Tenth depositary receipt IPO out of China in 2014, up from six in all of 2013
NEW YORK, July 2, 2014 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed by Xunlei Limited as depositary bank for its American depositary receipt (ADR) program. Each ADR represents five common shares and trades on NASDAQ under the symbol "XNET."
Xunlei is one of the top 10 largest Chinese internet companies, as measured by user base. Xunlei operates an internet platform in China based on cloud computing that enables users to quickly access, manage, and consume digital media content. According to iResearch, Xunlei is the No. 1 acceleration product provider in China as measured by market share in March 2014. Xunlei's cloud acceleration subscription services, delivered through products such as Green Channel, Offline Accelerator, and Yunbo, offer users premium services for speed and reliability, with approximately 5.2 million subscribers as of March 2014.
"Xunlei's ADR listing on NASDAQ is an integral part of our efforts to access global investors, as our unique cloud computing and acceleration products will increasingly be an important driver in the growing Chinese internet market," said Tom Wu, CFO of Xunlei. "The synergy between BNY Mellon's depositary receipts team and Xunlei's management team will enable us to build a strong and visible ADR program."
"This new offering by Xunlei furthers a trend that began in late 2013 of Chinese companies conducting IPOs in the U.S. through ADRs," said Christopher Kearns, CEO of BNY Mellon's Depositary Receipts business. "Our team will work creatively with Xunlei to help them connect with American and global investors to maximize the benefits of this new program."
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.
Joseph F. Ailinger Jr.
SOURCE BNY Mellon