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SHANGHAI PETROCHEMICAL COMPANY LIMITED SELECTS THE BANK OF NEW YORK FOR NEW SPONSORED ADR; FIRST GLOBAL OFFERING OF ADRS BY CHINESE COMPANY

 NEW YORK, July 26 /PRNewswire/ -- The Bank of New York (NYSE: BK) announced today that Shanghai Petrochemical Company Limited (NYSE: SHI) has selected the bank as the depositary for its global initial public offering, valued at approximately $343 million, of which nearly $172 million was raised through the issuance of 8.4 million American Depositary Receipts, each representing 100 Class H Ordinary Shares. This is the first global offering of ADRs by a Chinese company. The ADRs trade on the New York Stock Exchange under the symbol SHI.
 Founded in 1972, Shanghai Petrochemical Company Limited is the largest petrochemical company and the ninth largest industrial enterprise, in the People's Republic of China. Located in Jinshanwei in the southwest of Shanghai, the company is a highly integrated petrochemical complex which processes crude oil into a broad range of synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products.
 The Bank of New York is the world's largest depositary for American and Global Depositary Receipt facilities, which allow foreign companies to offer dollar-denominated securities to investors in the United States and overseas. The bank has increased its market position consistently so that by the end of 1992 it accounted for over 50 percent of all sponsored depositary receipt programs. The bank currently issues depositary receipts for more than 650 non-U.S. companies representing 33 countries.
 The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc., which is the seventeenth largest bank holding company in the United States, with total assets of $41 billion as of June 30, 1993. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: corporate banking, retail banking, securities and other processing, trust and investment management, and financial market services. The company's stock is traded on the New York Stock Exchange under the symbol BK.
 -0- 7/26/93
 /CONTACT: Michael M. Pascale, vice president of Bank of New York, 212-495-1041, or Kenneth A. Lopian, vice president of the American Depositary Receipts Div., 212-815-2084/
 (BK)


CO: Bank of New York ST: New York IN: FIN SU:

MG -- NY088 -- 5820 07/26/93 15:31 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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