NEW YORK, Feb. 15 /PRNewswire-FirstCall/ -- The Bank of New York, a global leader in securities servicing, has been selected by JA Solar Holdings Co., Ltd. as the depositary bank for its Level III American depositary receipt (ADR) program. Each JA Solar ADR represents three ordinary shares of the company. The ADRs trade on the NASDAQ Global Market under the symbol "JASO."
Based in China, JA Solar Holdings Co., Ltd. manufactures solar cells that are incorporated into photovoltaic modules and conversion systems that convert sunlight into electricity. JA Solar's customers include Shanghai Chaori, Shanghai Huinong and Canadian Solar. The company purchases almost all of its wafer supplies from Jinglong Group, which is owned by the shareholders of the company's predominant shareholder, Jinglong BVI.
Huaijin Yang, chief executive officer of JA Solar Holdings Co., Ltd., said, "With this new ADR program, we have been able to list the company's ADRs on a U.S. exchange and raise capital in the U.S., which was a major strategic goal. Recognizing that a key factor in the success of the program would be the depositary bank supporting it, we chose The Bank of New York for its expertise and proven results."
Christopher Sturdy, executive vice president and head of The Bank of New York's Depositary Receipt Division, said, "With over a two-thirds market share in China, we have extensive experience with this market and look forward to using our resources to help JA Solar capture investor interest in the United States."
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.
