Ossen, which produces and sells an array of plain surface, rare earth coated and zinc coated pre-stressed steel materials for use in bridge, highway and other infrastructure construction projects, issued 5 million ADS on the Nasdaq Global Market.
Chinese company is planning to use the proceeds raised through its ADR program to expand its production capabilities in China.
Ossen chairman of the board Liang Tang said this ADR program forms a crucial part of long-term growth strategy.
JP Morgan provides a full range of ADR and Global Depositary Receipt (GDR) services to issuers seeking to have their equity traded on exchanges beyond their home markets.
