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 +1.81%, Hang Seng +0.43%, Shanghai Composite +0.69% as of 03:10 ET

Dec 22 ,2025

The Asian Market Recap will not be published from 25-Dec through 2-Jan. It will return on 5-Jan.

  • Synopsis:

    • Asia equities ended higher across the board Monday. Tech-dominated benchmarks in Japan, South Korea and Taiwan outperformed notably; Shenzhen and Shanghai also finished higher but Hong Kong while Hong Kong rallied into the close. Southeast Asia also closed with modest gains, India currently trading higher. US futures higher, Europe opened with small losses. US dollar flat, yen strengthening following intervention warnings, yuan also stronger again. Treasury yields higher across tenors, JGB yields also pushing higher again. WTI and Brent futures up on Venezuelan tensions, gold and silver touching record highs again. Iron ore and copper higher. Cryptocurrencies edging higher.

    • Asia stocks closed higher Monday in what is expected to be a truncated week's trading as regional holidays begin in earnest on Wednesday. Technology stocks boosted by a strong end to trading on Wall Street Friday and higher futures in Monday trading. Strong gains for SK Hynix (000660.KS) and Samsung Electronics (005930.KS) in South Korea on reports both companies were taking measures to ramp up production. The yen stabilized and strengthened slightly following warnings from Tokyo's forex diplomat and its finance minister over one-sided moves but the currency continues to trade close to the year's lows. Still, JGB yields continue to trade higher with the 10Y yield at 26-year highs and the 2Y at 28-year highs.

    • In other developments, China left its 1Y and 5Y loan prime rates unchanged as expected after PBOC held 7D reverse repo rate steady. South Korea's exports for the first 20 days of December increased again as shipments for semiconductors continued to grow. India and New Zealand signed a free trade agreement even as a US-India deal appears no nearer. Tensions on the Thailand-Cambodia border ratcheted higher over the weekend following Bangkok's bombing of targets deeper into Cambodia territory. In political developments, former Malaysia PM Najib was denied permission to serve his corruption conviction under house arrest.

    • Seven & i (3382.JP) CEO is said to be pressing for its US unit to move quicker on a turnaround plan as it seeks a listing of the business to fund new investments and lift shareholder returns. China Nonferrous Metals (1258.HK) has acquired an additional 55% stake in Kazakhstan's SM Minerals for around $89M. IndiGo (InterGlobe Aviation, 539448.IN) executives told a local media source that the likely delay in its international expansion plans is due to the current pilot shortage.

  • Digest:

    • China LPRs unchanged as expected:

      • China LPRs were steady at 3.00% in 1y and 3.50% in 5y, matching unanimous expectations, consistent with the seven-day reverse repo rate (Reuters). Marks the seventh straight month of no change with no indications of urgency among policymakers as 2025 economic targets set to be achieved. Modest easing projections have been pushed back into early next year given more recent evidence of weakening growth momentum, weighed down by longstanding weakness in the property market and consumer confidence, while fixed asset investment has posted record declines. Exports have been an unexpected bright spot as manufacturers have managed to secure alternative markets in adapting to US tensions, highlighted by latest official data showing China's annual trade surplus topped $1T for the first time with one month left to count. Yet, uncertainties to the outlook posed by signs of mounting trade frictions among non-US trading partners. Attention turns to the Government Work Report for guidance on the policy outlook for 2026. Conjecture on the official growth target so far pointing to another year of 'around 5%,' which means more stimulus is in order (Reuters). Risks skewed to the downside with a minority of government advisers looking for a target of 4.5-5.0%. Hopes lie mostly with fiscal support, though CEWC reaffirmed a "moderately loose" monetary policy, explicitly mentioning policy tools such as RRR and benchmark rates that typically portends follow-through.

