Fufeng Group Limited (HKG:0546) ADR Program
Hong Kong, June 26, 2009 AEST (ABN Newswire) - Fufeng Group Limited (HKG:0546), a leading vertically integrated manufacturer of corn-based biochemical products in China, today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (the "SEC") relating to an establishment of American Depositary Shares (ADRs) facility. Fufeng Group ADR has traded on the over-the-counter (OTC) market effective on 19 June 2009.
Each Fufeng Group ADR represents 20 ordinary shares. The Bank of New York Mellon is appointed by the Group to evidence one or more American Depositary Shares ("ADSs") as depositary bank for this ADR program. The number of ADS registered by the Group under the ADR facility is 50,000,000. The establishment of the ADR facility by the Group is not a new offering of shares and the ADRs are based on the shares of the Group currently in issue.
Mr. Henley Gong, CFO of Fufeng Group, said, "A depositary receipt program is the first vital step in expanding our shareholder base. The main purpose and benefit of such an ADR is to increase liquidity of the Company's shares in the Hong Kong and to provide an access to the U.S. capital market. We believe that the ADR facility will maximizing our shareholder benefit as well as enhancing our corporate image."
About Fufeng Group Limited
Fufeng Group (
HKG:0546) is the world's largest producer of MSG, xanthan gum and a major supplier for a series of bio-fermentation products. The main products of the Group are food additives, animal nutrition, colloid and high-end amino acids. In fiscal 2016, Fufeng generated sales of approximately RMB11.2 billion and profit attributable to shareholders of about RMB1.09 billion. For more information, please visit our website www.fufeng-group.com
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