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What is ADR?

An ADR is a receipt which represents an ownership interest in the underlying securities of a non-US company. Registered at the SEC, an ADR is a negotiable security in the US and is traded in the same manner as other US securities for clearance, settlement, transfer and ownership purposes.

Nippon Shokubai's ADR(American Depository Receipt)

* For sponsored ADRs, the company issuing the underlying stock enters into a deposit agreement with a specific depositary bank, and ADRs are issued by the depositary bank once the issuer, depositary bank and investor rights and obligations have been clarified. Sponsored ADR programs are classified into Levels 1, 2 or 3 depending on the level of disclosure the company is obligated to provide and whether the issuance or sale of new stock is involved.
A Level-1 ADR program is an unlisted program in the US and disclosure duties, so called "Full Disclosure", applied to the US listed companies are exempted; provided that certain disclosure information is posted on the company website.