Finance: SPAC deals

This article gives a brief discription, but I also quote:

Over the last couple of years investors have been pouring money into special-purpose acquisition companies or SPACs. SPACs are companies that don't have operations. However, their management teams intend to raise money in the public markets in order to make acquisitions. Offerings are typically sold on the strength of management teams and the promise of future plans. According to Barron's (sub req) more than three dozen of these SPACs have gone public this year including a number whose plans consist of making acquisitions in China. The following is a list of those China-focused SPACs that went public in 2005, charts showing how they have fared on the public markets, and a list of those China-focused SPACs in IPO registration: