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💗 · 2025年06月01日

The level1 ADR与第四种ADR

NO.PZ2023040301000110

问题如下:

A U.S. institutional money manager prefers to invest in depository instruments of non-domestic equity securities that are privately placed in the U.S. and not subject to the foreign ownership and capital flow restrictions. The type of security that is most appropriate for this investor is:

选项:

A.

global registered shares

B.

global depository receipts

C.

American depository shares

解释:

Global depository receipts (GDRs) meet the investor preferences. They are not subject to the foreign ownership and capital flow restrictions that may be imposed by the issuing company’s home country because they are sold outside of that country. GDRs cannot be listed on U.S. exchanges, but they can be privately placed with the institutional investors based in the United States.

level1和第四种不就是非公开募集的吗,也是私下募集不一定需要在交易所上市呀

1 个答案

王园圆_品职助教 · 2025年06月01日

同学你好,你说的没错,就算ADR的level 4满足”privately placed in the U.S.”这个条件,但是题目还说了要“ not subject to the foreign ownership and capital flow restrictions”

ADR的任意y一个level都没有提到这个优势呢

请看以下讲义截图,只有GDR特意强调了这个优势,所以依然只能选B呢

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