Bibliographic record
Abstract
Buffet bought in 8.7 million ADRs issued by China Life in May, 2006, and another 10 million in mid-June through Golden Sachs, Morgan Stanley and Lehman, which puts into his hands 10% of all the H-shares issued by China Life (7.441 billion shares in total) as each ADR, as estimated, equals 40 H-shares by China Life. Buffet, according to some inside source, will soon confirm with the China Life management as China Life’s strategic investor. Buffet also plans to buy in another 6.3 million ADRs by China Life, increasing the total ADRs in its hands up to 25 million, equivalent to 1 billion China Life H-shares or 13.43% of the total. The buy-in gives a big boost to China Life’s stock price, closed at 5.35 HK dollars, a sharp increase of 4.90%, the highest among the state-owned listed companies. The stock price of Ping An (2318.HK) and China Property Insurance (2328.HK) also goes up by 0.816% and 1.613% respectively. What comes along with this is also a growing concern over ADR. The paper explores the possibility of developing CDR in China based upon ADR and boosting the expansion of the Chinese capital market with DR (Depositary Receipt). It starts with a brief sum-up of the basic concepts surrounding DR and an outline of the basic rules on how ADR is transacted in the USA. Base upon a detailed analysis of its prospects of development in China, the paper continues with exploring the possibility of converting state-owned shares in China into ADR, examines the feasibility, necessity and problems of developing CDR in China. Last but least, the paper innovatively comes up with a CDR business procedure that might be practiced in China. Keywords: ADR, CDR, CDR procedure Resume Warren Buffet a achete 8,7 millions d’ ADR de China Life Insurance en mai 2006, et au milieu du juin, il en a rachete 10 millions par l’intermediaire de Goldman Sachs,MorganStanley et Lehman Brothers. Un ADR egale 40 actions H de China Life Insurance, ainsi, deux fois d’achat permettent a Warren Buffet de detenir 10% d’actions de cette societe (le total des actions H en circulation est de 7,441billions) . On dit qu’il declarerait a l’administration de cette societe de detenir des actions H et de deviendrait donc un investisseur strategique de l’entreprise. En plus, il en achetera encore 6.3 millions. Dans ce cas-la, le total de ses actions va atteindre 25 millions, soit 1 billion d’actions H. Ainsi il controlera 13.4% d’actions H de l’entreprise concernee. Cette nouvelle a fait pendant un temps augmenter le prix d’action de China Life Insurance de 5.88%, le prix de cloture a atteint 5.35 yuans avec une augmentation de 4.90% qui etait la plus forte hausse du prix parmi les actions des entreprises d’Etat. Ping an of China（2318.HK）et PICC（2328.HK） ont augmente respectivement de 0.816% et 1.613%。Des lors, la Chine prete une attention de plus en plus grande a l’ADR. Ayant pour but d’etudier comment on peut stimuler le developpement du marche de capitaux de Chine par DR（Depositary Receipt/recepisse depositaire）, cet essai traite la possiblite du developpement du CDR en s’inspirant de l’ADR . L’article commence par une presentation du DR et le principe du fonctionnement de l’ADR des Etats-Unis. Et puis sur la base de l’analyse des perspectives du developpement de l’ADR de l’Asie, il etudie la possibilite potentielle du developpement du CDR, ses feasibilite et necessite, ses problemes et difficultes. Finalement, l’auteur donne la conception preliminaire du processus de l’operation du CDR en Chine, voila l’originalite de cet article. Mots-cles : ADR, CDR, processus de transaction du CDR 摘 要 巴菲特 2006年 5月買入了 870萬份中國人壽 ADR，並於 6月中旬通過美國高盛證券、摩根士丹利及雷曼兄弟等，進一步購入 1000萬份的中國人壽 ADR。以一份 ADR代表 40股中國人壽 H股計，巴菲特兩度買入，將使他持有中國人壽 H股 10%（中國人壽的流通 H股為 74.41億股）。據稱，巴菲特將會致信中國人壽管理層，申報持有該股股份，成為公司戰略投資者。除了上述的買盤外，巴菲特將會進一步增持 630萬份中國人壽 ADR，使其總持股量增至 2500萬份，相當於 10億股的中國人壽 H股。以此推算，巴菲特將會持有中國人壽 H股 13.43%。上述消息使中國人壽股價一度大漲 5.88％，收盤報 5.35港元，上漲 4.90％，排在國企成份股漲幅首位，平安保險（ 2318.HK）和中國財險（ 2328.HK）也分別上漲 0.816%和 1.613%。由此，中國對 ADR的關注也隨之上升。本文旨在探討利用DR（Depositary Receipt）這一工具促進中國資本市場更深入的發展，以美國的 ADR為借鑒對發展我國 CDR的可能性進行了探索。首先對存托憑證 DR（Depositary Receipt）的基本概念進行了概括，介紹了美國 ADR的操作原理；在分析了亞洲 ADR的發展前景的基礎上，探討了中國國有股 ADR化的潛在可能性；提出了中國發展存托憑證（CDR）的可行性和必要性；指出了目前開展 CDR業務的問題和難點；最後提出了在中國發展存托憑證（CDR）業務流程的初步設想，這是本文的創新之處。 關鍵詞：ADR；CDR；CDR交易流程
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.002 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.001 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.003 | 0.002 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.009 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".