The Bank of New York was selected by Solarfun Power Holdings Co., Ltd as its depositary bank for the company’s Level III American depositary receipt program.
A photovoltaic manufacturer of cells and modules, Solarfun is based in China’s Jiangsu province.
“We chose The Bank of New York because of its proven track record in China and its expertise in working with companies that maintain single-listed ADR programs,” says Yonghua Lu, chairman and CEO of Solarfun. “As we seek to maximize investor interest in the US, we are confident that The Bank of New York has the resources to help us achieve our goals.”
“As the depositary bank for almost 70 percent of all ADR programs from China, The Bank of New York has the expertise to assist Solarfun with a smooth and successful entry into the US capital markets,” says Christopher Sturdy, executive vice president and head of The Bank of New York’s depositary receipt division. “We look forward to working with Solarfun to increase the visibility of its program in the U.S. investor community.”