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The first ADR was introduced by J.P. Morgan in 1927 for the British retailer Selfridges on the New York Curb Exchange, the American Stock Exchange's precursor. [4] They are the U.S. equivalent of a global depository receipt (GDR). Securities of a foreign company that are represented by an ADR are called American depositary shares (ADSs).
Futu also owns Futu Securities International (Hong Kong) Limited (Chinese: 富途證券) ("Futu HK"), which is a licensed corporation recognized by the Hong Kong Securities and Futures Commission. Founded by Leaf Hua Li in 2012, Futu HK attracted significant backing from Tencent, Matrix, and Sequoia Capital, [ 4 ] [ 5 ] which have supported the ...
A typical ADR goes through the following steps before it is issued: [2] The issuing bank in the U.S. studies the financials of the foreign company in detail to assess the strength of its stock. The bank buys shares of the foreign company. The shares are grouped into packets. Each packet is issued as an ADR through an American stock exchange.
The rocket fuel provided by the Chinese government's stimulus was only one factor in the company's pop.
Tencent has repurchased nearly $7.7 billion of its shares since May, while Futu has done a good job of growing its client base, benefiting from its reach beyond China.
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Leaf Hua Li is founder, chairman, and chief executive officer of Futu Holdings Ltd. [1] Li is also on the board of Futu Securities (Hong Kong) Co. Ltd., Futu Network Technology Ltd., Futu Securities International (Hong Kong) Ltd. and Futu, Inc. [2] [3]
Form F-6 is used in the United States to register financial depository shares represented by American depositary receipts (ADRs) issued by a depositary against the ...