Xunlei Limited appoints J.P. Morgan as new depositary for its ADR program, effective December 31, 2024.
Quiver AI Summary
Xunlei Limited has announced the appointment of JPMorgan Chase Bank as the new depositary for its American Depositary Receipt (ADR) program, effective December 31, 2024. This change includes a new deposit agreement replacing the previous one, and a registration statement has been filed with the SEC regarding this transition. ADR holders are not required to take any action due to this change. Xunlei, a prominent technology company in China, specializes in distributed cloud services and aims to provide innovative internet experiences. The press release also contains forward-looking statements regarding the company's future plans and risks associated with its operations.
Potential Positives
- Xunlei has appointed J.P. Morgan, a globally recognized leader in financial services, as the successor depositary for its American Depositary Receipt (ADR) program, enhancing its financial credibility.
- The company has entered into an amended and restated deposit agreement with J.P. Morgan, which may streamline its operations and improve its service offerings to investors.
- Holders of Xunlei's ADRs are not required to take any action regarding the change of depositary, ensuring a seamless transition for investors.
Potential Negatives
- Change of depositary to JPMorgan could indicate previous issues with the former depositary, raising concerns about the management's decisions and operational stability.
- Forward-looking statements highlight several significant risks and uncertainties related to the company's ability to innovate, retain users, and navigate regulatory scrutiny, which could negatively impact investor confidence.
- Ongoing copyright infringement claims and governmental scrutiny in China present potential legal and operational challenges that may hinder the company's growth prospects.
FAQ
What recent appointment did Xunlei announce?
Xunlei appointed JPMorgan Chase Bank, N.A. as the successor depositary for its American Depositary Receipt program.
When did the change of depositary take effect?
The change of depositary became effective on December 31, 2024.
Do ADR holders need to take action due to this change?
No action is required from holders of Xunlei's ADRs regarding the depositary change.
What is Xunlei's primary business focus?
Xunlei specializes in providing distributed cloud services in China, including cloud acceleration and digital entertainment.
How can investors get more information about Xunlei?
Investors can contact Xunlei's Investor Relations via email at ir@xunlei.com or visit their website at http://ir.xunlei.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
SHENZHEN, China, Jan. 03, 2025 (GLOBE NEWSWIRE) -- Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced that it has appointed JPMorgan Chase Bank, N.A. (“J.P. Morgan”) as the successor depositary for the Company’s American Depositary Receipt (the “ADR”) program, effective from December 31, 2024.
The Company has also entered into an amended and restated deposit agreement with J.P. Morgan to replace the previous deposit agreement. A registration statement on Form F-6 has been filed with the Securities and Exchange Commission in connection with the change of depositary and the form of the amended and restated deposit agreement is filed as an exhibit to the Form F-6.
Holders of the Xunlei’s ADRs or American depositary shares issued in the ADR program are not required to take any action in connection with the change of depositary.
J.P. Morgan is a global leader in financial services, offering solutions to the world's most important corporations, governments and institutions in more than 100 countries. J.P. Morgan has been a leading provider of customized depositary receipt solutions to the world’s largest issuers since 1927.
About Xunlei
Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "future," "intends," "plans," "estimates" and similar statements. Among other things, the management's quotes in this press release, as well as the Company's strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company's ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company's ability to keep up with technological developments and users' changing demands in the internet industry; the Company's ability to convert its users into subscribers of its premium services; the Company's ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company's ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
Investor Relations
Xunlei Limited
Email: ir@xunlei.com
Tel: +86 755 6111 1571
Website: http://ir.xunlei.com
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