Boutique banks had, until recently, dominated the domestic market for special purpose acquisition companies (SPACs). However, as the Goldman Sachs and Deutsche Banks of the world entered the domestic SPAC market, the trailblazers have turned their gaze to China, hoping that the region proves accommodating for smaller SPAC offerings.

Melanie Chen, managing director of UHY Advisors (an auditor of blank-check IPOs), notes that many privately-run businesses in China are strategic fits for the boutique-underwritten SPACs, citing that they’re “growth-oriented and small.”

Morgan Joseph and EarlyBird Capital are among those that have already underwritten SPAC IPOs with a China mandate. One source, a pro at a separate boutique bank, notes that he is also currently involved in several offerings with a focus on China.

He affirms that the allure for the boutiques is the size of the businesses that are being targeted, noting that to his knowledge, every IPO involving a blank check company in China resulted in proceeds of less than $100 million and “most of the best SPACs have been sub-$50 million deals.”

Only recently have SPACs begun to make buys in the region. Last month, the Jaguar Acquisition Corporation, a Pennsylvania-based blank check company that had less than $30 million, announced its merger with China Cablecom Limited, a consolidated cable network operator in the Shandong province. According to the deal’s terms, nearly three-quarters of China Cablecom’s shares went to the stockholders of Jaguar.

Should Chinese SPACs prove successful—many of the acquisition companies have yet to execute a deal—that will likely stoke the interest of bulge bracket banks that continue to scan the U.S. market.

But one question potential investors will be looking at is whether or not transactions can be executed as quickly in China. Considering the tight timeframe SPACs have to complete a deal, the red tape often involved in acquiring China-domiciled companies could stifle activity.

For now, however, it’s up to the boutiques to make it happen. And if they do, it’s only a matter of time before the bulge bracket players follow.

“I think you’ll see larger deals getting done and more interest coming from bulge bracket banks in the future,” one lawyer, also speaking on background, says.