BNY Mellon shines a light on Chinese retailer 14 June 2013New York and Hong Kong Reporter: Jenna Jones
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LightInTheBox Holding Co. has appointed BNY Mellon as depository bank for its American depositary receipt (ADR) programme.
Each LightInTheBox ADR represents two ordinary shares and trades on the New York Stock Exchange under the symbol ‘LITB’.
LightInTheBox is an online retail company that offers a wide selection of lifestyle products to consumers around the world. Most of their products are sourced directly from China-based manufacturers, and they work closely with them to re-engineer their manufacturing processes to achieve timely delivery of a variety of products.
"We are excited to be the first Chinese company to complete an IPO in the U.S. this year," said Richard Xue, CFO of LightInTheBox.
"We believe the U.S. capital market continues to have the deepest, most developed pool of investors, and listing there is consistent with our strategic approach to establishing our investor base.”
Christopher Kearns, CEO of BNY Mellon’s depository receipts business, said: “LightInTheBox’s initial public offering heralds China’s return to US markets.”
“We are committed to providing the company with the resources and expertise they’ll need to support their strategic initiatives and the needs of their shareholders.”
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