Investor Confidence: The Foundation for Success as a Public Company in the US
A New Mindset The transition from being a privately owned company to becoming a publicly traded company listed on a US stock exchange requires more than ambition. It requires an entirely...
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Can the ZEEKR IPO Provide a Jolt of Enthusiasm for Chinese IPOs?
The initial public offering (IPO) of ZEEKR, a Geely-backed electric vehicle (EV) brand, has generated considerable attention as it started trading on the New York Stock Exchange (NYSE)...
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Has Elon Musk Met His Match in China?
Elon Musk's recent challenges and the evolving competitive landscape in China highlight a critical juncture for Tesla and its future in the global electric vehicle (EV) market. Musk’s...
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A U.S. Ban of the Shein IPO Would Be Un-American
As we approach 2024, one of the most anticipated initial public offerings (IPOs) in the U.S. is Shein, the fast-fashion powerhouse that has revolutionized the industry with a constant...
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Door Half Open | Why I am Still Optimistic About China
Why I Am Still Optimistic on China It’s chic to be bearish about China these days. You don’t even need to look at the stock charts. Just sample a few of the headlines.
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SEC Proposes Rewriting the SPAC Rulebook
At an open meeting on March 30, 2022, the Securities and Exchange Commission proposed far-reaching changes to the regulations of special purpose acquisition companies, or SPACs, that could...
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Are SPACs Still Going Concerns?
An unprecedented number of funded SPACs will lead auditors to take a hard look at their viability Heading into the audit season for 2021 financial reports, expect independent public...
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The Big Freeze for Chinese IPOs
Smaller deals will test the appetite of investors amid a new regulatory landscape At the end of June 2021, Chinese IPOs were on track to post a record-breaking year. Didi Chuxing had...
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China Takes Control Over Offshore Listings
For two decades, IPOs by most Chinese companies on U.S. stock markets have existed in a regulatory no man's land. Technically, investment in the sectors most enticing to overseas investors...
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How Much Cash Is in Your SPAC?
If you look at the headline numbers, SPACs appear awash with cash. In 2021 alone, 436 SPACs have raised $126 billion, for an average of $289 million apiece, according to SPAC Insider....
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Will SPACs Catch Fire with Asian Tech Tigers?
Ticking clocks, clogged PIPEs, China's listing crackdown, and Singapore’s big news are the talk of the Asia SPAC forum Last week, a flurry of news was made at the inaugural Asia SPAC...
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SPACS and Short Sellers Mix It Up
What can management do to avoid becoming the next short-seller roadkill? With 417 funded SPACs currently in search mode for the perfect private company to merge with, 2021 is becoming the...
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All Eyes on Southeast Asia as Next SPAC Hunting Ground
A High-Growth Debutante Ball of sorts is months away. Dateless SPACs (i.e., special purpose acquisition companies) would be wise to fix their gaze on the hot young Southeast Asian start-up...
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The Righteous Rage of Carson Block
Famed Short Seller Lets Loose on SPACs, China, Robinhood, and Archegos Reveals How He Would Run the SEC and the Concept Behind a New Long Fund Carson Block is the most famous short-seller...
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Chinese IPOs Have Explosive Start in Q1 2021
Didi Chuxing initial public offering could drive significant tailwinds for Chinese issues Chinese IPOs had a strong start in the first quarter of 2021, with 24 initial public offerings...
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SEC Weighs in on SPAC Audit & Accounting Issues
Financial reporting, governance, and internal controls are seen as "risks" to investors On March 31st, the SEC’s Acting Chief Accountant, Paul Munter, issued a lengthy “public statement”...
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Choosing the Right Exchange
Chinese CEOs now have a range of IPO alternatives to navigate In 2020, China dominated the global IPO market as never before. 565 new public companies were born through listings on China’s...
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All In On SPACs
Doug Ellenoff shares his perspective on what’s fueled the SPAC boom and why this trend has legs In the past 18 months, many of the biggest names in finance have embraced SPACs, as they...
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No Break in Asia’s M&A Festivities Says Euan Rellie
Private equity cash piles, soaring stocks keep dealmaker’s dance card flush If any dealmaker felt the pandemic pinch, one would expect it to be Euan Rellie, founder of cross-border M&A...
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Bright Outlook for China IPOs Despite Policy Clouds
Ravenous appetite for new listings in 2021, if politics doesn’t spoil the party The U.S. IPO market is off to a rollicking start in 2021, with 114 new listings in the month of January that...
