Drew Bernstein, Co-Chair, Marcum Asia, is featured in CNN Business regarding the impact of the deal between China and the PCAOB.
By Michelle Toh
Drew Bernstein, co-chairman of Marcum Asia CPAs, an accounting firm, auditor and adviser for Asian companies looking to enter US markets, also believes the first big hurdle has been cleared.
“China has made it clear that they believe that enabling some of its companies to continue to access the US capital markets is in China’s interests, and regulators have made some significant concessions to get to a deal,” he said.
“In our experience, Chinese management teams remain highly interested and motivated to list in the US, given the relatively streamlined listing process,” Bernstein said.
“So if the IPO market recovers next year, we would expect a surge of new Chinese listings in 2023.”
Bernstein, the accounting executive, said the deal pointed to the limits of decoupling, even as ties fray.
“The US-China relationship reminds me of conflict-ridden relationships where at the end of the day, they realize they can’t afford to get divorced,” he said.