The Bank of New York Appointed as Depositary Bank for Xinhua Finance Limited
NEW YORK, August 1, 2005 -- The Bank of New York, a global leader in securities servicing, has been selected by Xinhua Finance as depositary for its American depositary receipt (ADR) program. One Xinhua Finance ADR represents 1/300 of an ordinary share of the company. The ADRs trade on the over-the-counter market under the symbol "XHFNY," and the ordinary shares are listed on the Mothers Section of the Tokyo Stock Exchange
Fredy Bush, chief executive officer of Xinhua Finance, said, "We are pleased to be working with The Bank of New York and are confident that we can increase our visibility with U.S. investors. We chose The Bank of New York because we were impressed with their across-the-board strength and leadership in the ADR market, as well as their renowned service culture and professionalism."
Chris Sturdy, managing director of The Bank of New York's Depositary Receipts division, said, "Xinhua Finance provides proprietary China-focused financial information products and represents an important new sector in China-related ADRs. We look forward to helping them raise their investment profile internationally at a time when an increasing number of Chinese companies are choosing the ADR program route to expand their investor bases."
Based in Hong Kong, Xinhua Finance is a provider of financial information products focused on China's financial markets. Xinhua Finance provides equity indices and bond indices measuring the performance of China's stock and bond markets; issues public information ratings; provides financial news mainly covering China's financial markets; and offers corporate announcement services that allow companies inside and outside of China to communicate their news and events, and independent investor relations consulting and services to leading issuers in China and worldwide. The company operates through 17 offices and 22 news bureaus. More information about the company is available at www.xinhuafinance.com
The Bank of New York sponsors more than 1,190 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 60 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 www.adrbny.com.
The Bank of New York Company, Inc. (NYSE: BK) 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, investment management, and individual & regional banking services. 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 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.
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