American Depositary Receipts (ADR) are American Depositary Receipts issued to American investors and traded in the American securities market. Depositary Receipts issued to Singapore investors and traded on the Singapore stock market are called Singapore Depositary Receipts (SDR). If it is issued in more than one country, it is called Global Depositary Receipt (GDR). But in essence, GDR and ADR are the same thing. Both are priced in US dollars, traded and delivered according to the same standards, and their dividends are also paid in US dollars. In addition, the services provided by depository banks and the terms and guarantees of relevant agreements are the same. The word "global" replaces the word "we" only for marketing reasons.

ADR solves the trading difficulties caused by the differences between the United States and foreign countries in securities trading system, convention, language and foreign exchange management. It is an important financial tool for foreign companies to raise funds in the American market, and it is also the most widely accepted form of foreign securities for American investors. In order to protect the interests of domestic investors, American law stipulates that pension funds of corporate bodies and private enterprises (whose funds still come from ordinary people) cannot invest in stocks of companies outside the United States, but DR issued by foreign enterprises in the United States is regarded as American securities and can be invested. The first ADR appeared in 1927 and was issued by Morgan Bank. To 196 1, 150 foreign companies issued ADR in the United States, and to1978,400 ADR in the United States. The number of adverse drug reactions (ADR) has greatly increased since the United States relaxed financial control in the 1980s. By the end of 1996, * * had issued 130 1 ADR reports, of which 17.4% came from Britain,1.5% came from Argentina,1. In 1, 30 1 ADR, Only 426 ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR ADR. Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions Adverse Drug Reactions The rest of the unlisted ADR are circulating in the OTC market. Since 1993, some domestic companies have issued ADR in the United States, including tire rubber, chlor-alkali chemicals, second textile machinery, deep room and so on listed on the Shanghai Stock Exchange. The ADRs issued by the above four companies are all Class I, which are only used for over-the-counter market transactions and do not have the function of raising funds. Since then, "China Huaneng International" and "Shandong Huaneng" have publicly raised funds with Class III ADR and listed on the NYSE.