MBP Co-Chairman, Drew Bernstein explained to ‘The Wire China’ why SPACs are viable investment vehicles with strategic benefits.
The Wire China
By Katrina Northrop
“It is very similar to a reverse merger, which was very popular in China,” says Drew Bernstein, the co-chairman of MBP, a New York and China based accounting firm. “They were guaranteed to go public at the end of the day, and it didn’t take a lot of time. A deal with a SPAC is kind of an enhanced reverse merger because you also know the price.”
Whether via a SPAC or IPO, Chinese unicorns and emerging growth companies are coming to the U.S. market. There are 600 unicorns worldwide, with half from China. These companies get significant attention and can drive value for the SPAC.