China clampdown concerns spurred record ADR trading

Market turbulence caused by Beijing’s clampdowns on its tech, education and property sectors drove trading in U.S.-listed Chinese stocks to a record high in dollar terms last month, data shows. The concerns triggered the biggest monthly fall in China-linked American Depository Receipts or ADRs, as they are known, since the height of the 2008 global financial crisis, but the knock-on effect was a huge spike in trading. OTC Markets Group, whose platforms are widely used to trade ADRs of firms like Tencent and Alibaba, provided figures to Reuters showing that average daily volumes soared to 43,776, which was a record $2.14 million in value terms.

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