China tightens scrutiny on offshore listings in sectors off-limits to foreign investment

SHANGHAI (Reuters) – China said on Monday that companies in sectors subject to Beijing’s foreign investment restrictions must seek government approval for offshore listings.

The National Development & Reform Commission (NDRC) also said that foreign capital must not participate in operation and management of such companies, and foreign stakes in them must be capped.

MTA Cuts Subway Service Amid Surge In COVID, Less Staff

The Metropolitan Transportation Authority or MTA, the public transport operator in the New York City metropolitan area, has trimmed subway services this week citing staff shortage amid significant surge in Omicron cases.

The company tweeted its service alert, saying, “This Monday through Thursday, trains will run less frequently than usual. Like everyone in New York, we’ve been affected by the COVID surge. We’re taking proactive steps to provide the best, most consistent service we can. That means you may wait a little longer for your train.”

From December 27 through 30, commuters in New York are urged to check travel information before they start the journey from their subway stations. In its website, the MTA noted that on Friday, December 31 and Saturday, January 1, subways will operate on a Saturday schedule.

With the reduced scheduled service, the agency said it will re-allocate train crews where they’re needed, rather than cancel individual trips. It is also working quickly to implement New York State’s revised quarantine guidelines for essential workers, which will help with staff shortages.

The MTA also announced changes to bus services from Monday to Thursday. Buses will operate on a reduced weekday schedule, with some exceptions.

Pre-market Movers: SOPA, VRS, ITCI, IMMX, SPRB…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 07.10 A.M. ET).

In the Green

Society Pass Incorporated (SOPA) is up over 43% at $4.75
Verso Corporation (VRS) is up over 30% at $26.18
Intra-Cellular Therapies, Inc. (ITCI) is up over 16% at $45.50
Calliditas Therapeutics AB (publ) (CALT) is up over 12% at $26.35
Ocugen, Inc. (OCGN) is up over 12% at $5.89
Novavax, Inc. (NVAX) is up over 11% at $242.59
Lineage Cell Therapeutics, Inc. (LCTX) is up over 11% at $2.37
GBS Inc. (GBS) is up over 11% at $1.40
Fortuna Silver Mines Inc. (FSM) is up over 10% at $3.57
Alpha Pro Tech, Ltd. (APT) is up over 9% at $6.59
Datasea Inc. (DTSS) is up over 8% at $1.55
Zosano Pharma Corporation (ZSAN) is up over 7% at $0.55

In the Red

Immix Biopharma, Inc. (IMMX) is down over 16% at $3.36
Spruce Biosciences, Inc. (SPRB) is down over 14% at $4.28
Bellerophon Therapeutics, Inc. (BLPH) is down over 14% at $2.74
cbdMD, Inc. (YCBD) is down over 13% at $1.15
Iris Energy Limited (IREN) is down over 9% at $16.00
Argo Blockchain plc (ARBK) is down over 9% at $11.75
Zhihu Inc. (ZH) is down over 8% at $5.21
Eloxx Pharmaceuticals, Inc. (ELOX) is down over 8% at $0.68
Arqit Quantum Inc. (ARQQ) is down over 7% at $18.50

Gold Drifts Lower On Firmer Dollar

Gold prices eased slightly on Monday as an uptick in the dollar overshadowed weaker U.S. Treasury yields.

Spot gold slipped 0.2 percent to $1,805.99 per ounce, while U.S. gold futures were down 0.3 percent at $1,806.35.

The dollar index rose form its weakest level in nearly a week while benchmark U.S. Treasury yields edged down from the previous session’s more than one-week high, helping limit bullion’s losses.

Stock markets across Asia and Europe traded mixed in holiday-thinned trade, as investors continued to fret about a surge of Covid-19 cases around the world and its economic impact on the economic recovery.

Airlines across the world cancelled just under 8,000 flights over the three-day Christmas weekend due to the spread of the Omicron variant, flight delays and cancellations related to staff shortages.

China reported its highest daily rise in local Covid-19 cases in 21 months over the weekend, pushing regions into lockdowns and tighter social restrictions.

Britain, where Omicron is the dominant variant, has been reporting more than 100,000 cases in a single day. France has also reported cases above that figure for the first time.

In the United States, the Omicron variant’s daily cases have breached those of the Delta wave.

Aareal Bank Recommends Shareholders Accept Takeover Offer Made By Atlantic BidCo

Aareal Bank AG (AAALF.PK) stated that its Management Board and Supervisory Board have examined the offer document made by Atlantic BidCo GmbH, and recommended that shareholders accept the offer. However, the Management Board and Supervisory Board noted that all shareholders of Aareal Bank AG should consider the overall circumstances, their personal situation and their view of potential future developments, and each decide independently.

The Management Board and Supervisory Board also deem the cash consideration of 29 euros per Aareal Bank share to be fair. Based on the offer price, Aareal Bank Group is valued at 1.736 billion euros. The acceptance period for the offer has commenced with the publication of the offer document on 17 December 2021, and is scheduled to expire on 19 January 2022.

Atlantic BidCo GmbH is a bidder company held indirectly by financial investors Advent International Corporation and Centerbridge Partners, L.P. and other co-investors – including the Canada Pension Plan Investment Board which holds a significant minority stake.