NEW YORK , March 16, 2007 – Today, executives and guests of China ’s Tongjitang Chinese Medicines Company visited the New York Stock Exchange to celebrate the initial public offering of its American Depositary Shares (ADSs) on the New York Stock Exchange. The company, a leader in modernized traditional Chinese medicine in China , began trading on the NYSE under the ticker symbol “TCM” after its successful IPO on the Exchange on March 16.
NYSE Welcomes Tongjitang Chinese Medicines Company, Leader in Herbal Medicines|
Tongjitang brings NYSE roster of listed companies from Greater China to 34
“We are privileged to welcome Tongjitang Chinese Medicines Company to the NYSE Group, Inc.,” said NYSE Group, Inc. CEO John A. Thain. “Tongjitang Chinese Medicines Company is an outstanding addition to our growing roster of companies from China . We look forward to a strong and lasting partnership with the company and its shareholders and with providing the superior market quality, service and visibility that issuers worldwide gain from listing on the NYSE.”
The initial public offering by Tongjitang Chinese Medicines Company followed several recent successes by China-based private companies on the NYSE. In Q4 of 2006, the NYSE Group listed Trina Solar (NYSE: TSL), a manufacturer of integrated solar power products; Mindray International Limited (NYSE: MR ), a leading medical device designer and manufacturer in China , and New Oriental Education & Technology Group Inc. (NYSE: EDU ), one of the largest providers of private educational services in China .
The New York Stock Exchange also listed the transfer of American Oriental Bioengineering, Inc. (NYSE: AOB ) in Q4 of 2006. The company, an AMEX transfer with a market capitalization of $700 million, is a Chinese producer, marketer and distributor of plant-based pharmaceutical and nutraceutical products.
“This is a historic day for Tongjitang as we join leading companies from around the world on the New York Stock Exchange,” said Tongjitang Chinese Medicines Company Chairman & CEO Xiaochun Wang. "As a leading Chinese manufacturer and provider of modernized traditional Chinese medicine, it's the next logical step on our growth path to join the NYSE, the world's premier listing marketplace.”
The listing by Tongjitang Chinese Medicines Company brings the total number of NYSE-listed companies from greater China to 34 and the total number NYSE-listed Asian companies to 84 with a combined market cap over $2.5 trillion.
All Chinese entrepreneurial companies that conducted their IPO on the NYSE have been extremely well received by investors.
About Tongjitang Chinese Medicines Company:
“Tongjitang” is a vertically integrated and profitable specialty pharmaceutical company focusing on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China .
Its flagship product, Xianling Gubao, is the leading traditional Chinese medicine for the treatment of osteoporosis in China as measured by sales. In addition to Xianling Gubao, the company manufactures and markets 10 other modernized traditional Chinese medicine products and 37 western medicines.
Established in 1995, Tongjitang conducts substantially all of its business through operating subsidiaries in China -- Tongjitang Pharmaceutical Co., Ltd., Tongjitang Distribution Co., Ltd., Tongjitang Chain Stores Co., Ltd., and Tongjitang Planting Co., Ltd. The principal executive offices of the company are located in Shenzhen , China .
About NYSE Group, Inc
NYSE Group, Inc. (NYSE:NYX ) operates two securities exchanges: the New York Stock Exchange LLC (the “NYSE”) and NYSE Arca, Inc. (formerly known as the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. In 2006, on an average trading day, 2.3 billion shares, valued at $86.8 billion, were traded on the exchanges of the NYSE Group.
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