The Bank of New York Appointed as Depositary by Home Inns for its Listed ADR Program
NEW YORK, October 31, 2006 -- The Bank of New York, a global leader in securities servicing, has been selected by Home Inns & Hotels Management Inc. as the depositary bank for its Level III American depositary receipt (ADR) program. Each ADR represents two ordinary shares. The ADRs trade on the NASDAQ Stock Market under the symbol "HMIN."
Home Inns, based in Shanghai, develops and operates economy hotels across China under the "Home Inn" brand. As of
May Wu, chief financial officer of Home Inns, said, "As a hotel development and management company, we want to focus on our core business, so for our ADR program, we want the support of the most experienced depositary. The Bank of New York offers the pre-launch guidance and established operations and administrative expertise we seek."
Christopher Sturdy, executive vice president and head of The Bank of New York's Depositary Receipt Division, said, "We are delighted for the opportunity to work with Home Inns, which has the first consumer-oriented, single-listed, non-technology ADR from China. We will assist Home Inns with U.S. investor outreach initiatives and visibility-generating efforts as it builds brand awareness."
The Bank of New York is depositary for more than 1,250 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 61 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Bank delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com.
The Bank of New York has been conducting business in the Asia-Pacific region for over 50 years. The Company has 18 offices in 12 countries in the region.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.
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