Home Inns & Hotels Management Inc. has selected the Bank of New York for its Level III American depositary receipt (ADR) programme. The ADRs will be traded on NASDAQ under “HMN,” with each ADR representing two shares.
Home Inns develops and operates economy hotels in 40 cities in China. As of June 30 the company ran 63 leased-and-operated hotels with 33 in development, and 19 franchised-and-managed hotels with 24 under development.
“As a hotel development and management company, we want to focus on our core business, so for our ADR programme, we want the support of the most experienced depositary,” says May Wu, chief financial officer of Home Inns. “The Bank of New York offers the pre-launch guidance and established operations and administrative expertise we seek.”
“We are delighted for the opportunity to work with Home Inns, which has the first consumer-oriented, single-listed, non-technology ADR from China,” adds Christopher Sturdy, executive vice president and head of The Bank of New York’s depositary receipt division. “We will assist Home Inns with U.S. investor outreach initiatives and visibility-generating efforts as it builds brand awareness.”