The Bank of New York has announced it has been selected by Linktone Ltd. as depositary for its American depositary receipt (ADR) program. Each ADR represents ten ordinary shares of the company and trades on the NASDAQ under the symbol “LTON.”
Headquartered in Shanghai, Linktone Ltd. is a provider of wireless value-added services to mobile phone users in China. Working with Chinese mobile operators, Linktone provides a diverse portfolio of wireless content and applications, with a particular focus on media, entertainment and communications. Linktone just completed an initial public offering (IPO), making it the first technology IPO using ADRs from China this year.
The Bank of New York is the world’s largest depositary for American and global depositary receipts, allowing non-U.S. companies to offer dollar-denominated securities to investors worldwide. The Bank currently issues depositary receipts for more than 1,400 programs representing 65 countries and accounts for 67% of all public sponsored depositary receipt programs.