a way to reduce concentration in the U.S., where lofty valuations andwarnings from regulatorshave recently sparkeda sharp selloff.\n“We actually like adding a lot of foreign-focused SPACs in our portfolio because it adds diversity,” Mr. Simpson said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3130,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/899173312"}