2021 was the year of the SPAC, with over 800 SPAC IPO filings globally. Despite regulatory and geopolitical headwinds, we expect this upward trend to continue through 2022, with Singapore and Hong Kong proving increasingly attractive alternative listing venues for Asia-based SPAC sponsors alongside the more traditional markets. Cayman will remain the jurisdiction of choice for incorporating SPAC and sponsor vehicles. In the broader Asian equity capital markets, we have a large pipeline of instructions for HKEx-listings slated for early 2022 reflecting the overall market in Hong Kong, fuelled in part by a combination of recent amendments to the HKEx's listing rules and the increasing difficulty and commercial viability of pursuing a US listing in certain cases. Over 70% of the HKEx's main board comprises Cayman companies and Cayman will remain the go-to jurisdiction for listings. BVI remains popular for pre-IPO structuring. As ever, regulatory pressures – including the approach taken towards the VIE structure and restricted list companies – has the potential to impact sentiment. The Singapore Stock Exchange launched its new SPAC regime to establish itself as a SPAC hub, particularly in light of the number of South East Asian startups seeking funding. The current pipeline is expected to be strong and the market is anticipating a number of SGX SPACs to be listed in the next 12-18 months. Cayman companies have been listed as SPAC vehicles in Singapore and we expect the demand for Cayman as the domicile of choice to continue.
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