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: Nikkei +0.09%, Hang Seng (1.69%), Shanghai Composite (0.13%) as of 03:10 ET

Dec 22 ,2023

Editor's note: Asia Market Wrap will not be published on 25-Dec and will return on 26-Dec.

  • Synopsis:

    • Asian equities finished mixed Friday. Hong Kong sharply reversed early gains following announcement of new gaming restrictions that sent several internet stocks into steep dives; mainland markets also in the red by the close. Positive markets led by Singapore and India. Taiwan saw a modest gains; the Kospi, Nikkei and Australia's ASX were flat. US futures lower, Europe opened with modest losses. US dollar flat, Asia currencies weaker. Treasury yields higher across tenors, China sovereign yields lower on bank deposit rate cuts. Crude blends higher, precious and industrial metals also supported.

    • Asia stocks turned negative as the day wore on. Mid-morning, all main country bourses were positive before the announcement of new gaming restrictions in China pushed the Hang Seng sharply lower. There were some steep stock sell offs with Tencent down 14% and Netease more than 27% lower. The MSCI Asia Pac ex-Japan index turned a +0.3% return mid-morning into a -0.5% loss by the close in Hong Kong. Tech stocks had benefited early on from overnight gains on Wall Street, India continues to outperform in an across-the-board rally.

    • In Macro news, Japan core inflation slowed in-line with forecasts to their lowest since mid-2022 but services inflation rose to 30-year highs adding to signs influence of cost-push factors are waning. BOJ October minutes showed high uncertainties about stable achievement of inflation target and confirmed importance of next year's wage talks. Chinese banks cut deposit rates further to boost growth. China FDI fell to almost four-year low. The US Commerce Department has initiated a review into China legacy chip production, follows reports Thursday the White House was weighing hiking tariffs on Chinese EVs.

    • Honda Motor (7267.JP) announced more model recalls over problems with a fuel pump failure. Mitsubishi UFJ Financial Group (8306.JP) is to build out its India operations amid the economic slowdown in China. Blackstone is to buy 80% of Sony Group's (6758.JP) payment unit for $280M. Tencent (700.HK) and Netease (9999.HK) stock both fell sharply after the NPPA released draft guidelines restricting online gaming and imposing limits on spending.

  • Digest:

    • China's new draft rules send online gaming companies tumbling:

      • Reuters reported China unveiled new draft rules to rein in spending and rewards for online video games that may signal another industry crackdown. National Press and Publication Administration said online games need to set spending limits and ban daily login rewards. Added rules that would ban large tips for rewards to players who livestream their games and prohibits online games from offering probability-based lucky draw features to minors. Games are also required to set limits on how much players can top up digital wallets and publishers required to store servers within China. Bloomberg added new restrictions surprised industry players and investors as Beijing appeared to have eased regulation for much of 2023 after two-year crackdown on big tech companies. Noted officials encouraged esports earlier this year as engine for post-Covid economy. Tencent (700.HK) down nearly 13% and NetEase (9999.HK) down 25% on Friday. Experts noted new rules will deal a blow to overwhelming majority of games in China.

    • China major banks cut deposit rates from Friday:

      • Some biggest state-owned Chinese lenders are cutting deposit rates from 22-Dec, third round of such cuts in 2023 (1st in June 2nd in September). ICBC (1398.HK), CCB (939.HK), Bank of China (3988.HK), Bank of Communications (3328.HK), ABC (1288.HK), CMB (3968.HK) and PSBC (1658.HK) have all announced deposit rates adjustment, trimming 10 bp for new time deposits less than 1y to 1.45%, 20 bp for 2y deposits to 1.65% and 25 bp for 3y and 5y deposits to 1.95% and 2.00% respectively (SecuritiesTimes). Bloomberg noted Chinese banks' NIMs under pressure and slumped to record low of 1.73% as of September, below 1.8% threshold seen as necessary to maintain reasonable profitability. Meanwhile bad loans have hit new high and some large state banks' revenue growth streak since 2017 may snap this year. Mainland press takeaways noted lowering deposit rates would reduce banks' liabilities and make room for possible lending rate cuts. Bigger cuts in longer-term deposit rates might also incentivize businesses and households to shift more funds for investment and consumption. Bloomberg added China's 30Y government bond yield hit lowest level since 2005 and 10Y yield edged down to lowest since September on Friday morning as deposit rate cuts seen as benefiting bonds.

