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32-551: SVN or svn may refer to: Businesses and organizations [ edit ] 7 Days Inn (former NYSE ticker symbol), a Chinese budget hotel chain CoogTV , formerly Student Video Network, a student-operated television station at the University of Houston Social Venture Network , a social responsibility network Swami Vivekanand University, Madhya Pradesh , or Sri Vivekanand Niji University,

64-524: A 13.4% stake. 7 Days Inns' failure to turn a profit up to that point meant they were unable to make an offering of A shares in China. In July 2013, the founders of 7 Days Inn, Mr. Boquan He, Mr. Nanyan Zheng, Mr. Chien Lee , Ms. Qiong Zhang together with Carlyle Group and Sequoia Capital took 7 Days Inn private for US$ 688 million and 7 Days Inn became the Plateno Hotels Group; this meant 7 Days Inn

96-520: A Level 1 program after the restriction period has expired, and the foreign issuer elects to do this. One can either source new ADRs by depositing the corresponding domestic shares of the company with the depositary bank that administers the ADR program or, instead, one can obtain existing ADRs in the secondary market. The latter can be achieved either by purchasing the ADRs on a U.S. stock exchange or via purchasing

128-520: A Level 1 program. This is the most convenient way for a foreign company to have its equity traded in the United States. Level 1 shares can only be traded on the OTC market and the company has minimal reporting requirements with the U.S. Securities and Exchange Commission (SEC). The company is not required to issue quarterly or annual reports in compliance with U.S. GAAP . However, the company must have

160-672: A Level 3 program set up are the easiest on which to find information. Examples include Vodafone , Petrobras , and China Information Technology, Inc. (CNIT). Foreign companies that want their stock to be limited to being traded by only certain individuals may set up a restricted program. There are two SEC rules that allow this type of issuance of shares in the United States: Rule 144-A and Regulation S. ADR programs operating under one of these two rules make up approximately 30% of all issued ADRs. Some foreign companies will set up an ADR program under SEC Rule 144A . This provision makes

192-561: A US$ 65 million investment in 7 Days Inn, in which Warburg Pincus again participated. Despite losses amounting to ¥209.9 million (US$ 30.8 million) in 2008 and ¥9.3 million (US$ 1.4 million) in the first three quarters of 2009, it listed on the New York Stock Exchange in September 2009, issuing 10.1 million American Depositary Shares (representing 20.6% of the company) at US$ 11/share, raising a total of $ 111.1 million. CEO Zhang retained

224-420: A foreign company and allows that company's shares to trade in the U.S. financial markets . Shares of many non-U.S. companies trade on U.S. stock exchanges through ADRs, which are denominated and pay dividends in U.S. dollars , and may be traded like regular shares of stock. ADRs are also traded during U.S. trading hours , through U.S. broker-dealers . ADRs simplify investing in foreign securities because

256-597: A foreign company. When a foreign company wants to set up a Level 2 program, it must file a registration statement with the SEC and is under SEC regulation. In addition, the company is required to file a Form 20-F annually. Form 20-F is the basic equivalent of an annual report ( Form 10-K ) for a U.S. company. In their filings, the company is required to follow U.S. GAAP standards or the International Financial Reporting Standards (IFRS) as published by

288-548: A former state State of Vietnam , a former state of the French Union Science and technology [ edit ] Apache Subversion , abbreviated as SVN and its protocol svn:// , a software versioning and revision control system Space Vehicle Number, a serial number for Global Positioning System satellites; see list of GPS satellites SVN-98 , a variant of the KSVK 12.7 Russian sniper rifle Topics referred to by

320-530: A security listed on one or more stock exchanges in a foreign jurisdiction and must publish in English on its website its annual report in the form required by the laws of the country of incorporation, organization, or domicile. Companies with shares trading under a Level 1 program may decide to upgrade their program to a Level 2 or Level 3 program for better exposure in the United States markets. Level 2 depositary receipt programs are more complicated for

