NEW YORK, March 20 /PRNewswire-FirstCall/ -- The Bank of New York, a global leader in securities servicing, has been selected by Tongjitang Chinese Medicines Company as the depositary bank for its Level III American depositary receipt (ADR) program. Each Tongjitang ADR represents four ordinary shares. The ADRs trade on the New York Stock Exchange under the symbol “TCM.”
Tongjitang Chinese Medicines Company is a specialty pharmaceutical company focusing on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China. The principal executive offices of the company are located in Shenzhen, China.
Wang Shaolan, chief financial officer of Tongjitang, said, “After a careful assessment of depositary banks, we decided to appoint one with solid track record -- The Bank of New York. The Bank’s guidance and support are streamlining our entry into the U.S. market.”
Christopher Sturdy, executive vice president and head of the Bank of New York’s Depositary Receipt Division, said, “Tongjitang Chinese Medicines Company joins a number of Chinese companies going public with a listing on the New York Stock Exchange. As the depositary bank for the vast majority of Chinese companies, we have the expertise needed to help them access and serve the international investor community.”
The Bank of New York is depositary for more than 1,250 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 62 countries. With an unrivalled commitment to helping securities issuers succeed in the world’s rapidly evolving financial markets, the Bank delivers the industry’s most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at http://www.adrbny.com.
The Bank of New York has been conducting business in the Asia-Pacific region for over 50 years. The Company has 18 offices in 12 countries in the region.
The Bank of New York Company, Inc. is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at http://www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.
Bank of New York
CONTACT: Dori Flanagan, +1-212-815-2291
