BNY Mellon has been appointed by iDreamSky Technology as the depositary bank for its American depositary receipt (ADR) programme. Each ADR represents four ordinary shares and trades on the NASDAQ Stock Exchange under the symbol ‘DSKY.’
As the largest independent mobile game publishing platform in China based on the number of active users in 2013 according to a report by Analysys, iDreamSky operates game publishing as a service business, offering live game services and gaining user insights to optimize the mobile gaming experience. iDreamSky has launched popular titles such as Fruit Ninja, the Temple Run series, and Subway Surfer in China, as well as self-developed games.
“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 programme with high visibility and liquidity will ultimately strengthen our brand in new markets throughout the world.”
“iDreamSky continues the positive trend of Chinese companies listing via ADRs to gain access to international investors in US markets,” said Neil Atkinson, Asia-Pacific head of depositary receipts at BNY Mellon. “BNY Mellon will help iDreamSky maximize its full market potential and work closely with them as they seek to meet their strategic growth initiatives.”
