Own a Chinese ADR Doesn’t Actually Have Any Interest in the Chinese Company

02/23/2025 Kyle Bass @Jkylebass: If you own a Chinese listed ADR in America, it's most likely 95% of them are the variable interest entities, VIEs. They own nothing. They don't have a claim or any liquidation preference. In the end, you're going to lose everything.
#VIEs #ADR #ChineseStock #Audit #CCP
02/23/2025 凯尔·巴斯：如果你拥有在美国市场上交易的中概股ADR(美国存托凭证)，很有可能有95%都是所谓的可变利益实体。他们投资者啥都不拥有。他们没有索赔权或任何清算优先权。到头来，你会失去一切。
#可变利益实体 #美国存托凭证 #中概股 #审计 #中共