What does it mean that the shares are packaged into CDRs

The packaging of shares into CDR (China Depositary Receipt) refers to the investment certificates issued by overseas (including Hong Kong, China) listed companies that have been issued and listed in local custodian banks, issued by depositary banks in China, listed on domestic A** market, settled in RMB transactions, and traded by domestic investors, so as to achieve non-local trading.

It is a financial innovation inspired by American Depositary Receipts (ADRs). CDR was first proposed in response to the strong demand for mainland financing from a large number of Hong Kong-listed "red chip" companies after the Asian financial crisis in 1997.

Depository receipts refer to negotiable receipts that circulate in a country and represent the value of a foreign company.

According to the different places of issuance or trading, they are given different names, such as the depositary receipts in the United States (America) are called ADR, Europe (European) is called EDR, and our China (Chinese) is naturally called CDR.

On the basis of basically not changing the current legal framework, the return of overseas listed companies to A-shares can be realized.

In view of China's current legal framework and relevant regulations, companies domiciled overseas cannot be listed directly on the A-share market. If the CDR method is adopted, it is relatively convenient, the listing procedures are simple, and the issuance cost is low.

For example, BAJ's listing in the United States is a way to issue ADR. Most Chinese companies are listed on the U.S. stock market by issuing depositary receipts (DRs).

Why? At present, most of the well-known Chinese companies listed in the United States are not registered in the United States, and many are in third places such as the Cayman Islands, such as Alibaba, JD.com, NetEase, New Oriental, and Ctrip.com. According to the relevant laws of the United States, enterprises listed in the United States must be registered in the United States, and enterprises not registered in the United States can only enter the capital market in the United States by means of depositary receipts.

Therefore, these companies are listed in the United States by issuing ADRs, rather than directly issuing common shares.

In order for the DR to be the best representation of the corresponding company's **, the company will generally stipulate an exchange ratio between the DR and the ordinary **.

Many Chinese companies listed on the U.S. stock market have a 1:1 exchange ratio between ADR and common stock. For example, 1 Alibaba ADR is equivalent to 1 Alibaba share**.

An IPO is an Initial Public Offerings**

Initial public offerings (IPO) refers to the process of an enterprise issuing additional shares to investors through the initial public offering of the Exchange in order to raise funds for the development of the enterprise.

Refers to the first time that the company will issue its ** in the open market. If the company has been publicly listed and circulated in the secondary market, it cannot be called an initial public offering when the company issues additional new shares. An initial public offering usually increases the company's market value to reflect the company's future growth performance, so it is the best time to make a profit for the holders of the original company's shares or new investors.

Hello, "Chinese Depository Receipt" (CDR) refers to the ** issued by the depositary and issued in China on the basis of overseas **, representing the overseas underlying ** interests. The overseas issuer of depositary receipts shall participate in the issuance of depositary receipts, perform the obligations of the issuer and the listed company in accordance with the law, and bear the corresponding legal liabilities.

The full name of an IPO is Initial Public Offerings, which refers to an initial public offering, or an initial public offering, in which shares are issued to the public.

An IPO Initial Public Offerings is an initial public offering of a business to public investors through an exchange.

CDR Chinese depository receipts, depositary receipts issued by Chinese enterprises (overseas listed companies such as Hong Kong red-chip enterprises raise funds in the domestic capital market and are listed for trading).

Basically, it is on a monthly basis, with a leverage of 1-8 times, so that your ** can fly. It's within reach.

ADR refers to American Depositary Receipts; CDR stands for Chinese Depositary Receipt.

American Depositary Receipts (ADRs) are a widely used solution in the U.S. for foreign companies to list in the U.S. Just as the capital markets of developed countries are multi-layered, the trading varieties of American depositary receipts themselves are also multi-layered, and they can be applied not only to super-large and high-quality companies such as PetroChina and Sinopec, but also to many ultra-small junk companies that need to sell "original shares" to cheat money to make a living.

