Each SinoTech Energy ADR represents two ordinary shares and trades on the NASDAQ Exchange under the symbol ‘CTE’.
SinoTech Energy is a provider of oil recovery services to major oil companies in China using technologies that include certain patented lateral hydraulic drilling technology and a molecular deposition film technology.
SinoTech also provides technical services to coal bed methane customers through the use of their lateral hydraulic drilling technology.
SinoTech Energy director and CEO Xin Guoqiang said establishing this ADR program has allowed the company to tap into US investor interest in China and the energy sector.
"We look forward to working with BNY Mellon and their specialized investor relations access and advisory group on initiatives to maximize the visibility and valuation of our company," Guoqiang said.
BNY Mellon Depositary Receipts business CEO Michael Cole-Fontayn said this is the first non-US energy technology listing on a US exchange in 2010.
