The Bank of New York Selected as Depositary Bank by Baidu.com, Inc.
NEW YORK, August 16, 2005 -- The Bank of New York, a global leader in securities servicing, has been selected by Baidu.com, Inc. as depositary bank for its American depositary receipt (ADR) program. Each Baidu.com ADR represents one ordinary share. The ADRs trade on the NASDAQ Stock Market under the symbol "BIDU."
Headquartered in Beijing, Baidu.com, Inc. is a Chinese-language Internet search provider. Its search engine was the most frequently used search engine in China in 2004, according to Shanghai iResearch Co., Ltd., a market research firm specializing in China's Internet industry. The company's platform consists of websites and Baidu Union, a network of third-party websites.
Shawn Wang, chief financial officer of Baidu.com, said, "After a competitive review process, we chose The Bank of New York as the depositary for our ADR program as we were impressed with the Bank's across-the-board strength in the ADR market and its experience working with Chinese technology companies following their U.S. listings. The Bank's commitment to the depositary receipt business, knowledge of the Chinese market and professionalism are all important qualities that helped us choose The Bank of New York."
Christopher Sturdy, managing director and Head of The Bank of New York’s Depositary Receipt Division, said, "We are delighted to add Baidu.com to our growing client base of Chinese technology companies. This company has already generated market 'buzz,' and we will take the steps necessary to keep this program in the market's eye over time."
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 has been conducting business in the Asia-Pacific region for over 50 years. The Company has 17 offices in 12 countries in the region, including full-service branches in Shanghai, Tokyo, Hong Kong, Singapore, Seoul, and Taipei, and employs over 1,500 staff.
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.
| « Back to Press Releases | « Previous Next » |
