The Bank of New York has been selected by JA Solar Holdings Co., Ltd. as the depositary bank for its Level III American depositary receipt (ADR) programme. Each JA Solar ADR represents three ordinary shares of the company. The ADRs trade on the NASDAQ Global Market under the symbol “JASO.”
Based in China, JA Solar Holdings Co., Ltd. manufactures solar cells that are incorporated into photovoltaic modules and conversion systems that convert sunlight into electricity. JA Solar’s customers include Shanghai Chaori, Shanghai Huinong and Canadian Solar. The company purchases almost all of its wafer supplies from Jinglong Group, which is owned by the shareholders of the company’s predominant shareholder, Jinglong BVI.
“With this new ADR program, we have been able to list the company’s ADRs on a US exchange and raise capital in the US, which was a major strategic goal,” says Huaijin Yang, the chief executive officer of JA Solar Holdings Co. “Recognising that a key factor in the success of the program would be the depositary bank supporting it, we chose The Bank of New York for its expertise and proven results.”
“With over a two-thirds market share in China, we have extensive experience with this market and look forward to using our resources to help JA Solar capture investor interest in the United States,” adds Christopher Sturdy, the executive vice president and head of The Bank of New York’s Depositary Receipt Division.