Leaving BNY Website

 

You are leaving the BNY Mellon's Depositary Receipts' Website.
Linked sites are not under the control of The Bank of New York Mellon Corporation or any of its subsidiaries or affiliates (together, the "Company") and the Company is not responsible for the content of any linked site or any link contained in a linked site. If you choose to link to a website not controlled by the Company, you do so entirely at your own risk and the Company makes no warranties, either express or implied, concerning the content of such site, including the accuracy, completeness, reliability or suitability thereof for any particular purpose, nor does the Company warrant that such site or content is free from any claims of copyright, trademark or other infringement of the rights of third parties or that such site or content is devoid of viruses or other contamination. The Company does not guarantee the authenticity of documents on the Internet. Links to other sites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such sites. The Company reserves the right to terminate any link at any time.

Do you wish to continue to the linked site on these terms?

Stay On Page
Leave Page

© 2025 The Bank of New York Mellon Corporation

Depositary Receipt business and services are conducted through The Bank of New York Mellon.

BNY - DR Legal Disclaimer
  

To learn more about DRs, please contact DRBrokerSolutions@bny.com.

 

The information and data provided herein are provided for general informational purposes only.  BNY does not warrant or guarantee the accuracy, timeliness or completeness of any such information or data.  BNY does not undertake any obligation to update or amend any information or data, and may change, update or amend any information or data at any time without prior notice.

 

BNY provides no advice, recommendation or endorsement with respect to any company or securities.  No information or data is intended to provide legal, tax, accounting, investment, financial, trading or other advice on any matter, and is not to be used as such.  We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any information or data, including market value loss on the sale or purchase of securities or other instruments or obligations.

 

Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.

 

BNY collects fees from DR holders pursuant to the terms and conditions of the DRs and any deposit agreement under which they are issued.  From time to time, BNY may make payments to an issuer to reimburse and/or share revenue from the fees collected from DR holders, or waive fees and expenses to an issuer for services provided, generally related to costs and expenses arising out of establishment and maintenance of the DR program.  BNY may pay a rebate to brokers in connection with unsponsored DR issuances; brokers may or may not disclose or pass back some or all of such rebate to the DR investor.  BNY may also use brokers, dealers or other service providers that are affiliates and that may earn or share fees and commissions.

 

BNY may execute DR foreign currency transactions itself or through its affiliates, or the Custodian or the underlying Company may execute foreign currency transactions and pay US dollars to BNY.  In those instances where it executes DR foreign currency transactions itself or through its affiliates, BNY acts as principal counterparty and not as agent, advisor, broker or fiduciary.  In such cases, BNY  has no obligation to obtain the most favorable exchange rate, makes no representation that the rate is a favorable rate and will not be liable for any direct or indirect losses associated with the rate. BNY earns and retains revenue on its executed foreign currency transactions based on, among other things, the difference between the rate it assigns to the transaction and the rate that it pays and receives for purchases and sales of currencies when buying or selling foreign currency for its own account.  The methodology used by BNY to determine DR conversion rates is available to registered Owners upon request or can be accessed here.  In those instances where BNY's Custodian executes DR foreign currency transactions, the Custodian has no obligation to obtain the most favorable exchange rate or that the method by which the rate will be determined will be the most favorable rate, and BNY makes no representation that the rate is a favorable rate and will not be liable for any direct or indirect losses associated with the rate.  In certain instances, BNY may receive dividends and other distributions from an issuer of securities underlying DRs in U.S. dollars rather than in a foreign currency.  In such cases, BNY will not engage in or be responsible for any foreign currency transactions and it makes no representation that the rate obtained by an issuer is a favorable rate and it will not be liable for any direct or indirect losses associated with the rate.

 

BNY is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.  BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).

 

BNY's name, brand and/or trademarks may not be used, copied or reproduced without the prior express written consent of BNY.

 

DEPOSITARY RECEIPTS ARE NOT INSURED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY, ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF, AND ARE NOT GUARANTEED BY, BNY AND ARE SUBJECT TO INVESTMENT RISKS INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.

 

Please also see "Terms of Use."

ACCEPT

Please enable cookies in your browser if you wish to proceed.

Regulation S Disclaimer

 

Access To This Company Profile Is Restricted To Non-U.S. Persons Outside The United States Within The Meaning Of Regulation S Under The U.S. Securities Act Of 1933, As Amended (The "Securities Act").1

 

This company profile does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction or under any circumstances in which such offer or solicitation is unlawful.

 

Each person accessing this company profile, by so doing, will be deemed to have acknowledged that: (1) It is not a U.S. person (within the meaning of Regulation S under the Securities Act) and is located outside the U.S. (within the meaning of Regulation S under the Securities Act); and (2) Any securities described herein (A) have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction and (B) may not be offered, sold, pledged or otherwise transferred except to persons outside the U.S. in accordance with Regulation S under the Securities Act pursuant to the terms of such securities.

 

If you agree with and accept the foregoing and the Terms of use governing this site, please select "Accept" below. Otherwise, press "Decline" to return to the previous page.

