BNY Mellon has been selected by SinoTech Energy Limited as the depositary bank for its American depositary receipt (ADR) program. Each SinoTech Energy ADR represents two ordinary shares and trades on the NASDAQ Exchange under the symbol “CTE.”
“Establishing this ADR program has allowed us to tap into U.S. investor interest in China and the energy sector,” says Xin Guoqiang, director and CEO of SinoTech Energy. “We look forward to working with BNY Mellon and their specialized investor relations access and advisory group on initiatives to maximize the visibility and valuation of our company.”
SinoTech Energy is a provider of enhanced oil recovery services to major oil companies in China using technologies that include certain patented lateral hydraulic drilling technology and a molecular deposition film technology, according to a BNY Mellon statement.
“This is the first non-U.S. energy technology listing on a U.S. exchange in 2010,” says Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipts business. “Extraction technologies are at the cutting edge of the oil industry, and SinoTech Energy is a good example of how China is playing an increasingly prominent and innovative role. We’re confident the company will benefit from being accessible to international investors who understand this industry and the potential for companies like SinoTech Energy.”