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NYSE's President On State Of China Listings, IPO Pipeline

Jayson Derrick

New York Stock Exchange President Stacey Cunningham discussed the potential fate of Chinese-listed companies, the IPO and SPAC market and much more in a Thursday Fox Business interview

Chinese Companies: U.S. President Donald Trump is pushing U.S. exchanges to delist China-based companies if they don't comply with Public Company Accounting Oversight Board rules.

The  Intercontinental Exchange Inc (NYSE: ICE)-owned NYSE is home to multiple large Chinese companies, and it is important to emphasize that all companies need to operate under similar standards, Cunningham said. 

The NYSE wants to emphasize investor protection while ensuring American investors don't lose out on access to leading companies that consider the American market their home, she said. 

Importance Of Public Listing: Many companies are foregoing a public listing for a longer period of time, Cunningham said.

Private companies are likely looking to avoid the challenges associated with being a public company, including the reporting structure and disclosures, she said. 

But the longer a private company remains private, ordinary investors are being left behind, Cunningham said. 

"We are very focused on making sure that any new regulations that we put on to public companies don't just apply to the public markets and are across the board."

IPO Pipeline: Even if companies are staying private longer, they recognize the ultimate value a public listing offers, Cunningham said.

Companies raised a "massive" amount of capital throughout the first half of 2020, as they had a more pressing need to bolster their balance sheets with fresh cash, the NYSE president said. 

"We are going to see that continue; we have a lot of private companies looking to benefit from that going forward."

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