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Chinese Companies Continued to Flock to U.S. Markets in 2020 Despite Regulatory Headwinds
Best year for China IPOs since 2014, with proceeds up by 270% over 2019 to $13.3 billion The White House put over a dozen Chinese companies on an investment blacklist. Congress passed...
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House Passes Holding Foreign Companies Accountable Act
Showdown Over Audit Inspections Reaches New Stage On December 2nd, 2020, the House of Representatives unanimously approved a bill that would bar Chinese companies from trading in the U.S....
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Could the SPAC craze come to Hong Kong?
Four special purpose acquisition companies (SPACs) headquartered in Hong Kong carried out an initial public offering in the United States this year. Highlights from a keynote speech on...
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SPACs | A Guide for Management
While special purpose acquisition companies (SPACs) have existed since the early 1990s, these investment vehicles have gained popularity in recent years. SPAC IPOs have raised over $49...
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Unfazed by Regulatory Risks, Chinese Companies Upsize U.S. IPOs in Q3
Q3 IPO proceeds up by 350% to $5.9 billion YoY Sustaining momentum may require clarity on listing and audit standards Despite a directive from a White House working group that could lead...
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The Year of the SPAC
With $40 Billion of Capital Available, Will SPACs Become a Viable Alternative to the Traditional IPO? Amid this year’s white-hot IPO market, the SPAC, or special purpose acquisition...
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White House Weighs in on China Audit Conundrum
Can the “co-audit” concept untangle PCAOB inspection impasse? On August 7th, the President's Working Group on Financial Markets weighed in on the dangers that investing in Chinese companies...
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Auditors Face Access Challenges as COVID Pandemic Drags On
The COVID-19 pandemic has created novel challenges for the audit profession that could have lingering impacts on the quality and reliability of independent accounting firm’s work if not...
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Despite Risks, Chinese Companies Continue to Flock to U.S. Exchanges
Reading the headlines, one would think that this would be the worst of all possible moments for a Chinese company to contemplate a U.S. IPO. Tensions over issues ranging from trade to...
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Is China Getting Serious About Accounting & Governance?
CSRC signals open to international cooperation on inspections For years I have heard a familiar refrain from American investors: They would love to be able to participate in China’s...
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U.S. Senate Passes Law to Enforce PCAOB Inspections
On May 20th, the U.S. Senate passed legislation to force Chinese issuers to comply with inspections by the Public Accounting Oversight Board (PCAOB) and to certify that they are not owned...
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NASDAQ Tightens Rules for Smaller Chinese IPOs
On May 18th, NASDAQ proposed new rules for IPOs from “Restrictive Markets” that would raise the bar for smaller Chinese companies seeking to complete an initial public offering on the U.S....
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Life Post-COVID
Does China Foreshadow What U.S. Businesses Can Expect? Even as the U.S. government extended social distancing guidelines through the end of April, China is announcing the success of its...
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Guidance in the Season of the COVID-19 Virus
As the Dow Jones officially entered bear market territory and the WHO declared COVID-19 to be a pandemic, over 150 companies have lowered or withdrawn their earnings guidance as of March...
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IPO Preparedness Amid the Coronavirus
The safety of our staff, clients and their families is the top priority amid the coronavirus. During this time, we are offering flexibility to our staff to work from home if they are able...
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What Will It Take to Improve Investor Sentiment towards China IPOs?
Chinese Companies Continue to List in U.S., But Face Tough Sledding in 2019 Chinese companies continue to embrace the U.S. markets, but in the second half of 2019, American investors did...
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U.S. and China at the Cross Roads
The State of Cross-Border Finance Comments from an Address at Camphor Tree Forum at Harvard University The relationship between the US and China, which has defined the global economy, for...
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Who Is Responsible for Preventing Frauds?
Public Company Fraud Costs Investors Hundreds of Billions of Dollars a Year — Is There a Solution? It is a question that always arises in the wake of any high-profile fraud: How could...
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Shooting STARs on Shanghai’s New “Chinese NASDAQ”
China Unleashes Market-Based IPOs on STAR Market On Monday China burned the rulebook that has guided its IPO market up till now. The result, unsurprisingly, was fireworks.
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The Nuclear Option for Chinese Stocks
Implications of the Equitable Act for American Investors As a new “silicon curtain” crashes down between the technological infrastructure of America and some of its allies and China and the...
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China's Greatest Challenge
Fraser Howie on How Slowing Growth, Rising Debt Levels, and Global Skepticism Will Define China's Next Chapter Fraser Howie is one of the most astute observers of China’s banking and...
