international trade finance - equity markets 16-20
DESCRIPTION
equity marketTRANSCRIPT
Ty
pe
s o
f D
ep
osi
tory
Re
ceip
ts:
Sp
on
sore
d A
DR
s:
•In
a s
po
nso
red
DR
issu
e,
the
co
mp
an
y s
oli
cits
de
po
sito
rie
s to
iss
ue
an
d li
st
DR
s in
a f
ore
ign
co
un
try
exc
ha
ng
es.
Th
e D
Rs
are
iss
ue
d b
y t
he
act
ive
p
art
icip
ati
on
of
the
co
mp
an
y. S
po
nso
red
DR
s a
lso
co
me
in
th
ree
dif
fere
nt
typ
es:
Le
ve
l I,
Lev
el
II,
Lev
el
III
an
d b
ase
d o
n R
ule
14
4A
. T
he
iss
uin
g c
om
pa
ny
an
d t
he
d
ep
osi
tori
es
en
ter
into
“d
ep
osi
tory
ag
ree
me
nt”
be
fore
th
e D
Rs
are
iss
ue
d.
Th
e d
ep
osi
tory
re
ceiv
es
the
bu
lk a
mo
un
t o
f d
ivid
en
d i
n t
he
fo
reig
n
com
pa
ny
’s h
om
e c
urr
en
cy o
n b
eh
alf
th
e D
R in
ve
sto
rs a
nd
co
nve
rts
the
d
ivid
en
d in
to t
he
in
ve
sto
rs’
ho
me
cu
rre
ncy
an
d t
he
n s
en
ds
the
se t
o t
he
re
spe
ctiv
e D
R h
old
er.
Th
e d
ep
osi
tori
es
als
o a
rra
ng
e D
R h
old
ers
to
exe
rcis
e
voti
ng
rig
hts
. Fo
r a
ll p
ract
ica
l p
urp
ose
, th
e d
ep
osi
tory
act
s a
s th
e f
ron
t o
f th
e D
R is
suin
g f
ore
ign
co
mp
an
y. I
t is
ve
ry im
po
rta
nt
to n
ote
he
re t
ha
t th
ere
ca
n b
e o
nly
on
e d
ep
osi
tory
fo
r a
sp
on
sore
d D
Rs
issu
e.
Th
e
dif
fere
nce
am
on
g L
eve
l I,
Le
vel
II,
Leve
l II
I a
nd
Pri
vate
ly P
lace
d a
re
dis
cuss
ed
aft
er
the
un
spo
nso
red
DR
s a
spe
cts
ha
ve b
ee
n d
iscu
sse
d.
Un
spo
nso
red
DR
s:
•U
nsp
on
sore
d D
Rs
are
iss
ue
d b
y o
ne
or
mo
re d
ep
osi
tari
es
in r
esp
on
se t
o m
ark
et
de
ma
nd
, b
ut
wit
ho
ut
a f
orm
al
ag
ree
me
nt
wit
h t
he
co
mp
an
y. F
or
un
spo
nso
red
DR
s, d
ep
osi
tori
es
are
no
t re
qu
ire
d t
o t
ake
pe
rmis
sio
n o
r e
ven
in
form
th
e f
ore
ign
com
pa
nie
s b
efo
re i
ssu
ing
th
e u
nsp
on
sore
d D
Rs.
•In
an
un
spo
nso
red
AD
R i
ssu
e,
the
de
po
sito
ry b
uys
th
e s
ha
res
of
fore
ign
co
mp
an
y
an
d d
ep
osi
ts t
he
se s
ha
res
into
a c
ust
od
ian
. T
he
n i
t is
sue
s D
Rs
wh
ich
in
vest
or
can
inve
st.
He
nce
th
ere
co
uld
be
mu
ltip
le u
nsp
on
sore
d D
R p
rog
ram
s fo
r a
giv
en
com
pa
ny.
•Fo
r e
xam
ple
, D
ep
osi
tory
1 b
uys
le
t u
s 5
0,0
00
sh
are
s S
uzl
on
Ind
ia a
nd
iss
ue
s 2
5,0
00
AD
RS
wit
h e
ach
AD
R r
ep
rese
nti
ng
2 e
qu
ity
sh
are
s o
f S
uzl
on
. D
ep
osi
tory
2 b
uys
10
0,0
00
sh
are
s o
f S
uzl
on
an
d i
ssu
es
10
0,0
00
AD
Rs
wit
h e
ach
AD
R r
ep
rese
nti
ng
1
un
de
rly
ing
sh
are
. H
en
ce A
DR
s is
sue
d b
y t
he
se t
wo
de
po
sito
rie
s a
re c
om
ple
tely
dif
fere
nt
wh
en
th
ou
gh
bo
th A
DR
s re
pre
sen
t S
uzl
on
.