 

1 As defined in the Securities Act, the term "U.S Person" means: (1) any natural person resident in the United States; (2) any partnership or corporation organized or incorporated under the laws of the United States; (3) any estate of which any executor or administrator is a U.S. person; (4) any trust of which any trustee is a U.S. person; (5) any agency or branch of a foreign entity located in the United States; (6) any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person; (7) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and (8) any partnership or corporation if: (A) organized or incorporated under the laws of any foreign jurisdiction; and (B) formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a)) who are not natural persons, estates or trusts.

I Accept Decline

© 2024 The Bank of New York Mellon Corporation
Depositary Receipt business and services are conducted through The Bank of New York Mellon.

Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Kospi -0.35%, Hang Seng Closed, Shanghai Composite (0.87%) as of 04:10 ET

Jul 17 ,2023

  • Synopsis:

    • Asian equities ended mostly lower Monday in a cautious day's trading. Losses in mainland China and South Korea, modest gains for Taipei, India and most of Southeast Asia; Australia and Singapore flat. Japan closed for a holiday, Hong Kong closed on a typhoon warning. US futures mixed, Europe paring opening losses. US dollar slightly lower, AUD, NZD and yuan weaker on China data, yen a tad stronger. US Treasuries mixed. Crude blends sharply after China data, precious and industrial metals also under pressure.

    • Asia markets rather subdued Monday with two major markets closed and to follow the flat handover from Wall Street Friday. With Hong Kong closed, mainland China markets dropped on the latest set of economic activity data: Q2 GDP growth slowed more than expected y/y but was higher on a seasonally adjusted q/q basis; June industrial production was better but retail sales grew just 3.1% versus Q1's 12.7% expansion. Real estate investment and property sales also contracted.

    • PBOC kept MLF rate unchanged but lowered its liquidity injection to its lowest since Nov-22 after offering CNY103B ($14.4B) versus CNY100B maturing. Bank expected to ease policy sooner rather than later with Q2/June data showing another disappointment although recent talk has downplayed Politburo later this month as a date for the announcement. Hopes for a broad policy response also questioned given debt constraints. Regional export data highlighted extent of slowdown: Indonesia's exports fell more than 20% and by more than expected, Singapore's fell most in five months but contraction was at least better than forecast.

    • Daewoo Engineering & Construction (047040.KS) signed a MoU with Poland's third largest construction group. Samsung Electro-Mechanics (009150.KS) is set to begin mass production of EV power inductors. Vedanta (500295.IN) said it is 'advanced talks' over regaining control of a Zambian copper mine four years after it was seized by the government.

  • Digest:

    • Mixed China data seen unconvincing, reinforces calls for more stimulus:

      • Q2 GDP expanded 6.3% y/y, below consensus 7.3% and follows 4.5% in the previous quarter. However, sequential growth came in at 0.8% q/q, firmer than consensus 0.5%, following 2.2% in Q1. Economists highlighted attention on sequential deceleration for a cleaner read on underlying growth momentum as year-ago changes were supported by favorable base effects reflecting last year's Covid lockdowns. Other headline metrics were similarly mixed. Industrial production rose 4.4% y/y in June beating consensus 2.7% and follows 3.5% in prior month. Solar cells, integrated circuits were bright spots, while autos, PCs and smartphones declined. Capacity utilization was 74.5% in Q2, down 0.6 ppt from a year earlier. Retail sales grew 3.1% y/y in June slightly below consensus 3.3% and sharply softer than 12.7% in May, marking the lowest growth YTD. Deceleration was broadly based though most categories remained positive -- double digit gains in catering remained the standout reflecting post-Covid recovery dynamics. Fixed asset investment continued to slow, up 3.8% y/y YTD vs consensus 3.4% and prior 4.0%. Aligns with ongoing softening in real estate as aggregate sales deteriorated notably. Infrastructure expanded 7.2%. Unemployment rate remained steady at 5.2% as expected.

    • Hong Kong scraps Monday trading on typhoon warning as extreme weather pounds Asia:

      • Hong Kong Exchange scrapped trading Monday in entirety after city authorities issued typhoon warning early morning. Government issued third highest storm warning with winds reaching 260km/h (162m/h), will remain in force until at least 4pm. China Connect northbound also affected (SCMP). Typhoon Talim currently several hundred kilometers south of Hong Kong, forecast to move toward Hainan province over next 48 hours. Parts of northern Vietnam, Thailand also placed on flood alert (BangkokPost). Comes just as heavy rains pound northeast Japan and South Korea, led to evacuations and fatalities in Japan (Kyodo), South Korea where president Yoon ordered designation of disaster zones to deal with destruction and more than 40 deaths (Yonhap). Floods also still affecting northern India with many parts of capital Delhi remaining closed until at least Tuesday (Mint).

    • China MLF operation in line:

      • PBOC injected CNY103B in new MLF funding while keeping the rate unchanged at 2.65%, both matching expectations. Size matched the CNY100B in maturing loans. After last month's rate cuts, Reuters noted that stimulus hopes are shifting towards fiscal policy, as any further interest rate cuts could put the yuan currency under more pressure from a widening yield gap with the US. Recall latest PBOC rhetoric came from Deputy Governor Liu Guoqiang in Beijing Friday, reiterating central bank has ample policy tools and will step up counter-cyclical adjustments. Echoing those remarks, Zou Lan, head of the monetary policy department, told reporters Friday that monetary policy tools will be used comprehensively -- including RRR, MLF, and OMO -- amid slowing economic growth (Reuters). Added that appropriate credit growth will be maintained, and banks will be guided to expand lending to small and private firms.

