Regulatory issues not reducing demand for Chinese listings

first_imgStacey Cunningham, president of the New York Stock Exchange, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.Adam Galasia | CNBC – Advertisement – Regulatory concerns around Chinese listings returned to the public eye last week after the last-minute suspension of Ant Group’s world-record $34.5 billion IPO in Hong Kong and Shanghai.The Shanghai Stock Exchange said Ant Group had reported “significant issues such as the changes in financial technology regulatory environment,” according to a CNBC translation of the statement from Mandarin.Without commenting on this individual case, Cunningham said there was “a lot of dialogue around how Chinese companies list here in the U.S., as well as what Shanghai and Hong Kong are doing.”Cunningham emphasized the importance of retaining the depth and liquidity offered by the U.S. market by balancing investor protections, such as audit oversight, with access, and “not encouraging other companies to go to other global markets.” – Advertisement –center_img “What is really important is that we make sure we are appropriately setting a framework in place that keeps investors protected,” Cunningham said.“We continue to see investor demand for Chinese companies in the U.S. and we haven’t seen that changing yet, despite the fact that there is a lot of talk about trade and about oversight, so we are working constructively and we are optimistic that we will be able to find a way to actually enhance the level of protections that exist on companies here in the U.S.”Half of cross-border initial public offerings in the U.S. in the first nine months of the year came from China, according to Ernst & Young, despite the Senate in May passing a bill that could delist a number of Chinese companies from American exchanges.Ant Group and the regulation question- Advertisement – The New York Stock Exchange (NYSE) is still seeing demand from Chinese companies looking to list in the U.S. despite highly publicized regulatory concerns, its president has told CNBC.Relations between Washington and Beijing have become increasingly fractious in recent years, with President Donald Trump’s administration pushing to reduce domestic financial ties with the world’s second-largest economy.Speaking to CNBC’s Karen Tso on Tuesday night, NYSE President Stacey Cunningham said the exchange was continuing to see demand from Chinese companies for U.S. stock market listings.- Advertisement –last_img read more

China reports no new coronavirus deaths for first time

first_imgThere were also 30 new asymptomatic infections, health officials said, bringing the national total to 1,033. Around a quarter of the current total of asymptomatic cases were also imported from overseas.Last week, China began disclosing the number of asymptomatic cases for the first time, after growing public concerns over the potential of “silent” carriers to spread the disease. Fears have also been growing over a potential resurgence in the epicenter of Wuhan, where the virus was first detected late last year.After a number of asymptomatic cases were confirmed in the central Chinese city, local authorities revoked the “epidemic-free” status of 45 residential compounds on Monday. Topics : To date, 81,740 people have been infected and 3,331 have been killed by the deadly virus in China, with the vast majority in Wuhan and the surrounding Hubei province.Meanwhile, the global death toll from the pandemic has surpassed 70,000 as the virus ravages numerous countries in Europe and the US.center_img China on Tuesday reported no new coronavirus deaths for the first time since it started publishing figures in January, the National Health Commission said. Cases in mainland China have been dwindling since March, but the country faces a second wave of infections brought in from overseas, with health officials reporting nearly 1,000 imported cases in total.China’s health authorities reported 32 new cases nationwide, all of which were imported.last_img read more