Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>China started mulling an expansion of its Stock Connect relationships in late 2021 with plans to allow GDR issuance in Switzerland and eventually Germany.</li>
<li>New GDR issuance rules came into effect in February and companies started planning to issue GDRs in Switzerland in March.</li>
<li>The new SIX Listing Rules went into effect 25 July. Two companies priced GDRs on 22 July and two more yesterday. US$1.5bn so far. There are 6 more near-term.</li>
</ul>


China started mulling an expansion of its Stock Connect relationships in late 2021 with plans to allow GDR issuance in Switzerland and eventually Germany.
New GDR issuance rules came into effect in February and companies started planning to issue GDRs in Switzerland in March.
The new SIX Listing Rules went into effect 25 July. Two companies priced GDRs on 22 July and two more yesterday. US$1.5bn so far. There are 6 more near-term.


Chinese GDRs on the SIX Exchange - More Names, Smaller Discounts, Smaller Size, Less Liquidity

China

Keda Industrial Group Co. Ltd. develops clean energy technologies. The Company produces and markets clean coal and gas technology systems for use by energy consuming industries such as the ceramics, chemistry, glass, nonferrous metal processing, and paper sectors. Keda Industrial Group markets its products worldwide.

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Keda Industrial Group (600499 CH)

Chinese GDRs on the SIX Exchange - More Names, Smaller Discounts, Smaller Size, Less Liquidity

China amended its rules for GDR issuance in February 2022 and planned issuance in Switzerland to start this summer. Official issuance was permitted...

Travis Lundy

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