Press Release

The Bank of New York Selected as Depositary Bank for Suntech Power Holdings Company’s Listed ADR Program

NEW YORK, December 14, 2005 - The Bank of New York, a global leader in securities servicing, has been selected by Suntech Power Holdings Company Ltd. as depositary bank for its American depositary receipt (ADR) program. Each Suntech Power Holdings ADR represents one ordinary share. The ADRs trade on the New York Stock Exchange under the symbol "STP."

Suntech Power Holdings is headquartered in Wuxi, China and incorporated in The Cayman Islands. The company designs, develops and manufactures a variety of photovoltaic cells and modules, which are devices that convert sunlight into electricity. Suntech Power’s products are used to provide solar electric power for residential, commercial, industrial and public utility applications in various markets worldwide.

Christopher Sturdy, managing director and head of The Bank of New York’s Depositary Receipt Division, said, "As the depositary bank for 70% of all sponsored DR programs from China, we have the expertise necessary to assist Suntech Power increase its profile with the U.S. investment community. We are pleased that Suntech Power chose to work with us as it enters the U.S. capital markets."

The Bank of New York is depositary for more than 1,200 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 »