BNY Mellon has been appointed by LightInTheBox Holding Company as depositary bank for its American depositary receipt (ADR) program. Each LightInTheBox ADR represents two ordinary shares and trades on NASDAQ under the symbol “LITB.”
LightInTheBox is an online retail company that offers a wide selection of lifestyle products, including apparel, small accessories and gadgets, and home and garden supplies. Most of their products are sourced directly from China-based manufacturers.
“LightInTheBox’s initial public offering heralds China’s return to U.S. markets,” said Christopher M. Kearns, CEO of BNY Mellon’s Depositary Receipts business.
“We are excited to be the first Chinese company to complete an IPO in the U.S. this year,” said Richard Xue, CFO of LightInTheBox. “In bringing our company to the U.S., we chose BNY Mellon because we wanted not only a business partner with an excellent track record, but one who understands and is experienced in servicing Chinese issuers whose primary listings are in the United States.”
In other ADR news, Israeli company Mazor Robotics has also appointed BNY Mellon for its ADR program.
Other notable mandates this week:
State Street has been appointed custodian by Pinnacol Assurance.
BNY Mellon will service ING’s 529 plans as well as Canada’s Rideau Transit Group.
RBC Investor Services will service Italian fund manager Polaris Investment.
Mandate Round-Up: BNY Mellon Nabs ADR Program For First Chinese IPO Of The Year
BNY Mellon has been appointed by LightInTheBox Holding Company as depositary bank for its American depositary receipt (ADR) program. Each LightInTheBox ADR represents two ordinary shares and trades on NASDAQ under the symbol “LITB.”