The past week brought the first two IPO registrations of the year by blank check companies — as well as a third that went public via a business combination with a blank check company.
All three companies are from East Asia: one (China Resources Development Inc.) from Hong Kong, and two (Prime Acquisition Corp and China Complant Group, formerly known as Fangxing Holding Inc.) from the People’s Republic of China.
Last summer, we remarked upon what looked like a possible resurgence in blank check companies, or special purpose acquisition companies. And in October we noted that non-US companies were contributing strongly to that resurgence, with China being the leader of that pack. So this year’s early returns are consistent with that pattern. Stay tuned.