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Raising Capital In The Global Economy Essay

1. Would it be a good move for CF Industries Holdings to list its stock on Chinese stock exchanges? What are the possible advantages and disadvantages of such a move? Based on your analysis, what would you recommend to financial managers of CF Industries Holdings? Based on CF Industries Holdings’ business operations, it can be considered a good move for the company to list its stock on Chinese stock exchanges. Notably, the company is a global leader in the transformation of natural gas into nitrogen. In particular, the chemical procedures that the organization utilizes make certain that there is nitrogen necessitated to support life on earth and this encompasses having products that eradicate harmful discharges from industrial activities. The company’s operations is a good prospect for foreign investors in China, a nation that is presently faced with problems of plenty of emissions in its environment from industrial actions. Therefore, by listing its stock on the Chinese stock exchanges, the company is bound to fine and attract several investors who would like to be shareholders to the organization (CF Industries Holdings, 2017).

There are possible advantages of cross-listing for CF Industries Holding and having its stock listed on Chinese stock exchanges. One of the key advantages of cross-listing encompasses the financial increases. By listing into the Chinese stock exchanges the company will have it as a source of financing and raising capital funds at a cheaper cost in comparison to debt financing. This is largely for the reason that the stocks of CF Industries Holdings will be more accessible to foreign investors, which might be otherwise limited owing to global investment obstacles, precluding them from gaining access to certain markets. Therefore, this implies that the company will have additional funds to conduct its business operations and perhaps include aspects such as research and development to augment its status in the market. Another advantage is that CF Industries Holdings will be able to raise its liquidity levels. Basically, this will enable the organization to undertake trading of its shares in several time zones as well as different exchanges. This will augment CF Industries Holdings’ liquidity and increase its capability to raising capital...

An additional advantage encompasses marketability. Through this listing in China, the company will increase its stakeholders, which makes its securities perceptible in the global market. Moreover, the CF Industries Holdings brand will be recognizable to financiers and customers of the foreign countries, generating novel channels of distribution and export prospects (Ibrahim and Youssef, 2013).
On the other hand, there are disadvantages to this move. One of the disadvantages is that capital transactions taking place in China continue to undergo particular limitations. In addition, the level of authorization fluctuates based on its total investment amount. Aside from the minimum capital requirements set in accordance to company law in China, there are distinct requirements for commanding higher minimum capital requirements. This is purposed to preclude organizations being instituted which are undercapitalized and rely on significant debt. Another limitation is stringent monitoring of borrowing restrictions. Foreign company are not permitted to raise finances on the Chinese capital markets through the issuance of corporate bonds or commercial paper, and therefore the company will be forced to borrow such finances from a bank (Sekine, 2008). There is also the disadvantage of registration foreign debt, which bring about additional complication with respect to monitoring of borrowing limits. In the nation, foreign debt is monitored by some authorities which is reliant on the borrower (Sekine, 2008). As a result, based on my analysis, I would recommend to financial managers of CF Industries Holdings to go ahead and list its stock on Chinese exchanges.

2. Is it generally worthwhile for a non-U.S. company to get listed on a U.S. stock exchange? What are the advantages? What are ADR's? Based on your analysis, what would you recommend to a non-U.S. corporation?

It is generally worthwhile for a non-U.S. company to get listed on a U.S. stock exchange. The United States is one of the biggest business expanses in the world with numerous transactions taking place. One of the advantages encompasses brand recognition. In particular, the two key exchanges in the U.S, being NASDAQ and NYSE are distinguished and prominent. By becoming listed,…

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References

CF Industries Holdings. (2017). Who We Are. Retrieved from: https://www.cfindustries.com/who-we-are

Ernst & Young. (2014). The benefits of listing on US exchanges. Retrieved from: http://www.ey.com/Publication/vwLUAssets/EY_-_The_benefits_of_listing_on_US_exchanges/$FILE/EY-The-benefits-of-listing-on-US-exchanges.pdf

Ibrahim, A., Youssef, M. (2013). The Rationale Behind Cross-Listing: Its Implications On Corporate Governance. Retrieved from: http://www.tamimi.com/en/magazine/law-update/section-5/september-3/the-rationale-behind-cross-listing-its-implications-on-corporate-governance.html

Investopedia. (2017). ADR Basics: What Is An ADR? Retrieved from: http://www.investopedia.com/university/adr/adr1.asp

Sekine, E. (2008). Listings by foreign-invested companies on mainland Chinese stock exchanges once again in the limelight. Nomura Capital Market Review, 11(3), 8-23. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1289226






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