    • BOJ board members remained unconvinced of stable inflation prospects in October MPM:

      • Minutes for the October MPM showed board members shared the view that likelihood of a virtuous wage/inflation cycle rising gradually but uncertainties remain high and stable achievement of price stability target was not yet envisaged with sufficient certainty at this point (Governor Ueda stressed this point at his latest press conference). One member suggested achievement was coming into sight and flagged H2 of FY23 would be important for making a declaration. Moreover, many members recognized importance of confirming wage hikes at next year's shunto talks, and whether raises would feed through to prices. Remarks on wage prospects were mixed between optimism and caution. They also debated spillover effects from wages to prices with no clear consensus. Accordingly, board members agreed on the need to patiently continue with YCC as a few members suggested there was still some distance to go before achieving stable inflation alongside positive wage/inflation cycle and continued to endorse easing with YCC. One member saw 10y JGB yield reaching 1% as "highly plausible" amid higher US yields. But another member was encouraged by early corporate signals on next year's wage hikes and proposed gradually dialing back easing.

    • Japan core inflation softens to lowest since July 2022, matching expectations:

      • Core CPI rose 2.5% y/y in November, matching consensus, following 2.9% in the previous month and marks the lowest since July 2022. Details were broadly consistent with preceding Tokyo figures. Ex-fresh food & energy inflation also eased to 3.8%, in line, after 4.0% in October. Energy drags widened on sharper declines in electricity and gas, while gasoline logged smaller increase. Elsewhere, heavily weighted non-fresh food continued to moderate (consistent with reports of dissipating price hikes), partially offset by acceleration in accommodation driven by resurging inbound tourism. By stage of demand, goods inflation slowed to 3.3% from 4.4%, the softest since November 2021. In contrast, closely watched service inflation continued to build on multi-decade highs at 2.3% from prior 2.1%. Overall CPI also eased to 2.8%, matching expectations, following prior month's 3.3% -- becoming more relevant after government projected 2.5% in FY24 as an underlying assumption in the general budget bill. Overall CPI also used as the deflator for real wages as measured by the Monthly Labor Survey.

    • US probes legacy semiconductor supply chains aimed at China:

      • In a statement, US Commerce Department announced it will launch a survey in January 2024 on the American semiconductor supply chain and national defense industrial base, aimed at identifying sourcing channels for current-gen and legacy chips. Statement explicitly mentioned information will help reduce national security risks posed by China. Commerce Secretary Raimondo said that "addressing non-market actions by foreign governments that threaten the US legacy chip supply chain is a matter of national security." Observed potential signs of concerning practices from China to expand domestic legacy chip production and make it harder for US companies to compete. Bloomberg cited an official indicating next steps could include tariffs or other trade tools without elaborating. Article recalled Raimondo has said that all tools would be considered, though ruled out export controls, which will only be applied to advanced chips. Source added the survey also seeks to encourage defense contractors to phase out Chinese chips out of their supply chains.

    • Notable Gainers:

      • +9.9% 6550.TT (Polaris Group): Chairman notes to have secured 90% stake in Genovior for NT$2.0B

      • +5.9% 2412.JP (Benefit One): Dai-ichi Life raises tender offer price to ¥2,123/share from ¥1,800/share

      • +5.0% 2168.JP (Pasona Group): Parent company of Benefit One

      • +2.3% 9007.JP (Odakyu Electric Railway Co.): Disposes subsidiary UDS to Nomura Real Estate Holdings

      • +0.0% 1238.HK (Powerlong Real Estate Holdings): Enters into restructuring term sheet with ad hoc group (AHG) members

    • Notable Decliners:

      • -10.8% 4776.JP (Cybozu): Provides guidance

      • -6.1% 6098.HK (Country Garden Services Holdings): CICC note

  • Data:

    • Economic:

      • Japan November

        • Nationwide core CPI +2.5% y/y vs consensus +2.5% and +2.9% in prior month

          • CPI excl. fresh food & energy +3.8% y/y vs consensus +3.8% and +4.0% in prior month

          • Overall CPI +2.8% y/y vs consensus +2.8% and +3.3% in prior month

      • Australia November

        • Private sector credit +0.4% m/m vs +0.3% October

    • Markets:

      • Nikkei: 28.58 or +0.09% to 33169.05

      • Hang Seng: (280.72) or (1.69%) to 16340.41

      • Shanghai Composite: (3.94) or (0.13%) to 2914.78

      • Shenzhen Composite: (15.86) or (0.88%) to 1785.64

      • ASX200: (2.50) or (0.03%) to 7501.60

      • KOSPI: (0.51) or (0.02%) to 2599.51

      • SENSEX: 145.57 or +0.21% to 71010.67

    • Currencies:

      • $-¥: +0.21 or +0.15% to 142.3270

      • $-KRW: +3.80 or +0.29% to 1299.6900

      • A$-$: (0.00) or (0.25%) to 0.6785

      • $-INR: (0.07) or (0.08%) to 83.2012

      • $-CNY: +0.00 or +0.02% to 7.1411

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