J.P. Morgan appointed depositary bank of one of China's leading IELTS examiner

Global Education and Technology Group Ltd expects to use the capital from the 7,331,250 ADSs it has issued – priced at USD 10.50-- to expand its working capital and further its operations in China.

The educational services company, which raised USD 76.9 million through an American Depositary Shares (“ADS”) listing on the NASDAQ, released the shares which included 956,250 ADSs issued pursuant to the exercise of the over-allotment option by the underwriters.

Hannah Lee, Chief Financial Officer, Global Education, said: “J.P. Morgan has long been regarded as a market leader when it comes to their depositary shares franchise. They played an important role in our NASDAQ listing, and we’re looking forward to working with the team in the future.”

Kenneth Tse, Asia Pacific Head of J.P. Morgan’s depositary receipts group added: “We were delighted to support Global Education’s ADS listing on the NASDAQ. We were able to deliver quickly against a tight timeframe, and we are pleased that our depositary receipts team was able to add significant value to Global Education’s strategic growth plan.”

J.P. Morgan launched the first depositary receipt program in Asia in 1961 for Sony and serves as depositary bank for leading companies throughout the region. J.P. Morgan provides a full range of American Depositary Receipt (‘ADR’) and Global Depositary Receipt (‘GDR’) services to issuers seeking to have their equity traded on exchanges beyond their home markets.