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 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.
SOURCE BNY Mellon