Citigroup expects more Asian companies to list in the U.S. as tech firms seek higher valuations and access ample U.S. equity capital. Adrian Nye, head of Japan, North Asia and Australia issuer services at Citigroup, says Asian techs are using American depositary receipts to trade alongside U.S. peers. Compiled data show Philadelphia Semiconductor Index constituents trade at an average P/E of about 22x—more than twice that of Asian peers. Year-to-date Asian ADR issuance is roughly $28 billion, th

Citigroup expects more Asian companies to list in the U.S. as tech firms seek higher valuations and access ample U.S. equity capital. Adrian Nye, head of Japan, North Asia and Australia issuer services at Citigroup, says Asian techs are using American depositary receipts to trade alongside U.S. peers. Compiled data show Philadelphia Semiconductor Index constituents trade at an average P/E of about 22x—more than twice that of Asian peers. Year-to-date Asian ADR issuance is roughly $28 billion, the most since 2020, led by SK Hynix's $26.5 billion U.S. listing; Japan payments provider PayPay contributed about $1 billion.