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<li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=American+depositary+receipt" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=American+depositary+receipt" title="You're encouraged to log in; however, it's not mandatory. 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class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Depositary_receipts" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Depositary_receipts"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Depositary receipts</span> </div> </a> <ul id="toc-Depositary_receipts-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-ADR_programs_(facilities)" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#ADR_programs_(facilities)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>ADR programs (facilities)</span> </div> </a> <button aria-controls="toc-ADR_programs_(facilities)-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle ADR programs (facilities) subsection</span> </button> <ul id="toc-ADR_programs_(facilities)-sublist" class="vector-toc-list"> <li id="toc-Unsponsored_ADRs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Unsponsored_ADRs"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Unsponsored ADRs</span> </div> </a> <ul id="toc-Unsponsored_ADRs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sponsored_Level_I_ADRs_("OTC"_facility)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sponsored_Level_I_ADRs_("OTC"_facility)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Sponsored Level I ADRs ("OTC" facility)</span> </div> </a> <ul id="toc-Sponsored_Level_I_ADRs_("OTC"_facility)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sponsored_Level_II_ADRs_("Listing"_facility)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sponsored_Level_II_ADRs_("Listing"_facility)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Sponsored Level II ADRs ("Listing" facility)</span> </div> </a> <ul id="toc-Sponsored_Level_II_ADRs_("Listing"_facility)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sponsored_Level_III_ADRs_("offering"_facility)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sponsored_Level_III_ADRs_("offering"_facility)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Sponsored Level III ADRs ("offering" facility)</span> </div> </a> <ul id="toc-Sponsored_Level_III_ADRs_("offering"_facility)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Restricted_programs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Restricted_programs"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Restricted programs</span> </div> </a> <ul id="toc-Restricted_programs-sublist" class="vector-toc-list"> <li id="toc-Privately_placed_(SEC_Rule_144A)_ADRs" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Privately_placed_(SEC_Rule_144A)_ADRs"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5.1</span> <span>Privately placed (SEC Rule 144A) ADRs</span> </div> </a> <ul id="toc-Privately_placed_(SEC_Rule_144A)_ADRs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Offshore_(SEC_Regulation_S)_ADRs" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Offshore_(SEC_Regulation_S)_ADRs"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5.2</span> <span>Offshore (SEC Regulation S) ADRs</span> </div> </a> <ul id="toc-Offshore_(SEC_Regulation_S)_ADRs-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Sourcing_ADRs" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Sourcing_ADRs"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Sourcing ADRs</span> </div> </a> <ul id="toc-Sourcing_ADRs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-ADR_termination" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#ADR_termination"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>ADR termination</span> </div> </a> <ul id="toc-ADR_termination-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Example" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Example"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Example</span> </div> </a> <ul id="toc-Example-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet 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Available in 19 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-19" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">19 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/American_Depositary_Receipt" title="American Depositary Receipt – German" lang="de" hreflang="de" data-title="American Depositary Receipt" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/American_Depositary_Receipt" title="American Depositary