BNY Mellon to be depositary for iDream 11 September 2014New York Reporter: Catherine Van de Stouwe
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iDreamSky Technology has asked BNY Mellon to be its depositary bank for its American depositary receipt (ADR) program.
Each ADR represents four shares and trades on the Nasdaq Stock Exchange under ‘DSKY’.
iDreamSky operates game publishing as a service business, offering live game services and gaining user insights to optimise the mobile gaming experience. The firm has launched titles such as the Temple Run series and Subway Surfer in China.
"Our ADR listing on NASDAQ will help to further progress iDreamSky's strategic vision for growth and expansion," said Michael Xiangyu Chen, co-founder, chairman and CEO of iDreamSky.
"Working with BNY Mellon to develop a strong ADR program with high visibility and liquidity will ultimately strengthen our brand in new markets throughout the world."
Christopher Kearns, CEO of BNY Mellon's depositary receipts business, said: "iDreamSky continues the positive trend of Chinese companies listing via ADRs to gain access to international investors in U.S. markets."
"BNY Mellon will help iDreamSky maximize its full market potential and work closely with them as they seek to meet their strategic growth initiatives."
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