The ratio between Shares and Depositary Receipts indicates the number of Depositary Receipts issued for each share. It is a way to determine the relationship between these two.
This ratio relates to the proportion between shares and Depositary Receipts, indicating how many Depositary Receipts are issued for each Share.
In the case of a ratio of 1 Share to 1 Depositary Receipt, it means that for every Share issued, one Depositary Receipt is available. In other words, the ratio is one-to-one. This can occur, for example, when a company splits its shares into Depositary Receipts, with each shareholder entitled to one Depositary Receipt.
On the other hand, if the ratio is 1 Share to 100 Depositary Receipts, it means that for each Share issued, 100 Depositary Receipts are available. In this case, the ratio is one-to-one hundred. This may occur, for instance, when a company splits its shares to enhance liquidity and facilitate share trading.