Receipt – Spanish" lang="es" hreflang="es" data-title="American Depositary Receipt" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B1%D8%B3%DB%8C%D8%AF_%D8%B3%D9%BE%D8%B1%D8%AF%D9%87_%D8%A2%D9%85%D8%B1%DB%8C%DA%A9%D8%A7%DB%8C%DB%8C" title="رسید سپرده آمریکایی – Persian" lang="fa" hreflang="fa" data-title="رسید سپرده آمریکایی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/American_depositary_receipt" title="American depositary receipt – French" lang="fr" hreflang="fr" data-title="American depositary receipt" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Admh%C3%A1il_Taisc%C3%AD_Mheirice%C3%A1nach" title="Admháil Taiscí Mheiriceánach – Irish" lang="ga" hreflang="ga" data-title="Admháil Taiscí Mheiriceánach" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%AF%B8%EA%B5%AD_%EC%98%88%ED%83%81_%EC%A6%9D%EA%B6%8C" title="미국 예탁 증권 – Korean" lang="ko" hreflang="ko" data-title="미국 예탁 증권" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/American_depositary_receipt" title="American depositary receipt – Italian" lang="it" hreflang="it" data-title="American depositary receipt" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%90%D0%BC%D0%B5%D1%80%D0%B8%D0%BA%D0%B0%D0%BD%D1%81%D0%BA%D0%B0_%D0%B4%D0%B5%D0%BF%D0%BE%D0%B7%D0%B8%D1%82%D0%B0%D1%80%D0%BD%D0%B0_%D0%BF%D0%BE%D1%82%D0%B2%D1%80%D0%B4%D0%B0" title="Американска депозитарна потврда – Macedonian" lang="mk" hreflang="mk" data-title="Американска депозитарна потврда" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%B1%B3%E5%9B%BD%E9%A0%90%E8%A8%97%E8%A8%BC%E5%88%B8" title="米国預託証券 – Japanese" lang="ja" hreflang="ja" data-title="米国預託証券" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/American_Depositary_Receipt" title="American Depositary Receipt – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="American Depositary Receipt" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/American_depositary_receipt" title="American depositary receipt – Polish" lang="pl" hreflang="pl" data-title="American depositary receipt" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/American_Depositary_Receipt" title="American Depositary Receipt – Portuguese" lang="pt" hreflang="pt" data-title="American Depositary Receipt" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%90%D0%BC%D0%B5%D1%80%D0%B8%D0%BA%D0%B0%D0%BD%D1%81%D0%BA%D0%B0%D1%8F_%D0%B4%D0%B5%D0%BF%D0%BE%D0%B7%D0%B8%D1%82%D0%B0%D1%80%D0%BD%D0%B0%D1%8F_%D1%80%D0%B0%D1%81%D0%BF%D0%B8%D1%81%D0%BA%D0%B0" title="Американская депозитарная расписка – Russian" lang="ru" hreflang="ru" data-title="Американская депозитарная расписка" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%90%D0%BC%D0%B5%D1%80%D0%B8%D1%87%D0%BA%D0%B0_%D0%B4%D0%B5%D0%BF%D0%BE%D0%B7%D0%B8%D1%82%D0%B0%D1%80%D0%BD%D0%B0_%D0%BF%D1%80%D0%B8%D0%B7%D0%BD%D0%B0%D0%BD%D0%B8%D1%86%D0%B0" title="Америчка депозитарна признаница – Serbian" lang="sr" hreflang="sr" data-title="Америчка депозитарна признаница" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Talletustodistus" title="Talletustodistus – Finnish" lang="fi" hreflang="fi" data-title="Talletustodistus" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%85%E0%AE%AE%E0%AF%86%E0%AE%B0%E0%AE%BF%E0%AE%95%E0%AF%8D%E0%AE%95%E0%AE%A9%E0%AF%8D_%E0%AE%9F%E0%AE%BF%E0%AE%AA%E0%AF%8B%E0%AE%9A%E0%AE%BF%E0%AE%9F%E0%AE%B0%E0%AE%BF_%E0%AE%B0%E0%AE%BF%E0%AE%9A%E0%AE%BF%E0%AE%AA%E0%AF%8D%E0%AE%9F%E0%AF%8D" title="அமெரிக்கன் டிபோசிடரி ரிசிப்ட் – Tamil" lang="ta" hreflang="ta" data-title="அமெரிக்கன் டிபோசிடரி ரிசிப்ட்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%90%D0%BC%D0%B5%D1%80%D0%B8%D0%BA%D0%B0%D0%BD%D1%81%D1%8C%D0%BA%D0%B0_%D0%B4%D0%B5%D0%BF%D0%BE%D0%B7%D0%B8%D1%82%D0%B0%D1%80%D0%BD%D0%B0_%D1%80%D0%BE%D0%B7%D0%BF%D0%B8%D1%81%D0%BA%D0%B0" title="Американська депозитарна розписка – Ukrainian" lang="uk" hreflang="uk" data-title="Американська депозитарна розписка" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E7%BE%8E%E5%9C%8B%E5%AD%98%E8%A8%97%E6%86%91%E8%AD%89" title="美國存託憑證 – Cantonese" lang="yue" hreflang="yue" data-title="美國存託憑證" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E7%BE%8E%E5%9C%8B%E5%AD%98%E8%A8%97%E6%86%91%E8%AD%89" title="美國存託憑證 – Chinese" lang="zh" hreflang="zh" data-title="美國存託憑證" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q463881#sitelinks-wikipedia" title="Edit 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style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>An <b>American depositary receipt</b> (abbreviated <b>ADR</b>, and sometimes spelled <i>depository</i>) is a <a href="/wiki/Negotiable_instrument" title="Negotiable instrument">negotiable security</a> that represents securities of a foreign company and allows that company's shares to trade in the U.S. <a href="/wiki/Financial_markets" class="mw-redirect" title="Financial markets">financial markets</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Shares of many non-U.S. companies trade on U.S. <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a> through ADRs, which are denominated and pay <a href="/wiki/Dividend" title="Dividend">dividends</a> in <a href="/wiki/U.S._dollars" class="mw-redirect" title="U.S. dollars">U.S. dollars</a>, and may be traded like regular shares of stock.