BNY Mellon has been appointed by China Mobile Games and Entertainment Group Limited (CMGE) for its American Depositary Receipt (ADR) following the latters spin-off from Chinese state-affiliated media company VODOne Limited.
Each CMGE ADR represents 14 ordinary shares and trades on the NASDAQ under the symbol CMGE.
CMGE develops, operates and distributes smart-phone games and has about 30 million paying users. The company was incorporated last year in the Cayman Islands.
“We believe listing on NASDAQ and gaining access to U.S. capital markets will support our strategic efforts to strengthen the potential value of our business,” says Ken Jian Xiao, CEO of CMGE. “BNY Mellon has demonstrated its DR expertise and thought leadership, working with us and NASDAQ to execute our listing via a special dividend distribution to VODOne’s ordinary shareholders. We’re impressed with BNY Mellon’s capabilities and look forward to expanding our partnership.”
Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipts business, adds: “By establishing a DR program for CMGE and listing it on NASDAQ, VODOne has made a compelling affirmation of both depositary receipts and U.S. listings for non-U.S. firms in the mobile gaming and e-commerce sectors. This transaction is a clear example of BNY Mellon collaborating with a global issuer that has unique strategic and structural objectives it seeks to achieve with its listing. We’ll continue to work closely with management to enhance CMGE’s visibility among global investors.”
(CG)