China Minsheng Financial is raising a $1bn fund with the aim of cashing in on the boom in “blank cheque” initial public offerings on stock exchanges in New York and London.
CM Financial’s fund will invest in special purpose acquisition companies focused on acquiring Chinese technology and high-end manufacturing assets, according to the group’s chief executive.
Spacs, as special purpose acquisition companies are also known, are vehicles that raise capital through IPOs without specific business plans other than to use the funds to invest in other companies. They are often called “blank cheque” companies because investors hand over their cash on the assumption that the shell company’s management team will invest in good businesses.
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