NEW YORK, Dec. 6, 2010 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, has been selected by SinoTech Energy Limited as the depositary bank for its American depositary receipt (ADR) program. Each SinoTech Energy ADR represents two ordinary shares and trades on the NASDAQ Exchange under the symbol "CTE."
SinoTech Energy is a provider of enhanced oil recovery services to major oil companies in China using technologies that include certain patented lateral hydraulic drilling technology and a molecular deposition film technology. The company's services increase crude oil or methane gas output. SinoTech Energy also provides technical services to coal bed methane customers through the use of their lateral hydraulic drilling technology.
"Establishing this ADR program has allowed us to tap into U.S. investor interest in China and the energy sector," said, Mr. Xin Guoqiang, director and chief executive officer of SinoTech Energy. "We look forward to working with BNY Mellon and their specialized investor relations access and advisory group on initiatives to maximize the visibility and valuation of our company."
"This is the first non-U.S. energy technology listing on a U.S. exchange in 2010," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "Extraction technologies are at the cutting edge of the oil industry, and SinoTech Energy is a good example of how China is playing an increasingly prominent and innovative role. We're confident the company will benefit from being accessible to international investors who understand this industry and the potential for companies like SinoTech Energy."
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 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, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 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. 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