No. of Recommendations: 1
They're both ADR's for Tencent's shares that trade on the Hong Kong exchange but TCEHY pays dividends in USD (U.S. Dollars) while TCTZF pays dividends in HKD (Hong Kong Dollars). TCEHY is much more liquid, trading around 4 million shares a day vs. just 32,000 a day for TCTZF.

The typical ticker for a foreign stock trading on the OTCBB will be a five letter code ending in either a Y or an F. The Y shares are ADR’s with a depositary institution (i.e. a large bank like Citigroup in the case of Tencent's TCEHY shares) holding the local shares. The F shares are listings made by market makers where the market maker purchases the actual shares on the primary exchange for the company and are often very low volume, low liquidity listings.

You'd almost certainly want to buy the TCEHY shares vs. the TCTZF shares if you wanted to invest in Tencent and lived in the U.S.


Mike
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