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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNasdaq says IPO pipeline is very strong and includes many Chinese companiesNasdaq's Bob McCooey said 93 companies have publicly filed to list on the exchange, of which 65 are Chinese companies.
Persons: Bob McCooey Organizations: Nasdaq
After all, Chinese officials have not announced an official transition away from their very strict Covid policy. Nevertheless, the moves in certain stocks tied to China — including many owned by the Club — show the market is taking the vaccine policy change in stride. The cosmetics giant has a big China business and just a few days ago it cut its sales guidance partly due to China's Covid policy. The price move provided some support for oil stocks in Friday's volatile stock market. It's not immediately clear when expatriates in China could actually start getting a shot of the BioNTech-Pfizer Covid vaccine.
The Nasdaq is expecting more Chinese companies to list on the U.S. exchange in the coming months as Beijing and Washington appear closer to resolving an audit dispute. "We still have a pretty strong pipeline … as things are getting to become a little more clear in that market. We think that that market could pick up pretty dramatically," said Bob McCooey, vice chairman of Nasdaq, who does business development in the Asia-Pacific, told CNBC on Wednesday. Delisting risk for U.S.-listed Chinese companies sharply increased following the signing of the Holding Foreign Companies Accountable Act in late 2020. Chinese ride-hailing giant Didi's announcement of plans to delist from the New York Stock Exchange in late 2021 — just six months after its U.S. IPO — also fueled investor concerns.
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