Bank of New York Mellon has launched a new index that tracks American depositary receipts ADRs issued by Chinese companies that have their primary listing in the US. The index is referred to as the “Xia Yi Dai” or “Next generation” index, and currently comprises 30 Chinese companies with market capitalisations ranging from $300 million to more than $11 billion.
Among the constituents are long-term investor favourites like Chinese search engine Baidu, online travel agent Ctrip.com, solar cell manufacturer Suntech Power and advertising agency Focus Media, as well as smaller and more recently listed companies like China Mindray Technologies, Duoyuan Global Water and O2 Micro International.
The new index reflects investor demand for...
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