BOC Hong Kong (Holdings) Limited Upgrades to Level I ADR Program
Leading Hong Kong Bank Enhances Commitment to U.S. Market
April 23, 2003 – BOC Hong Kong (Holdings) Limited, a leading commercial banking group in Hong Kong, today announced the upgrade of its Reg S ADR programs to a Level I ADR program. The upgrade demonstrates that BOC Hong Kong (Holdings) Limited has enhanced its commitment to building its U.S. investor base, with Citibank continuing to serve as depositary and Bank of China (Hong Kong) Limited (BOCHK) continuing to serve as custodian. The Level I structure will enable trading in the U.S. over-the-counter (OTC) market, with information available through the National Quotation Bureau's Pink Sheets or the OTC Bulletin Board.
Each ADR issued under the program represents 20 ordinary shares, which trade on the Hong Kong Stock Exchange. The BOC Hong Kong (Holdings) Limited ADRs trade under the OTC symbol BHKLY (CUSIP #096813 20 9).
"BOC Hong Kong (Holdings) Limited is one of Asia's first-rate companies for retail banking, corporate banking and treasury. We are extraordinarily pleased to be the ADR bank as the company broadens its reach among U.S. investors," said Sanjeev Nanavati, Global Managing Director, Citibank® Depositary Receipt Services.
BOC Hong Kong (Holdings) Limited was incorporated on September 12, 2001 to hold the entire equity interest in BOCHK, the principal operating subsidiary. Through 319 branches, 435 ATMs and other delivery channels in Hong Kong, the company offers a comprehensive range of financial products and services to retail and corporate customers. In addition the company has 14 branches in Mainland China to meet the cross-border banking needs of Hong Kong and Mainland China customers. The company is the second largest commercial banking group in Hong Kong in terms of assets and customer deposits. For further information, visit www.bochk.com or www.bochkholdings.com.
Citibank Depositary Receipt Services
leads the market in bringing quality issuers to the U.S. market
and promoting American Depositary Receipts as an effective capital
markets tool. Citibank began offering ADRs in 1928 and today is
the market leader, widely recognized for providing non-U.S. companies
with a gateway to the world of resources Citigroup has to offer.
In addition, our financial strength and global presence provides
clients with access to Citigroup's on-the-ground presence and in-depth
knowledge of 90 local markets. For further information about ADRs,
visit www.citigroup.com/adr.
Depositary Receipt Services is a product area within Citigroup®
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and investments more efficiently, streamline transaction processing
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information, see www.transactionservices.citigroup.com.
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with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with
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