Will China Play Nice with U.S Exchanges?
Yesterday, I caught up with Doug Chu, a former investment banker turned head of the NYSE’s Silicon Valley office. It was a candid discussion that touched on a number of interesting data points, not all of them encouraging for the NYSE. 1.) Unsurprisingly, Chu agreed with Bill Gurley about there being a disconnect between what’s happening in Silicon Valley and elsewhere on the IPO front. In his widely read blog post of earlier this week, Gurley observed that the Valley has come to believe there’s a dearth of IPOs in part because many companies going public are based elsewhere in the country. Chu suggests Gurley should have included China in the conversation. There’ve been 122 IPOs in the U.S. this year, and 25 have been China-based companies listing in the U.S. – a huge percentage.