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> ADRs are also traded during U.S. <a href="/wiki/List_of_stock_exchange_opening_times" class="mw-redirect" title="List of stock exchange opening times">trading hours</a>, through U.S. <a href="/wiki/Broker-dealer" title="Broker-dealer">broker-dealers</a>. ADRs simplify investing in foreign securities because the depositary bank "manage[s] all custody, currency and local taxes issues".<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The first ADR was introduced by <a href="/wiki/J.P._Morgan" class="mw-redirect" title="J.P. Morgan">J.P. Morgan</a> in 1927 for the British retailer <a href="/wiki/Selfridges" title="Selfridges">Selfridges</a> on the New York Curb Exchange, the <a href="/wiki/American_Stock_Exchange" class="mw-redirect" title="American Stock Exchange">American Stock Exchange</a>'s precursor.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>They are the U.S. equivalent of a <a href="/wiki/Global_depository_receipt" title="Global depository receipt">global depository receipt</a> (GDR). Securities of a foreign company that are represented by an ADR are called <b>American depositary shares</b> (<b>ADSs</b>). </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Depositary_receipts">Depositary receipts</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=1" title="Edit section: Depositary receipts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>ADRs are one type of <a href="/wiki/Depositary_receipt" title="Depositary receipt">depositary receipt</a> (DR), which are any <a href="/wiki/Negotiable_instrument" title="Negotiable instrument">negotiable securities</a> that represent securities of companies that are foreign to the market on which the DR trades. DRs enable domestic investors to buy securities of foreign companies without the accompanying risks or inconveniences of cross-border and cross-currency transactions. Companies may choose to issue depository receipts in another jurisdiction for a host of commercial reasons including signalling to their investors and clients about their enhanced corporate governance standard.<sup id="cite_ref-JGLR_5-0" class="reference"><a href="#cite_note-JGLR-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Each ADR is issued by a domestic <a href="/wiki/Custodian_bank" title="Custodian bank">custodian bank</a> when the underlying shares are deposited in a foreign <a href="/wiki/Depositary_bank" class="mw-redirect" title="Depositary bank">depositary bank</a>, usually by a broker who has purchased the shares in the open market local to the foreign company. An ADR can represent a fraction of a share, a single share, or multiple shares of a foreign security. The holder of a DR has the right to obtain the underlying foreign security that the DR represents, but investors usually find it more convenient to own the DR. The price of a DR generally tracks the price of the foreign security in its home market, adjusted for the ratio of DRs to foreign company shares. In the case of companies domiciled in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, creation of ADRs attracts a 1.5% creation fee; this creation fee is different than <a href="/wiki/Stamp_duty_in_the_United_Kingdom" title="Stamp duty in the United Kingdom">stamp duty reserve tax</a> charge by the UK government. Depositary banks have various responsibilities to DR holders and to the issuing foreign company the DR represents. </p> <div class="mw-heading mw-heading2"><h2 id="ADR_programs_(facilities)"><span id="ADR_programs_.28facilities.29"></span>ADR programs (facilities)</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=2" title="Edit section: ADR programs (facilities)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When a company establishes an ADR program, it must decide what exactly it wants out of the program, and how much time, effort, and other resources they are willing to commit. For this reason, there are different types of programs, or facilities, that a company can