E-commerce firm makes J.P Morgan its depository bank
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E-commerce firm makes J.P Morgan its depository bank 11 May 2012Hong Kong Reporter: Mark Dugdale
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Brand e-commerce and digital marketing firm Acquity Group has appointed J.P. Morgan as its depository bank.
Acquity Group delivers end-to-end solutions to address its clients’ brand e-commerce and digital marketing needs and offers digital strategy, multi-channel digital marketing and brand e-commerce technology services.
“As a natural evolution of our strong growth in providing [brand e-commerce] services to leading brands in the US and globally, we decided to pursue a listing in the US, where our business was founded more than 11 years ago,” said George G Lu, executive chairman of Acquity Group.
The American depositary receipt listing, which saw Acquity Group and selling shareholders raise more than five million American depositary shares at a price of $6.00 per share, will contribute towards the firm’s global growth strategy.
“We chose J.P. Morgan as our depository bank based on their established global reputation in the DR (depository receipt) business and their extensive experience in helping companies tap new markets. This listing forms a crucial part of our long-term strategy and we look forward to an ongoing partnership with J.P. Morgan as we continue our growth globally.”
J.P. Morgan works with its clients to design and implement customised depository receipt programmes to achieve their strategic goals and facilitate depository receipt liquidity.
J.P. Morgan, which launched the world’s first depository receipt programme in 1927 for Selfridges and the first in Asia in 1961 for Sony, serves as a depository receipt bank for companies throughout the region. It provides a range of services to issuers seeking to have their equity traded on exchanges beyond their home markets.
Kenneth Tse, Asia Pacific head of J.P. Morgan’s depositary receipt group, said: “We are very pleased to have partnered with Acquity Group on this important phase in their expansion. We thank the team at Acquity Group for giving us an opportunity to help them achieve this strategic objective, and we look forward to building this important relationship and providing a strong foundation for their future success.”
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