EGC Corporate Governance Practices (May 2018)

EGC Corporate Governance Practices: A Survey and Related Resources PAGE 32 Of the 46 FPI EGCs, approximately 52.2% issued common or ordinary shares directly to investors in the IPO, approximately 28.3% issued ADRs, and approximately 19.6% issued both common or ordinary shares and ADRs. Of the 22 FPIs that issued ADRs, 13 were incorporated in the Cayman Islands. Approximately 19.6% of the FPI EGCs were listed on both a foreign exchange as well as a U.S. exchange. Of the 22 FPI EGCs that issued ADRs, one was listed on the Nasdaq Capital Market, six were listed on the Nasdaq Global Market, six were listed on the Nasdaq Global Select Market, and nine were listed on the NYSE. Figure 47 : N=46. Figure 48 : N=22. Ordinary Shares; 24 ADRs; 13 Ordinary Shares and ADRs; 9 Securities Issued by FPIs (By Frequency) Ordinary Shares ADRs Ordinary Shares and ADRs Cayman Islands; 13 All Others; 9 ADR Issuers (By Country of Incorporation) Cayman Islands All Others