352-661: A university in India SVN, a British vocal group consisting of Aimie Atkinson , Alexia McIntosh , Grace Mouat , Millie O'Connell , Natalie Paris , Maiya Quansah-Breed , and Jarnéia Richard-Noel SVN Zweibrücken , a German association football club from Zweibrücken, Rhineland-Palatinate Together for the Netherlands ( Samen voor Nederland ), a Dutch political party Places [ edit ] Hunter Army Airfield (IATA code), Savannah, Georgia, United States Slovenia (ISO 3166-1 alpha-3 country code) South Vietnam ,

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384-408: Is different from Wikidata All article disambiguation pages All disambiguation pages 7 Days Inn 7 Days Inn was established in 2005. Guangzhou was the location of the company's founding. In 2006, Warburg Pincus invested US$ 10 million. In 2007, Merrill Lynch , Deutsche Bank , and Warburg Pincus further invested a combined total of US$ 95 million. In 2008, Actis Capital led

416-510: Is issued by a domestic custodian bank when the underlying shares are deposited in a foreign depositary bank , usually by a broker who has purchased the shares in the open market local to the foreign company. An ADR can represent a fraction of a share, a single share, or multiple shares of a foreign security. The holder of a DR has the right to obtain the underlying foreign security that the DR represents, but investors usually find it more convenient to own

448-462: Is the highest level a foreign company can sponsor. Because of this distinction, the company is required to adhere to stricter rules that are similar to those followed by U.S. companies. Setting up a Level 3 program means that the foreign company is not only taking steps to permit shares from its home market to be deposited into an ADR program and traded in the United States; it is actually issuing shares to raise capital. In accordance with this offering,

480-518: Is typically at the request of the issuer. There may be a number of reasons why ADRs terminate, but in most cases the foreign issuer is undergoing some type of reorganization or merger . Owners of ADRs are typically notified in writing at least thirty days prior to a termination. Once notified, an owner can surrender their ADRs and take delivery of the foreign securities represented by the Receipt, or do nothing. If an ADR holder elects to take possession of

512-564: The IASB . The advantage that the company has by upgrading their program to Level 2 is that the shares can be listed on a U.S. stock exchange. These exchanges include the New York Stock Exchange (NYSE), NASDAQ , and the NYSE MKT . While listed on these exchanges, the company must meet the exchange's listing requirements . If it fails to do so, it may be delisted and forced to downgrade its ADR program. A Level 3 American Depositary Receipt program

544-519: The DR. The price of a DR generally tracks the price of the foreign security in its home market, adjusted for the ratio of DRs to foreign company shares. In the case of companies domiciled in the United Kingdom , creation of ADRs attracts a 1.5% creation fee; this creation fee is different than stamp duty reserve tax charge by the UK government. Depositary banks have various responsibilities to DR holders and to

576-564: The New York Stock Exchange in September 2009, As of 2009 its CEO is Zheng Nanyan. by end of 2014, 7 days Inn had 2000 hotels in 320 cities and became one of the largest budget hotel chain in China 7 Days Inn is a sponsor of the French football club OGC Nice . American Depositary Share An American depositary receipt (abbreviated ADR , and sometimes spelled depository ) is a negotiable security that represents securities of

608-610: The company is required to file a Form F-1 , which is the format for a prospectus for the shares. They also must file a Form 20-F annually and must adhere to U.S. GAAP standards or IFRS as published by the IASB. In addition, any material information given to shareholders in the home market, must be filed with the SEC through Form 6-K . Foreign companies with Level 3 programs will often issue materials that are more informative and are more accommodating to their U.S. shareholders because they rely on them for capital. Overall, foreign companies with

640-758: The depositary bank "manage[s] all custody, currency and local taxes issues". The first ADR was introduced by J.P. Morgan in 1927 for the British retailer Selfridges on the New York Curb Exchange, the American Stock Exchange 's precursor. They are the U.S. equivalent of a global depository receipt (GDR). Securities of a foreign company that are represented by an ADR are called American depositary shares ( ADSs ). ADRs are one type of depositary receipt (DR), which are any negotiable securities that represent securities of companies that are foreign to

