The Bank of New York has been selected by China Techfaith Wireless Communication Technology Limited as depositary for its American depositary receipt (ADR) program.
Each ADR of China Techfaith represents fifteen ordinary shares. China Techfaith’s ADRs will trade on NASDAQ under the symbol CNTF. China Techfaith, based in Beijing, China, is a large independent mobile handset design house in China and is engaged in wireless communication terminal products.
Christopher R. Sturdy, managing director and head of The Bank of New York’s Depositary Receipt Division, said, “This newly listed program supports the strong interest and increased activity we are seeing throughout Asia, with China emerging as a top growth area for ADRs. We will continue working to raise China Techfaith’s profile with investors and to increase the awareness of its ADR program.”