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 +1.48%, Hang Seng +0.56%, Shanghai Composite (0.31%) as of 03:10 ET

Jan 14 ,2026

  • Synopsis:

    • Asia equities extended recent gains Wednesday. Japan's rally continued as speculation over a snap general election grew. Greater China stocks rallied early morning before authorities moved to raise margin lending ratios although Hong Kong still posted its fourth consecutive day of gains. South Korea and Taiwan with fresh gains, Australia marginally higher. India paring early gains, Singapore ended slightly lower. US futures lower for now, Europe opened with small gains. US dollar flat to add to overnight gains, won and yen weaker, Bank Indonesia intervening to support the rupiah. JGB yields higher across tenors, Treasury yields also higher, CGB yields gained post trade data. Gold inching ahead, silver up more than 5% above $90 at one point before dipping; crude oil lower; copper at fresh records, iron ore at almost a year-long high. Cryptocurrencies remain at recent elevated levels.

    • Asia equities again propelled higher by Japan's continuation rally as JGB yields also gained and the yen maintained its multi-month low against the dollar. Yomiuri reported this morning PM Takaichi was set to inform LDP officials over her intentions to dissolve parliament as early as next week, setting up an 8-Feb general election. Analysts said Takaichi aims to improve her parliamentary majority and deliver economic pledges including fiscal spending plans, a pledge that is also rattling JGB and currency markets. Some mild finmin pushback on 'one-sided depreciation' but 160 per dollar still regarded as a red line before intervention seriously considered.

    • Elsewhere, China's equity rally stalled after market regulators moved to cap margin financing, increasing ratios to 100% from 80% in a measure designed to slow the pace of its recent equity rally, according to several analysts. China trade data showed higher-than-expected exports offset higher imports to create a record CNY1.2T trade surplus in defiance of Trump's tariffs program. The US changed a rule on technology exports to allow Nvidia to ship H200 AI chips to China. Japan's Reuters Tankan survey fell to a six-month low on slowing demand; South Korea unemployment rose to a five-year high underscoring the BOK's worries over a 'K-shaped' economy.

    • Attempts by Dentsu (4324.JP) to sell its international business said to be floundering as potential buyers drop out of talks. JD Logistics (2618.HK) has offered to buy all remaining shares it does not own in Deppon Logistics (603056.CH). Reliance Industries (500325.IN) has transferred shares in its newly demerged consumer business to 13 entities owned by previous retail unit shareholders.

  • Digest:

    • China trade surplus hits $1.2T in 2025 amid strong exports:

      • Dollar-denominated exports rose 6.6% y/y in December, beating Reuters estimates 3.0% growth and accelerating from 5.9% increase in November. Came despite a high base in December 2024 when exporters rushed to front-load cargoes ahead of Trump 2.0. NBS PMI earlier also showed manufacturing new export sub-index rose to 49.0 in December from 47.6 in November. Imports jumped 5.7%, topping consensus 0.9% and November's 1.9%, leaving trade surplus of $114.14B, most since June and annual surplus of $1.2T. Monthly surpluses exceeded $100B seven times in 2025, up from just once in 2024, highlighting trade war with Washington has emboldened Chinese exporters to trade more with wider world despite 20% less shipments to US. China's exports to Africa saw fastest growth with 26% gain in 2025, while shipments to ASEAN, EU and Latin America expanded 13%, 8% and 7% respectively (Bloomberg). Swelling surpluses run risks of backlashes as more countries express concerns about China's trade practices, overcapacity and overreliance on key Chinese products. Meanwhile President Trump still thinks China can import more American goods (Reuters) despite his Iran tariff threat risks reigniting trade tensions with Beijing (Reuters).

    • China market regulators move to dampen market enthusiasm by raising margin ratios:

      • Greater China equities off peaks Wednesday as authorities move to dampen equity enthusiasm by raising minimum margin requirements for financing securities to 100% from current 80%. Move applies to bourses in Shenzhen, Shanghai and Beijing, and approved by China Securities Regulatory Commission; reverses 2023 measure introduced to support markets. Analyst cited by Bloomberg said move clear signal from regulators they "want a slow bull market, not an overheated one". Shanghai composite index pared early gains to trade lower early afternoon while Hang Seng-listed stocks also traded off in early afternoon trading. Other analysts said move could slow leveraged equity inflow at market's edge as only applies to new trades, will cool speculative activity without destabilizing core market activities. Second analyst said market likely to get over measure quickly and move higher on momentum.

    • Japan PM Takaichi to signal snap election today:

      • Nikkei top story cited multiple government and LDP sources signaling Prime Minister Takaichi will today inform LDP officials of her intention to dissolve the lower house at the start of the regular Diet session on 23-Jan. Corroborates an earlier Kyodo report. This paves the way for official election campaigning to commence 27-Jan ahead of an 8-Feb vote, with an alternative proposal staggering the dates slightly to 3-Feb and 15-Feb respectively. Advocates for an early election seek to capitalize on Takaichi's high approval ratings to gain more seats in the lower house, thereby strengthening their position in order to pursue proactive fiscal policy as well as their security goals. Article suggested one motivation could be escalating Sino-Japan tensions triggered by Takaichi's remarks on Taiwan that prompted China to ban dual-use exports to Japan. With some observers under the belief that Beijing is gauging the longevity of Takaichi's tenure, a stronger mandate via a strong election result may convince CCP leadership to soften their stance under the realization they must engage with Takaichi. Key domestic implications revolve around the FY26 general budget bill. Passage said to be certain to be pushed back beyond the end of the current fiscal year in March. Ruling coalition was counting on DPP support for the bill as the second-largest opposition party. But party leader Tamaki told a press conference that cooperation is "becoming fluid." Komeito now evidently aligning with the largest opposition CDP. Komeito was well known for their capacity to mobilize votes to swing crucial seats in the LDP's favor in past elections.

