An increasing number of Huaneng Power International's (HPI) New York-listed American Depository Shares (ADSs) have been converted into H shares, which should boost the stock's liquidity in Hong Kong. About 250,000 ADSs representing 10 million H shares have been converted into ordinary shares since it was listed in the SAR two weeks ago, a source close to the company said. HPI, which also listed in New York, has had less than one million H shares traded in Hong Kong, defeating the purpose of the dual listing. 'If you look at the two markets, the New York market is more liquid than the Hong Kong one, it is difficult to convince investors to convert the ADSs into H shares,' the source said. He said it took as many as seven business days for the ADSs to convert into ordinary shares, so it was normal to see thin trade in the first seven days of listing. 'The only way to stimulate the trading is, with the passage of time, that there will be more ADS conversions and the company can complete its share issue,' he said. HPI aborted its new share issue to raise about US$150 million last month after the Hong Kong stock market collapsed on renewed concern of the regional currency crisis. It switched to float its New York-listed ADSs in Hong Kong. The source said the timing of the relaunch of the share offering would 'depend entirely on the market'.