can't see how that could be justified without first seeing the strength of demand for our ADRs
for that matter, a firm willing to get into a placement probably doesn't know what the true state of demand will be prior to listing either, so why take up a placement at a price where you risk a later listing revealing much less demand??..
no, imo, one step at a time is..
first: list
second: allow a new support to develop in ADRs
third: then consider all finance options
good luck
raising funds via bank of ny mellon, page-28
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