NYSE’s perplexing China listings U-turn — More ‘mega dream’ tech deals — Citi banker in legal spat

Happy hump day!

It’s been quite a few days over at the Big Board (aka the New York Stock Exchange). On December 31, the exchange announced it intended to delist three major Chinese telecom companies — China Telecom, China Mobile, and China Unicom Hong Kong. 

The announcement was a result of an executive order signed by President Donald Trump back in November requiring US investors to exit positions in Chinese companies that could be considered a threat to US national security. 

Fast forward to Monday night and NYSE has essentially asked for a mulligan, calling off the delisting of the three companies. Details around how the reversal came about are sparse, with NYSE citing “further consultation with relevant regulatory authorities” in its announcement of the u-turn.

The move was made in part due to uncertainty around guidance from the US Department of Treasury over whether the executive order applies to the three companies, a source familiar with the situation told Insider.  

While the three companies enjoyed a nice pop in trading on Tuesday, they aren’t out of the woods just yet. Should further guidance be given, there is a chance they could still be delisted, the source added.

On Tuesday, Bloomberg reported NYSE might still revert to its original plan to delist the companies following Treasury Secretary Steven Mnuchin reaching out directly to NYSE president Stacey Cunningham. 

Meanwhile, the industry has been left scratching its head. A source at one firm that deals in American depositary receipts (ADRs) — the securities that allow US investors to trade in foreign companies — told Insider it’s just as confused about what the future holds. 

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Here’s the gender breakdown at 21 of the biggest unicorns including Stripe, 23andMe, and Affirm.

Anne Wojcicki

Getty Images/Kimberly White

Board diversity is top of mind following Nasdaq’s announcement of a proposal requiring companies to have better representation among their executives. 

Bradley Saacks and Sawyer Click decided to dive into the boards of 21 of the biggest startups — including 23andMe, Stripe, and Affirm — to see how well women are represented

Of the 153 board seats, only 31 were held by women

Check out how each startup stacks up. And while you are at it, dig into Alyson Shontell’s analysis of the lack of female-founded companies that IPO. 

Click here to read the entire story.

Affirm is a breakout star of the buy now, pay later craze. Here’s why increased competition and fee pressure still pose significant threats.

max levchin affirm SUN VALLEY, ID - JULY 10: Max Levchin, co-founder of PayPal and chief executive officer of financial technology company Affirm, arrives at the Sun Valley Resort for the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho. Every July, some of the world's wealthiest and most powerful business people in media, finance, technology and political spheres converge at the Sun Valley Resort for the exclusive week-long conference. (Photo by Drew Angerer/Getty Images)

Affirm CEO Max Levchin.
Drew Angerer/Getty Images

Speaking of Affirm, the buy now, pay later startup refiled its S-1 paperwork, signalling its IPO is back on after a brief delay. Shannen Balogh spoke to experts and dove into the fintech’s paperwork to understand its biggest opportunities and challenges. Read more here

Rockefeller Capital is buying a $1.4 billion Chicago wealth firm as it eyes more deals in a cross-country push

Greg Fleming Rockefeller Capital

Rockefeller Capital Management

Great look from Rebecca Ungarino here on what Rockefeller Capital Management’s most recent deal means for its plans for continued expansion. Read more here

Citigroup poached a top oil-and-gas dealmaker from Lehman alum Skip McGee’s advisory shop. Now he’s in the middle of a legal spat.

FILE PHOTO: A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files

A view of the exterior of the Citibank corporate headquarters in New York, New York

Jack Newsham with a nice story on some legal drama between Citigroup and Intrepid Financial Partners over the former poaching an oil-and-gas dealmaker from the latter. Get the full details here

Goldman Sachs tech bankers tell us why they expect another year of ‘mega dream deals’ like Salesforce-Slack

Traders work on the floor during the Slack Technologies Inc. IPO at the New York Stock Exchange (NYSE) in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid

Traders work on the floor during The Slack Technologies Inc. IPO at the New York Stock Exchange (NYSE) in New York

Dealmaking in TMT was up big in 2020. Reed Alexander spoke to a couple of senior Goldman Sachs tech bankers about what to expert in 2021. Read more here

Citi just snagged a wunderkind from Credit Suisse to lead its equities research as it looks to climb the league tables

Lucy Baldwin, Bank of America MD in London

University of Birmingham

If you’re a regular reader of the newsletter, you probably had a hunch this was coming. Citi nabbed Lucy Baldwin, a rising star on Wall Street, from Credit Suisse. This comes off the back of our reporting Monday night that Baldwin had left Credit Suisse and might land at Citi. Read the full memo about the new hire here

 Odd lots:

Gary Cohn, former Goldman Sachs exec and Trump economic advisor, is joining IBM as vice chairman (BI)

BlackRock Bucks New York Departure Trend With Plans to Stay Put (Bloomberg)

How to land a summer associate gig at global law firm White & Case this year, according to 2 hiring partners and top legal recruiters (BI)

2020 SPAC Boom Lifted Wall Street’s Biggest Banks (WSJ)

Jefferies’s Record Year Spurs Rethink of Work-From-Home Model (Bloomberg)

Goldman Sachs memo urges only essential workers to come to office after UK lockdown tightens (Financial News)

CoinDesk Buys TradeBlock, Joining Rush for Bitcoin Analytics (WSJ)

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