$35 $30 $25 $20 $15 $10 $5 $0 1997 1998 1999 2000 2001 2002 in C#.NET

Recognize Code 128A in C#.NET $35 $30 $25 $20 $15 $10 $5 $0 1997 1998 1999 2000 2001 2002

$35 $30 $25 $20 $15 $10 $5 $0 1997 1998 1999 2000 2001 2002
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Source: Bank of New York (as of January 2, 2003)
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LEARNING TO THINK GLOBALLY
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An ADR Success Story
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In the early 1980s, China began a major restructuring of its petroleum industry One of the results of this effort led to the creation of three separate companies, all of which now trade in public equity markets One of these companies, CNOOC, focuses on the exploration and development of China s offshore oil and gas reserves Historically, the company made special arrangements to joint venture with other major oil companies to develop offshore reserves without the upfront exploration costs As the company matured, it began to independently explore for and develop its own oil and gas reserves Due to the risks associated with exploration and the need for large capital outlays to independently develop reserves, CNOOC, and more specifically, its shareholder, the Chinese government, needed to raise capital The company had a 3-year development plan that called for $45 billion of capital expenditures, or $15 billion beyond expected cash flow from operating activities over the period of 2001 to 2003 Companies in China typically gain access to capital through state-run banks Some have issued shares through the exchange in Hong Kong, which, in 2001, had roughly only $500 billion of total market capitalization and an average daily trading volume of only $1 billion The regional markets in Shanghai and Shenzhen are smaller still CNOOC certainly had access to capital through these market exchanges, but was looking for lower-cost funds available in global markets Further, China was undergoing rapid growth at the time and in order to sustain that pace, it sought access to global capital markets Together with its entry into the World Trade Organization (WTO), China attempted to strengthen ties to Western economies and capital Early in 2001, CNOOC completed its initial public offering of American Depositary Shares to global investors with 16 billion shares and net proceeds exceeding $1 billion The distribution of investors demonstrates the global reach of the offering Roughly one-quarter of the offering went to investors in the United States, Europe, and the rest of Asia, while the balance went to a strategic investor and investors in Hong Kong
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ADRs versus ORDs
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Often, you have a choice between buying a company s ADR or GDR and its ordinary shares Assuming the company meets the value criteria we have
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HOW TO INVEST IN COMPANIES WORLDWIDE
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discussed, what is the best way to invest Before I address this question, I want to share two related points regarding ADRs and ORDs: The first has to do with the ratios between the two, and the second deals with the effects of currency fluctuations on ADRs Ratio of Ordinaries to ADRs Some ADRs represent underlying shares or ordinaries on a one-for-one basis For example, one ordinary share in the Italian Benetton Group equals one ADR Other ADRs may represent more or less than one underlying share Ten ordinaries of British Telecom, for example, equal one ADR On the other hand, it takes a mere 001 underlying share of Swiss-based Nestle to equal one ADR The number of ordinaries represented by a single ADR reflects the overall pricing of shares on a national stock market In Hong Kong, where quoted prices for blue-chip companies are often under $1 per share, an ADR usually represents multiple shares Conversely, in Switzerland, the quoted price is often more than $1000 per blue-chip-company share While the Hong Kong market welcomes small-investor participation, the Swiss market almost exclusively targets large-scale or institutional buyers Generally, the issuing bank establishes the ratio with the hope of pricing the ADR within a generally accepted range designed to help US investors feel comfortable typically $5 to $100 From the standpoint of investment value, these pricing policies are meaningless As we saw in the example at the beginning of 1, comparing a Hong Kong share that sells for $1 with a Swiss share that sells for $1000 tells you nothing about the underlying worth of the companies in question For the value investor, stock price is important only as it relates to underlying value Currency Fluctuations and ADRs While ADRs are traded like domestic securities, they still represent the underlying foreign shares and are affected by currency fluctuations For example, the price of a Nintendo ADR trading on the New York Stock Exchange will track the price of Nintendo stock on the Tokyo exchange after adjusting for changes in the dollar-yen relationship The impact of currency fluctuations on ADR prices is a financial fact of life that is often overlooked, even by experienced market watchers The key point to remember is that an ADR s price movement combines the movement of the underlying stock and the underlying currency We will explain currency fluctuations and their effects on international investments in 10 Now, let s get back to the original question regarding the benefits and drawbacks of investing in ADRs and ORDs
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