Jiangsu Expressway announced this week that it has established an inaugural ADR programme, with Bank of New York acting as depository. The programme sees each ADR represent 20 Jiangsu Expressway H shares that are listed in Hong Kong. It does not represent the company's A shares listed in Shanghai.
The ADR programme is a level-1 programme, meaning that no new shares will be issued, nor will the ADRs be listed. Rather the ADRs can be traded over the counter in the US.
The establishment of the ADR programme is in the interests of the company and its shareholders as it will broaden the company's existing shareholder base,...
