Stevenson, Wong & Co. acted as the Hong Kong legal advisers to Hong Kong Aerospace Technology Group Limited (Stock Code: 1725) (“HKATG”) in the establishment of a sponsored Level 1 American Depositary Receipt (“ADR”) Facility (ASTGY:OTC US) (the “Facility”) for the delivery of American Depositary Shares (“ADSs”) with The Bank of New York Mellon as depositary bank with effect from 22 August 2022.
The ADR is a negotiable receipt, resembling a stock certificate that is issued by a US depositary bank appointed by HKATG to evidence one or more American Depositary Shares (‘‘ADSs’’). Under the Facility, the ADSs will be issued against ordinary shares trading on the Main Board of The Stock Exchange of Hong Kong Limited deposited with a custodian bank under the Facility whereas the ADSs will be traded in the U.S. over-the-counter market.
HKATG is a China-based company principally engaged in the electronic manufacturing services for printed circuit board assembly (PCBA) and fully-assembled electronic products. The aerospace business includes satellite manufacturing, satellite measurement and controlling, and satellite launching.
Our Partners, Mr. Hank Lo, Mr. Gordon Tsang, Associates, Mr. Bun Chan and Mr. Andrew Fung, acted as the Hong Kong legal counsel for the establishment of ADR Facility.
Please contact Mr. Hank Lo or Mr. Gordon Tsang for any enquiries or further information about this transaction.