The Bank of New York Mellon has been selected by ChinaEdu Corporation as the depositary bank for its American depositary receipt (ADR) programme.
Each ChinaEdu ADR represents three ordinary shares. The ADRs trade on NASDAQ under the symbol “CEDU”.
ChinaEdu is an educational services provider based in China. The company’s primary business is providing services to the online degree programmes of leading Chinese universities.
The services ChinaEdu offers include academic programme development, technology services, enrollment marketing, student support services and financial operations services.
ChinaEdu also operates private primary and secondary schools, markets and supports international post-secondary and English language curriculum programmes to established learning institutions, and offers online interactive tutoring services to primary and secondary school students.
“We are looking forward to working with The Bank of New York Mellon because of its broad expertise with DRs from China. We are confident that the Bank will help us effectively reach US investors and create demand for our programme,” says Julia Huang, CEO, ChinaEdu.
“We are delighted to be working with ChinaEdu, the first educational company from China to list on NASDAQ. We will support ChinaEdu’s effort to raise its visibility in the U.S. by providing personalised programme management and value-added services,” adds Christopher Sturdy, executive vice president and head, The Bank of New York Mellon’s Depositary Receipt Division.