•A
lso
th
e d
ivid
en
d d
istr
ibu
ted
to
US
in
vest
ors
ma
y v
ary
de
pe
nd
ing
o
n t
he
da
y o
n w
hic
h t
he
de
po
sito
rie
s co
nve
rt I
nd
ian
Ru
pe
e
div
ide
nd
to
US
D.
Fo
r e
xam
ple
, S
uzl
on
cre
dit
s th
e I
nd
ian
Ru
pe
e
Div
ide
nd
to
bo
th D
ep
osi
tori
es
on
Ju
ly 1
5th
20
10
.
•D
ep
osi
tory
1 c
on
vert
s th
is a
mo
un
t to
US
D o
n l
et
us
say,
on
17
th J
uly
2
01
0.
De
po
sito
ry 2
ma
y c
on
vert
th
e d
ivid
en
d o
n 2
0th
Ju
ly.
•T
he
re c
ou
ld b
e b
ig d
iffe
ren
ce i
n I
NR
/US
D r
ate
be
twe
en
17
th a
nd
2
0th
Ju
ly.
He
nce
th
e d
ivid
en
d r
ece
ive
d b
y b
oth
se
ts o
f d
ep
osi
tori
es
ma
y v
ary
sig
nif
ica
ntl
y.
•B
oth
de
po
sito
rie
s m
ay
ch
arg
e d
iffe
ren
t se
rvic
e f
ee
to
th
e A
DR
in
vest
ors
th
us
ma
kin
g t
he
ma
tte
r e
ven
mo
re c
on
fusi
ng
.
Lev
el
I, I
I, I
II a
nd
Pri
va
tely
Pla
ced
DR
s:
•Le
ve
l I:
Sp
on
sore
d L
eve
l I
De
po
sita
ry R
ece
ipt
pro
gra
m i
s th
e e
asi
est
wa
ys t
o l
ist
DR
s.H
en
ce L
eve
l 1
DR
s a
re t
he
fa
ste
st g
row
ing
se
gm
en
t a
mo
ng
all
sp
on
sore
d D
R
pro
gra
ms
all
ove
r th
e w
orl
d.
In a
Le
vel
I D
Rs,
th
e c
om
pa
ny
ca
nn
ot
rais
e a
ny
fu
nd
b
y i
ssu
ing
ne
w s
ecu
riti
es
as
DR
s.C
om
pa
nie
s is
suin
g L
eve
l I
DR
s d
o n
ot
ha
ve t
o
ab
ide
by
th
e l
isti
ng
re
qu
ire
me
nts
se
t b
y t
he
re
gu
lato
ry b
od
y. T
he
se D
Rs
no
rma
lly
tr
ad
e i
n t
he
OT
C (
Ove
rth
e-C
ou
nte
r) m
ark
et.
Le
vel
I D
RS
are
su
bje
ctin
g t
o e
asy
/no
li
stin
g r
eq
uir
em
en
t. I
n f
act
, Le
vel
1 A
DR
s d
oe
s n
ot
req
uir
e t
he
iss
uin
g c
om
pa
ny
to
re
cast
its
acc
ou
nti
ng
sta
tem
en
t a
s p
er
US
GA
AP
(Ge
ne
rall
y A
cce
pte
d A
cco
un
tin
g
Pri
nci
ple
) a
nd
pro
vid
e f
ull
SE
C d
iscl
osu
re.
Fo
r e
xam
ple
, T
he
Sa
rba
ne
s O
xle
y A
ct is
n
ot
ap
pli
cab
le t
o c
om
pa
nie
s is
suin
g L
eve
l I
AD
Rs.
•S
arb
an
es
Ox
ley
Act
20
02
wa
s e
na
cte
d b
y t
he
SE
C o
f U
SA
aft
er
som
e h
igh
tic
ket
corp
ora
te f
ail
ure
( E
nro
n,
Wo
rld
com
, Ty
co I
nte
rna
tio
na
l, A
de
lph
ia e
tc)
du
e t
o
mis
rep
ort
ing
of
act
ua
l fa
cts
an
d f
igu
re a
bo
ut
com
pa
nie
s. T
his
act
is
als
o k
no
wn
as
Pu
bli
c C
om
pa
ny
Acc
ou
nti
ng
Re
form
an
d I
nve
sto
r P
rote
ctio
n A
ct a
s w
ell
as
po
pu
larl
y S
OX
AC
T. T
he
act
ma
de
all
pu
bli
c li
ste
d c
om
pa
nie
s in
USA
mo
re
acc
ou
nta
ble
an
d c
ove
red
a g
am
ut
of
issu
es
like
au
dit
or
ind
ep
en
de
nce
, co
rpo
rate
g
ove
rna
nce
, in
tern
al
con
tro
l a
sse
ssm
en
t, a
nd
en
ha
nce
d f
ina
nci
al
dis
clo
sure
.