Jiangsu Expressway launches inaugural ADR programme

The Chinese company becomes the latest in a long line to set up an ADR programme to diversify its investor base.

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...

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