Posts tagged as: Depositary receipts

From Russia, with fees

27th January 2016

On January 18, a delegation led by Arkady Dvorkovich, the Deputy Prime Minister of the Russian Federation, visited the Stock Exchange of Hong Kong. It was not the first time a high profile dignitary from Russia had toured its facilities.

Indian GDRs no longer make a splash

29th August 2014

The ice bucket challenge has been all the rage on social media recently, but Indian GDR issuers have been taking a cold shower for quite a while longer.

Alibaba – the genie is out of the bottle

20th March 2014

I now write “Clawback” for GlobalCapital (formerly known as EuroWeek), a new column dissecting topics in Asia’s equity capital markets.

Mongolia’s Erdenes TT snubs Hong Kong for IPO

25th January 2012

HONG KONG (Dow Jones Investment Banker) – News last week that Mongolia’s Erdenes Tavan Tolgoi, which owns one of the world’s largest coking coal deposits, would drop – for now – Hong Kong as one of the listing locations for its long-awaited IPO came as a surprise to market observers. The reasons probably include a disappointing performance for relevant offerings in Hong Kong, disclosure issues, as well as a comparatively weaker depositary receipt platform.

Coach’s listing in Hong Kong a PR stunt?

13th May 2011

US handbags and accessories house Coach Inc. is the latest in a long list of fashion and consumer groups to seek a listing in Hong Kong. As structured, however, the proposed transaction is likely to do little beyond generating press coverage for the brand, but perhaps that’s what it’s aimed at?

Chinese company to list in Brazil

24th February 2011

As more Brazilian companies are said to be considering a listing Hong Kong to follow in Vale’s footsteps, and as reported by The Wall Street Journal on 23 February, Hunan-based Sany Heavy Equipment International Holdings Co. Ltd. (“Sany International”) has announced plans to issue DRs in Brazil.

The SGX expands its ADR offering

23rd February 2011

Singapore Exchange (the SGX) is enhancing its suite of American Depositary Receipts (ADRs) by adding new companies from other Asian countries, and partnering with a second depositary bank.

Details of ADR contributions now published

21st January 2011

For years, depositary banks such as The Bank of New York Mellon, Citi, JP Morgan, Deutsche Bank or HSBC have tried to keep secret details of the subsidies they pay to issuers to entice them to sign up for sponsored ADR programmes. Disclosure rules introduced by the SEC in 2009 have now revealed details of such payments for the first time.



I have set up this blog to report notable events on international IPOs.

These include particularly remarkable transactions, changes in market practice (whether pertaining to documentation, valuation or marketing techniques) and regulations, as well as appointments in the sphere of equity capital markets (ECM).

Although the blog has a bias towards the Asia-Pacific region, since this is where I am based, it is intended to be global in both its scope and outlook.

Please use the contact form above to report an IPO story or an ECM development.


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