Citi Appointed as Depositary Bank for QuantaSing Group Limited ADR Program

Rhea-AI Summary

Citi’s Issuer Services has been appointed as the depositary bank for QuantaSing Group Limited’s American Depositary Receipt (ADR) program. QuantaSing, a major online learning service provider in China's adult education sector, has its ADSs trading on NASDAQ under the ticker 'QSG'. The initial public offering price is set at US$12.50 per ADS, contributing to a total offering size of US$40.63 million. Citi aims to deliver high-quality ADR services to QuantaSing, highlighting its extensive cross-border capabilities as a leading provider of depositary receipt services in 67 markets.

Positive

• Citi appointed as depositary bank for QuantaSing's ADR program, enhancing its portfolio.
• Total offering size of QuantaSing's ADR program is US$40.63 million, indicating strong investor interest.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citi’s Issuer Services, acting through Citibank, N.A., has been appointed as the depositary bank by QuantaSing Group Limited (“QuantaSing”) – a leading online learning service provider in China's adult learning market, to act as Depositary Bank for its American Depositary Receipt (“ADR”) program.

QuantaSing’s American Depositary Shares (“ADSs”) trade on the NASDAQ under the ticker “QSG”. Each ADS represents three Class A ordinary shares. The initial public offering price is US$12.50 per ADS in connection with a total offering size of US$40.63 million (exclusive of over-allotment option exercise).

“Citi is committed to providing QuantaSing and its investors with the highest quality ADR services, and our selection as depositary bank for the company’s ADR program underscores the depth and breadth of Citi’s cross-border capabilities,” said Dirk Jones, Global Head of Citi’s Issuer Services.

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 nearly 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/20230202005386/en/

Media:

Nina Das

Citi Institutional Clients Group

+1 (212) 816-9267

Nina.Das@citi.com

Source: Citigroup Inc.

FAQ

What is Citigroup's role in QuantaSing's ADR program?

Citigroup serves as the depositary bank for QuantaSing's American Depositary Receipt (ADR) program.

What is the initial public offering price for QuantaSing's ADS?

The initial public offering price for QuantaSing's ADS is US$12.50.

How much is the total offering size for QuantaSing's ADS?

The total offering size for QuantaSing's ADS is US$40.63 million.

Where can QuantaSing's ADS be traded?

QuantaSing's American Depositary Shares (ADSs) can be traded on NASDAQ under the ticker 'QSG'.

How many markets does Citi provide depositary receipt services in?

Citi provides depositary receipt services in 67 markets.