HONG KONG and HANGZHOU, China, March 27, 2015 /PRNewswire/ — Tian Ge Interactive Holdings Limited ("Tian Ge" or the "Company", 1980.HK), the largest "many-to-many" live social communities platform in China, is pleased to announce the establishment of a sponsored Level 1 ADR program in the United States. The ADRs can be traded on the US over-the counter ("OTC") market effective as of March 26, 2015 under the ticker symbol TGRVY.
The Bank of New York Mellon is acting as the depositary bank. Tian Ge ADRs are US dollar negotiable certificates representing ordinary shares of the Company. Each ADR represents twenty ordinary share of the Company. The total number of outstanding shares of Tian Ge will not increase and there will be no dilution of share value.
1. Purpose of establishing a sponsored ADR program
The purpose of establishing a sponsored ADR program is to enhance the convenience of U.S. investors and to develop new investors, thus expanding the overall investor base. Tian Ge also expects that the establishment of a sponsored ADR program will lead to greater name recognition and enhanced market reputation for Tian Ge in the U.S.
2. Details of the sponsored ADR program
？？？1？？？Type of ADR program : Sponsored Level I program
？？？2？？？Trading market : OTC (Over-The-Counter)
？？？3？？？Trading effective date : 26 March, 2015 (U.S. Eastern Standard Time)
？？？4？？？ADR ratio : 1ADR = 20 share of common stock (1:20)
？？？5？？？CUSIP number : 88631U105
？？？6？？？Ticker symbol : TGRVY
？？？7？？？Depositary bank : The Bank of New York Mellon
？？？8？？？Local custodian : Hong Kong and Shang Hai Banking Corporation
ADRs (American Depositary Receipts) are receipts which are issued by a depositary bank in the U.S., and represent ownership interests in the underlying securities of a non-U.S. company. When registered with the SEC, an ADR may be traded, settled and held in the same manner as shares of U.S. companies.
Sponsored ADRs are issued by a specified depositary bank under a depositary agreement entered into between the issuer of the underlying shares and depositary bank. The agreement defines the rights and obligations of the issuer, ADR holders and the depositary bank. Sponsored ADR programs are classified into three types; Level I, Level II, and Level III, depending on whether the program is listed, or a public offering of new or existing shares is conducted. The level of disclosure required by the SEC changes based upon these types. Level I ADR programs are unlisted programs, Level II ADR programs are listed programs (e.g., on the New York Stock Exchange), and Level III ADR programs are listed programs accompanied by the raising of new capital through an issuance of new shares.
About Tian Ge
Tian Ge (1980.HK) is one of the largest live social online video community platforms in China. The Company was founded in Hangzhou, China in 2008 and went public on the main board of the stock exchange of Hong Kong in July 2014. It currently operate eight "many-to-many" live social video communities on both mobile and PC, including 9158 and Sina Show, the two largest communities; and one "one-to-many" community, Sina Showcase.
Our communities offer diverse selection of user-generated content in the live social online video community industry. Through our "many-to-many" ecosystem where multiple users can simultaneously stream to other viewers in the same real-time video room, Tian Ge enables users to interact, socialize, share interest, send virtual items & gifts, and encourages our users to showcase their talents or knowledge for open and public exposure. Recently, we expanded our ecosystem to the online-to-offline (O2O) karaoke, live social mobile & PC games and emerging healthcare mobile application.
For more information, please visit www.tiange.com
For media inquiries, please feel free to contact:
LBS Communications Consulting Limited
Joanne Chan (852-9616 2676), Janice Liu (852-9859 0513), Ian Fok (852-9348 4484)
Tel : (852) 3679 3671 / (852) 3752 0428 / (852) 3752 0432 |
Fax : (852) 3753 2899
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