The American Depositary Receipts (ADR) of Swire Properties will commence trading in the over-the-counter market in the United States today. In a filing with the stock exchange, it said the number of American Depositary Shares (ADS) registered by the company under the Level 1 programme is 50 million. The Bank of New York Mellon is the sponsor. “The establishment of the programme by the company is not a new offering of shares and the ADS are derived from shares of the company currently in issue. Therefore, the company receives no proceeds from the establishment of the programme,” it said in a statement. “The main purpose and benefit of the programme is to increase liquidity of the company’s shares in the US,” it said. An ADR is a negotiable receipt, resembling a stock certificate, that is issued by a US depositary bank appointed by Swire Properties. Shares of Swire Properties rose 1.11 per cent higher at HK$27.15 after the morning close.