THE recently-listed Wing Hang Bank will join the rush to raise its international profile through the issue of American depositary receipts (ADR). Wing Hang is 40 per cent owned by Bank of New York, an active depositary bank of ADRs for local corporates. The bank will launch a level-one ADR programme which means no fresh capital is involved. ADRs, sometimes described as global depositary receipts, make it easier for overseas investors to buy stocks traded in other markets. The depositary holds the company's shares and allows US investors to trade receipts instead of the underlying stock. Each Wing Hang ADR represents two ordinary shares trading on the Stock Exchange of Hong Kong. The receipts will be available to retail and institutional investors, and will be traded over the counter.