March 2, 2012
Drew Bernstein, Co-Managing Partner, Marcum Bernstein & Pinchuk LLP Article Featured on CHINADAILY.COM, “How to Get Them Back to the Banquet”
As Seen In
By Drew Bernstein As an auditor in China since 1999 whose firm serves as the independent auditor for over 25 Chinese companies and as an independent director of two Chinese companies, I have spent hundreds of hours on early morning conference calls, logged hundreds of thousands of miles on trans-polar flights, visited perhaps 100 Chinese cities and sat through hundreds of board meetings. Along the way, I have learned a lot about the differences between the US and Chinese business culture and how each reacts to challenging business situations. The last 18 months have presented the most challenging business environment for US-listed Chinese companies, many of which have been the subject of a blistering firefight between short sellers, who seem to believe every Chinese company is fraudulent; and Chinese management, many of whom believe they have been unfairly victimized or slandered for short-term profit. The individual exchanges have increased scrutiny of US-listed Chinese companies, and many Chinese companies themselves appear to have given up on being public altogether in the US markets.