ADR issue goes on line

TELECOMMUNICATIONS product-maker HB International Holdings' American depositary receipt (ADR) programme has been established and Citibank has been appointed as depositary, HB International said.

HB International chairman Jerry Lee said the ADRs were represented by existing shares and did not involve raising funds for the company.

Mr Lee said the ADRs would make it easier for US investors to participate in the emerging markets of the telecommunications product industry.

Hong Kong-listed HB International's operations focus on thye manufacturing of telecommunications products in the Asia-Pacific region.

The company supplies equipment to BellSouth, BT, Amstrad, Betacom and Sanyo.