SHENZHEN, China - Xunlei Limited (NASDAQ:XNET), a prominent technology firm offering distributed cloud services in China with a market capitalization of $133 million, has appointed JPMorgan Chase (NYSE:JPM) Bank, N.A. as the new depositary for its American Depositary Receipt (ADR) program, effective as of December 31, 2024. The company announced the transition in its depositary services, alongside an amended and restated deposit agreement with J.P. Morgan, which will not require any action from current holders of Xunlei’s ADRs.
The registration statement for this change has been filed with the U.S. Securities and Exchange Commission. The amended and restated deposit agreement is also filed as an exhibit to the Form F-6. This move aligns Xunlei with J.P. Morgan, a financial institution recognized for its global services and long history of providing specialized depositary receipt solutions since 1927.
Xunlei, established in 2003, is known for its cloud acceleration, shared cloud computing, and digital entertainment services aimed at providing an efficient and secure internet experience. According to InvestingPro data, the company has demonstrated strong financial performance with a 99% revenue growth over the last twelve months and appears undervalued based on current Fair Value estimates. Additional insights and detailed analysis are available in InvestingPro’s comprehensive research report, one of 1,400+ expert analyses available to subscribers.
This press release also includes forward-looking statements as defined under the U.S. Private Securities Litigation Reform Act of 1995, reflecting the company’s expectations for future operations. These statements are subject to various risks and uncertainties, and actual results may differ from those projected. Currently trading at a P/E ratio of 8.7 with positive earnings of $0.23 per share, InvestingPro analysis indicates the company maintains strong financial health with multiple positive indicators, including a solid balance sheet and profitable operations. Investors are advised to consider these risks, which are detailed in the company’s filings with the U.S. Securities and Exchange Commission.
This announcement is based on a press release statement from Xunlei Limited.
In other recent news, Xunlei Limited reported mixed Q3 results, with total revenues reaching $80.1 million, a 4.9% year-over-year decline. Despite this, the company’s subscription business saw a 15.6% growth, contributing $33.2 million to the total revenue. Additionally, Xunlei’s gross profit margin improved to 50.5%, up from 44.6% in the previous year. The company also initiated a $20 million share buyback program, repurchasing 588,025 ADS by the end of Q3. Looking ahead, Xunlei projects Q4 revenues to range between $77 million and $82 million, potentially marking a slight decrease from Q3. These recent developments underscore the company’s focus on user base growth and market strategies to enhance shareholder value.
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