CDR is an acronym for Chinese Depository Receipt. CDR refers to the investment certificates issued by the depository bank in China, listed on the domestic A** market, settled in RMB transactions, and traded by domestic investors by overseas listed companies that have been issued and listed in local custodian banks. However, CDR is not an IPO (Initial Public Offering) concept.

Differences: 1. **(**-Foreign) sales are limited to domestic (China, the United Kingdom, Germany, etc.).

Advantages: Shareholders have the right to vote, and the right to veto in the event of a takeover of the company (voting form).

Disadvantages: Chinese investors are unable to invest in Chinese companies listed abroad. (cdr)

2. For companies that issue **: ADR GDR

To enable Chinese shareholders to share in the success of Chinese companies listed overseas (GDR).

Advantages: Eliminate strict local supervision, only need to submit reports on time, and publish corporate information in a timely manner; Establish the company's international visibility (ADR).

Disadvantages: Depository and processing through financial intermediary companies. There is a fixed fee and management fee.

3. Listed locally (**-NASDAQ NYSE HKEX).

Advantages: Enjoy the same liquidity as if it were listed locally; Easy access to fundraising.

Disadvantages: The conditions for applying for listing are more stringent (NASDAQ NYSE compared to ADR); Facing strict accounting audits.

In general, when purchasing ADR GDR, it is basically the same as **, with a large circulation and simple buying and selling procedures. It can be purchased through the local market, without the need to invest abroad or through financial intermediaries, and it also avoids the link of buying and selling foreign exchange. Buying and selling hours are based on the time of the local ** exchange.

But there is no voting right for shareholders.

Wait for Xiaomi to confirm it, and then talk about it, it is estimated that the wolf has more meat and less meat.

With the intensification of the unicorn return fever, in addition to direct IPOs and backdoor listings, the call for the use of Chinese depositary receipts, that is, CDR, is increasing, which is actually a matter of new bottles of old wine, because it was born out of the American depositary receipt ADR, which can be regarded as a decent homecoming ceremony for Chinese unicorns listed overseas.

The inventor of the depositary receipt is the American Morgan, the time is 1927, when the British company Selfridge ** was favored by the market, but unfortunately the geographical gap, it is very inconvenient for American investors to want to buy, so Morgan set up a kind of American depositary receipts, so that investors who hold Selfridge can hand over ** to Morgan designated, in the United States and the United Kingdom has branches of a bank, and then by this bank issued the ** American depositary receipts.

Back in the day, CDRs are listed outside of China, and after depositing their shares with a custodian, they issue certificates representing those shares in China. In this way, domestic investors can obtain new investment varieties and channels, and the A** field can also attract more overseas enterprises.

Referring to the ADR model, the CDR transaction process may be that domestic investors purchase CDR through a brokerage, and the brokerage is responsible for the deposit and custody of the entire CDR process, so only the brokerage that has been operating relatively mature at home and abroad can take over this large order.

First of all, DR, that is, depositary receipts, is a relatively mature variety in the overseas market. It refers to the valuable rights and interests issued by an overseas entity in China and representing its overseas ** and other basic **interests. Depending on the place of issuance or trading, it will be given a different name.

For example, the most representative depositary receipts American Depositary Receipts (ADRs, which we are familiar with JD.com, Alibaba, and other companies listed in the United States all use the method of issuing ADRs), International Depositary Receipts (IDRs) listed in Brussels, Dutch Depositary Receipts (DDRs) listed in Amsterdam, Swiss Depositary Receipts (SDRs) listed in Stockholm, European Depositary Receipts (EDRs) denominated in euros, Hong Kong Depositary Receipts (HDRs) listed and traded on the Hong Kong Stock Exchange, etc. Depositary receipts listed on Chinese exchanges are called CDRs.

To put it simply, a CDR is a certificate issued in China to represent the shares of companies listed outside of China (including Hong Kong) after they have been deposited with a custodian.

Under the file menu,There's a for output collection (like this command,Not on the computer,Can't see the command),This command can directly package all the files involved in the file、Color description file、PDF preview file, etc. into a folder or directly into a compressed package (there is a zip option in the packaging settings,Select it and it will automatically generate a compressed package,More convenient)。

If it helps you, hope in time!