BAT shareholders propose moving listing to New York, new CEO firmly rejects idea

According to overseas financial media reports, British American Tobacco (BAT) is resisting shareholder pressure to move its primary listing from London to New York. Here are the key points regarding this news:
1. Shareholder Pressure and CEO Response:
   - In March this year, BAT's fifth-largest shareholder urged the company to relocate its primary listing from London to New York.
   - Rajiv Jain, founder of shareholder GQG Partners, stated that it makes "no sense" for BAT, a FTSE 100 company, to remain on the UK stock market.
   - New CEO Tadeu Marroco responded that a U.S. listing is "not a top priority" and described this viewpoint as "overly simplistic."
2. Controversy Over Valuation Gap:
   - Investors are questioning the company's listing status in the UK, pointing out that the tobacco manufacturer's business is primarily focused in the U.S., leading to a valuation gap with U.S. competitor Philip Morris International.
   - Marroco countered that this valuation gap is unrelated to the listing location and is instead related to the industry and its weight in indices like the S&P 500 and FTSE 100.
3. Risks of Moving to the U.S.:
   - Tadeu Marroco warned that there is "no guarantee of entering U.S. indices," and there is a risk of "falling into uncertainty."
   - Marroco expressed skepticism about 75% of shareholders approving the move, as he has more pressing matters to attend to, and this is not his top priority.
4. The Exodus from the London Stock Market:
   - The London Stock Exchange has seen a series of exoduses this year, with many companies fleeing due to low valuations in search of the deeper investor pool offered by the U.S. market.
   - In early March, UK chipmaker Arm chose to list in New York, and construction materials company CRH hinted at leaving the FTSE 100, following announcements from Flutter Entertainment, the parent company of Paddy Power and Sky Bet, in February.
Overall, despite investor pressure, BAT seems to have no immediate plans to withdraw from the London stock market, with the CEO emphasizing the reasons for the company to stay in the UK and the risks associated with moving to the U.S.