China Looks to Bring Home Foreign Listings
China is exploring options to establish a new stock exchange that targets firms listed overseas and could bolster the global status of its onshore share markets, Reuters reported, citing sources.
According to people with knowledge of the matter, the country’s State Council has asked the top securities regulator to lead studies on how to design the exchange that would target Chinese firms listed in offshore markets.
The government hopes the initiative would also lure marquee international firms such as Apple and Tesla, which would have the option of carving out local businesses and listing them on the new bourse, one of the sources said.
Talks are in the early stages, and a timeframe and location are yet to be decided, said the sources, who declined to be identified. One option under discussion is upgrading an existing listing platform such as a smaller bourse in Beijing, they added.
China has two major onshore exchanges, in Shanghai and Shenzhen, with combined listed market capitalization of 78.7 trillion yuan ($12 trillion).
The plan to set up a new bourse comes as the United States’ securities regulator made legal amendments last week that would expel Chinese companies from US exchanges if they did not comply with the country’s auditing standards.
Data by Refinitiv showed that about 13 US-listed Chinese firms, including the Alibaba Group, Baidu and JD.com have conducted secondary listings worth a combined $36 billion in Hong Kong over the past 16 months.
The Problem Is Not the Problem
People treat the Jack Sparrow line as a joke. The attribution is a joke. The sentence is not. Forty years in markets says the same thing Epictetus said in 125 CE and Robert Merton named in 1948: the event is finite, and the story you appoint to govern it is not. This essay walks the quote back to its actual sources, draws the loop that turns a feeling into an order, and sets out the four places a rule written in advance cuts the loop. Faith is not a hedge. It is a stance.
What KXCO Is, and Why the Hard Problem Was Never Intelligence
The prevailing enthusiasm assumes the hard problem is intelligence. It is not. It is that banks, hospitals, courts and governments are being asked to let software act on their behalf with no way to establish who decided, on what basis, or whether the record will still read in a decade. KXCO founder Shayne Heffernan sets out the architecture that answers those questions, drawn as a graph, and argues that properly constructed AI is an amplifier of human judgement rather than a replacement for it.
AI Intelligence Scales. Accountability Does Not. Why KXCO Is Built for It.
Capability is becoming abundant and everything abundant gets cheap. What does not get cheap is the person who has to sign, and they can only carry what they can see. Four conditions follow from that, and four independent authorities reached the first of them last month without knowing it.
AI is the Neat Handwriting of the Illiterate
A model in the hands of someone who has read the filing and walked the plant is a clerk. The same model, speaking for someone who has done neither, is a disguise. On AI slop, phantom citations and factslop, why finish stopped being evidence of work, and the containment layer KXCO built so a machine cannot speak as the institution until a source is attached.
Every story, signed and delivered.
Subscribe to the kxco channel and get the headline, the AI-written key takeaways, and the chain-anchor link the moment we publish. Audio versions and per-ticker subscriptions arrive in the next iteration.