{"id":568383,"date":"2025-03-04T15:24:19","date_gmt":"2025-03-04T07:24:19","guid":{"rendered":"https:\/\/law.asia\/?p=568383"},"modified":"2026-02-24T15:25:53","modified_gmt":"2026-02-24T07:25:53","slug":"two-step-de-spac-structure-analysis","status":"publish","type":"post","link":"https:\/\/law.asia\/zh-hans\/two-step-de-spac-structure-analysis\/","title":{"rendered":"De-SPAC\u201c\u4e24\u6b65\u8d70\u201d\u67b6\u6784\u89e3\u6790"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #808080;\"><strong>SPAC\u6b63\u5728\u91cd\u5851\u8d44\u672c\u5e02\u573a\u3002\u5176\u4ece\u521d\u59cb\u4ea4\u6613\u5230\u6210\u529f\u5408\u5e76\uff0c\u521b\u65b0\u7ed3\u6784\u4e0d\u4ec5\u91ca\u653e\u4e86\u589e\u957f\u6f5c\u529b\u548c\u53d1\u5c55\u673a\u9047\uff0c\u66f4\u6539\u53d8\u4e86\u516c\u53f8\u4e0a\u5e02\u65b9\u5f0f\uff0c\u5e76\u6fc0\u53d1\u4e86\u5927\u80c6\u7684\u6295\u8d44\u7b56\u7565<\/strong><\/span><\/p>\n<p class=\"EB_EB-Body-DropCap-Chi\" style=\"text-align: justify;\"><span class=\"_idGenDropcap-1\">\u7279<\/span>\u6b8a\u76ee\u7684\u6536\u8d2d\u516c\u53f8\uff08SPAC\uff09\u6a21\u5f0f\u5728\u8d44\u672c\u5e02\u573a\u9010\u6e10\u5174\u8d77\uff0c\u5176\u6838\u5fc3\u5728\u4e8e\u4e0e\u76ee\u6807\u516c\u53f8\u8fbe\u6210\u4e1a\u52a1\u5408\u5e76\u534f\u8bae\uff08BCA\uff09\uff0cBCA\u524d\u671f\u4e3b\u8981\u5206\u4e3a\u4e24\u4e2a\u5173\u952e\u9636\u6bb5\uff1a\u610f\u5411\u4e66\uff08LOI\uff09\u9636\u6bb5\u548c\u5c3d\u804c\u8c03\u67e5\u9636\u6bb5\u3002<\/p>\n<h2 class=\"EB_EB-Subhead-Red-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>\u521d\u6b65\u534f\u8bae\u4e0eLOI\u9636\u6bb5<\/strong><\/span><\/h2>\n<p class=\"EB_EB-Body-No-Indent-Chi\" style=\"text-align: justify;\">SPAC\u6210\u529fIPO\u540e\uff0c\u9700\u5728 15 &#8211; 24 \u4e2a\u6708\u5185\uff08\u7279\u6b8a\u60c5\u51b5\u53ef\u4ed8\u8d39\u5ef6\u671f\uff09\u786e\u5b9a\u5408\u9002\u7684\u76ee\u6807\u516c\u53f8\u3002\u8fd9\u4e00\u9636\u6bb5\uff0c\u7ba1\u7406\u56e2\u961f\u9700\u8981\u4f9d\u6258\u6df1\u539a\u7684\u884c\u4e1a\u7ecf\u9a8c\u4ee5\u53ca\u5e7f\u6cdb\u7684\u4eba\u8109\uff0c\u4ece\u4f17\u591a\u516c\u53f8\u4e2d\u7b5b\u9009\u51fa\u7b26\u5408\u6295\u8d44\u7b56\u7565\u3001\u5177\u6709\u6210\u957f\u6f5c\u529b\u4e14\u60f3\u501f\u52a9 SPAC\u4e0a\u5e02\u878d\u8d44\u7684\u76ee\u6807\u516c\u53f8\u3002\u4e00\u65e6\u786e\u5b9a\u76ee\u6807\uff0c\u53cc\u65b9\u8fc5\u901f\u5c55\u5f00\u8c08\u5224\u5e76\u7b7e\u7f72\u610f\u5411\u4e66\u3002<\/p>\n<p class=\"EB_EB-Body-Chi\" style=\"text-align: