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American Depositary Receipts (ADRs) are U.S. dollar-denominated negotiable instruments issued in the U.S. by a depositary bank, representing ownership of non-US securities. Individual shares in an ADR program are referred to as American Depositary Shares (ADSs). Through the depositary bank, holders of ADRs normally have many of the same rights as that of the underlying class of ordinary shares, in terms of voting, entitlement to receiving dividends, etc. The depositary bank holds the corresponding ordinary shares in trust for the benefit of ADR holders through its network of custodian banks and manages the day-to-day of the ADR programs.

ADR programs are frequently established by non-US companies when they tap U.S. capital markets for public offerings. There has been growing interest and demand for ADRs from U.S. investors, for a variety of reasons that include: the ease and convenience of investing in a non-U.S. equity, streamlined trading and settlement, and the ability to receive dividends in U.S. dollars. ADRs are traded in the same way as other U.S. securities.

Since most of non-U.S. issuers establish ADR programs when listing in U.S., the ADR structure may help the issuer to increase market visibility and comparability, as their peers (from the same sector or home market) may also have ADR programs in the United States.

It is market practice for depositary banks to charge certain fees to ADR holders as compensation for the services they provide. It is also customary for an issuer to be reimbursed by the depositary bank for certain costs and expenses it incurs in association with its U.S. listing, maintenance of the ADR program, and investor relations activities. With the objective of greater transparency, the SEC recently began to require disclosure in annual reports filed on Form 20-F of the fees that may be charged to ADR holders, as well as amounts paid by depositary banks to or on behalf of issuers and the purposes of such payments.

CDCS (Common Stock) Price $10.00 Change  - 0.08 Volume 17,648 % Change  0.79% Intraday High $10.20 52 Week High $13.00 Intraday Low $9.97 52 Week Low $8.00 Today's Open $10.10 Currency (US Dollar) Previous Close $10.08 Exchange: NASDAQ Bid $9.97 Ask $10.98 Rolling EPS 0.00 Market Cap $48,000,000 Shares Outstanding 4,800,000   Minimum 20 minute delay Refresh quote

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