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 Management Bootcamp, a virtual conference presented by Marcum Bernstein & Pinchuk LLP (MBP), along with Baker McKenzie

    In Cross Border M&A, Investing in China, SPACs

    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 “Year of the de-SPAC” following the “Year of the SPAC” in 2020 that carried over into the exuberance of the first quarter of 2021. These SPAC sponsor teams are sitting on about $140 billion of capital in trust, supplemented by tens of billions more in PIPE investments, which could theoretically generate a trillion dollars of market capitalization for newly formed public companies.

    In SPACs

    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 market if they don’t want to be left without a dance partner.

    In SPACs

    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
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