BNY Mellon has been appointed by China-based Cheetah Mobile as depositary bank for its American depositary receipt (ADR) program.
“Cheetah Mobile marks the fifth IPO for a Chinese company using ADRs in 2014, and we see a strong pipeline,” says Christopher Kearns, CEO of BNY Mellon’s Depositary Receipts business. “Technology companies are choosing to list in the U.S. using ADRs to boost visibility and awareness among global investors, and we look forward to working closely with Cheetah Mobile to achieve their goals.”
“We are excited to list our ADRs on the New York Stock Exchange,” says Andy Yeung, CFO of Cheetah. “We believe that the deepest pool of global investors is in the U.S., and so conducting our IPO there was the logical next step as we seek to grow globally. In bringing our company to the U.S., we chose BNY Mellon as our depositary bank because of their experience in partnering with Chinese internet issuers whose primary listings are in the U.S.”
Chinese Software Firm Picks BNY Mellon as Depositary Bank
BNY Mellon has been appointed by China-based Cheetah Mobile as depositary bank for its American depositary receipt (ADR) program.