    • China property investment falters further:

      • China property investment fell 7.9% y/y in Jan-Jun, versus Bloomberg forecast of 7.5% drop and follows 7.2% decline in Jan-May. Reuters calculations showed property investment fell 20.6% y/y in June, after a 21.5% drop in May; sales by floor area fell 28.1% y/y as largest monthly drop this year, extending 19.7% drop in May. Came after Saturday's NBS data showed new home prices were unchanged both on year and on month in June, weakest result in 2023(Reuters). Raft of weak data points to sector's deepening downturn after a brief Q1 rebound. Economists called for policymakers to consider measures that would encourage commercial and policy banks to offer new credit to developers as Politburo expected to meet later July. Goldman expects measures including lowering down payments ratio or relaxing purchasing curbs in top-tier cities. PBOC earlier said policies will be "tailored" to cities and implied policy support will focus on industry leaders only (Bloomberg).

    • Southeast Asia exports slow further from two key bases:

      • Indonesia and Singapore June trade data laid bare Southeast Asia's exposure to slowing global trade, with both showing significant y/y falls. Singapore's non-oil exports (NODX) fell 15.5% y/y, ninth consecutive contraction in NODX shipments, lower than May's 14.8% dip. On m/m basis, NODX grew 5.4% from May's 14.6% fall (BusinessTimes). Electronic exports fell 15.9% with chemicals and petrochemical products also down sharply. Shipments to all markets fell except to China, which rose 3.1%. Economists warned although China exports had improved, recent slowdown may mean recovery in trade may not be sustainable. Meanwhile, Indonesia exports fell 5.1% m/m, , 21% y/y, weighed by weaker commodity prices, lower shipments of oil and palm oil products. However, 19% drop in imports, m/m on lower oil & gas imports, led to 18% decline y/y. Trade surplus narrowed m/m but better than expected.

    • Notable Gainers:

      • +10.0% 603160.CH (Shenzhen Goodix Technology): guides H1 net income attributable (CNY137M) vs year-ago CNY21.1M

      • +9.8% 047040.KS (Daewoo Engineering & Construction Co.): signs MoU with with Polish companies to establish business cooperation in the region

      • +5.1% 009150.KS (Samsung Electro-Mechanics Co.): reportedly to mass-produce EV power inductors

    • Notable Decliners:

      • -7.9% 182400.KS (NKMAX Co Ltd (South korea)): subsidiary NKGen Biotech reportedly presents phase I data of SNK01 for Alzheimer's

      • -7.3% 002709.CH (Guangzhou Tinci Materials Technology): guides H1 net income attributable CNY1.16-1.36B vs year-ago CNY2.91B

      • -5.2% 543228.IN (Route Mobile): Proximus to acquire a 57.6% controlling stake in Route Mobile for initial consideration INR59.22B (€643.0M) cash at INR1,626.40/share

      • -4.0% 603501.CH (Will Semiconductor Co Ltd Shanghai): guides H1 net income attributable CNY128.5-192.8M vs year-ago CNY2.27B

      • -3.8% 601088.CH (China Shenhua Energy): guides H1 net income attributable CNY35.9-37.9B vs year-ago CNY42.48B

  • Data:

    • Economic:

      • China

        • Q2 GDP +6.3% y/y vs consensus +7.3% and +4.5% in prior quarter

          • GDP +0.8% q/q vs consensus +0.5% and +2.2% in prior quarter

        • June

          • Industrial production +4.4% y/y vs consensus +2.7% and +3.5% in prior month

          • Retail sales +3.1% y/y vs consensus +3.3% and +12.7% in prior month

          • Fixed asset investment (YTD) +3.8% vs consensus +3.4% y/y vs +4.0% in prior month

          • Unemployment rate 5.2% vs consensus 5.2% and 5.2% in prior month

          • New house prices 0.0% m/m vs +0.1% in prior month

      • Singapore June

        • Non-oil domestic export y/y (15.5%) versus (14.8%) in prior month

    • Markets:

      • Nikkei: Closed

      • Hang Seng: Closed

      • Shanghai Composite: (28.07) or (0.87%) to 3209.63

      • Shenzhen Composite: (10.40) or (0.51%) to 2047.70

      • ASX200: (4.60) or (0.06%) to 7298.50

      • KOSPI: (9.30) or (0.35%) to 2619.00

      • SENSEX: 256.90 or +0.39% to 66317.80

    • Currencies:

      • $-¥: (0.16) or (0.11%) to 138.6040

      • $-KRW: (3.40) or (0.27%) to 1265.8800

      • A$-$: (0.00) or (0.49%) to 0.6812

      • $-INR: (0.05) or (0.06%) to 82.0910

      • $-CNY: +0.03 or +0.45% to 7.1731

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE