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  United States Stock Markets

Chinese companies trading in U.S. equity markets can be categorized as follows:

ADRs

A depository receipt (DR) is a type of transferable financial security that is traded on a local stock exchange but represents a security that is issued by a foreign publicly listed company. One of the most common DR is the American Depositary Receipt (ADR). It was invented in the 1920s to meet investors' global investment needs and companies' international financing needs. An ADR is a dollar-denominated U.S. security that represents a non-U.S. company's publicly traded stock. ADRs are traded in the U.S. stock markets just like any U.S. security. The terms ADR and American Depository Share (ADS) are often thought to be the same. Technically, an ADS is the actual share trading, while an ADR represents a bundle of ADSs.

There are four different types of sponsored ADR programs: Level I, Level II, Level III, and Rule 144A. Level I ADRs are traded in the over-the-counter (OTC) market; Level II ADRs are listed on U.S. securities exchanges (including NYSE, AMEX) or quoted on NASDAQ; and Level III ADRs refers to shares that are floated as a public offering on one of the U.S. exchanges or NASDAQ. Rule 144A facilitates the trading of privately placed (restricted) securities by sophisticated institutional investors.

As of June 2004, there are about 50 Chinese ADRs listed on the following U.S. boards:

NYSE
NASDAQ
OTCBB
Rule 144A

NYSE

As of June 2004, there are 18 Chinese ADRs trading on the New York Stock Exchange (NYSE). These can be either Level II or Level III ADRs.

Company Name
Ticker
Sector
ALUMINUM CORP OF CHINA LTD
ACH
MINING
BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD
CBA
AUTO MANUFACTURERS
CHINA EASTERN AIRLINES CORP LTD
CEA
AIRLINES
CHINA LIFE INSURANCE
LFC
INSURANCE
CHINA MOBILE LTD
CHL
TELECOMMUNICATIONS
CHINA NATIONAL OFFSHORE OIL CORP LTD
CEO
OIL & GAS
CHINA PETROLEUM & CHEMICAL CORP
SNP
OIL & GAS
CHINA SOUTHERN AIRLINES CO LTD
ZNH
AIRLINES
CHINA TELECOM CORP LTD
CHA
TELECOMMUNICATIONS
CHINA UNICOM LTD
CHU
TELECOMMUNICATIONS
GUANGSHEN RAILWAY CO LTD
GSH
TRANSPORTATION
HUANENG POWER INTERNATIONAL INC
HNP
ELECTRIC UTILITY
JILIN CHEMICAL INDUSTRIAL CO LTD
JCC
CHEMICALS
PETROCHINA CO LTD
PTR
OIL & GAS
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP
SMI
SEMICONDUCTORS
SINOPEC BEIJING YANHUA PETROCHEMICAL CO LTD
BYH
CHEMICALS
SINOPEC SHANGHAI PETROCHEMICAL CO LTD
SHI
CHEMICALS
YANZHOU COAL MINING CO LTD
YZC
MINING

NASDAQ

As of June 2004, there are 5 Chinese ADRs trading on the NASDAQ. These can be either Level II or Level III ADRs.

Company Name
Ticker
Sector
CTRIP.COM INTERNATIONAL LTD
CTRP
INTERNET PRODUCTS & SERVICES
LINKTONE LTD
LTON
TELECOMMUNICATIONS
NETEASE.COM
NTES
INTERNET PRODUCTS & SERVICES
SHANDA INTERACTIVE ENTERTAINMENT LTD
SNDA
INTERNET PRODUCTS & SERVICES
TOM ONLINE INC
TOMO
INTERNET PRODUCTS & SERVICES

OTCBB

As of June 2004, there are 21 Chinese ADRs trading on the Over the Counter Bulletin Board (OTCBB). These are considered Level I ADRs. While the NASDAQ is the main OTC system in America, there are thousands of more-obscure companies, frequently penny stocks, that don't meet NASDAQ's listing requirements. These companies trade separately, often with their prices listed only once daily, on the OTCBB or what is sometimes called pink sheets (a daily publication complied by the National Quotation Bureau containing price quotations for OTC stocks).

