Sixth depositary receipt IPO out of China in 2014
BNY Mellon, a global leader in investment management and investment services, has been appointed by Jumei International Holding Limited as depositary bank for its American depositary receipt (ADR) program. Each ADR represents one Class A ordinary share and trades on the New York Stock Exchange under the symbol "JMEI."
Jumei is China's No. 1 online retailer of beauty products as measured by gross merchandise volume, with a market share of 22.1% in 2013, according to research by Frost & Sullivan. Jumei's internet platform is a destination for consumers to discover and purchase branded beauty products and fashionable apparel and other lifestyle products through the company's website and mobile application. Through its understanding of customer needs and preferences, as well as its merchandizing capabilities, Jumei has adopted multiple sales formats to encourage product purchases on its platform, including curated sales, online shopping mall, and flash sales.
"We believe that listing on NYSE and gaining access to the U.S. capital markets will support our strategic efforts to strengthen our brand globally and further expand our IT infrastructure," said Mona Gao, co-CFO of Jumei. "Our vision is to build a strong company with a large and loyal user base and to create visibility and awareness of Jumei among global investors."
Yunsheng Zheng, co-CFO of Jumei, added, "We chose BNY Mellon as our depositary bank because of their excellent track record and expertise in supporting DR issuers in achieving their goals."
"This initial public offering on NYSE is important to Jumei and indicative of growing Asian companies choosing to list abroad and investor demand for these equities," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "The pipeline for Chinese companies seeking to conduct their IPOs in the U.S. continues to be strong. We look forward to partnering with Jumei to support their efforts in expanding their international shareholder base."
BNY Mellon acts as depositary for more than 2,800 American and global depositary receipt programs, acting in partnership with leading companies from over 65 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services.