AMTD Digital, the digital arm of a financial services company based in Hong Kong, is expected to go public on the NYSE. Learn more about the AMTD Digital IPO, and find out if investors in Canada can buy in.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
AMTD Digital, a subsidiary of Hong Kong-based financial services company, AMTD Group Company Limited, is expected to go public on the NYSE. The company plans to sell 16 million American Depositary Shares (ADSs) under the ticker symbol “HKD.” The IPO is set to take place on Tuesday June 15, 2021.
Stocks are expected to be priced between $6.80 and $8.20 each. AMTD Digital hopes to raise around $120 million from the IPO.
AMTD Digital originally filed a prospectus with the the US Securities and Exchange Commission on May 20, 2021. According to the document, AMTD Global Markets Limited and Loop Capital Markets LLC are acting as lead underwriters of the IPO.
We’ll update this page as more information becomes available.
Unfortunately, no. AMTD Digital is only selling American Depositary Shares, which are equity shares of a non-US company held by a US depository bank. Generally, only US residents can have accounts with US depository banks. So, Canadians can’t buy AMTD Digital stocks directly.
Depository Banks are financial institutions that hold people’s assets (money, securities etc.) for safekeeping. Where stock trading is concerned, depository banks make it relatively safe and easy for US residents to buy stocks in foreign companies that trade on US exchanges like the NYSE or the Nasdaq. This is because a depository bank act as a custodian of stocks until they’re sold, after which it transfers the stocks between investors’ accounts.
Although Canadian investors can’t buy AMTD stocks directly, there are still 2 ways to back the company.
Although it’s a less direct investment than purchasing AMTD stocks outright, one option is to back its various investors. These include:
You can buy stocks in the following financial services companies using a trading platform that provides access to Canadian and international stock exchanges.
|Company||Market Capitalization||Stock info|
|Canadian Imperial Bank of Commerce (CIBC)||$61.00 Billion||TSX: CM-PQ|
|The Toronto-Dominion Bank||$158.37 Billion||TSX: TD|
|Royal Bank of Canada||$177.71 Billion||TSX: RY|
|Berkshire Hathaway Inc.||$650.77 Billion||NYSE: BRK|
|Ping An Insurance (Group) Company of China, Ltd.||$1.52 Trillion||HKSE: 2318.HK|
|JPMorgan Chase & Co.||$485.55 Billion||NYSE: JPM|
|HSBC Holdings plc||$125.95 Billion||NYS: HSBC|
You’ll need a brokerage account to buy and sell shares. Here’s how it works:
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
You can compare features of stock trading platforms in the table below. Once you’ve decided on the right fit for your needs, click the “Go to site” button to get started.
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