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SPAC Financial Reporting and Tax Services

Fulfilling financial reporting obligations for SPACs easily and efficiently

Hong Kong Exchanges and Clearing Limited (HKEX) announced the introduction of a new listing regime for special purpose acquisition companies (SPACs), effective from 1 January 2022. Under the new regime, SPACs are required to prepare accurate and timely financial reports during their SPAC-IPO journey. While SPACs do not typically possess a professional accounting team in-house to handle complex accounting issues (which require knowledge of Classification of Equities, Warrants, Business Combination, Asset Acquisition Transactions, Earn-out Arrangement and Shared Based Award Transaction), it could be something that keeps management up at night. Engaging a professional services provider may bring SPAC owners and company leadership teams peace of mind.

Services Like No Other

  • Financial Administration


    Tricor’s qualified professional team are able to deliver accurate and compliant work to meet the high standards of audit and governance. Our accounting and financial reporting process and system are externally audited and accredited every year in accordance with the International Standard on Assurance Engagements (ISAE) 3402.


    • Preparing periodic financial statements in accordance with applicable financial reporting standards and listing rules
    • Reviewing escrow agreements, acting as escrow agent and liaising with bankers, as appropriate
    • Liaising with auditors/advisors on complex accounting issues
    • Providing audit coordination and assistance
  • Tax Advisory and Compliance


    Our tax professionals have a deep and broad understanding of tax laws, as well as relevant industry knowledge and expertise. We can provide comprehensive tax services to SPACs:


    • Acting as the tax representative, preparing and filing annual corporate profits tax return and employer’s returns, as well as providing other tax compliance services
    • Providing tax planning advisory services for acquisition of target company or businesses where applicable
    • Preparing tax provision calculation including current and deferred taxation where applicable

Values that We Can Bring to You

  • Strong Regulatory Compliance and Governance


    • Possess up-to-date knowledge of the financial reporting requirements under the new listing regime and for SPACs specifically
    • Accurate and timely reporting to maintain a good compliance record
  • Deep Tax Knowledge & Expertise


    • Leverage the expertise and experience of Tricor’s Hong Kong-based tax professionals who have a deep understanding of local and overseas tax laws, regulatory environment and practices
    • Establish a tax-efficient model that helps lower tax burdens while ensuring regulatory compliance
  • Improved Financial Visibility


    • Enhance transparency and continuity, and minimize erroneous decision making
    • Allow prompt access to data
  • One-stop for All


    • Access a full suite of professional services beyond financial administration and tax, such as IPO, corporate secretarial, trust and HR services, as well as enterprise digitization solutions
    • Tailor package to accommodate your budget and expectations

Tricor – An ideal partner to embark your SPAC-IPO journey

Tricor’s Financial Administration services support all types of companies, big and small, private and listed, with our comprehensive range of services, from planning and implementation of treasury functions, compliance with financial reporting requirements, to regular accounting tasks which are otherwise time-consuming. In addition, our connected services across all tax disciplines can help you streamline your tax compliance processes, and provide you with high-quality tax advice for making informed decisions.

As the largest the largest service provider in Hong Kong’s IPO and share registry market, we have participated in more than 50% of IPOs in the past years. We bring together an essential set of capabilities to help your company excel to the next stage of growth and beyond.

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