Table of Contents

Preface vii

Acknowledgments ix

PART I An Introduction to American Depository Receipts 1

CHAPTER 1 How I Discovered Making Money in China with American Depository Receipts (ADRs) 3

CHAPTER 2 What Are ADRs? 13

CHAPTER 3 Finding and Interpreting News to Enter the Market 39

CHAPTER 4 Trading ADRs 59

CHAPTER 5 Using Leverage Instruments to Enhance Return 77

CHAPTER 6 What Could Go Wrong? 89

PART II ADR Case Studies 99

CHAPTER 7 Case Study 1: An Earnings Surprise 101

CHAPTER 8 Case Study 2: Earnings Disappointments 111

CHAPTER 9 Case Study 3: Government Policy Changes 121

CHAPTER 10 Case Study 4: Material Company-Specific News 129

APPENDIX The Art of Decoding the Earnings Announcement 141
Paul Lau, Certified Public Accountant

About the Author 167

Index 169

About the Author

Alan Voon is the chief executive officer of Von Capital Limited and its associates at Warrants Capital Groups. Which are involved in asset management and capital market consultancy services. He is also the investment committee co-chairman of Huatai Von Malaysia Fund Segregated Portfolio, a Cayman Island fund established by Huatai Financial Holdings (Hong Kong) Limited, one of the largest stockbrokers in mainland China. Voon is a contributor to major newspapers and magazines on topics related to ADRs and derivatives such as warrants, convertible loan stocks, options, and CDDs. Voon is the author of Make Money Investing in Warrants on Bursa Malaysia and Money in Warrants . His website, www.warrants.com.my , caters to the South East Asia warrants and Greater China ADRs market.