GREAT Wall Electronic International is to become the second Hongkong company with a listing in New York following the announcement that its American depository receipts (ADRs) will be traded on the NASDAQ electronic trading system. The only Hongkong company with a US listing is Hongkong Telecommunications, which has a market capitalisation 90 times larger than Great Wall's, and the issue will mean Great Wall has to reconcile its accounts with US standards. Unlike most ADR issues, the Great Wall ADRs will be created on new shares and the programme will raise funds for the company. Great Wall chairman Jackie Chiang Chi-kee said the company had filed an F-1 form with US regulators and wanted to ''access the US capital market and to diversify its shareholder base''. After expenses, the electronics firm expects the issue to raise US$27.7 million, but this rests on shareholders approving the issue of new shares amounting to 18 per cent of the existing share capital, or 150 million shares. If demand is high, underwriters can call for further shares amounting to three per cent of existing share capital. The listing, if successful, will be a coup for the company's adviser, Hambrecht and Quist Inc, a small American merchant bank which describes its speciality as bringing companies in emerging markets to US investors. Great Wall intends to use US$15 million to expand its plant in Huizhou, Guangdong province, that makes car stereo equipment and components, and the rest to repay short-term debt and for general working capital. The estimated price for each ADR was put at US$10.22. With each ADR representing 50 Hongkong shares, this would imply an issue price of HK$1.58 for the shares, against yesterday's close on the Hongkong exchange of $1.56.