Xunlei Selects BNY Mellon for ADR in Latest Chinese Listing in U.S.

BNY Mellon has been appointed by Chinese internet company Xunlei Limited as depositary bank for its IPO on NASDAQ as part of its American depositary receipt (ADR) program.

Each ADR represents five common shares and trades under the symbol “XNET.” The IPO is the latest in a trend of Chinese companies listing in the U.S. through ADRs, particularly for technology companies.

“Xunlei’s ADR listing on NASDAQ is an integral part of our efforts to access global investors, as our unique cloud computing and acceleration products will increasingly be an important driver in the growing Chinese internet market,” says Tom Wu, CFO of Xunlei. “The synergy between BNY Mellon’s depositary receipts team and Xunlei’s management team will enable us to build a strong and visible ADR program.”

Xunlei operates a cloud platform in China that enables users to consume digital media content.