Shulou(Shulou.com)11/24 Report--

Beijing time on March 2 news, SoftBank Group's British chip design giant ARM has decided not to issue shares on the London Stock Exchange for the time being, which is a blow to British politicians. British politicians have lobbied ARM to list on their home exchanges.

ARM will focus on getting ARM listed only in New York later this year, people familiar with the matter said. The company's headquarters will remain in Cambridge for the time being, but a secondary listing in London in the future is unlikely. People familiar with the matter have previously revealed that SoftBank set a target valuation of at least $60 billion for ARM last year. Softbank declined to comment.

ARM is a jewel in the UK tech industry, and its technology is used in most of the world's smartphones and is ubiquitous throughout the electronics industry. SoftBank bought ARM for $32 billion in 2016, promising to create more jobs in the UK and keep its headquarters in place. British Prime Minister John Sunak has been trying to persuade the company and its backers to list on the London Stock Exchange.

SoftBank founder Masayoshi Son has repeatedly stated that his priority is to get ARM listed in the US because ARM has a deep investor base and attractive valuations in the US. After lobbying in Britain, he considered a secondary listing of ARM in London. But turmoil in Britain's government, which has had three prime ministers last year, has hampered negotiations.

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