NEW YORK, April 14, 2011 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been selected by Qihoo 360 Technology Co. Ltd. (Qihoo) as the depositary bank for its American depositary receipt (ADR) program. Each Qihoo ADR represents one-and-a-half ordinary shares and trades on the New York Stock Exchange under the symbol "QIHU."
Qihoo is a provider of internet and mobile security products and services to internet users in China. Qihoo's products and services provide users with secure access points to Internet activities, free of charge. The company's revenue is derived from offering online advertising and internet value-added services.
"We have enjoyed a successful U.S. debut, as evidenced by the fact that our IPO has been oversubscribed and priced beyond the initial range," said Hongyi Zhou, Qihoo's chief executive officer. "We look forward to working with BNY Mellon's world-class depositary receipts team to capitalize on our success thus far and continue to expand our shareholder base and increase awareness in the global capital markets."
"Chinese technology companies have enjoyed excellent valuation and success when conducting U.S. IPOs via depositary receipts," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "Qihoo joins the ranks of companies that are gaining ever increasing visibility in the U.S., and BNY Mellon's investor relations and related initiatives aim to expand their brand even further."
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 a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.0 trillion in assets under custody and administration and $1.17 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.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