LDK Solar Becomes JPMorgan’s New Addition To The List Of Companies It Serves As A Depositary Bank
HONG KONG,- JPMorgan Chase Bank, N.A. (“JPMorgan”) announced today that it acts as depositary bank for LDK Solar Co., Ltd. (“LDK Solar”). On 6 June 2007, LDK Solar completed its level 3 initial public offering of American Depositary Receipts (ADRs) on the New York Stock Exchange (“NYSE”).
Each LDK Solar ADR represents one common share. A total of 17,384,000 American Depositary Shares were sold in the offering at a price of US$27 per ADR, resulting in a total offering size of US$469,368,000.
LDK Solar is a manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells.
“We see increasing worldwide demand for the use of alternative energy sources, and there is tremendous potential in approaching US investors through ADRs. JPMorgan with its unparalleled expertise in providing services as a depositary bank to many large worldwide corporations has assisted us to list as smoothly and efficiently as possible”, commented Jack Lai, Chief Financial Officer from LDK Solar.
“We are delighted to be appointed as LDK Solar’s depositary bank. We look forward to supporting and growing their ADR program by putting our unique ADR resources to work, which include JPMorgan’s Depositary Receipts Liquidity Solutions unit and the Investor Relations Advisory team”, commented Kenneth Tse, JPMorgan’s Senior Vice President and Head of Asia Pacific Regional Depositary Receipts Group.
JPMorgan provides a full complement of ADR services to non-U.S. issuers seeking to have their equity traded in the U.S. stock markets. JPMorgan’s primary services include ADR Issuances and Cancellations, Stock Transfer, Tender and Exchange Offer and Subscription Rights Agency services; and, Tax Reclamation services for investors. For market information on ADRs and international equities go to JPMorgan’s award-winning Web site www.adr.com For more information on JPMorgan’s ADR services go to http://www.jpmorgan.com/visit/adr
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