Citi Appointed as Depositary Bank for Super Hi International Holding Limited ADR Program

Rhea-AI Summary

Citi Issuer Services has been named as the depositary bank for Super Hi International Holding 's (HDL) ADR program. HDL, known for operating the Haidilao hot pot restaurant chain, listed its ADRs on the Nasdaq under the ticker 'HDL'. The IPO price for each ADR, representing ten ordinary shares, is set at $19.56, totaling $52.7 million (excluding over-allotment options). This collaboration highlights Citi's extensive cross-border capabilities and its commitment to providing superior ADR services. Citi Securities Services manages approximately $24 trillion in assets and offers a comprehensive suite of services globally.

Positive

• Citi appointed as depositary bank for Super Hi International Holding 's ADR program.
• HDL's ADRs listed on Nasdaq under the ticker 'HDL'.
• Each ADR represents ten ordinary shares, priced at $19.56.
• Total IPO offering size of $52.7 million, excluding over-allotment options.
• Citi Securities Services has approximately $24 trillion in assets under custody and administration.

Negative

• The IPO size of $52.7 million is relatively modest, indicating potential limitations in initial capital raised.
• The exclusivity of over-allotment options is not guaranteed, potentially limiting additional capital influx.

NEW YORK--(BUSINESS WIRE)-- Citi Issuer Services, acting through Citibank, N.A., has been appointed as depositary bank by Super Hi International Holding Ltd. (“HDL”), a Hong Kong-listed leading Chinese cuisine restaurant brand operating the Haidilao hot pot restaurant chain in its international markets outside of Mainland China, Hong Kong, Macau, and Taiwan, for the initial public offering (the “IPO”) of HDL’s American Depositary Shares (“ADSs” or “ADRs”), representing its ordinary shares listed in Hong Kong.

HDL’s ADSs trade on the Nasdaq under the ticker “HDL”. Each ADS represents ten (10) ordinary shares. The IPO price is US$19.56 per ADS in connection with a total offering size of US$52.7 million (exclusive of over-allotment option exercise).

“Citi is committed to providing Super Hi and its investors with the highest quality ADR services, and the 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 Issuer Services, Securities Services, Citi.

With a focus on enabling the investment process and approximately US$24 trillion in assets under custody and administration, Citi Securities Services goes beyond borders to holistically support securities activity wherever clients need us. Through an integrated suite of Custody, Execution, Fund and Issuer Services, Citi connects and serves clients across the entire investment ecosystem.

Issuer Services is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Issuer Services leverages Citi’s 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/20240530512846/en/

Media:

Harsha Jethnani

harsha.jethnani@citi.com

+65 93830872

Source: Citi

FAQ

What is the IPO price for Super Hi International Holding 's ADRs?

The IPO price for HDL's ADRs is set at $19.56 per ADS.

What does each ADR of Super Hi International Holding represent?

Each ADR represents ten ordinary shares of HDL.

How much is the total offering size for Super Hi International Holding 's IPO?

The total offering size is $52.7 million, excluding over-allotment options.

Under which ticker are Super Hi International Holding 's ADRs listed on Nasdaq?

HDL's ADRs are listed on Nasdaq under the ticker 'HDL'.

What role does Citi play in Super Hi International Holding 's ADR program?

Citi has been appointed as the depositary bank for HDL's ADR program.