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Technology Stocks : Softbank Group Corp

SFTBY 14.17

+0.5%

3:59 PM EST

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To: TobagoJack who wrote (175)	5/20/1999 4:34:00 PM
From: Edwin S. Fujinaka	Read Replies (1) of 6020

I have owned Honda Motors ADRs since they were introduced in the '60s. Actually I've since sold them all (too soon, I might add <G>). Although there should be a very close match between the ADRs and the underlying Japanese stocks, there does not seem to be any inherent control on that relationship and it may develop that a very hot internet IPO type runup could result in some disconnect. If the issuing agency for the ADR's can freely issue more ADRs (while buying more Japanese shares) then any discrepancy can be erased immediately. If the terms of the ADR specify a fixed number of ADRs to be issued, there could be a problem. I am not very conversant on the requirements for the issuance of ADRs.

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