OREANDA-NEWS. BNY Mellon, a global leader in investment management and investment services, has been appointed by Bright Scholar Education Holdings Limited (Bright Scholar) as the depositary bank for its American depositary receipt (ADR) program. Each ADR represents one Class A ordinary share and trades only on the New York Stock Exchange, under the symbol BEDU.

Bright Scholar is one of the largest international and bilingual K-12 education groups in China in terms of student enrollment as of September 1, 2016, according to a Frost & Sullivan report. It is dedicated to providing quality international education to Chinese students and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education overseas. It established one of the first private schools in China in 1994 and now operates 51 schools, covering the K-12 academic needs of students across seven provinces in China. In the first half of the 2017 school year, Bright Scholar had an average of 29,230 students enrolled at its schools, representing an increase of 55% over its 2014 school year enrollment1.

“Bright Scholar has experienced rapid growth in recent years. We aim to become a pre-eminent global education service provider, by pursuing our corporate strategies and further enhancing our brand, visibility and diversify of our shareholder base in the long term." said Jerry He, the Chief Executive Officer and Director of Bright Scholar. “We selected BNY Mellon as our depositary because of its focus on the depositary receipt market, and we believe the partnership with BNY Mellon will benefit us from its specialization and experience.”

“We are pleased to partner with Bright Scholar to enhance its profile in the U.S. Market,” said Christopher M. Kearns, CEO of BNY Mellon’s Depositary Receipts business. “We look forward to providing resources and expertise to help realize Bright Scholar’s Depositary Receipts goals. This relationship reinforces our strong position in and commitment to China.”

BNY Mellon acts as depositary for more than 1,000 American and global depositary receipt programs as of March 31, 2017.