Synutra Transfers Listing from OTC Bulletin Board to NASDAQ Global Market
Synutra's shares will continue to trade under the present symbol "SYUT"; no new Synutra shares will be issued in conjunction with this listing.
13/04/07 Synutra International, Inc., one of China's leading manufacturers of dairy-based nutritional products for infants, children and adults, announced that it has transferred trading of its common stock from the OTC Bulletin Board to the NASDAQ Global Market as of April 12, 2007. Synutra's shares will continue to trade under the present symbol "SYUT"; no new Synutra shares will be issued in conjunction with this listing.
Members of Synutra's senior management, including Chairman and CEO Liang Zhang, Chief Operating Officer Weiguo Zhang, Vice President Dr. Willie Wu and other key members of the management team, will ring the NASDAQ Opening Bell on May 3, 2007 to mark the company's listing.
"We are proud to take this next step forward in Synutra's development," says Synutra Chairman and Chief Executive Officer Liang Zhang. "Our move to the NASDAQ Global Market will help raise our visibility among institutional and retail investors alike, broadening and deepening the market for our shares, and hopefully increasing appreciation for Synutra as an attractive, value-adding investment."
"Our listing comes at an exciting time for Synutra. Over the first nine months of this fiscal year, we saw strong revenue growth, led by the success of our higher margin premium products. Earnings per share grew by 186% to $0.40 per share for the nine months ended December 31, 2006, as compared to the same nine months the prior fiscal year. We are confident that Synutra's strong execution and brand building initiatives will continue to drive growth and improve the market positioning of our entire product line in 2007," concluded Mr. Zhang.
"The NASDAQ is proud to welcome Synutra to our family of listed companies," said Charlotte Crosswell, President of NASDAQ International. "Synutra joins a growing number of Chinese companies that have chosen to make the NASDAQ Global Market their primary trading platform. We look forward to an excellent partnership with Synutra and its shareholders."