    • Japan early election removes a key constraint against mid-year BOJ rate hike scenario:

      • Nikkei editorial discussed the implications of an early election on BOJ policy. Recalled some prior expectations of a lower house dissolution in June that clashed with the case for a mid-year BOJ rate hike and latest developments now apparently remove that constraint. Furthermore, if yen depreciation pressure intensifies as a result of the snap election, that could speed up the timing of a rate hike with a US-Japan summit being planned for the spring that stands to offer an opportunity for US to renew calls for rate hikes to stem yen declines. In retrospect, article opined that BOJ officials are now relieved they hiked in December after mulling December or January as the main options. Emphasized BOJ's avoidance of policy moves before elections to pre-empt speculation that decisions were politically influenced. Recalled that no BOJ policy changes have occurred just before elections since the BOJ Law was enacted in 1998 granting central bank independence. Suggested BOJ was likely considering a June dissolution in mapping the outlook for their next moves given the Diet schedule lends itself to such a timing and has historically seen frequent occurrences. An early election would leave the BOJ free to focus on shunto wage hike outcomes around mid-year. Swap markets currently implying a 28% probability of a June hike and 30% in July. Yet, 30% chance in April skews the risks toward a rate hike coming sooner rather than later, consistent with the FX/US summit dynamic.

    • US Commerce Department revises licensing rules for chip exports to China:

      • Bloomberg cited a US Commerce Department BIS statement revising its license review policy for exports of certain semiconductors to China and Macau, shifting from a presumption of denial to a case-by-case basis. Chips covered by this rule include Nvidia (NVDA) H200 and AMD (AMD) MI325X. Stipulations include certifying that there's no shortage of the processors in the US. Companies seeking export approval must show that production for Chinese customers won't displace manufacturing capacity that could be used to produce chips for domestic buyers. Companies will be constrained in shipment volumes to China, with a limit of no more than 50% of the total products made for the US market. Reuters cited an Information report the Chinese government this week told some tech firms it would only approve H200 purchases under special circumstances, such as for university research. Move seen indicative of Beijing's ongoing caution towards fully reopening China market access to Nvidia. Directive said to be deliberately vague, telling some technology firms to buy chips only when "necessary" but was unclear as to what that means. Follows an earlier report that China had request some companies to halt H200 orders amid a prioritization of domestically produced chips.

    • Notable Gainers:

      • +14.1% 1478.HK (Q Technology (Group)): guides FY consolidated profit to increase by +400 to +450% y/y vs year-ago CNY279.1M

      • +10% 603056.CH (Deppon Logistics): JD Logistics offers to acquire all remaining shares at CNY19/share

      • +9.2% 6862.HK (Haidilao International Holding): CEO Gou Yiqun resigns, effective immediately; chairman Zhang Yong has been appointed as new CEO

      • +8.6% 010120.KS (LS Electric): analyst notes new orders in 2025 expected to exceed annual guidance of KRW2.9T

      • +4.5% 1024.HK (Kuaishou Technology): reports Kling AI's December revenue of more than $20M (CNY139.6M)

      • +2.9% 1177.HK (Sino Biopharmaceutical): acquires Hygieia, a biopharmaceutical enterprise, for maximum base consideration of CNY1.20B

    • Notable Decliners:

      • -11.3% 4324.JP (Dentsu Group): attempt to sell its international unit reportedly floundering as would-be buyers drop out of talks

      • -9.1% 2726.JP (PAL GROUP Holdings): reports 9M results; reiterates FY guidance

      • -7.9% 6432.JP (Takeuchi Mfg.): reports 9M results; operating income ¥31.43B, (7%) vs year-ago ¥33.82B

      • -2.9% 2379.JP (DIP Corp): reports 9M results; operating income ¥8.09B, (26%) vs year-ago ¥10.88B

      • -1.6% 7599.JP (IDOM Inc): reports 9M results; operating income ¥14.51B, (4%) vs year-ago ¥15.06B

      • -1.4% 267270.KS (HD Hyundai Construction Equipment): guides FY26 revenue KRW8.722-8.914T

  • Data:

    • Economic:

      • China

        • December trade balance $114.14B vs consensus $113.6B and $111.68B in prior month

          • Exports +6.6% y/y vs consensus +3.0% and +5.9% in prior month

          • Imports +5.7% y/y vs consensus +0.9% and +1.9% in prior month

      • South Korea

        • December unemployment rate 4.0% vs FactSet consensus 3.0% and 2.7% in prior month

    • Markets:

      • Nikkei: 792.07 or +1.48% to 54341.23

      • Hang Seng: 151.34 or +0.56% to 26999.81

      • Shanghai Composite: (12.67) or (0.31%) to 4126.09

      • Shenzhen Composite: 17.37 or +0.65% to 2693.41

      • ASX200: 12.10 or +0.14% to 8820.60

      • KOSPI: 30.46 or +0.65% to 4723.10

      • SENSEX: (73.44) or (0.09%) to 83554.25

    • Currencies:

      • $-¥: (0.06) or (0.04%) to 159.1100

      • $-KRW: (1.18) or (0.08%) to 1473.7800

      • A$-$: +0.00 or +0.16% to 0.6692

      • $-INR: (0.11) or (0.12%) to 90.1757

      • $-CNY: (0.01) or (0.08%) to 6.9723

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