BNY Mellon, a global leader in investment management and investment services, has been appointed by WH Group Limited as depositary bank for its American depositary receipt (ADR) program, replacing previously unsponsored ADR facilities. Each ADR represents 20 ordinary shares and trades on the U.S. over-the-counter market under the symbol, 'WGHPY.' WH Group's ordinary shares trade on the Hong Kong Stock Exchange under the code, '288 HK.'
WH Group Limited, an international pork company with market share in China, the U.S. and Europe, owns many well-recognized and trusted brands with key segments of the value chain, including packaged meats, fresh pork and hog production. The Group conducts its operations through Henan Shuanghui Investment & Development Co., Ltd., the animal protein company in Asia, and Smithfield Foods, the U.S. pork company.
"Given WH Group's significant presence in the U.S. through Smithfield Foods, its wholly-owned subsidiary, we believe converting to a sponsored program with BNY Mellon will help us to further enhance our brand and visibility and diversify our shareholder base in the long term," said Wan Long, chairman of the board and CEO, WH Group Limited.
"We look forward to providing a broad range of expertise to help WH Group enhance their ADR program for U.S. investors," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business.
WH Group is among a number of international companies to convert from an unsponsored to a sponsored depositary receipt program, which can add value in terms of enhanced visibility, liquidity, and other benefits from being serviced by a single depositary bank. Over the last three years, 20 companies from a dozen countries have switched to sponsored DR programs with BNY Mellon.