softbank arm: SoftBank’s Arm to pursue US-only listing this year

Still, the company did not completely rule out an eventual London listing, saying it intended to consider a subsequent initial public offering there in due course, without providing further details.

Arm is the world’s biggest supplier of chip design elements used in smartphones, selling intellectual property to companies such as Apple Inc and Qualcomm Inc.

“After engagement with the British government and the Financial Conduct Authority over several months, SoftBank and Arm have determined that pursuing a US-only listing of Arm in 2023 is the best path forward for the company and its stakeholders,” Arm chief executive officer Rene Haas said in a statement.

Arm said it would expand further in its home country by opening a new site in the English city of Bristol, with plans to maintain its headquarters, operations and material IP in Britain.

China challenges

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According to a report in the Financial Times on Thursday, China is holding up Softbank Group Corp-owned Arm’s plan to offload its troubled joint venture in the country.Chinese officials have declined to process the paperwork confirming Arm China’s transfer to a new Vision Fund entity since the documents were submitted to business regulators around May last year, the report said, citing three people close to the matter.

However, it is possible that regulators would change their minds and process the paperwork, which takes around five to 10 days to complete, the report said.

Arm and Softbank did not immediately respond to Reuters’ request for comment.

The report comes after the United States passed a sweeping set of regulations last year aimed at kneecapping China’s semiconductor industry.

Still, the company did not completely rule out an eventual London listing, saying it intended to consider a subsequent initial public offering there in due course, without providing further details.

Arm is the world’s biggest supplier of chip design elements used in smartphones, selling intellectual property to companies such as Apple Inc and Qualcomm Inc.

“After engagement with the British government and the Financial Conduct Authority over several months, SoftBank and Arm have determined that pursuing a US-only listing of Arm in 2023 is the best path forward for the company and its stakeholders,” Arm chief executive officer Rene Haas said in a statement.

Arm said it would expand further in its home country by opening a new site in the English city of Bristol, with plans to maintain its headquarters, operations and material IP in Britain.

China challenges

Discover the stories of your interest

According to a report in the Financial Times on Thursday, China is holding up Softbank Group Corp-owned Arm’s plan to offload its troubled joint venture in the country.Chinese officials have declined to process the paperwork confirming Arm China’s transfer to a new Vision Fund entity since the documents were submitted to business regulators around May last year, the report said, citing three people close to the matter.

However, it is possible that regulators would change their minds and process the paperwork, which takes around five to 10 days to complete, the report said.

Arm and Softbank did not immediately respond to Reuters’ request for comment.

The report comes after the United States passed a sweeping set of regulations last year aimed at kneecapping China’s semiconductor industry.