Raising Capital in Asia: the China ADR market

ADRs are playing an increasingly important role in China''s privatization process.

Since JPMorgan first invented the American Depositary Receipt ADR in 1927, it has enabled non-UScompanies to realize the great capital-raising potential of having a USlisting. In October 1993, the first Chinese company to adopt the ADR route raised some $170 million with a listing on the New York Stock Exchange NYSE. In the time since, Chinese companies have gone on to raise more than $7 billion through the issuance of ADRs in the USmarket.

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