Company Name
Ticker
Sector
ANGANG NEW STEEL COMPANY LTD
ANGGY
METAL PRODUCTION & DISTRIBUTION
CHINA OILFIELD SERVICES LTD
 
CHOLY
 
OIL & GAS RELATED SERVICES
CHINA SHIPPING DEVELOPMENT CO LTD
CSDXY
TRANSPORTATION
DATANG INTERNATIONAL POWER GENERATION CO LTD
DIPGY
ELECTRIC UTILITY
GUANGZHOU PHARMACEUTICAL CO LTD
GZPHY
PHARMACEUTICALS
GUANGZHOU SHIPYARD INTERNATIONAL
GSHIY
SHIPBUILDING
JIANGSU EXPRESSWAY COMPANY LIMITED
JEXYY
COMMERCIAL & INDUSTRIAL SERVICES
JIANGXI COPPER CO LTD
JIXAY
METAL FABRICATION
MAANSHAN IRON & STEEL
MISCY
METAL PRODUCTION & DISTRIBUTION
SHANGHAI CHLOR-ALKALI CHEMICAL CO LTD
SLLBY
CHEMICALS
SHANGHAI ERFANGJI CO LTD
SHFGY
MACHINERY
SHANGHAI JINQIAO EXPORT PROCESSING ZONE DEVELOPMENT CO LTD
SJQIY
 
REAL ESTATE
 
SHANGHAI LUJIAZUI FIN&TRADE
SLUJY
REAL ESTATE
SHANGHAI TYRE & RUBBER
SIRBY
AUTO PARTS & EQUIPMENT
SHANGHAI WAIGAOQIAO FREE TRADE ZONE DEVELOPMENT CO LTD
SGOTY
REAL ESTATE
SHENZHEN SPECIAL ECON ZONE
SZPRY
REAL ESTATE
TIANJIN CAPITAL ENVIRONMENTAL PROTECTION CO LTD
 
TCEPY
 
WASTE & RECYCLING SERVICES
TRAVELSKY TECHNOLOGY LTD
TSYHY
SOFTWARE
TSINGTAO BREWERY CO LTD
TSGTY
BEVERAGES
ZHEJIANG EXPRESSWAY CO LTD
 
ZHEXY
 
COMMERCIAL & INDUSTRIAL SERVICES
ZHEJIANG SOUTHEAST ELECTRIC POWER CO
ZHEJY
ELECTRIC UTILITY

Rule 144A

As of June 2004, there are 7 Chinese ADRs trading on the 144A portal. Individuals cannot trade or invest in these companies as only qualified institutional investors (QIBs) can trade these positions among themselves. QIBs must own or manage at least $100 million in securities.

Company Name
Sector
HARBIN POWER EQUIPMENT
ELECTRICAL MANUFACTURING
JIANGLING MOTORS CORPORATION
AUTO MANUFACTURERS
QINGLING MOTORS CO
AUTO MANUFACTURERS
SINOPEC YIZHENG CHEMICAL FIBRE CO LTD
CHEMICALS
TINGYI HOLDINGS CORP.
FOOD PRODUCTS & SERVICES
ZHEJIANG SOUTHEAST ELECTRIC POWER CO
ELECTRIC UTILITY

Direct Listings

There are many Chinese companies listed directly on the NASDAQ in the form of regular U.S. stocks, rather than as an ADR. For example, Sina Corporation (SINA), an online media company providing value-added information services for Chinese communities worldwide; and Sohu.com Inc (SOHU), a holding company investing in Chinese operating entities, including Sohu.com Limited. Others include AsiaInfo Holdings, Inc. (ASIA), Chinadotcom Corp. (CHINA), and Qiao Xing Universal telephone (XING), just to name a few.

In addition, there are some U.S.-based companies with major operations and markets in China, such as UTStarcom Inc (UTSI) which provides wireless and wireline access and Internet protocol switching solutions to mainly Chinese markets.

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