Fifth depositary receipt IPO out of China in 2014; "strong pipeline" seen
NEW YORK and HONG KONG, May 15, 2014 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed by Cheetah Mobile Inc. as depositary bank for its American depositary receipt (ADR) program. Each Cheetah ADR represents 10 shares and trades on the New York Stock Exchange under the symbol "CMCM."
Cheetah Mobile is a leading mobile internet company with 362 million monthly active users as of March 2014. Its mission critical applications, including Clean Master, CM Security, Battery Doctor, Duba Anti-virus and Cheetah Browser, help make the internet and mobile experience speedier, simpler and safer for users worldwide. Cheetah Mobile is the second largest provider of internet security applications in China by monthly active users as of March 2014, according to App Annie Limited. The company also provides various platform products such as Duba.com, game centers, and mobile app stores to provide multiple user traffic entry points and global content distribution channels for its business partners.
"We are excited to list our ADRs on the New York Stock Exchange," said Andy Yeung, CFO of Cheetah. "We believe that the deepest pool of global investors is in the U.S., and so conducting our IPO there was the logical next step as we seek to grow globally. In bringing our company to the U.S., we chose BNY Mellon as our depositary bank because of their experience in partnering with Chinese internet issuers whose primary listings are in the U.S."
"Cheetah Mobile marks the fifth IPO for a Chinese company using ADRs in 2014, and we see a strong pipeline," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "Technology companies are choosing to list in the U.S. using ADRs to boost visibility and awareness among global investors, and we look forward to working closely with Cheetah Mobile to achieve their goals."
BNY Mellon acts as depositary for more than 2,800 American and global depositary receipt programs, acting in partnership with leading companies from over 65 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com, or follow us on Twitter @BNYMellon.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee. BNY Mellon provides no advice nor recommendations or endorsement with respect to any company, security or products based on any index licensed by BNY Mellon, and we make no representation regarding the advisability of investing in the same.
Contacts: Joseph F. Ailinger Jr.
SOURCE BNY Mellon