China IPO Market Trounces the World With Record $58 Billion Boom

 Five IPOs of above $1 billion since January

From London to Hong Kong, large initial share sales have all but dried up across the world’s major financial centers this year. But the market in China is bustling with activity. Initial public offerings on mainland exchanges have climbed to $57.8 billion so far in 2022, the largest ever for such a period, according to data compiled by Bloomberg.

There have been five IPOs of above $1 billion since January, and one more is on the way. That’s versus just one such sale each in New York and Hong Kong, and none in London. China’s IPO market has defied headwinds such as rising interest rates and fears of a US recession, which have brought major equity fundraising elsewhere to a virtual standstill. Offerings in the Asian economy — whose monetary policy is diverging from the Federal Reserve — are largely geared toward local investors. The surge in listings, according to some market watchers, is also driven by concern that economic conditions could worsen later in the year as flareups in virus cases cause Beijing to stick to the strict Covid Zero strategy. Top leaders have signaled a softening on this year’s official growth target of around 5.5%, denting optimism about a rebound.

https://www.bloomberg.com/

New York Mayor-elect Adams says he will take his first three paychecks in bitcoin

New York, “center of the cryptocurrency industry”

New York Mayor-elect Eric Adams said on Thursday he would take his first three paychecks in bitcoin and signaled his intention to make his city the “center of the cryptocurrency industry” after he takes office in January.

“In New York we always go big, so I’m going to take my first THREE paychecks in bitcoin when I become mayor,” Adams wrote in a Twitter post. “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

The mayor-elect’s tweet came in response to Miami Mayor Francis Suarez, who wrote in a Twitter message of his own that he would take his first paycheck in bitcoin, the world’s largest cryptocurrency. Suarez, who won re-election on Tuesday, has been a cryptocurrency champion, setting his sights on building Miami into a hub for cryptocurrency innovation.

https://www.reuters.com/

NY, NJ exodus to Florida fueled by ‘tax hell’

900 people per day moving

Florida Chief Financial Officer Jimmy Patronis argued on Monday that people are leaving states that are “financial train wrecks,” like New York and New Jersey, and moving to Florida to escape a “tax hell.” Patronis told “Cavuto: Coast to Coast” that there has been an uptick of about 900 people per day moving to the state.

Florida lets people “keep their money” unlike some blue states, which he said are “upside down,” he stressed.
Earlier this month Sen. Rick Scott, R-Fla., also pointed out, speaking on FOX Business, that the Sunshine State saw a massive population boost from people fleeing high-tax states and long-lasting coronavirus restrictions.

Scott said in the eight years when he was governor, “we cut taxes 100 times,” streamlined the regulatory environment and recruited business, noting that all the moves have been “paying off.”
On Monday, Patronis pointed out the “beauty” of people flocking to Florida.

https://www.foxbusiness.com/

New York May Finally Be Legalizing Weed

New York is on the precipice of legalizing cannabis for recreational use

Governor Andrew Cuomo and state lawmakers have reached an agreement on a plan to tax cannabis products and license dispensaries, Bloomberg reported on Wednesday. The agreement, the details of which are currently being finalized, clears the way for a vote that could come as early as next week. Once the measure passes, New York will become the 15th state to legalize cannabis for recreational use.

The agreements stipulates that a 13 percent sales tax would be imposed on cannabis sales, 9 percent of which would go to the state and 4 percent of which would go to localities. (Distributors would collect an additional excise tax of as much as 3 cents per milligram of THC.) The deal also holds for the creation of an Office of Cannabis Management, which would be responsible for distributing licenses.

https://www.rollingstone.com/