Charm Communications Inc, a provider of integrated advertising agency services in China has appointed J.P. Morgan as its depositary bank for its listed American Depositary Receipt (ADR) program.
Listed on the NASDAQ under the symbol CHRM, Charm Communications raised US$ 74.22 MM through issuance of 7,812,500 American Depositary Shares, each representing two ordinary shares, in its initial public offering. Each ADR was priced at USD 9.50.
“We are extremely proud to have successfully launched our ADR program, which confirms our ongoing commitment to the U.S. investor market”, said Mr. Zhou Wei, CFO of Charm Communications. “J.P. Morgan’s depositary receipts team has been selected for its recognized leadership and expertise and remarkable professionalism.”
Kenneth Tse, Asia Pacific head of J.P. Morgan’s depositary receipts group added: “In a year of gradual economic recovery, we are delighted to be working with Charm Communications to help them achieve their strategic goals and raise their international profile in the US market.”
D.C.