Global Depositary Receipt

GDR Listing under the China-Germany Stock Connect Scheme

What is a GDR

A global depositary receipt (GDR) is a type of bank certificate that represents shares in a foreign company traded on a local stock exchange. GDRs have become a popular financial instrument that companies use to access non-domestic markets due to its efficiency and cost-effectiveness. Alongside this issuer base, GDRs also give investors the opportunity to hold shares in the equity of foreign countries and give them an alternative to trading on an international market.

Stock Connect

Since the China Securities Regulatory Commission expanded the Stock Connect scheme to Germany in early 2022, GDRs have become an attractive instrument for Chinese companies to tap into the international capital market. The GDRs under the China-Germany Stock Connect scheme are the depositary receipts listed on Frankfurt Stock Exchange via CEINEX GDR Market by Chinese companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange. Listing GDRs in Germany offers Chinese listed companies an alternative to the European capital markets.

Main Features

From listing to custody, the GDRs under the China-Germany Stock Connect scheme are based on Deutsche Börse’s existing listing regulation and robust market infrastructure, same as any other equity securities listed on Frankfurt Stock Exchange. CEINEX provides comprehensive listing services for Chinese issuers and welcomes A-Share listed companies to issue and list GDRs in Frankfurt.


GDR Listing Criteria via the China-Germany Stock Connect Scheme

The GDRs listed in Frankfurt are under the EU regulated market. Issuers in the regulated market meet high standards that apply throughout the EU.  In return, the regulated market offers access to a broad international audience of investors. 


The specific criteria for listing GDRs on the EU regualted market via the China-Germany Stock Connect Scheme include:


Eligible IssuerListed company on Shanghai Stock Exchange/ Shenzhen Stock Exchange
ProspectusApproved by the German Federal Financial Supervisory Authority (BaFin)
Accounting StandardsIFRS or Chinese accounting standards
Reporting HistoryAt least public for the last 3 years
Market ValueAt least RMB 20 billion (~EUR 3 billion)
Free FloatAt least 25% within the EU / EEA (exemptions possible)

By issuing and listing GDRs in Frankfurt, the issuers can

  • facilitate the internationalization strategy and develop overseas business;
  • raise and utilize capital in Euro, lowering FX risk for a European focused business expansion;
  • enhance brand awareness and deepen trust with overseas partners;
  • build efficient and cost-competitive offshore equity financing alternatives in Europe;
  • benefit from Deutsche Börse’s competitive trading network and high liquidity.

By investing in GDRs, the investors can

  • invest in Chinese companies directly in Europe and diversify asset allocation without additional costs;
  • trade in Euro through the trading facilities of Deutsche Börse;
  • benefit from the high transparency requirements in the EU regulated market of FWB;
  • participate into longer trading hours covering European and US time zones;
  • gain from fungibility of GDRs with A-Shares.
Rules and Regulations of Frankfurt Stock Exchange

For admission of securities to exchange trading in the regulated market of Frankfurt Stock Exchange and on-going obligations, please refer to the rules and regulations of the Frankfurt Stock Exchange.

Contact Us

For more information about GDR issuance and listing, please contact us: