Goldman CEO Solomon says China’s tech crackdown will delay many U.S. listings

Goldman Sachs CEO David Solomon spoke in an interview with Bloomberg Television at the Milken Institute Global Conference on Monday, April 29, 2019 in Beverly Hills, California, USA.

Patrick T. Fallon | Bloomberg | Getty Images

Goldman Sachs CEO David Solomon China’s recent move to boost tech industry surveillance surprised him, saying it is likely to delay the listing of shares in the U.S. by “many” companies.

Horseback riding giant stock last week Didi It plummeted after China declared during a cybersecurity review that new users couldn’t download the app. Didi was advised by Chinese regulators to postpone its listing in the United States, but tech companies did so last month, the Wall Street Journal reported.

“There is a significant backlog of Chinese companies looking to global capital to raise money to support growth, and many are planning to enter the US market,” Solomon told CNBC’s Wilfred. Companies have their own backlogs. ” Frost in an interview on Tuesday.

“I don’t think some of these companies are on the market at this time because of the steps taken by the Chinese government,” Solomon said, adding that it’s too early to know what the long-term consequences will be. It was.

Undoubtedly head of the best Global Wall Street Advisory Farm, Solomon needs to navigate the increasingly distressed relationship between China, its giant tech company, and the rest of the world. There is.With Goldman JP Morgan Chase And Morgan Stanley, Diddy was the lead underwriter for the US listing.

“At this point, I’m surprised that this worked, but we’re working with regulators around the world,” Solomon said. “I think it’s quick to see how the shifts balance exactly over time, but there’s no doubt that the Chinese want more control over some of the directions in this listing.

At the beginning of Tuesday, a New York-based bank posted the results easily. Exceed expectationsBacked by strong revenue from Wall Street advisory activities.

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