NEW YORK, Jan. 21 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, has been selected by Shandong Luoxin Pharmacy Stock Company Limited (Shandong Luoxin) as the depositary bank and Principal American Liaison (PAL) for its sponsored American depositary receipt (ADR) program. Each Shandong Luoxin ADR represents 10 ordinary shares and trades on the OTCQX platform. Shandong Luoxin's ordinary shares trade on the Hong Kong Stock Exchange under the stock code "8058."
Shandong Luoxin is principally engaged in the development, manufacturing and sale of Chinese and Western medicine and bulk medicines, including lyophilized powder for injection, solid-type medicines, chemical bulk medicines, cephalosporins bulk medicines, and oral cephalosporins series products. The company has reached an annual production capacity that includes 500 million pieces of powder for injection, 160 million pieces of lyophilized powder for injection, 2.5 billion tablets, two billion capsules, 300 million bags of granules, and 100 tons of other chemical bulk medicines.
"The establishment of this OTCQX-traded DR program will bring increased global awareness to our company," said Mr. Liu Baoqi, chairman of Shandong Luoxin. "We are proud to be the first Chinese company to join the short list of globally recognized issuers trading on the OTCQX platform."
"As the first Chinese company to establish an OTCQX-traded DR program, Shandong Luoxin has indicated its commitment to the U.S. markets," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "We're confident the combination of Shandong Luoxin's compelling investment story and the introduction of various investor outreach initiatives by our team will deliver greater access and brand recognition 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 (NYSE: BK) is the corporate brand of The Bank of New York Mellon Corporation. 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