Citi Appointed as Depositary Bank for China Yangtze Power’s GDR Program

Rhea-AI Summary

Citi’s Issuer Services, through Citibank, has been appointed by China Yangtze Power Co (CYPC) as the Depositary Bank for its Global Depositary Receipt (GDR) program. This GDR program, linked to a US$1.82 billion IPO, prices each GDR at US$26.46, with potential total proceeds of approximately US$2.01 billion if the over-allotment option is fully exercised. The GDRs are listed under the symbol CYPC on the London Stock Exchange and represent ten A shares each. CYPC aims to enhance its international presence and further develop overseas operations.

Positive

• CYPC's IPO aims to raise approximately US$1.82 billion, potentially increasing to US$2.01 billion with the over-allotment option.
• GDR listing on the London Stock Exchange enhances CYPC's international profile and capital market access.

Negative

• None.

NEW YORK--(BUSINESS WIRE)--Citi’s Issuer Services business, acting through Citibank, N.A., has been appointed by China Yangtze Power Co., Ltd. (“CYPC”) – one of the largest listed hydropower companies in the world, established under the laws of the People’s Republic of China - to act as Depositary Bank for its Global Depositary Receipt (“GDR”) program.

CYPC’s GDR program was established in connection with a US$1.82 billion initial public offering of its GDRs (or approximately $2.01 billion, if the underwriters exercise their over-allotment option in full), priced at US$26.46 per GDR. The GDRs are listed on the Shanghai-London Stock Connect (“SLSC”) segment of the Main market of the London Stock Exchange (“LSE”) under the symbol “CYPC”. Each GDR represents ten A shares. CYPC’s A shares are listed and traded on the Shanghai Stock Exchange (“SSE”) under the stock code 600900.

“The successful listing on the London Stock Exchange will help raise CYPC’s profile in the international capital markets and help it further develop its overseas business. During the roadshow, CYPC’s strengths in hydropower business, future strategies of expanding along the industrial value chain and achievements in our overseas business were fully recognized by international investors, and we are happy to see many reputable international institutional investors joining the rank of our shareholders…We look forward to bringing more value to shareholders under the Shanghai-London Stock Connect,” said Mr. LEI Mingshan, Chairman of China Yangtze Power Company.

“It’s our honor to be appointed as the Depositary Bank for CYPC’s LSE Listed GDR Program,” said Dirk Jones, Head of Global Issuer Services at Citi. “Citi is committed to providing CYPC and its investors with the highest quality services by leveraging our cross-regional capabilities, global network and our experience gained in other SLSC programs.”

Citi is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries and investors.

For more information about Citi’s Depositary Receipt Services, please visit www.citi.com/dr.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi