BNY Mellon Appointed as Depositary Bank by ZhongDe Waste Technology AG
NEW YORK, Sept. 13 /PRNewswire/ -- BNY Mellon, the global leader in asset management and securities servicing, has been appointed by ZhongDe Waste Technology AG (ZhongDe) as the depositary bank for its American depositary receipt (ADR) program. Every ZhongDe ADR represents one-half of an ordinary share and trades on the over-the-counter (OTC) market under the symbol "ZHTYY." ZhongDe's ordinary shares trade on the Frankfurt Stock Exchange under the symbol "ZEF."
ZhongDe Waste Technology designs, invests in, constructs and operates energy-from-waste plants, which generate electricity through the disposal of solid municipal, industrial (including hazardous) and medical waste. Since 1996, ZhongDe Group has completed approximately 200 waste disposal projects in about 13 provinces in China, of which more than 80 projects have been completed in the last three years.
"We are excited to collaborate with BNY Mellon as we broaden our exposure to global investors," said Chen Zefeng, chairman and chief executive officer of ZhongDe. "We look forward to a long and fruitful partnership that will benefit our company, our shareholders, and our customers."
"With its German and Chinese roots, ZhongDe epitomizes the spirit of cross-border collaboration," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "ZhongDe is yet another example of the benefits the depositary receipt structure offers U.S. investors. ZhongDe can rely on our market-leading expertise to help them expand their shareholder base and increase global liquidity."
ZhongDe represents the fourteenth ADR program established for a China-based company this year, and the third offering in China's alternative energy sector.
BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. (NYSE: BK) BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $21.8 trillion in assets under custody and administration and $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Learn more at www.bnymellon.com.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE BNY Mellon
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