Tokyo Electron (TYO:8035) has established a sponsored Level I American Depositary Receipt (ADR) program in the U.S, with JPMorgan Chase Bank, as depositary bank and Mizuho Bank as local custodian.

Trading of Tokyo Electron's ADRs is expected to commence on Sept. 17 on the U.S. Over-the-Counter market under the ticker symbol TELWY, with a ratio of 2 ADRs to 1 ordinary share, according to a Tokyo bourse filing on Thursday.

The program will not involve any capital raising, U.S. listing, issuance of new shares, or other financing activities, so Tokyo Electron's total outstanding shares will not increase and there will be no dilution of shareholder value.

Tokyo Electron expects the program to broaden its investor base, attract new investors, enhance its visibility and market presence in the U.S., and strengthen engagement with the global investment community.