嘉能可放弃迁美上市计划 估值与规则或是“绊脚石”

Core Viewpoint - Glencore has abandoned its plan to relocate its primary listing from the London Stock Exchange to the United States, primarily because the move would not enhance the company's valuation and it faces challenges in qualifying for the S&P 500 index [1][3]. Group 1: Company Decision - Glencore's headquarters is in Switzerland, and its registered office is in Jersey, UK, which disqualifies it from entering the S&P 500 index as per the index's requirements [3]. - The inability to enter the S&P 500 means Glencore would miss out on passive investment from index-tracking funds, undermining the rationale for relocating to the U.S. to boost its valuation [3]. Group 2: Market Context - The London Stock Exchange is currently experiencing a significant listing drought, with only a handful of IPOs expected in 2024, while over 40 companies are set to delist due to mergers [3]. - Despite Glencore's decision to remain in the UK, analysts suggest this is not due to an increase in London's attractiveness but rather Glencore's insufficient conditions for a successful move [3]. Group 3: Industry Performance - London remains a hub for large mining companies, with four out of the five major diversified mining companies listed there, excluding Brazil's Vale [3]. - Glencore is facing valuation pressures, particularly as its coal business profits have declined due to low prices, with its stock price dropping nearly 50% from its peak in early 2023, underperforming compared to peers [3].