    • Post-BOJ yen weakness prompting concerns:

      • Nikkei discussed strengthening yen pressure after having extended declines in the European/US sessions Friday to a one-month low in the high 157 range against the dollar while hitting fresh all-time lows vs euro. Price action triggered more verbal intervention from Finance Minister Katayama, reaffirming MOF's vow to take appropriate action against excessive movements and speculators (Nikkei). Momentum was mainly attributed to market reactions to the BOJ's softer than expected hawkish policy stance. FX strategists see potential for near-term continuation towards 160 that will likely prompt FX intervention. In the meantime, yen depreciation is seen providing a tailwind for equities. Yen selling pressure intensified during Governor Ueda's press conference Friday afternoon where he reiterated difficulties in pinpointing neutral rates and hence requires a substantial range in estimates. Nikkei editorial discussed the prospects for the resumption of rate hikes leading to the fourth major reversal in yen carry trades since the late-90s which have previously caused upheaval in FX and stocks markets. Another key element relates to bond yields which have been driven up by concerns about fiscal spending and a deterioration in discipline. While the government acquiesced to a rate hike this time, lingering perceptions of government opposition giving rise to views that BOJ's normalization path will be impeded by the government, further reinforcing the gradual rate hike trajectory. So far, stock market narrative has recently shifted in favor of the view that current rate hikes reflect positive economic dynamics.

    • Street Takeaways: December BOJ rate hike

      • Economist takeaways from the BOJ meeting saw the rate hike as widely in line while noting the market disappointment at the lack of clearer guidance on the future rate hike path as well as neutral rates. Yet, the BOJ 's messaging was sufficiently hawkish to affirm views that rate hikes going forward will revert to a roughly semiannual pace established before US tariff turbulence disrupted the trajectory for most of this year. Also, terminal rate projections above 1% becoming more common after Governor Ueda said the policy rate at 0.75% was still somewhat below the neutral rate range and hinted that a policy rate of 1% would not necessarily be restrictive. However, predictions for the next policy change vary, posing the risk of near-term uncertainty. On the early side, the case for Apr-26 was based on BOJ's focus on shunto wage negotiations by which time the bulk of information will be on hand. Jun/Jul seemed to be the default (also for OIS market) and most consistent with a semiannual frequency after last week's move. More conservative forecasts do not see another policy change until Jan-27 given expectations for core CPI inflation to soften below the 2% target around 1H26. Ueda indicated they look more at underlying trend inflation though would likely face hurdles in proceeding with hikes while the mandated series is below target. Some debate about the reason BOJ refrained from providing clearer guidance with some putting it down to ongoing uncertainties, while others suggested officials were mindful of potential government backlash. FX remains the primary swing factor, where markets are convinced yen depreciation was a key driver of last week's move, and a continuation would increase inflation risks further, auguring for a sooner rather than later response.

    • Notable Gainers:

      • +6.8% 1258.HK (China Nonferrous Mining): acquires additional 55% stake in SM Minerals for $89M (HK$692.5M) cash

      • +4.7% 6594.JP (Nidec): chairman and founder Shigenobu Nagamori resigns; company has appointed Mitsuya Kishida, currently president and CEO, as chairman

      • +2.5% 2344.TT (Winbond Electronics): board approves capex budget NT$1.49B

      • +2% 036570.KS (NCsoft): to acquire 67% stake in INDYGO GROUP for KRW153.41B; INDYGO controls LIHUHU, a Vietnamese mobile casual game developer

      • +0.9% 035720.KS (Kakao): reportedly in talks with Upstage AI for sale of Daum

    • Notable Decliners:

      • -12.9% 1167.HK (Jacobio Pharmaceuticals Group): Jacobio Pharmaceuticals Group, AstraZeneca enter license and collaboration agreement for Pan-KRAS inhibitor JAB23E73

      • -9.8% 2201.TT (Yulon Motor): sells Luxgen Automobile to Foxtron Vehicle Technologies for NT$787.6M

      • -3.6% 2282.HK (MGM China Holdings): appoints Kenneth Xiaofeng Feng as CEO

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: 895.18 or +1.81% to 50402.39

      • Hang Seng: 111.24 or +0.43% to 25801.77

      • Shanghai Composite: 26.92 or +0.69% to 3917.36

      • Shenzhen Composite: 27.82 or +1.13% to 2492.70

      • ASX200: 78.50 or +0.91% to 8699.90

      • KOSPI: 85.38 or +2.12% to 4105.93

      • SENSEX: 538.35 or +0.63% to 85467.71

    • Currencies:

      • $-¥: (0.30) or (0.19%) to 157.4560

      • $-KRW: +3.14 or +0.21% to 1478.8600

      • A$-$: +0.00 or +0.41% to 0.6638

      • $-INR: (0.07) or (0.08%) to 89.5589

      • $-CNY: (0.00) or (0.07%) to 7.0365

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