NASDAQ Executives Dismiss Steve Bannon's Call To Remove Chinese Firms From Capital Markets

US China Relations
Former White House Chief Strategist Steve Bannon (Photo: Reuters / Terje Pedersen)

In response to a statement made by former White House Chief Strategist Steve Bannon, NASDAQ executives mentioned that they are actually welcome to having more Chinese IPOs in US capital markets.

Bannon recently called for US capital markets to exclude Chinese companies from being listed and to remove those that are already in actively trading.

There are currently 92 Chinese companies actively trading on NASDAQ with 15 added just this year and 22 IPOs last year. Among the biggest names trading in the stock exchange are Chinese firms Baidu, CTrip.com, and retail giant JD.com.

All in all, a total of 34 Chinese firms have launched their IPOs in the United States this year. The companies have so far raised more than $8.6 billion in investments. Just this week, Starbuck's Chinese rival Luckin Coffee was able to raise $561 million in its US IPO, gaining it a market valuation of $4.2 billion.

NASDAQ's senior vice president Bob McCooey posted on the Chinese messaging service WeChat that they have dismissed Bannon's comments and that they are actually looking forward to having more Chinese firms to be part of their family of global leaders. McCooey even went as far as highlighting Bannon as Trump's former and discredited adviser and that his words basically have no truth to them.

Bannon has publicly been an advocate of an "all-encompassing war" with China. The former investment banker and media executive even commented on the recent Huawei ban and mentioned that it was a more important move than a trade deal with China.

Bannon remarked that Huawei was a national security threat not just to the United States but to other countries around the world.

Trump's decision to include Huawei in the country's trade blacklist essentially removed the company's capability of doing business with US suppliers. The move was based on allegations that Huawei was using its telecommunications equipment to help China spy on other countries. Huawei has so far denied all of the allegations against it.

Bannon mentioned in a recent interview that he was going to dedicate his time to removing Chinese companies from US capital markets. Bannon claimed that he would also eject pension funds and insurance companies that are providing capital to China.

Bannon left his position at the White House in 2017 and has since been the executive chairman of the far-right media company Breitbart News. The 65-year old political figure also helped reestablish the Committee of The Present Danger (CPD), a group that aims to counter the influence of communism.

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