choose. </p> <div class="mw-heading mw-heading3"><h3 id="Unsponsored_ADRs">Unsponsored ADRs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=3" title="Edit section: Unsponsored ADRs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Unsponsored shares trade on the <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter</a> (OTC) market. These shares are issued in accordance with market demand, and the foreign company has no formal agreement with a depositary bank. Unsponsored ADRs are often issued by more than one depositary bank. Each depositary services only the ADRs it has issued. Since the company is not formally involved in an unsponsored issue, the motivation of the company to list overseas is irrelevant for unsponsored programs. Instead, the dynamics of this market is determined by the incentive structure of three types of players: holders of the securities on-shore, the investors in depository receipts off-shore and the intermediaries (depository banks and exchanges).<sup id="cite_ref-JGLR_5-1" class="reference"><a href="#cite_note-JGLR-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Sponsored_Level_I_ADRs_("OTC"_facility)"><span id="Sponsored_Level_I_ADRs_.28.22OTC.22_facility.29"></span>Sponsored Level I ADRs ("OTC" facility)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=4" title="Edit section: Sponsored Level I ADRs ("OTC" facility)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Level 1 depositary receipts are the lowest level of sponsored ADRs that can be issued. When a company issues sponsored ADRs, it has one designated depositary who also acts as its <a href="/wiki/Transfer_agent" class="mw-redirect" title="Transfer agent">transfer agent</a>. </p><p>A majority of American depositary receipt programs currently trading are issued through a Level 1 program. This is the most convenient way for a foreign company to have its equity traded in the United States. </p><p>Level 1 shares can only be traded on the OTC market and the company has minimal reporting requirements with the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> (SEC). The company is not required to issue quarterly or <a href="/wiki/SEC_filings" class="mw-redirect" title="SEC filings">annual reports</a> in compliance with <a href="/wiki/Generally_Accepted_Accounting_Principles_(United_States)" title="Generally Accepted Accounting Principles (United States)">U.S. GAAP</a>. However, the company must have a security listed on one or more stock exchanges in a foreign jurisdiction and must publish in English on its website its annual report in the form required by the laws of the country of incorporation, organization, or domicile. </p><p>Companies with shares trading under a Level 1 program may decide to upgrade their program to a Level 2 or Level 3 program for better exposure in the United States markets. </p> <div class="mw-heading mw-heading3"><h3 id="Sponsored_Level_II_ADRs_("Listing"_facility)"><span id="Sponsored_Level_II_ADRs_.28.22Listing.22_facility.29"></span>Sponsored Level II ADRs ("Listing" facility)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=5" title="Edit section: Sponsored Level II ADRs ("Listing" facility)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Level 2 depositary receipt programs are more complicated for a foreign company. When a foreign company wants to set up a Level 2 program, it must file a registration statement with the SEC and is under SEC regulation. In addition, the company is required to file a <a href="/wiki/SEC_filings" class="mw-redirect" title="SEC filings">Form 20-F</a> annually. Form 20-F is the basic equivalent of an annual report (<a href="/wiki/SEC_filings" class="mw-redirect" title="SEC filings">Form 10-K</a>) for a U.S. company. In their filings, the company is required to follow U.S. GAAP standards or the <a href="/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards">International Financial Reporting Standards</a> (IFRS) as published by the <a href="/wiki/IASB" class="mw-redirect" title="IASB">IASB</a>. </p><p>The advantage that the company has by upgrading their program to Level 2 is that the shares can be listed on a U.S. stock exchange. These exchanges include the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> (NYSE), <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a>, and the <a href="/wiki/NYSE_MKT" class="mw-redirect" title="NYSE MKT">NYSE MKT</a>. </p><p>While listed on these exchanges, the company must meet the exchange's <a href="/wiki/Stock_exchange#Listing_requirements" title="Stock exchange">listing requirements</a>. If it fails to do so, it may be delisted and