justify;\">\u610f\u5411\u4e66\u662f\u5173\u952e\u7684\u5148\u884c\u6587\u4ef6\uff0c\u6db5\u76d6\u4ea4\u6613\u7ed3\u6784\u3001\u4f30\u503c\u8303\u56f4\u3001\u80a1\u6743\u4ea4\u6362\u6bd4\u4f8b\u4ee5\u53ca\u76ee\u6807\u516c\u53f8\u7ba1\u7406\u5c42\u6743\u76ca\u5b89\u6392\u7b49\u6838\u5fc3\u5185\u5bb9\uff0c\u65e2\u80fd\u4e3a\u540e\u7eed\u5c3d\u804c\u8c03\u67e5\u6253\u597d\u57fa\u7840\uff0c\u53c8\u80fd\u5f15\u8d77\u6295\u8d44\u8005\u5173\u6ce8\uff0c\u8425\u9020\u5e02\u573a\u9884\u671f\u3002<\/p>\n<h2 class=\"EB_EB-Subhead-Red-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>\u5c3d\u804c\u8c03\u67e5\u9636\u6bb5<\/strong><\/span><\/h2>\n<figure id=\"attachment_568377\" aria-describedby=\"caption-attachment-568377\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"size-full wp-image-568377\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/03\/Hu-Zhemin-Joint-Win-Partners.jpg\" alt=\"Hu Zhemin, Joint-Win Partners\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-568377\" class=\"wp-caption-text\"><strong>\u80e1\u54f2\u654f<\/strong><br \/>\u9ad8\u7ea7\u5408\u4f19\u4eba<br \/>\u6b63\u7b56\u5f8b\u5e08\u4e8b\u52a1\u6240<br \/>\u7535\u8bdd: +86 188 1783 7286<br \/>\u7535\u5b50\u4fe1\u7bb1: huzhemin@joint-win.com<\/figcaption><\/figure>\n<p class=\"EB_EB-Body-No-Indent-Chi\" style=\"text-align: justify;\">\u7b7e\u7f72\u610f\u5411\u4e66\u540e\uff0c\u7531\u8d22\u52a1\u3001\u6cd5\u52a1\u3001\u884c\u4e1a\u4e13\u5bb6\u7ec4\u6210\u7684\u5c3d\u804c\u8c03\u67e5\u56e2\u961f\u7acb\u5373\u5c55\u5f00\u5de5\u4f5c\uff0c\u5bf9\u76ee\u6807\u516c\u53f8\u8fdb\u884c\u5168\u9762\u5ba1\u67e5\u3002\u8c03\u67e5\u5185\u5bb9\u6db5\u76d6\u4ee5\u4e0b\u65b9\u9762\uff1a\u8d22\u52a1\u72b6\u51b5\uff0c\u5305\u62ec\u8425\u6536\u3001\u6210\u672c\u3001\u5229\u6da6\u3001\u8d44\u4ea7\u8d1f\u503a\uff1b\u7ecf\u8425\u4e1a\u7ee9\u7684\u5b9e\u9645\u8868\u73b0\u53ca\u7a33\u5b9a\u6027\uff1b\u6cd5\u5f8b\u5408\u89c4\u6027\uff0c\u5982\u672a\u4e86\u7ed3\u8bc9\u8bbc\u3001\u5408\u540c\u5408\u89c4\u7b49\uff1b\u5e02\u573a\u7ade\u4e89\u529b\uff0c\u5305\u62ec\u5e02\u573a\u4efd\u989d\u548c\u7ade\u4e89\u4f18\u52bf\uff1b\u4ee5\u53ca\u6280\u672f\u7814\u53d1\u80fd\u529b\u548c\u77e5\u8bc6\u4ea7\u6743\u60c5\u51b5\u7b49\u3002\u901a\u8fc7\u9010\u9879\u6392\u67e5\uff0c\u5168\u9762\u4e86\u89e3\u76ee\u6807\u516c\u53f8\u771f\u5b9e\u60c5\u51b5\uff0c\u8bc6\u522b\u6f5c\u5728\u98ce\u9669\u3002<\/p>\n<h2 class=\"EB_EB-Subhead-Red-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>\u534f\u5546BCA\u9636\u6bb5<\/strong><\/span><\/h2>\n<p class=\"EB_EB-Body-No-Indent-Chi\" style=\"text-align: