As it attracts more overseas listings, the Big Apple is getting bigger
to express their concerns about New York. The senator and mayor both feared that the Big Apple was losing its financial edge. It had, after all, captured only one of the previous year’s 24 largest initial public offerings .
On March 3rd Arm, a British semiconductor firm owned by SoftBank, a Japanese investment outfit, announced it would list only in New York, rebuffing a campaign by British ministers to encourage a London listing. A day earlier,, a London-listed building-materials firm, said it would move its main listing to New York. Other European countries have also lost out.
Stock exchanges in Shanghai and Shenzhen are enormous, boasting combined total market capitalisations of more than $12trn. But the Chinese Communist Party is an ever-present threat, and Chinese stockmarkets still behave somewhat irrationally. Indeed, shares in firms listed on mainland and Hong Kong bourses are almost 40% more expensive in the mainland. Tokyo’s stockmarket is also big, with a total market capitalisation of nearly $5.
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