什么是 ADS（美国存托凭证）？——通俗易懂的介绍（中英双语）

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分类专栏： Finance 文章标签：金融

于 2025-02-18 15:05:28 首次发布

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什么是 ADS（美国存托凭证）？——通俗易懂的介绍 🌍💡

当我们谈到境外上市公司时，经常会听到一个术语——ADS，也就是 美国存托凭证（American Depositary Shares）。今天，我们就来聊聊这个概念，帮助大家更好地理解它是如何帮助公司在美国股市上市的。

ADS 是什么？ 🤔

ADS（American Depositary Share）是一种金融工具，类似于股票，但它代表的是一家非美国公司在美国股市的股权。简单来说，ADS 就是你可以在美国证券市场上买卖的“替代股票”，但它实际代表的是境外公司（例如在开曼群岛、英属维尔京群岛等地注册的公司）的股份。🇨🇳➡️🇺🇸

举个例子：

中国的公司 阿里巴巴（Alibaba） 在美国上市。由于阿里巴巴的总部在中国，它不可能直接发行美国股票。所以，阿里巴巴通过发行 ADS 的方式，在美国的纳斯达克（NASDAQ）上交易。这些 ADS 实际上代表了阿里巴巴在中国境内的股票。

2025年2月18日15点04分阿里股票如下：
在这里插入图片描述 Source：https://finance.yahoo.com/quote/BABA/

ADS 是如何运作的？ 🔄

ADS 的运作原理相对简单：

境外公司在境外注册：公司选择在开曼群岛、英属维尔京群岛（BVI）或中国香港等地注册，作为其母公司。
美国存托银行发行 ADS：为了让美国投资者能购买这家境外公司的股权，境外公司会委托一家美国存托银行（如摩根大通、花旗银行等）来发行 ADS。这些银行会将境外公司的股票存放在他们那里，并发行相应数量的 ADS。
投资者购买 ADS：美国投资者可以像买卖普通美国股票一样，在股市中买卖 ADS。这些 ADS 的价格通常与境外公司股票的价格大致挂钩（可能会有汇率波动的影响）。

举个例子：

阿里巴巴在美国上市时，它通过美国存托银行发行 ADS。比如，1股阿里巴巴的股票可能会对应10个 ADS，这样投资者在美国的股市就可以通过购买 ADS 来投资阿里巴巴。

ADS 和普通股票有什么不同？ 🧐

虽然 ADS 和普通股票有些相似，但它们有一些不同之处：

代表的是境外公司股票：ADS 代表的是境外公司（如中国公司）的股票，而不是美国本土公司。
交易市场不同：普通股票直接在公司所在国的股市交易，而 ADS 则是在美国的股市（如纳斯达克或纽交所）交易。
涉及存托银行：在发行 ADS 时，需要通过存托银行将境外公司的股份存放在银行的账户中，投资者通过 ADS 间接拥有这些股份。

为什么公司选择发行 ADS？ 💼🚀

许多公司选择发行 ADS 来在美国上市，因为这有多个好处：

拓展国际市场：通过在美国上市，公司能够吸引到美国及全球投资者，扩大知名度和资本来源。
获得更多融资：美国股市是世界上最大的股票市场之一，上市后可以为公司筹集更多资金，用于扩展业务或其他目的。
提高公司透明度和信誉：在美国上市需要遵守严格的法规和信息披露要求，这有助于提升公司透明度和信誉。

总结：ADS 是跨国投资的桥梁 🌐

总的来说，ADS 就是境外公司在美国股市上市的“替代股票”。它通过美国存托银行发行，使得美国投资者能够投资那些在美国股市之外注册的公司。通过这种方式，境外公司能够更容易地进入美国资本市场，吸引更多的投资者和资本。💸

ADS 的出现使得全球投资者可以在不出国门的情况下，参与境外公司（如中国公司、印度公司等）的投资机会，让跨国投资变得更加方便。 🌏

举个实际例子：

像 阿里巴巴（BABA.US）、百度（BIDU.US） 这样的中国公司，都是通过发行 ADS 来在美国市场上市的。通过这种方式，它们可以接触到更广泛的投资者，扩大融资渠道，同时也让美国投资者有机会参与这些国际公司的成长与成功。

希望通过这篇文章，你对 ADS 有了更加清晰的理解！如果你有更多关于股票市场的疑问，欢迎继续提问哦！📈✨

What is an ADS (American Depositary Share)? – A Simple Explanation 🌍💡

When we talk about foreign companies listing in the U.S., you often hear the term ADS, which stands for American Depositary Share. Today, let’s dive into what this concept is and how it helps companies list in U.S. stock markets.

