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A SPAC (Sponsored Portfolio Account) is an MCEX-listed and traded investment vehicle, representing a portfolio of MCEX-listed assets actively managed by the SPAC Sponsor – an efficient and cost-effective way to invest and conduct asset management in the RBF market.

SPACs are designed with flexible capital structure, allowing the SPAC Sponsors to raise funds for investment purposes by issuing SPAC units or senior units.

• An MCEX “Trading Participant”;
• Anyone who has satisfied the admission requirements for a “Trading Participant”; or
• Any industry experts or professional managers with experience in private equity, investment management, corporate finance, or related industries, and must meet one of the following admission qualification requirements:
  • Investment experience: At least 3 years of investment experience, and the company he/she works for is a regulated financial institution, or its business scope includes proprietary investment, investment management, securities brokerage or corporate financing, etc.; or
  • Industry operation experience (Brands): At least 3 years of industry operation experience, and the combined turnover for the most recent consecutive 365-day period is not less than RMB 5 million, or the total number of shops in operation is not less than 10; or
  • Industry operation experience (Platforms): Have at least 3 years of industry operation experience, and it is the platform operator itself, or it is an on-platform operator.