The SPAC Boom and the Real Cost of a US Listing

Originally published 2020-08-11Robin's commentary

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English translation of the Chinese post originally published 2020-08-11. Translated 2026-10-24 with AI assistance. Historical figures and claims have not been updated or independently verified. 中文原文

Reading guide

Robin surveys routes to a US listing: besides a traditional IPO, there is direct listing. Special purpose acquisition companies (SPACs) were popular again in 2020, with examples including electric-truck company Nikola and Virgin Galactic, and he saw potential opportunities worth studying. He also offers a practical reminder: if annual earnings are below $5 million, set aside thoughts of a US listing for now. Underwriting, accounting, and other fees together start at $5 million.

Key points

US listing routes include traditional IPOs, direct listings, and SPACs.
Prominent SPAC examples include Nikola and Virgin Galactic.
The cost reality: underwriting, accounting, and other fees start at $5 million.

Columns and beams in an open building are connected by central rods and balanced weights, suggesting structure and checks in governance. — Capital markets & governanceThematic illustration · AI generated

Full text — English translation

Besides traditional IPOs, the United States also has direct listings. Recently, SPACs have become popular again. Examples include electric-truck company Nikola and, a little earlier, Virgin Galactic. SPACs—study this model; perhaps there are business opportunities XD ---- By the way, if you do not earn $5M USD, set aside thoughts of a US listing for now XD US underwriting fees, accountants, and the rest add up to at least $5M USD.

These articles are personal notes, book excerpts, and collected reprints. Figures and events reflect the time of the original publication, are not current information, and do not constitute investment advice.

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