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The Great Short Debate
Joshua Mitts and Carson Block Square Off at Fraud Conference After months of sparring on twitter, the two opponents were to face off at a recent conference on Fraud in the Bull Market...
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Bloomberg Invest Asia 2019: Takeaways Relevant to Pre-IPO Chinese Companies
I thought it would be useful to share key takeaways from the recent Bloomberg Invest Asia conference, an invitation only event for international business leaders to exchange ideas...
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One Billion Customers, One Million Obstacles
James McGregor on the Changing Business Environment for Multinationals Doing Business in China Drew Bernstein interviews long-time China expert James McGregor, the author of One Billion...
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From Copycats to Tigers: Why Chinese Tech Companies Can’t Be Ignored
How Chinese Innovation Will Transform Tech Landscape Judging from the headlines, you might think Chinese technology companies are on the ropes. The Justice Department has been investigating...
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Why I Am Still Optimistic About Doing Business in China
If you only read the newspaper or watched TV, one might think that the economic relationship between China and America was on the verge of an irreparable split. But as I shared in a recent...
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5 Keys to Survive as a Chinese CFO
Or How to Be a Stock Market Success Without Losing Your Sanity The role of a Chief Financial Officer for a Chinese company listed on the U.S. stock market is intensely challenging. While...
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China IPOs Have Banner Year in America
While China's domestic IPO market languishes and uncertainty looms for 2019 Tencent Music’s (NYSE:TME) $1.1 billion IPO on the NYSE last week put a shiny bow on a banner year for Chinese...
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Baruch Lev: Accounting Doesn't Add Up
Why Company Financial Reports No Longer Move Markets NYU accounting and finance professor Baruch Lev is one of the most incisive contrarian critics of current accounting practices. In his...
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Guru to the Gatekeepers
Paul Gillis is Professor of Practice at Peking University's Guanghua School of Management and Editor of China Accounting Blog "If the trade war continues to escalate as Trump has...
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Secrets to IPO Success for Chinese Companies
2018 has been a banner year for Chinese IPOs thus far, with 23 Chinese companies going public on the U.S. stock markets in the first nine months. In the technology sector, Chinese...
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Why Every Auditor Should Study Shenanigans
An Interview with Howard Schilit Howard Schilit is America’s foremost scholar of the accounting tricks that public companies use to make their financial performance appear more enticing...
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Jim Chanos Isn’t Short on Ideas: How a Famed Investor Sniffs Out Financial Fraud
More than eight years into the current stock market rally, professional equity bears have become an endangered species on Wall Street. And yet when I had the chance to sit down with famed...
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Reading Tea Among the China Watchers
Following the Party Congress, Is China on Path to Global Ascendancy or a Nasty Bust?
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How to Fail at Business Development
And Drive Any Professional Services Firm Into the Ground
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How to Deal with an Accounting Crisis
Over the past twelve months, accounting scandals have tarnished some of the most illustrious corporate names and embarrassed some of the putatively smartest investors on Wall Street.
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New SEC Rule Allows All Companies to File Confidentially for IPOs
Effective July 10, 2017, the Securities & Exchange Commission ("SEC") began allowing all companies to submit non-public, draft registration statements for initial public offerings ("IPOs")....
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SEC Steps Up Cooperation with HK SFC — Hong Kong in the Sights of U.S. Short-Selling Funds
Back in January of 2017, the Securities & Exchange Commission (SEC) announceda significant expansion of its cooperation frameworkwith Hong Kong's Securities and Futures Commission (SFC),...
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Looming Demographic Crisis Will Fuel Boom in China Healthcare M&A
By Drew Bernstein In 2016 China emerged as the world’s most active player in cross-border M&A, with $225.4 billion of outbound deals, more than doubling the prior record of $102 billion in...
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Five Keys to Attracting Chinese Financing
By Drew Bernstein As China steps up as a major deal player, companies and advisers need to be able to view the world through Chinese eyes In just the past few years China has gone from the...
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The Coming Chinese Invasion: Why Wealthy Chinese Are Investing in US Assets
By Drew Bernstein In just a few decades, China produced the second largest population of wealthy and ultra-wealthy in the world. Today, China ranks a fast-rising #2 in both the number of...
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Pulling Back the Curtain on China Short Sellers
By Drew Bernstein Following a number of successful listings by Chinese technology companies in the past six months, U.S. investors are eagerly awaiting the planned listing of Alibaba. The...
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