BNY Mellon Appointed as Depositary Bank by China Hydroelectric Corporation
January 27 2010 - 8:05AM
PR Newswire (US)
NEW YORK, Jan. 27 /PRNewswire-FirstCall/ -- BNY Mellon, the global
leader in asset management and securities servicing, has been
selected by China Hydroelectric Corporation (China Hydro) as the
depositary bank for its American depositary receipt (ADR) program.
Each China Hydro ADR represents three ordinary shares and trades on
the New York Stock Exchange under the symbol "CHC." China Hydro
acquires, develops, owns and operates small hydropower projects in
China, and is led by an international management team. Their
existing portfolio consists of 14 hydropower generating stations in
the Zhejiang, Fujian, Yunnan and Sichuan provinces of China, with a
total installed capacity of 377 MW. "By establishing this DR
program we will be able to increase capital raising opportunities
for our company through optimized U.S. investor interest in Chinese
investment opportunities," said, Mr. John D. Kuhns, chairman and
chief executive officer of China Hydro. "We look forward to working
with BNY Mellon and are confident that as the world's leading
depositary bank, it has the expertise, scale and financial
stability to effectively support our investor outreach initiatives
and grow demand for our DRs." "This is the first Chinese
hydroelectric power company to raise capital in DR form in 2010,"
said Michael Cole-Fontayn, chief executive officer of BNY Mellon's
Depositary Receipts business. "China is increasingly becoming a
highly competitive energy market and is developing rapidly in the
alternative and renewable resource space. We believe the
combination of China Hydro's investment story and international
management team, together with our extensive resources, will
deliver greater access and brand recognition for the company in the
U.S. investment community." BNY Mellon acts as depositary for more
than 2,100 American and global depositary receipt programs, acting
in partnership with leading companies from 67 countries. With an
unrivaled commitment to helping securities issuers succeed in the
world's rapidly evolving financial markets, the company delivers
the industry's most comprehensive suite of integrated depositary
receipt, corporate trust and stock transfer services. Learn more at
http://www.bnymellon.com/dr. BNY Mellon is the corporate brand of
The Bank of New York Mellon Corporation (NYSE:BK). BNY Mellon is a
global financial services company focused on helping clients manage
and service their financial assets, operating in 34 countries and
serving more than 100 markets. BNY Mellon is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing
services and treasury services through a worldwide client-focused
team. It has $22.3 trillion in assets under custody and
administration, $1.1 trillion in assets under management, services
$12 trillion in outstanding debt, and processes global payments
averaging $1.6 trillion per day. More information is available at
bnymellon.com. This release is for informational purposes only. BNY
Mellon provides no advice nor recommendation or endorsement with
respect to any company or securities. Nothing herein shall be
deemed to constitute an offer to sell or a solicitation of an offer
to buy securities. Depositary Receipts: Not FDIC, State or Federal
Agency Insured; May Lose Value; No Bank, State or Federal Agency
Guarantee. DATASOURCE: BNY Mellon CONTACT: Dori Flanagan,
+1-212-815-2291, , or Joe Ailinger, +1-617-722-7571, Web Site:
http://www.bnymellon.com/
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