AstraZeneca plans direct New York Stock Exchange listing, maintaining London base

AstraZeneca PLC announced plans to list its ordinary shares directly on the New York Stock Exchange, replacing its American Depositary Receipts (ADRs) to attract a broader range of global investors while retaining its primary listing and headquarters in the UK. This move aims to increase liquidity and visibility in the world's largest capital market without abandoning its London Stock Exchange presence, thereby maintaining its status in the FTSE 100 index. The company described the new "harmonised" listing structure as a means to provide US investors easier access to full shares rather than ADRs, reflecting its global business footprint with significant revenue from the US market. However, analysts and investors expressed concerns this could signal a gradual shift of trading activity away from London to New York, potentially starting a trend among other large UK-based multinational firms. AstraZeneca's decision comes amid challenges facing UK equities due to regulatory uncertainties and post-Brexit pressures, with some viewing the move as a strategic adaptation rather than a full exit. The company intends to put the proposal to shareholder approval, with the US listing expected to commence in early 2026, emphasizing its commitment to remaining a UK-based company despite the expanded US presence.