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21
Year-End 2013 Report
| Regional Trends
Asia Pacific
Capital Raisings
Twenty-five issuers raised approximately $4.4 billion in DR
form of which approximately $1.8 billion (or 42%) was in IPO
form. China was the most active in IPOs, raising $827 million,
followed by Korea and Taiwan, raising $664 million and $331
million, respectively. Doosan Infracore Co., Ltd. from Korea
was the largest IPO in the region, raising approximately
$400 million on Singapore Stock Exchange (SGX).
Approximately $2.6 billion was raised by twelve issuers in
follow-on offerings, accounting for 58% of all DR capital
raisings from the region. Taiwan was most active in follow-
on offerings, raising $1.8 billion. The largest follow-on
offering was Fubon Financial Holding Co. from Taiwan,
raising approximately $850 million.
Trading Volumes
DR trading volumes increased by 23% (or 5.8 billion DRs)
with 30.5 billion DRs traded in 2013 versus 24.8 billion DRs
during prior year. This was mainly due to a 3.5 billion increase
in trading volumes of DRs listed on NYSE Euronext, and a
1.7 billion increase in trading volumes of programs listed on
NASDAQ. In terms of countries, programs from China (4.8
billion DRs), Japan (1.1 billion DRs) and Taiwan (0.8 billion DRs)
accounted for a majority of the increase.
New Programs
1, 2
Twenty-eight new sponsored programs were announced in the
region: seven U.S.-listed ADRs (four listed on NYSE-Euronext
and three listed on NASDAQ), ten Level 1 ADRs and eleven
GDRs (including bifurcated programs). China was the most
active country with six new programs (all U.S.-listed ADRs),
followed by Australia with five new programs (all Level 1 ADRs).
Doosan Infracore Co., Ltd. from Korea (SGX) was the most
notable IPO transaction from the region.
Unsponsored Programs
Total trading volumes for Asia Pacific unsponsored programs
were up 6% (or 42 million DRs) with 767 million DRs traded
in 2013 versus 724 million DRs in 2012. Japan was the most
active country comprising 53% (or 410 million DRs) of total
unsponsored trading volume and 30% (or 245 programs) of
total program count from the region. Overall, total trading
volume for Asia Pacific unsponsored programs increased
mainly due to an increase in trading volumes of programs
from Indonesia (33 million DRs), Australia (20 million DRs)
and China (18 million DRs), which was offset by a decrease in
trading volumes of programs from Japan (19 million DRs)
and Hong Kong (15 million DRs).
Market Performance
Citi Depositary Receipt Services maintains the AsiaPac
ex-Japan Liquid DR Index (CLDRAPAC) and AsiaPac
Growth Economies Liquid DR Index (CLDREAS) to gauge
investor sentiment toward Asia Pacific. During 2013,
CLDRAPAC increased by 1% and CLDREAS increased by 3%,
underperforming the S&P 500 index. On a long-term basis,
since 2001, CLDRAPAC and CLDREAS have significantly
outperformed the World ex-U.S. and the S&P 500.
1
For bifurcated programs, Reg S and 144A tranches have
been counted as separate programs.
2
Program count as of December 2013.