What is an American Depositary Receipt ( ADR ) ratio ?

Each American Depositary Receipt (ADR)can represent one or more than one or a fraction of the underlying shares. The relationship between the American Depositary Receipt and the Ordinary share is referred to as the ratio. Many American Depositary Receipt programs are established with a 1:1 ratio meaning one underlying share equals one depositary share. Some American Depositary Receipt programs have ratios ranging from 100,000:1 to 1:100.