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21
Year-End 2015 Report
| Regional Trends
Asia Pacific
Capital Raisings
Sixteen issuers raised approximately $4.5 billion of DR capital
of which $0.8 billion (19%) was through IPOs and $3.7 billion
(81%) was through follow-on offerings. China was the most
active market for capital raising activity in the region, with
seven issuers raising $2.3 billion.
Approximately $3.7 billion of DR capital was raised by seven
issuers through follow-on offerings. China and India were the
most active markets by dollar value for follow-ons, raising
$2.0 and $1.5 billion, respectively, in DR form. The largest
follow-on offering was for CTrip.com International Ltd., a
Chinese travel agency, which raised approximately $1.7 billion
in new capital.
Trading Volume
DR trading volume grew 4% (1.6 billion DRs) to 45.0 billion
DRs in 2015 versus 43.3 billion DRs during the prior year
period. This was due to a 2.0 billion increase in trading volume
of DRs listed on NASDAQ, partially offset by a 0.4 billion
decrease in trading volume of NYSE-listed DRs.
In terms of country, the primary contributor to the increase in
DR trading volume was from Australian DR programs, which
grew 2.8 billion DRs to 4.3 billion DRs in 2015.
New Programs
1, 2
There were 21 new sponsored programs announced in the
region: 7 U.S.-listed ADRs (2 listed on NYSE and 5 listed on
NASDAQ), 12 Level 1 ADRs and 2 GDRs (including bifurcated
programs). Australia was the most active country with 9 new
programs (2 listed on NASDAQ and 7 on OTC).
Unsponsored Programs
Total trading volume for Asia Pacific unsponsored programs
was up 8% (102 million DRs) to 1.4 billion DRs traded in
2015 versus 1.3 billion DRs in 2014. Japan was the most
active country comprising 59% (830 million DRs) of total
unsponsored trading volume and 29% (239 programs) of
total program count from the region. Overall, total trading
volume for Asia Pacific unsponsored programs rose due to
increased trading volume activity in Tencent Holdings Ltd,
which increased 62 million DRs in 2015 to 172 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. In 2015, CLDRAPAC and
CLDREAS declined 10% and 7%, respectively. However, on a
long-term basis, CLDRAPAC and CLDREAS have significantly
outperformed the World ex-U.S. and the S&P 500 since 2001.
1
For bifurcated programs, Reg S and 144A tranches have been counted as separate programs.
2
Program count as of December 2015.