justify;\">\u53cc\u65b9\u56f4\u7ed5\u6700\u7ec8\u5408\u5e76\u534f\u8bae\u5c55\u5f00\u8c08\u5224\u3002\u82e5\u5c3d\u804c\u8c03\u67e5\u53d1\u73b0\u76ee\u6807\u516c\u53f8\u5b58\u5728\u8d22\u52a1\u95ee\u9898\uff0c\u5982\u8425\u6536\u672a\u8fbe\u9884\u671f\uff0c\u6216\u6709\u6cd5\u5f8b\u98ce\u9669\uff08\u5982\u77e5\u8bc6\u4ea7\u6743\u7ea0\u7eb7\uff09\uff0cSPAC\u6709\u6743\u8981\u6c42\u8c03\u6574\u4ea4\u6613\u6761\u6b3e\uff0c\u4f8b\u5982\u964d\u4f4e\u4f30\u503c\u3001\u6539\u53d8\u80a1\u6743\u4ea4\u6362\u6bd4\u4f8b\uff0c\u751a\u81f3\u8981\u6c42\u76ee\u6807\u516c\u53f8\u6574\u6539\u3002<\/p>\n<p class=\"EB_EB-Body-Chi\" style=\"text-align: justify;\">\u6700\u7ec8BCA\u662f\u4e00\u4efd\u8be6\u7ec6\u4e14\u5177\u6709\u6cd5\u5f8b\u7ea6\u675f\u529b\u7684\u6587\u4ef6\uff0c\u660e\u786e\u89c4\u5b9a\u4e86\u5408\u5e76\u4ea4\u6613\u7684\u6240\u6709\u5173\u952e\u6761\u6b3e\uff0c\u5305\u62ec\u7cbe\u51c6\u7684\u516c\u53f8\u4f30\u503c\u3001\u7cbe\u786e\u7684\u80a1\u6743\u4ea4\u6362\u6bd4\u4f8b\u3001\u76ee\u6807\u516c\u53f8\u7ba1\u7406\u5c42\u5728\u5408\u5e76\u540e\u516c\u53f8\u4e2d\u7684\u89d2\u8272\u4e0e\u6743\u76ca\u5b89\u6392\u3001\u4e1a\u7ee9\u627f\u8bfa\u4e0e\u8865\u507f\u6761\u6b3e\uff08\u5982\u6709\uff09\u3001\u4ea4\u6613\u5b8c\u6210\u6240\u9700\u6761\u4ef6\uff08\u5982\u83b7\u5f97\u80a1\u4e1c\u6279\u51c6\u3001\u901a\u8fc7\u8bc1\u5238\u76d1\u7ba1\u90e8\u95e8\u5ba1\u6838\u7b49\uff09\uff0c\u4ee5\u53ca\u4ea4\u6613\u7684\u65f6\u95f4\u8868\u4e0e\u7ec8\u6b62\u6761\u6b3e\u3002<\/p>\n<h2 class=\"EB_EB-Subhead-Red-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>\u5b9e\u65bd\u5408\u5e76\u9636\u6bb5<\/strong><\/span><\/h2>\n<p class=\"EB_EB-Body-No-Indent-Chi\" style=\"text-align: justify;\">\u53cc\u65b9\u7b7e\u7f72BCA\u540e\uff0cSPAC\u9879\u76ee\u8fdb\u5165\u5b9e\u65bd\u5408\u5e76\u9636\u6bb5\u3002\u5728\u8fd9\u4e00\u9636\u6bb5\uff0c\u8981\u6309\u7a0b\u5e8f\u5b8c\u6210\u4e00\u7cfb\u5217\u64cd\u4f5c\uff0c\u5982\u83b7\u5f97SPAC\u80a1\u4e1c\u6279\u51c6\u3001\u6ee1\u8db3\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u8981\u6c42\u3001\u5b8c\u6210\u80a1\u6743\u4ea4\u6362\u7b49\uff0c\u6700\u7ec8\u63a8\u52a8\u76ee\u6807\u516c\u53f8\u6210\u529f\u4e0a\u5e02\u3002<\/p>\n<p class=\"EB_EB-Body-Chi\" style=\"text-align: justify;\">\u5728BCA\u534f\u8bae\u7b7e\u8ba2\u65f6\uff0c\u5f8b\u5e08\u7684\u6838\u5fc3\u5de5\u4f5c\u4e4b\u4e00\u662f\u534f\u5546\u548c\u8bbe\u8ba1\u76ee\u6807\u516c\u53f8\u4e0eSPAC\u516c\u53f8\u7684\u516c\u53f8\u67b6\u6784\u8c03\u6574\uff0c\u7b14\u8005\u8fd1\u671f\u53c2\u4e0e\u7684\u9879\u76ee\u91c7\u53d6\u201c\u4e24\u6b65\u8d70\u201d\u7684\u67b6\u6784\u8fdb\u884c\u5408\u5e76\u64cd\u4f5c\uff1a<\/p>\n<h2 