The decision by SoftBank, confirmed in statements to media at the start of March, to float UK technology company ARM only in the US rather than with a primary or even a dual listing on the London Stock Exchange (LSE) comes as a big disappointment to those desperate to pretend the City is not losing its status as a leading financial centre.
However, it was hardly a surprise.
Even after the great sell off in 2022, US investors still put higher valuations on technology stocks than do their UK and European peers.
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