What is an ADS? 🤔

An ADS (American Depositary Share) is a financial instrument that represents the shares of a foreign company in the U.S. stock market. In simple terms, it’s like a “substitute stock” that you can trade on U.S. stock exchanges, but it actually represents the equity of a company that is registered outside the U.S. 🌏➡️🇺🇸

For Example:

Let’s take Alibaba (BABA.US), a Chinese company, as an example. Since Alibaba is based in China, it can’t directly issue U.S. stocks. So, instead, Alibaba uses ADS to list its shares on the U.S. Nasdaq. These ADS essentially represent Alibaba’s stock in China.

How Does ADS Work? 🔄

The working mechanism of an ADS is quite simple:

Foreign Company Registers Overseas: The company chooses to register in offshore locations like the Cayman Islands, British Virgin Islands (BVI), or Hong Kong.
U.S. Depository Bank Issues ADS: To enable U.S. investors to buy shares of the foreign company, the company will work with a U.S. depository bank (such as JPMorgan Chase or Citibank) to issue ADS. The bank holds the foreign company’s shares in a custodial account and issues a corresponding number of ADS.
Investors Buy ADS: U.S. investors can then buy and sell the ADS on stock exchanges, just like they would with regular U.S. stocks. The price of the ADS generally reflects the price of the foreign company’s stock, with potential exchange rate impacts.

For Example:

When Alibaba went public in the U.S., it issued ADS through a U.S. depository bank. For instance, 1 share of Alibaba’s stock might correspond to 10 ADS. Therefore, U.S. investors can invest in Alibaba through ADS rather than directly owning Chinese shares.

How is ADS Different from Regular Stocks? 🧐

While ADS and regular stocks have some similarities, they also differ in several important ways:

Represents Shares of Foreign Companies: ADS represents shares of a company that is not based in the U.S., whereas regular stocks represent U.S.-based companies.
Trading Market is Different: Regular stocks are traded in the country where the company is based, while ADS is traded on U.S. stock markets (like Nasdaq or the NYSE).
Involves Depository Banks: In the case of ADS, a depository bank is involved in holding the foreign company’s shares and issuing ADS to investors.

Why Do Companies Choose to Issue ADS? 💼🚀

Many companies choose to issue ADS for several reasons:

Access to International Markets: By listing through ADS, a foreign company can attract U.S. and global investors, expanding its reach and capital.
Fundraising: The U.S. stock market is one of the largest in the world, and listing through ADS allows a company to raise significant amounts of capital for expansion or other purposes.
Enhanced Transparency and Credibility: U.S. regulations require strict disclosure and transparency, which can help boost a company’s credibility and improve investor confidence.

Summary: ADS as a Bridge for Cross-Border Investment 🌐

In summary, ADS is a financial instrument that allows foreign companies to list in U.S. stock markets without directly issuing U.S. stocks. It represents the shares of a foreign company, making it easier for U.S. investors to invest in companies registered outside the U.S. 💸

The introduction of ADS makes it possible for global investors to buy shares in companies from other countries (e.g., China, India) without leaving their home markets. It makes cross-border investment more convenient and accessible. 🌏

Real-World Examples:

Companies like Alibaba (BABA.US) and Baidu (BIDU.US) from China have used ADS to list on U.S. stock exchanges. By doing so, they could access a broader pool of investors, raise more capital, and expand their businesses internationally.

We hope this article helps you better understand ADS! If you have more questions about the stock market or financial terms, feel free to ask! 📈✨