CHINA'S BAIDU.COM TOPS DR TRADING ACTIVITY IN 2007

Global Finance, Feb 2008 by Platt, Gordon

DR NEWS

Beijing-based Baidu.com, China's leading Internet search provider, was the most actively traded depositary receipt in the world last year, according to The Bank of New York Mellon's annual year-end report on the DR industry. In December 2007 Baidu became the first China-based company to be included in the Nasdaq-100 index. The company traded more than $227 billion last year and became the first DR ever to trade more than $200 billion in one year.

Last year's global DR trading value reached an all-time high, growing 72% year-over-year to nearly $3.3 trillion, The Bank of New York Mellon projected in its report based on data as of December 14. The major US exchanges remained the largest markets for DR trading in 2007, although European-listed DR trading value also grew strongly. Based on data provided by the London Stock Exchange, the report projected $387 billion traded last year on the International Order Book, which is the main trading platform for DRs listed on the Luxembourg Stock Exchange and the London Stock Exchange. The total DR trading value for the major US stock exchanges in 2007 was $2.8 trillion.

Trading of US-listed DRs from companies based in the Asia-Pacific region rose 156% last year to a projected $956 billion. Baidu, China Mobile and PetroChina were among the region's most actively traded DRs. Issuers from the region established 70 new programs last year. Chinese issuers alone were responsible for two-thirds of new US stock exchange listings in 2007 -GP