forced to downgrade its ADR program. </p> <div class="mw-heading mw-heading3"><h3 id="Sponsored_Level_III_ADRs_("offering"_facility)"><span id="Sponsored_Level_III_ADRs_.28.22offering.22_facility.29"></span>Sponsored Level III ADRs ("offering" facility)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=6" title="Edit section: Sponsored Level III ADRs ("offering" facility)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A Level 3 American Depositary Receipt program is the highest level a foreign company can sponsor. Because of this distinction, the company is required to adhere to stricter rules that are similar to those followed by U.S. companies. </p><p>Setting up a Level 3 program means that the foreign company is not only taking steps to permit shares from its home market to be deposited into an ADR program and traded in the United States; it is actually issuing shares to raise capital. In accordance with this offering, the company is required to file a <a href="/wiki/Form_F-1" class="mw-redirect" title="Form F-1">Form F-1</a>, which is the format for a <a href="/wiki/Prospectus_(finance)" title="Prospectus (finance)">prospectus</a> for the shares. They also must file a <a href="/wiki/Form_20-F" title="Form 20-F">Form 20-F</a> annually and must adhere to U.S. GAAP standards or IFRS as published by the IASB. In addition, any material information given to shareholders in the home market, must be filed with the SEC through <a href="/wiki/Form_6-K" title="Form 6-K">Form 6-K</a>. </p><p>Foreign companies with Level 3 programs will often issue materials that are more informative and are more accommodating to their U.S. shareholders because they rely on them for capital. Overall, foreign companies with a Level 3 program set up are the easiest on which to find information. Examples include <a href="/wiki/Vodafone" title="Vodafone">Vodafone</a>, <a href="/wiki/Petrobras" title="Petrobras">Petrobras</a>, and China Information Technology, Inc. (CNIT). </p> <div class="mw-heading mw-heading3"><h3 id="Restricted_programs">Restricted programs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=7" title="Edit section: Restricted programs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Foreign companies that want their stock to be limited to being traded by only certain individuals may set up a restricted program. There are two SEC rules that allow this type of issuance of shares in the United States: Rule 144-A and Regulation S. ADR programs operating under one of these two rules make up approximately 30% of all issued ADRs. </p> <div class="mw-heading mw-heading4"><h4 id="Privately_placed_(SEC_Rule_144A)_ADRs"><span id="Privately_placed_.28SEC_Rule_144A.29_ADRs"></span>Privately placed (SEC Rule 144A) ADRs</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=8" title="Edit section: Privately placed (SEC Rule 144A) ADRs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some foreign companies will set up an ADR program under <a href="/wiki/Rule_144" class="mw-redirect" title="Rule 144">SEC Rule 144A</a>. This provision makes the issuance of shares a <a href="/wiki/Private_placement" title="Private placement">private placement</a>. Shares of companies registered under Rule 144-A are <a href="/wiki/Restricted_stock" title="Restricted stock">restricted stock</a> and may only be issued to or traded by <a href="/wiki/Qualified_institutional_buyer" title="Qualified institutional buyer">qualified institutional buyers</a> (QIBs). </p><p>U.S. public shareholders are generally not permitted to invest in these ADR programs, and most are held exclusively through the <a href="/wiki/Depository_Trust_%26_Clearing_Corporation" title="Depository Trust & Clearing Corporation">Depository Trust & Clearing Corporation</a>, so there is often very little information on these companies. </p><p>Characteristics include: </p> <ul><li>It is a secured security.</li> <li>A fixed rate of interest is paid.</li> <li>Can be converted into multiple shares.