BNY Mellon Appointed As Depositary Bank By China Hydroelectric Corporation
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.
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