Citi Expects More Asian Firms to List in US as ADR Issuance Hits 2020 High

Citigroup projects that more Asian companies will list in the U.S. as tech firms seek higher valuations. Year-to-date, Asian issuers have sold about $28 billion of American depositary receipts (ADRs), the most since 2020. SK Hynix's $26.5 billion listing accounted for the bulk, with PayPay adding $1 billion from its IPO.