I held ADR shares in Chinese Huaneng Power for many years. I can sometimes go months without looking at my portfolio. When logging on to my online brokerage (Etrade), I see that the value of my shares has dropped to zero. A quick search turns up that Huaneng Power was delisted from the NYSE last summer. Now I know that investing comes with risks and that the value of a company and thus its stock, can go to zero. But the value of the company didn’t change. I reached out to Etrade, but the answers were unhelpful. Do I understand correctly that the financial institution that issued the ADR took my money for the ADR. Where can I go to try to recoup the value of these shares. It doesn’t make sense to me that delisting alone would result in the annihilation of the value of the underlying shares. Any help?
When shares are delisted, they continue to be traded on the pink sheets. Your broker should be able to advise.
Shares can be delisted for a variety of reasons. Finding the reason should help. Yes, there should be a financial firm behind the ADRs. And a registrar who records who owns them.
Isn’t etrade now owned by a big bank. Try contacting the bank. Or email to the CEO.
It is Hungf on the pink sheets. If they are not in your brokerage account you need to talk to your broker and ask why?
Thank you Paul, this gives me a good place to start. Fool on.
Well, that’s been said, but I’ll be the third vote. You should talk to your broker about it.