BNY Mellon has been appointed by ZhongDe Waste Technology 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.
China-based ZhongDe Waste Technology designs, invests in, constructs and operates energy-from-waste plants, which generate electricity through the disposal of solid municipal, industrial and medical waste.
ZhongDe chairman and CEO Chen Zefeng said that ZhongDe is excited to collaborate with BNY Mellon as the firm broadens its exposure to global investors.
“We look forward to a long and fruitful partnership that will benefit our company, our shareholders, and our customers,” Zefeng said.
BNY Mellon Depositary Receipts business CEO Michael Cole-Fontayn said that ZhongDe is yet another example of the benefits the depositary receipt structure offers US investors. ZhongDe can rely on BNY Mellon’s expertise to help them expand their shareholder base and increase global liquidity.