JPMorgan Chase Bank, N.A. is to act as depositary bank for China Sunergy Co., Ltd.
On 22 May, China Sunergy completed its level 3 new initial public offering of American Depositary Receipts (ADRs) on NASDAQ.
Each China Sunergy ADR represents six common shares. Including the greenshoe, a total of 9,775,000 American Depositary Shares were sold in the offering at a price of $11 per ADR, resulting in a total offering size of $107.5 million.
“Having JPMorgan and its strong and highly experienced team acting as the depositary bank for China Sunergy gave us full confidence in a successful ADR program listing,” says Fischer Chen, deputy head of the IPO Office at China Sunergy.
China Sunergy is manufacturer of solar cell products in China.