class=\"EB_EB-Subhead-Red-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>\u7b2c\u4e00\u6b65\uff1a\u5b50\u516c\u53f8\u8bbe\u7acb<\/strong><\/span><\/h2>\n<p class=\"EB_EB-Body-No-Indent-Chi\" style=\"text-align: justify;\">SPAC\u5f00\u66fc\u516c\u53f8\u4e3b\u5bfc\uff1a\u5408\u5e76\u67b6\u6784\u901a\u5e38\u4ee5\u5728\u5f00\u66fc\u7fa4\u5c9b\u6ce8\u518c\u6210\u7acb\u7684SPAC\u516c\u53f8\u4e3a\u8d77\u70b9\u3002\u7531\u4e8e\u5f00\u66fc\u7fa4\u5c9b\u5728\u56fd\u9645\u5546\u4e1a\u548c\u91d1\u878d\u9886\u57df\u5177\u6709\u72ec\u7279\u7684\u6cd5\u5f8b\u3001\u7a0e\u52a1\u4f18\u52bf\u4ee5\u53ca\u6210\u719f\u7684\u516c\u53f8\u6cbb\u7406\u4f53\u7cfb\uff0c\u88ab\u5e7f\u6cdb\u9009\u4f5c\u6b64\u7c7b\u67b6\u6784\u7684\u6ce8\u518c\u5730\u3002<\/p>\n<p class=\"EB_EB-Body-Chi\" style=\"text-align: justify;\">\u521b\u5efa\u4e24\u4e2a\u5b50\u516c\u53f8\uff1a\u5728 SPAC\u5f00\u66fc\u516c\u53f8\u67b6\u6784\u4e0b\uff0c\u8bbe\u7acb\u5b50\u516c\u53f81\u548c\u5b50\u516c\u53f82\uff0c\uff08\u5b50\u516c\u53f82\uff0c\u5373\u5b59\u516c\u53f8\uff09\u3002\u8fd9\u4e24\u4e2a\u5b50\u516c\u53f8\u7684\u8bbe\u7acb\u662f\u6574\u4e2a\u4e24\u6b65\u8d70\u5408\u5e76\u7684\u524d\u671f\u5173\u952e\u5e03\u5c40\u3002\u5b50\u516c\u53f81\u53ef\u80fd\u88ab\u8bbe\u8ba1\u7528\u4e8e\u627f\u63a5SPAC\u516c\u53f8\u5728\u5408\u5e76\u8fc7\u7a0b\u4e2d\u7684\u7279\u5b9a\u8d44\u4ea7\u3001\u8d1f\u503a\u6216\u4e1a\u52a1\u6743\u76ca\u7684\u8fc7\u6e21\u5b89\u6392\uff0c\u76f4\u63a5\u9006\u5411\u5438\u6536SPAC\u516c\u53f8\u3002\u5b59\u516c\u53f8\u5219\u53ef\u80fd\u4fa7\u91cd\u4e8e\u4e0e\u76ee\u6807\u516c\u53f8\u7684\u521d\u6b65\u5bf9\u63a5\u4e0e\u6574\u5408\u51c6\u5907\u5de5\u4f5c\u3002\u5728\u672c\u6b21\u5408\u4f5c\u4e2d\u8d1f\u8d23\u5438\u6536\u76ee\u6807\u516c\u53f8\u3002\u8be5\u65b9\u5f0f\u7684\u4f18\u52bf\u5728\u4e8e\u7b2c\u4e00\u6b65\u6682\u65f6\u4e0d\u9700\u8981\u5168\u9762\u5411\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u8fdb\u884c\u7533\u62a5\uff0c\u53ef\u8282\u7ea6\u5927\u91cf\u65f6\u95f4\u548c\u89c4\u907f\u4e00\u4e9b\u6d41\u7a0b\u95ee\u9898\u3002<\/p>\n<h2 class=\"EB_EB-Subhead-Red-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>\u7b2c\u4e8c\u6b65<\/strong><\/span><span style=\"color: #ff0000;\"><strong>\uff1a<\/strong><\/span><span style=\"color: #ff0000;\"><strong>\u5408\u5e76<\/strong><\/span><\/h2>\n<p class=\"EB_EB-Body-No-Indent-Chi\" style=\"text-align: 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