Transaction value of SPAC takeovers in Greater China 2022
The takeover of ERCAX Holding by COVA Acquisition Corp. for over 3.4 billion U.S. dollars was the largest SPAC transaction in the Greater China region as of October 2022. After American and Mainland Chinese regulators increased the requirements for cross-border IPOs, many Chinese startups saw special-purpose acquisition companies as a suitable avenue to access the American capital market.