Editor's note: The Daily Dose: Express Edition will not be published Dec. 25, and the next edition will be published Dec. 26.
* Despite the long-drawn U.S.-China trade war and protests in Hong Kong, Citigroup is expected to post record annual revenues in the city, the Financial Times reports, citing a person familiar with the matter. In an interview with the publication, Citigroup's Hong Kong and Macau CEO Angel Ng said, "Clients are very focused on the business strategy, rather than the macro environment."
* Private companies are increasingly opting for so-called backdoor listings by selling themselves to special purpose acquisition companies, instead of going for an IPO to raise funds after the recent swings in the IPO market, Bloomberg News reports.
* York Capital Management is closing its main Credit Opportunities fund, which oversees almost $2 billion, due to the hedge fund's poor performance, Bloomberg News reports, citing a person familiar with the matter. The firm expects to start returning capital to investors in January 2020 and will return up to 30% of investors' money by March 2020, the firm told investors in a letter dated Dec. 19.
* After commissioning its first home-built aircraft carrier in the previous week, China now aims to build "aircraft carrier-sized" investment banks ahead of its planned opening of its $45 trillion financial industry to foreign competition, Bloomberg News reports. The ambition, to take on the likes of Goldman Sachs, may require necessary mergers among the country's more than 130 securities firms, led by Citic Securities, who declined to comment on any potential acquisition plan.
* Analysts expect technology companies to step up collaborations with banks in 2020, Bloomberg News reports. In addition, the new year will see an increased number of mergers and acquisitions and more government scrutiny in the financial technology sector, the report said.
* New York-based firm Cowen expects Wells Fargo to face political trouble in 2020, citing remarks by House Financial Services Chairman Maxine Waters, who said she will pay extra attention to Wells Fargo, Bloomberg Quint reports.
* Security National Financial, through its Salt Lake City-based subsidiary Security National Life Insurance, purchased all the outstanding common shares of Shreveport, La.-based Kilpatrick Life Insurance. The transaction was approved by the Louisiana Department of Insurance on Dec. 12. Under the terms of the transaction, Security Life paid $23.8 million for the shares.
* New York-based insurance broker NFP appointed Greg Padovani president, John Belyea COO and Marty Shaw chief strategy officer for its operations in Canada. The appointments also included five managing directors and are part of the company's expansion in Canada.
* Genworth Financial and China Oceanwide Holdings Group agreed to once again extend the deadline for their merger to close, moving the deadline to no later than March 31, 2020, from Dec. 31, 2019. The parties will mutually agree upon a closing date after receiving all required regulatory approvals.
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