The Bank of New York Selected by China Wireless Technologies Ltd. as Depositary for its Level I ADR Program
NEW YORK, September 21, 2006 – The Bank of New York, a global leader in securities servicing, has been selected by China Wireless Technologies Ltd. as the depositary bank for its Level I American depositary receipt (ADR) program. Each China Wireless ADR represents 20 ordinary shares. The ADRs trade on the over-the-counter market under the symbol "CHWTY," and the ordinary shares are listed on the Hong Kong Stock Exchange under the symbol "02369."
China Wireless is a holding company that provides wireless solutions and equipment in Mainland China. The company operates in two segments, wireless system solutions and wireless terminals. As a leading wireless data total solutions provider for the wireless telecommunication market in China, the group offers innovative products and personalized solutions to fulfill the demands of different clients and different industries.
Chao Jiang, chief financial officer of China Wireless, said, "Our entry into the U.S. market with this ADR program has been seamless with The Bank of New York's guidance. Because of the Bank's experience with Chinese issuers, we believe it is the depositary best equipped to help us achieve the visibility and performance results we desire for our ADRs."
Christopher Sturdy, executive vice president and head of The Bank of New York's Depositary Receipt Division, said, "As the leading sponsor of ADR programs in China and across Asia, we are well positioned to partner with China Wireless as it expands its global presence. A dedicated team of specialists based inside and outside of China will provide the resources and support required to help China Wireless meet its program goals."
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 18 offices in 12 countries in the region.
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, 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 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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