BNY Mellon, the asset management and securities servicing, has announced the launch of the BNY Mellon China “Xia Yi Dai” ADR Index(SM) (pronounced “shya ee dye”), or the “Next Generation” ADR Index. This index is comprised of a select group of Chinese companies that chose their primary listing to be in the form of Depositary Receipts (DRs) traded on a U.S. exchange.
The BNY Mellon China Xia Yi Dai ADR Index is accessible on Bloomberg and Reuters at “BKXYD.” Currently, there are 30 constituent companies in the new index with market capitalizations ranging from just under $300 million to more than $11 billion. The average market cap is $1.7 billion.
“The China Xia Yi Dai ADR Index highlights such companies as Baidu, CTrip, Trina Solar, and VisionChina Media, reflecting investor-demanded growth industries from the Internet and travel to alternative energy and media,” said Michael Cole-Fontayn, chief executive officer of BNY Mellon’s Depositary Receipts business. “We continue to expand our suite of DR Indices with timely, innovative solutions that capture market demand.”
“As with the entire family of DR Indices, we aim to develop benchmarks that provide investors with access to international markets while benefiting from the convenience and cost savings associated with DR investing,” said Cheryl Workman, head of the Depositary Receipts Index Group. “These ‘next generation’ Chinese growth companies are often excluded from other major indices due to their singular U.S. exchange listing structure.”
D.C.