什么是CDR股票

CDR，即中国存托凭证，是指在中国境外上市的公司，将其已发行上市的股票托管在当地保管银行，由中国境内的存托银行发行、在境内A股市场上市、以人民币交易结算、供国内投资者买卖的投资凭证。CDR股票的出现，为境外上市公司在中国市场融资提供了新途径，同时也为国内投资者提供了更多元化的投资选择。

CDR股票的运作机制相对复杂，涉及到境外公司、托管银行、存托银行等多个主体。境外公司需将其股票托管在当地保管银行，再由存托银行在中国境内发行CDR。CDR的价格与境外公司股票的价格挂钩，通过市场供求关系决定。国内投资者可以通过购买CDR股票，间接投资境外上市公司，分享其成长红利。

CDR股票的推出，不仅有助于提升中国资本市场的国际化水平，还有助于推动中国金融市场的开放。随着CDR市场的不断发展，未来将有更多境外优质企业选择在中国市场发行CDR，进一步丰富中国股票市场的投资品种，为国内投资者带来更多投资机会。

What are CDR Stocks?

CDR, or Chinese Depositary Receipts, refer to investment receipts issued by a depositary bank in China for shares already issued and listed by a company outside China. These shares are custody-held at a local custodian bank, and are traded in the domestic A-share market in Chinese yuan, providing domestic investors with a diversified investment option.

The operation mechanism of CDR stocks is relatively complex, involving multiple entities such as foreign companies, custodian banks, and depositary banks. Foreign companies need to deposit their shares with a local custodian bank, and then the depositary bank issues CDRs in China. The price of CDRs is linked to the price of the foreign company's shares and is determined by market supply and demand. Domestic investors can indirectly invest in foreign listed companies by purchasing CDR stocks, sharing in their growth dividends.

The launch of CDR stocks not only helps to enhance the internationalization level of China's capital market but also promotes the opening of China's financial market. With the continuous development of the CDR market, more high-quality foreign companies are expected to choose to issue CDRs in the Chinese market, further enriching the investment options in China's stock market and bringing more investment opportunities to domestic investors.