672-620: The effective date of the termination, the depositary bank will liquidate and allocate the proceeds to those respective clients. Many US brokerages can continue to hold foreign stock, but may lack the ability to trade it overseas. In 2013 a China -based company composed of various offshore holding companies called Autohome (ATHM) offered 7,820,000 American depositary shares (ADSs) representing its 7,820,000 Class A Ordinary Shares from its initial public offering . Details can be found from its prospectus dated December 16, 2013, under Registration No. 333-192085 filed pursuant to Rule 424(b)(4) of

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704-460: The foreign company has no formal agreement with a depositary bank. Unsponsored ADRs are often issued by more than one depositary bank. Each depositary services only the ADRs it has issued. Since the company is not formally involved in an unsponsored issue, the motivation of the company to list overseas is irrelevant for unsponsored programs. Instead, the dynamics of this market is determined by the incentive structure of three types of players: holders of

736-549: The issuance of shares a private placement . Shares of companies registered under Rule 144-A are restricted stock and may only be issued to or traded by qualified institutional buyers (QIBs). U.S. public shareholders are generally not permitted to invest in these ADR programs, and most are held exclusively through the Depository Trust & Clearing Corporation , so there is often very little information on these companies. Characteristics include: The other way to restrict

768-450: The issuing foreign company the DR represents. When a company establishes an ADR program, it must decide what exactly it wants out of the program, and how much time, effort, and other resources they are willing to commit. For this reason, there are different types of programs, or facilities, that a company can choose. Unsponsored shares trade on the over-the-counter (OTC) market. These shares are issued in accordance with market demand, and

800-424: The market on which the DR trades. DRs enable domestic investors to buy securities of foreign companies without the accompanying risks or inconveniences of cross-border and cross-currency transactions. Companies may choose to issue depository receipts in another jurisdiction for a host of commercial reasons including signalling to their investors and clients about their enhanced corporate governance standard. Each ADR

832-403: The same term [REDACTED] This disambiguation page lists articles associated with the title SVN . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=SVN&oldid=1250194074 " Category : Disambiguation pages Hidden categories: Short description

864-401: The secondary market (either via crossbook swaps or on exchange) instead is not subject to SDRT. Most ADR programs are subject to possible termination. Termination of the ADR agreement will result in cancellation of all the depositary receipts, and a subsequent delisting from all exchanges where they trade. The termination can be at the discretion of the foreign issuer or the depositary bank, but

896-418: The securities on-shore, the investors in depository receipts off-shore and the intermediaries (depository banks and exchanges). Level 1 depositary receipts are the lowest level of sponsored ADRs that can be issued. When a company issues sponsored ADRs, it has one designated depositary who also acts as its transfer agent . A majority of American depositary receipt programs currently trading are issued through

928-459: The trading of depositary shares to U.S. public investors is to issue them under the terms of SEC Regulation S . This regulation means that the shares are not, and will not be registered with any U.S. securities regulation authority. Regulation S shares cannot be held or traded by any "U.S. person" as defined by SEC Regulation S rules. The shares are registered and issued to offshore, non-U.S. residents. Regulation S ADRs can be merged into

960-415: The underlying domestic shares of the company on their primary exchange and then swapping them for ADRs; these swaps are called "crossbook swaps" and on many occasions account for the bulk of ADR secondary trading. This is especially true in the case of trading in ADRs of UK companies where creation of new ADRs attracts a 1.5% stamp duty reserve tax (SDRT) charge by the UK government; sourcing existing ADRs in

992-483: The underlying foreign shares, there is no guarantee the shares will trade on any U.S. exchange. The holder of the foreign shares would have to find a broker who has trading authority in the foreign market where those shares trade. If the owner continues to hold the ADR past the effective date of termination, the depositary bank will continue to hold the foreign deposited securities and collect dividends, but will cease distributions to ADR owners. Usually up to one year after

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1024-514: Was no longer listed on the New York Stock Exchange . In 2015 Jinjiang Hotels bought 81% of Keystone Lodging, the holding company of Plateno Hotels, now the parent company of 7 Days Inn, for 8.3 billion renminbi (US$ 1.3 billion), which meant it now controlled 7 Days Inn. 7 Days Inn is based in Guangzhou , Guangdong China and founded in 2005, the hotel chain has grown from 5 hotels in 2 cities in 2005 to 283 hotels in 41 cities when it listed on

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