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想趁熱鬧投資SPAC?3隻ETF幫到手

今次跟大家介紹一個近期興起,炙手可熱的投資新工具(新類型上市公司),叫做SPAC (Special Purpose Acquisition Company),中文譯法「特殊目的併購公司」。這類公司在美股市場急速冒起,值得大家認識一下。香港還未有SPAC,但相信也是大勢所趨,遲早引入。

甚麼是SPAC?

這類公司跟它的名稱一模一樣,就是具有特殊目的,它的存在就是用作收購人家的業務。簡單來說,一家沒有業務、沒有收入的空殼公司,透過招股上市籌集資金,有了錢之後,才拿出來,收購(或者合併)一些實質有業務的企業。

換言之,一間公司打算上市,但這間公司乜都無,無錢、無業務、無業績,只話你知日後會收購一間有前景公司,大家入股純因為一個 “信”字。等呢間公司上市集資後,籌到的錢會成立一個信託基金,積極咁搵啲靚資產進行收購或合併,將間公司做大佢。不過,兩年後如果貨不對辦,沒任何收購合併做得成,呢間SPAC會清盤,基金會將錢發還番比股民。

再講一些相關實例俾大家。大家應該聽過共享辦公室公司WeWork,2019年底打算招股上市籌集資金,但最終並不成功,公司有業務但仍在發展當中,仲蝕緊錢,資金又唔多,咁嘅條件要申請上市當然困難重重。近期WeWork改變了策略,計劃找一間SPAC合併,人家有錢沒有業務,WeWork有業務但財力唔夠。合併成功的話,新公司有錢、有業務,又已經是一間上市公司,到時要借錢或再集資都容易啲,可謂win win。

SPAC有幾受歡迎?

2020年美國大概有250間SPAC出現,共籌集到830億美元,數量比上一年增加六倍。今年頭6個星期,SPAC數目已經去到2020年的一半😳。

何解SPAC咁得寵?

SPAC大行其道,原因當然因為市場資金泛濫。另方面呢類投資方法,以前屬於私募基金等專業投資者先做到,小股民參與唔到。今時今日,透過SPAC,可以投資一些未上市有前景的新企業,回報可以好豐厚,不過風險當然係大。

另一方面,對於SPAC來說,以這種型式上市簡單方便,因為沒有業務、沒有盈利,也有沒有往績🤷‍♀️,所以上市的程序相對簡單。

有甚麼投資風險?

這類又名 “空頭支票公司”,顧名思義就是憑着一個信字,公司能否成功找到目標,目標公司是否有潛質,都是未知之數。

一般公司招股上市,公司的招股價,會按它的資產價格及賺錢能力作出評估,不過這類SPAC公司無資產、無生意,招股價就是以籌到錢所成立的信託基金為基礎,按比例計算。一旦公司清盤,投資者取回的資金,價值是信託基金剩番幾多,按比例收錢。如果投資者用高價值入市,就會勁蝕收場。

3隻SPAC ETF

近年美股有幾隻相關的ETF新成立,小股民有興趣亦可以透過這些投資SPAC的ETF進行,好處是投資一籃子的SPAC,有分散風險的作用。


圖:3隻SPAC ETF

Defiance Next Gen SPAC Derived(SPAK)
最早成立、投資在SPAC的ETF,追蹤SPAC & NextGen IPO 指數。由於屬被動型指數基金,收費也相對較低,開支比率0.45%。ETF持股數量137隻,六成屬於SPAC延伸出來的新公司,四成是新上市的SPACs。

The SPAC and New Issue ETF(SPACX)
主動型基金,至少八成的資產投資在SPACs,投資的公司市值不低於一億美元,同時上市超過兩年。

Morgan Creek-Exos SPAC Originated ETF(SPXZ)
剛成立不久的ETF,基金推出在短短27個工作天,資金資產超過一千萬美元,反應不俗。開支比率高達1%。這隻主動型基金,主要直接或透過衍生工具例如認股證等,投資在SPAC 公司。


圖:3隻SPAC ETF股價表現

結語

值得一提,這類型的投資屬於高回報高風險,收費水平比一般的還要高,同時基金管理的資產相對比較細,投資前要意注風險。

有興趣可以睇睇美國證交會提到的相關注意事項:
What You Need to Know About SPACs – Investor Bulletin

(22/2/2021)

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