Citi Appointed as Depositary Bank for Joincare Pharmaceutical Group Industry Co., Ltd.’s GDR Program

Rhea-AI Summary

Joincare Pharmaceutical Group has appointed Citi as the Depositary Bank for its Global Depositary Receipt (GDR) program, linked to an initial public offering of US$92 million. Each GDR, priced at US$14.42, represents ten A shares traded under the stock code 600380 on the Shanghai Stock Exchange. This GDR listing on the SIX Swiss Exchange marks a significant milestone in Joincare's international expansion strategy and enhances its global financing channels.

Positive

• Joincare raised US$92 million through the GDR offering.
• The GDR program signifies Joincare's internationalization efforts.
• Citi's role as Depositary Bank enhances investor access and global image for Joincare.

Negative

• None.

Continued Participation in China-Swiss Stock Connect GDR Programs

NEW YORK--(BUSINESS WIRE)-- Citi’s Issuer Services business, acting through Citibank, N.A., has been appointed by Joincare Pharmaceutical Group Industry Co., Ltd. (“Joincare”) – an innovative and scientific research-oriented pharmaceutical group engaged in the research and development, production and distribution of pharmaceuticals and healthcare products – to act as Depositary Bank for its Global Depositary Receipt (“GDR”) program.

Joincare’s GDR program was established in connection with a US$92,035,650 initial public offering of its GDRs, priced at US$14.42 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “JCARE”. Each GDR represents ten (10) A shares. Joincare’s A shares are listed and traded on the Shanghai Stock Exchange (“SSE”) under the stock code 600380.

Mr. Zhu Baoguo, Chairman of the Company, commented:

“We are delighted with our successful GDR Offering, and we would like to extend our gratitude to our investors for their full confidence in and recognition of the company. This is an important milestone of Joincare’s internationalization. We firmly believe that our strong R&D capabilities, diversified product matrix and leading commercialization capabilities will promote the company’s continuous development in the future. We further expect that the offering of GDRs will also further enhance our global image, expand our financing channels and accelerate our internationalization. We look forward to unveiling a new chapter of Joincare with our investors.”

“We are pleased to be the Depositary Bank for Joincare’s GDR Programs listed on the SIX Swiss Exchange -- the sixth issuer listed as part of the China-Swiss Stock Connect GDR Program. This continues our role as the depositary bank for all the Connect GDR programs listed so far, including five listed on the London Stock Exchange and four listed on the SIX Swiss Exchange,” said Dirk Jones, Global Head of Citi’s Issuer Services.

“Citi’s cross-regional capabilities, global network, the ability to enhance investor access, and our experience gained from the previous Connect GDR programs will serve these issuers well. We expect to see more issuers raise capital and participate through the Connect Scheme in the future,” he added.

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 is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220927005726/en/

Nina Das

Citi Institutional Clients Group

+1 (212) 816-9267

Nina.Das@citi.com

Source: Citi

FAQ

What is Joincare's recent GDR offering amount?

Joincare's recent GDR offering raised US$92 million.

What is the significance of Joincare's GDR program?

The GDR program enhances Joincare's internationalization and expands its financing channels.

Where are Joincare's GDRs listed?

Joincare's GDRs are listed on the SIX Swiss Exchange under the symbol 'JCARE'.

Who is the Depositary Bank for Joincare's GDR program?

Citi has been appointed as the Depositary Bank for Joincare's GDR program.

How much is each Joincare GDR priced at?

Each Joincare GDR is priced at US$14.42.