NEW YORK, Oct. 16, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by China Mobile Games and Entertainment Group Limited (CMGE) for its American Depositary Receipt (ADR) program in connection with its spin-off from VODOne Limited, a Chinese state-affiliated media company. Each CMGE ADR represents 14 ordinary shares and trades on the NASDAQ under the symbol "CMGE."
CMGE is a leading mobile game company in China focused on the development, operation and distribution of feature phone games and smart-phone games. The company has approximately 30 million paying users and over 9 million monthly subscriptions in China. The company was incorporated under the laws of the Cayman Islands on January 20, 2011 as a wholly-owned subsidiary of VODOne.
"We believe listing on NASDAQ and gaining access to U.S. capital markets will support our strategic efforts to strengthen the potential value of our business," said Ken Jian Xiao, CEO of China Mobile Games and Entertainment Group Limited. "BNY Mellon has demonstrated its DR expertise and thought leadership, working with us and NASDAQ to execute our listing via a special dividend distribution to VODOne's ordinary shareholders. We're impressed with BNY Mellon's capabilities and look forward to expanding our partnership."
"By establishing a DR program for CMGE and listing it on NASDAQ, VODOne has made a compelling affirmation of both depositary receipts and U.S. listings for non-U.S. firms in the mobile gaming and e-commerce sectors," said Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipts business. "This transaction is a clear example of BNY Mellon collaborating with a global issuer that has unique strategic and structural objectives it seeks to achieve with its listing. We'll continue to work closely with management to enhance CMGE's visibility among global investors."