Daily Archives: 26 October 2022

A Question

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Pope Francis has renewed an…agreement…between the Vatican and the People’s Republic of China that allows appointment of Catholic Bishops in the PRC, so long as the PRC’s government men approve of the candidates and their appointment. Nominally, the Pope has veto authority over the nominations, but it’s the PRC government men who nominate. Since 2018—when the agreement was signed—there have been six bishops ordained, and 40 dioceses still have no bishop. That’s how well this arrangement is working.

Despite that, the Holy See Press Office had this:

The Vatican Party is committed to continuing a respectful and constructive dialogue with the Chinese Party for a productive implementation of the Accord and further development of bilateral relations, with a view to fostering the mission of the Catholic Church and the good of the Chinese people[.]

Furthermore, Pope Francis views [the agreement] as a necessary compromise to keep Chinese Catholics united. But how is treating Chinese Catholics differently from all other Catholics in any way unifying? How does that continued separation of Chinese Catholics from the Universal Church in any way support either the Church’s mission or the spiritual welfare of ordinary Chinese?

Here’s Another Thought

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Two in a week. Settle down.

NASDAQ is (rightfully) suspicious of small-cap companies domiciled in the People’s Republic of China listing their IPOs on NASDAQ’s exchange. The one-day spikes in share prices followed quickly by nearly total collapse of those share prices in so many of the IPOs is what’s drawn attention. For instance:

Shares of more than 20 recently listed companies have risen over 100% on their first day of trading. They include Hong Kong-based fintech company AMTD Digital Inc, which briefly jumped over 320-fold after its July listing, and Chinese garment maker Addentax Group Corp, which rose more than 130-fold on its market debut in August. The two stocks have since lost more than 98% of their value.

As a result, NASDAQ has stopped approving PRC small-caps for listing, for the time being. Which brings me to my thought.

Don’t list any companies domiciled in the PRC on any American exchange, and encourage the other nations in the OECD to do the same. After all, at least since the PRC’s 2017 National Intelligence Law, those PRC companies are too closely tied to the PRC’s intelligence community, and as such, they have no legitimate business raising money through any nation’s stock or bond exchanges other than their own.