Singapore Exchange says trading of American depositary receipts quoted on its GlobalQuote board has reached USD60m since the 22 October launch.
Interest in ADRs of companies with primary share listings in Hong Kong accounted for a significant portion of the activity.
GlobalQuote has a market share of up to seven per cent versus activities in the primary listing market.
Sinopec Shanghai ADRs volume totaled USD4.4m, equivalent on average to half of that traded in US markets and four per cent of its ordinary shares traded in Hong Kong. China Eastern Airlines ADRs volume totaled USD4.2m, equivalent on average to 40 per cent of the turnover traded in US markets and two per cent of its ordinary shares in Hong Kong.
Chew Sutat, head of securities at Singapore Exchange, says: “This is the one of the fastest take-up of alternative trading platforms seen in Asia. Other platforms have required at least several months for an equivalent level of activity. Investors’ growing interest in the batch of 19 ADRs bodes well for our plans to bring more depositary receipts to GlobalQuote and dual listings to SGX.”
