The Bank of New York has been selected by Suntech Power Holdings Company Ltd. as depositary bank for its American depositary receipt (ADR) program. Each Suntech Power Holdings ADR represents one ordinary share.
Suntech Power Holdings is headquartered in Wuxi, China and incorporated in The Cayman Islands. The company designs, develops and manufactures a variety of photovoltaic cells and modules, which are devices that convert sunlight into electricity. Suntech Power’s products are used to provide solar electric power for residential, commercial, industrial and public utility applications in various markets worldwide.
Christopher Sturdy, managing director and head of The Bank of New York’s Depositary Receipt Division, said, “As the depositary bank for 70% of all sponsored DR programs from China, we have the expertise necessary to assist Suntech Power increase its profile with the U.S. investment community. We are pleased that Suntech Power chose to work with us as it enters the U.S. capital markets.”