Chinese-based Phoenix New Media Limited (NYSE: FENG) has selected JP Morgan Chase Bank, N.A. as the successor depositary for the company´s American depositary receipt (ADR) program, the company said.
JPMorgan will replace Deutsche Bank Trust Company Americas as the depositary for the company´s ADR program. The company has also entered into an amended and restated deposit agreement with JPMorgan to replace the previous deposit agreement with Deutsche Bank.
Phoenix New Media Limited is a new media company providing content on an integrated platform across mobile, Internet and TV channels in China.
JPMorgan has worked in the depositary receipts market for almost 90 years, introducing its first ADR in 1927. JPMorgan provides a full range of ADR, GDR and HKDR services to issuers seeking to have their equity traded beyond their home markets.