Drew Bernstein, Co-Managing Partner, MarcumBP

    Recent Posts

    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 of his generation, known for tome-length, densely researched short reports that eviscerate companies where he believes management is lying and taking shareholders to the cleaners. He is not afraid to use the f-word — “fraud” — in his reports. And as you will discover in this interview, his views on the market are laced with f-bombs and salty stories as well. So, trigger warning, folks: if you are squeamish about looking under the rock that is sometimes Wall Street, this interview may not be for you.

    In Forensic Accounting, Investing in China, China short-selling, SPACs

    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 from Greater China that raised $5.8 billion. According to Renaissance Capital data, that's up by 728% over the $700 million raked in by Chinese names listing on NASDAQ and the New York Stock Exchange in the first quarter of 2020.

    In Investing in China, IPOs, SPACs

    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” detailing concerns about private companies' readiness that go public through a SPAC merger to be successful as listed companies. His admonitions come as SPAC IPOs have exploded in the first quarter of 2021, with 298 SPACs raising over $87 billion, nearly 24 times the $3.49 billion raised by 13 SPACs during the comparable period in 2020. At the same time, SPAC IPOs that had been trading at huge premia to the cash held in trust and outperforming the S&P back in February have seen a significant retrenchment, with an average return of just 1.5% for SPACs that debuted in Q1 2021, according to Renaissance Capital.

    In SEC Audits, IPOs, SPACs

    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 domestic markets, Hong Kong, and the U.S. exchanges, raking in $133 billion dollars. That is up by 51% from 2019 and compares to $78.2 billion raised by 218 operating companies on the U.S. markets during the same period. While the U.S. still led the world in capital raising last year, that was primarily due to the unprecedented 248 SPAC IPOs that raised $75.5 billion dollars. In 2021, SPAC IPOs based in Asia are taking off as experienced private equity, venture, and hedge fund investors launch their own SPAC initiatives. A SPAC merger creates yet another option for the management teams of companies from Greater China to consider in order to raise capital and obtain public status on an accelerated timeframe.

    In Investing in China, IPOs

    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 became an obsession of both retail investors and the financial media. So far in 2021, 264 SPAC IPOs have gone public, raising $77 billion — a pace of over $1.5 billion per trading day. This compares to 71 operating companies that have IPOed thus far this year, raising $30.1 billion.

    In Cross Border M&A, IPOs

    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 boutique investment bank BDA Partners. The sun never sets on BDA’s sprawling network of corporate matchmakers, with offices across Asia’s burgeoning economies, New York, and London. But COVID travel restrictions meant bankers and clients alike had their wings clipped for most of 2020, unable to peruse the tasty corporate assets on offer in places like China, Vietnam, India, and Korea.

    In Cross Border M&A, Advisory, China Economy
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