</li></ul> <div class="mw-heading mw-heading4"><h4 id="Offshore_(SEC_Regulation_S)_ADRs"><span id="Offshore_.28SEC_Regulation_S.29_ADRs"></span>Offshore (SEC Regulation S) ADRs</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=9" title="Edit section: Offshore (SEC Regulation S) ADRs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The other way to restrict the trading of depositary shares to U.S. public investors is to issue them under the terms of <a href="/wiki/Regulation_S" class="mw-redirect" title="Regulation S">SEC Regulation S</a>. This regulation means that the shares are not, and will not be registered with any U.S. securities regulation authority. </p><p>Regulation S shares cannot be held or traded by any "U.S. person" as defined by SEC Regulation S rules. The shares are registered and issued to offshore, non-U.S. residents. </p><p>Regulation S ADRs can be merged into a Level 1 program after the restriction period has expired, and the foreign issuer elects to do this. </p> <div class="mw-heading mw-heading2"><h2 id="Sourcing_ADRs">Sourcing ADRs</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=10" title="Edit section: Sourcing ADRs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>One can either source new ADRs by depositing the corresponding domestic shares of the company with the depositary bank that administers the ADR program or, instead, one can obtain existing ADRs in the secondary market. The latter can be achieved either by purchasing the ADRs on a U.S. stock exchange or via purchasing the underlying domestic shares of the company on their primary exchange and then swapping them for ADRs; these swaps are called "crossbook swaps" and on many occasions account for the bulk of ADR secondary trading. This is especially true in the case of trading in ADRs of UK companies where creation of new ADRs attracts a 1.5% <a href="/wiki/Stamp_duty_in_the_United_Kingdom" title="Stamp duty in the United Kingdom">stamp duty reserve tax (SDRT)</a> charge by the UK government; sourcing existing ADRs in the secondary market (either via crossbook swaps or on exchange) instead is not subject to SDRT. </p> <div class="mw-heading mw-heading2"><h2 id="ADR_termination">ADR termination</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=11" title="Edit section: ADR termination"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Most ADR programs are subject to possible termination. Termination of the ADR agreement will result in cancellation of all the depositary receipts, and a subsequent delisting from all exchanges where they trade. The termination can be at the discretion of the foreign issuer or the depositary bank, but is typically at the request of the issuer. There may be a number of reasons why ADRs terminate, but in most cases the foreign issuer is undergoing some type of <a href="/wiki/Reorganization" class="mw-redirect" title="Reorganization">reorganization</a> or <a href="/wiki/Merger" class="mw-redirect" title="Merger">merger</a>. </p><p>Owners of ADRs are typically notified in writing at least thirty days prior to a termination. Once notified, an owner can surrender their ADRs and take delivery of the foreign securities represented by the Receipt, or do nothing. If an ADR holder elects to take possession of the underlying foreign shares, there is no guarantee the shares will trade on any U.S. exchange. The holder of the foreign shares would have to find a broker who has trading authority in the foreign market where those shares trade. If the owner continues to hold the ADR past the effective date of termination, the depositary bank will continue to hold the foreign deposited securities and collect dividends, but will cease distributions to ADR owners. </p><p>Usually up to one year after the effective date of the termination, the depositary bank will liquidate and allocate the proceeds to those respective clients. Many US brokerages can continue to hold foreign stock, but may lack the ability to trade it overseas. </p> <div class="mw-heading mw-heading2"><h2 id="Example">Example</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=12" title="Edit section: Example"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2013 a <a href="/wiki/China" title="China">China</a>-based company composed of various <a href="/wiki/Offshore_company" title="Offshore company">offshore</a> <a href="/wiki/Holding_companies" class="mw-redirect" title="Holding companies">holding companies</a> called Autohome (ATHM) offered 7,820,000 American depositary shares (ADSs) representing its 7,820,000 Class A Ordinary Shares from its <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Details can be found from its prospectus dated December 16, 2013, under Registration No. 333-192085 filed pursuant to Rule 424(b)(4) of the <a href="/wiki/Securities_Act_of_1933" title="Securities Act of 1933">U.S. Securities Exchange Act of 1933</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=13" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Depositary_receipt" title="Depositary receipt">Depositary receipt</a></li> <li><a href="/wiki/Form_F-6" title="Form F-6">Form F-6</a></li> <li><a href="/wiki/Foreign_currency_convertible_bonds" title="Foreign currency convertible bonds">Foreign