Smart lad you are, I should’ve researched into shareholders, of course
You’ve inspired me to dig specifically into voting rights and I found something pretty interesting
“As of March 31, 2007, common shares were registered in the name of a nominee of Citibank, N.A., the depositary under our ADS deposit agreement.” It’s old but 2007 is the latest F-3 that TSMC HQ filed (source: https://investor.tsmc.com/english/sec-filings)
“According to the R.O.C. Company Law, the voting rights attaching to the deposited securities must be exercised as to all matters subject to a vote of shareholders collectively in the same manner, except in the case of an election of directors.”
So looks like in the end it all comes down to what Taiwanese shareholders want to do since all foreign shareholders should have ADS due to China locking foreigners out from buying actual shares in their country’s companies (outside of HK exchange)
Edit: Hmm, actually looks like TSMC is listed on the NYSE as well $TSM. Need to look further into voting rights of those
Update: It’s literally in the first paragraph of the SEC doc. “Our ADSs are listed on The New York Stock Exchange under the symbol “TSM””
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Smart lad you are, I should’ve researched into shareholders, of course
You’ve inspired me to dig specifically into voting rights and I found something pretty interesting
“As of March 31, 2007, common shares were registered in the name of a nominee of Citibank, N.A., the depositary under our ADS deposit agreement.” It’s old but 2007 is the latest F-3 that TSMC HQ filed (source: https://investor.tsmc.com/english/sec-filings)
“According to the R.O.C. Company Law, the voting rights attaching to the deposited securities must be exercised as to all matters subject to a vote of shareholders collectively in the same manner, except in the case of an election of directors.”
Source for quotes: https://www.sec.gov/Archives/edgar/data/1046179/000114554907000749/h01195fv3asr.htm (ctrl-F “voting”)
So looks like in the end it all comes down to what Taiwanese shareholders want to do since all foreign shareholders should have ADS due to China locking foreigners out from buying actual shares in their country’s companies (outside of HK exchange)
Edit: Hmm, actually looks like TSMC is listed on the NYSE as well $TSM. Need to look further into voting rights of those
Update: It’s literally in the first paragraph of the SEC doc. “Our ADSs are listed on The New York Stock Exchange under the symbol “TSM””
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I remember Marx writing that in the development of capitalism, even the capitalists themselves are becoming uneeded. Pure parasites.