The New York Stock Exchange’s Stacey Cunningham rang the opening bell for Snowflake’s first trading day.
NYSE
Happy hump day!
It’s been quite a few days over at the Big Board (aka the New York Stock Exchange). On December 31, the exchange announced it intended to delist three major Chinese telecom companies – China Telecom, China Mobile, and China Unicom Hong Kong.
The announcement was a result of an executive order signed by President Donald Trump back in November requiring US investors to exit positions in Chinese companies that could be considered a threat to US national security.
Fast forward to Monday night and NYSE has essentially asked for a mulligan, calling off the delisting of the three companies. Details around how the reversal came about are sparse, with NYSE citing “further consultation with relevant regulatory authorities” in its announcement of the u-turn.
The move was made in part due to uncertainty around guidance from the US Department of Treasury over whether the executive order applies to the three companies, a source familiar with the situation told Insider.
While the three companies enjoyed a nice pop in trading on Tuesday, they aren’t out of the woods just yet. Should further guidance be given, there is a chance they could still be delisted, the source added.
On Tuesday, Bloomberg reported NYSE might still revert to its original plan to delist the companies following Treasury Secretary Steven Mnuchin reaching out directly to NYSE president Stacey Cunningham.
Meanwhile, the industry has been left scratching its head. A source at one firm that deals in American depositary receipts (ADRs) – the securities that allow US investors to trade in foreign companies – told Insider it’s just as confused about what the future holds.
Speaking of Affirm, the buy now, pay later startup refiled its S-1 paperwork, signalling its IPO is back on after a brief delay. Shannen Balogh spoke to experts and dove into the fintech’s paperwork to understand its biggest opportunities and challenges. Read more here.
A view of the exterior of the Citibank corporate headquarters in New York, New York
Reuters
Jack Newsham with a nice story on some legal drama between Citigroup and Intrepid Financial Partners over the former poaching an oil-and-gas dealmaker from the latter. Get the full details here.
Dealmaking in TMT was up big in 2020. Reed Alexander spoke to a couple of senior Goldman Sachs tech bankers about what to expert in 2021. Read more here.