currency convertible bonds</a></li> <li><a href="/wiki/Global_depository_receipt" title="Global depository receipt">Global depository receipt</a></li> <li><a href="/wiki/Indian_Depository_Receipt" title="Indian Depository Receipt">Indian Depository Receipt</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=14" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 35em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFStaff2003" class="citation web cs1">Staff, Investopedia (18 November 2003). <a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/a/adr.asp">"American Depositary Receipt - ADR"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">17 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=American+Depositary+Receipt+-+ADR&rft.date=2003-11-18&rft.aulast=Staff&rft.aufirst=Investopedia&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fa%2Fadr.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAmerican+depositary+receipt" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSikonathi_Mantshantsha2013" class="citation news cs1">Sikonathi Mantshantsha (22 March 2013). "American Depositary Receipts: Foreign investment made easy". <i><a href="/wiki/Financial_Mail" title="Financial Mail">Financial Mail</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Mail&rft.atitle=American+Depositary+Receipts%3A+Foreign+investment+made+easy&rft.date=2013-03-22&rft.au=Sikonathi+Mantshantsha&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAmerican+depositary+receipt" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.otcmarkets.com/learn/american-depositary-receipts">"How an ADR Works and the Value for Companies & Investors"</a>. <a href="/wiki/OTC_Markets_Group" title="OTC Markets Group">OTC Markets Group</a><span class="reference-accessdate">. Retrieved <span class="nowrap">18 March</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=How+an+ADR+Works+and+the+Value+for+Companies+%26+Investors&rft.pub=OTC+Markets+Group&rft_id=http%3A%2F%2Fwww.otcmarkets.com%2Flearn%2Famerican-depositary-receipts&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAmerican+depositary+receipt" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150402125707/http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?ReleaseID=239889">"JPMorgan Celebrates 80th Anniversary of the ADR"</a>. <i>JPMorgan Chase & Co</i>. April 27, 2007. Archived from <a rel="nofollow" class="external text" href="http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?ReleaseID=239889">the original</a> on April 2, 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">March 18,</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=JPMorgan+Chase+%26+Co.&rft.atitle=JPMorgan+Celebrates+80th+Anniversary+of+the+ADR&rft.date=2007-04-27&rft_id=http%3A%2F%2Finvestor.shareholder.com%2Fjpmorganchase%2Freleasedetail.cfm%3FReleaseID%3D239889&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAmerican+depositary+receipt" class="Z3988"></span></span> </li> <li id="cite_note-JGLR-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-JGLR_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-JGLR_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">See Datta, Pratik, <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2725763">Intermediaries as Arbitrageurs: Revisiting the Motivations Behind Overseas Listing</a>, Jindal Global Law Review (2015) 6(2): 193-205.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001193125-13-469670.txt&FilePath=%5C2013%5C12%5C11%5C&CoName=AUTOHOME+INC.&FormType=424B4&RcvdDate=12/11/2013&pdf=">"NASDAQ - SEC Filing"</a>. <i>secfilings.nasdaq.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">17 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=secfilings.nasdaq.com&rft.atitle=NASDAQ+-+SEC+Filing&rft_id=http%3A%2F%2Fsecfilings.nasdaq.com%2FfilingFrameset.asp%3FFileName%3D0001193125-13-469670.txt%26FilePath%3D%255C2013%255C12%255C11%255C%26CoName%3DAUTOHOME%2BINC.%26FormType%3D424B4%26RcvdDate%3D12%2F11%2F2013%26pdf%3D&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAmerican+depositary+receipt" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=American_depositary_receipt&action=edit&section=15" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.sec.gov/investor/pubs/ininvest.htm">SEC guide to foreign investing for U.S. citizens</a></li> <li><a rel="nofollow" class="external text" href="https://www.sec.gov/investor/alerts/adr-bulletin.pdf">Investor Bulletin: American Depositary Receipts (from 2012, includes info about fees)</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 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