Citi Appointed as Depositary Bank for Ming Yang Smart Energy Group Limited GDR Program -- the Fifth Shanghai-London Stock Connect GDR Program

Rhea-AI Summary

Citi has been appointed as the Depositary Bank for Ming Yang Smart Energy Group Limited's Global Depositary Receipt (GDR) program, which is linked to an initial public offering raising US$656.9 million. The GDRs are priced at US$21.00 each, and if the over-allotment option is exercised, total proceeds could reach US$706.9 million. Ming Yang aims to position itself as a comprehensive renewable solutions provider, while Citi expresses confidence in enhancing investor access through its global network.

Positive

• Ming Yang's GDR program raises up to US$706.9 million, which will support its internationalization efforts.
• Citi's extensive global network enhances investor access and capital raising for Ming Yang.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citi’s Issuer Services business, acting through Citibank, N.A., has been appointed by Ming Yang Smart Energy Group Limited (“Ming Yang”) – a leading wind turbine manufacturer in China – to act as Depositary Bank for its Global Depositary Receipt (“GDR”) program.

Ming Yang’s GDR program was established in connection with a US$656.9 million initial public offering of its GDRs (or US$706.9 million, if the underwriters exercise their over-allotment option in full), priced at US$21.00 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 “MYSE”. Each GDR represents five (5) A shares. Ming Yang’s A shares are listed and traded on the Shanghai Stock Exchange (“SSE”) under the stock code 601615.

“As a leading wind turbine manufacturer, we aim to become a full lifecycle renewable solutions provider. Through technological and business innovations, we have developed into a leading smart energy enterprise in China with global influence, gradually becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions. The GDR issuance of Ming Yang Smart Energy will promote the implementation of our strategies and help the company's internationalization process.” said Mr. Zhang Chuanwei, Chairman, Chief Executive Officer and General Manager of Ming Yang.

“We are truly grateful to be appointed as the Depositary Bank for Ming Yang’s LSE-Listed GDR Program, and it is our honor to be the depositary bank for all five SLSC GDR programs listed so far,” said Dirk Jones, Global Head of Issuer Services at Citi. “Citi’s cross-regional capabilities, global network, the ability to enhance investor access, and our experience gained from the previous SLSC GDR programs will serve Ming Yang well. We expect to see more and more issuers raise capital and brand themselves through the Connect Scheme in the future.”

Citi is a leading provider of depositary receipt services. With depositary receipt programs in 61 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220713005577/en/

Media Contact:

Nina Das

Citi Institutional Clients Group

+1 (212) 816-9267

Nina.Das@citi.com

Source: Citigroup Inc.

FAQ

What is Ming Yang's Global Depositary Receipt program related to?

It is linked to an initial public offering raising up to US$706.9 million.

What is the price per GDR for Ming Yang's offering?

Each GDR is priced at US$21.00.

Where are Ming Yang's GDRs listed?

They are listed on the Shanghai-London Stock Connect segment of the London Stock Exchange.

What is the ticker symbol for Ming Yang on the London Stock Exchange?

The ticker symbol is MYSE.

Who is the Depositary Bank for Ming Yang's GDR program?

Citi has been appointed as the Depositary Bank for the program.