tyb
I believe it is..one of the 6 gorillion renditions of it
Chinese companies put U.S. listing plans on ice as tensions mount
Chinese companies are putting off plans for U.S. listings as tensions between the world’s top two economies rise, lawyers, bankers, accountants and regulators involved in what has been a major capital-raising route told Reuters. The drop in interest, especially from those in the early stages of planning, is the result of a proposed U.S. legislation that would make it harder for some Chinese firms to debut in America and mounting scrutiny following an accounting scandal at Chinese Starbucks rival Luckin Coffee. Chinese groups have raised $1.67 billion via initial public offerings in New York this year and are looking to raise about half billion more on U.S. exchanges, Dealogic data shows. In 2019, they raised $3.5 billion.
Sino-U.S. relations have nosedived in recent months with the countries, already at odds over trade, now butting heads over the COVID-19 pandemic and China’s proposed national security law for Hong Kong. Enquiries about U.S. listings have halved this year at one of the big four accounting firms in China versus 2019 levels, a senior auditor from the firm said.
Many companies that reported plans for U.S. listings to China’s securities regulator, marking an early stage in the process, are now targeting exchanges nearer to home, said a person close to the regulator. The China Securities Regulatory Commission did not respond to requests for comment, while the U.S. Securities and Exchange Commission declined to comment. Listings take at the minimum several months to arrange, involving appointing advisers, preparing a prospectus and obtaining regulatory approvals. The further along the path a company is, the less likely it is to change plans. Chinese firms accounted for about a third, or some $279 billion, of funds raised globally via IPOs in the past five years. About half of that was overseas, mostly through New York and Hong Kong floats.
There are more than 550 Chinese firms listed on U.S. stock exchanges. Chinese firms often choose New York for floats given its prestige and international investor base, even as Beijing seeks to encourage them to list at home to share gains among local investors and limit foreign oversight. Chinese authorities have long resisted audit papers leaving China, making it hard for U.S. auditing regulators to check the quality of audits of Chinese companies.
U.S.-listed Chinese firms have begun disclosing the risk of an “adverse impact” on their shares due to tighter regulations.
https://www.reuters.com/article/us-china-usa-ipo/chinese-companies-put-u-s-listing-plans-on-ice-as-tensions-mount-idUSKBN23H01U
The other issue that needs to be addressed is the purchasing of pink sheet or OTC companies to circumnavigate what little regulation existed before. A Chinese (or any other company FTM) could-and did-purchase several OTC co's, stripped them out of any previous identity and populated them with the "guts" of the purchasing co. This allowed a straight line into market access because the license to trade pubically already existed in the OTC shell-because that is usually all the is left when a co. gets to the pink sheets.
self
Daniel S. Loeb
Chief Executive Officer and Chief Investment Officer
Daniel Loeb is CEO of Third Point LLC, a New York-based asset management firm founded in 1995. Third Point invests globally in multiple asset classes and frequently engages with management and boards of directors to improve portfolio companies.
In addition to offering behind-the-scenes strategic, capital allocation, and value creation advice to innumerable companies, Daniel has served on five publicly traded company boards: Ligand Pharmaceuticals; POGO Producing Co.; Massey Energy; Yahoo!; and Sotheby’s.
Daniel’s philanthropic activities are driven by principles of free speech, individual freedom, shared prosperity, and human rights. He is an advocate for reforming America’s schools to ensure all children have access to high quality education, fixing the country’s broken criminal justice system, and advancing freedom for LGBT individuals. He is a strong supporter of Jewish and Israel causes and is engaged in fighting anti-Semitism in the U.S. and abroad. Mr. Loeb is a trustee of the Mount Sinai Health System, where he established the Ronald M. Loeb Center for Alzheimer’s disease in memory of his late father. He is a Member of the Council on Foreign Relations. Daniel also serves as a director of The Margaret and Daniel Loeb Foundation, REFORM Alliance, REFORM Action Fund and Success Academy Charter Schools.
Daniel graduated from Columbia University with an A.B. in economics in 1983, endowed the Daniel S. Loeb Scholarship for undergraduate study there, and received the school’s John Jay Award for distinguished professional achievement.
https://www.thirdpoint.com/executive-team/daniel-s-loeb/
from May 15th
Daniel Loeb’s Hedge Fund Third Point Buys 1.4M Disney Shares
Daniel Loeb’s hedge fund Third Point LLC, known in media circles for its activist crusade to shake up Sony Corp., has bought 1.425 million shares in the Walt Disney Co., according to an SEC filing Friday.
The purchase is a tiny fraction of the media giant’s 1.81 billion outstanding shares and there was no immediate indication of any larger agenda motivating the stake, which was taken during the quarter ending March 31. Third Point had invested $115 million in Disney stock in 2013. According to a February filing for the fourth quarter, the company had no position in Disney as of the end of 2019.
https://deadline.com/2020/05/daniel-loeb-hedge-fund-buys-1-4m-disney-shares-1202936181/
Daniel Loeb: Net Worth, House, Private Jet and yacht Samadhi
Dan Loeb is an hedge fund manager. He is founder and Chief Executive of Third Point. Third Point LLC is a New York based hedge fund with a portfolio of US$ 16 billion. He was born in December 1961. He is married to Margaret, they have 3 children (Satya, Ava and son Jacob) .
Major investments include Yahoo and Massey Energy. He also owns 6% of the shares in Sony. Daniel is considered to be an activist investor. In 2018 he advised to replace Campbell Soup’s complete board of directors. He was Chairman of the board at Success Academy Charter Schools. He is an active philanthropist. Donating millions to good causes such as the Ronald M Loeb Center for Alzheimer’s Disease. The center was named after his father.
Private Jet
Loeb owns a Gulfstream G650 private jet. The jet has registration N650TP. TP is referring to Third Point. A G650 has a list price of US$ 70 million.
https://www.superyachtfan.com/yacht-samadhi.html
goodnight