Citi Appointed as Depositary Bank for the GDR Program of Jiangsu Eastern Shenghong Co., Ltd.

Rhea-AI Summary

Citi’s Issuer Services has been appointed as the Depositary Bank for Jiangsu Eastern Shenghong Co., Ltd.'s Global Depositary Receipt (GDR) Program, part of the China-Swiss Stock Connect.

This program raised US$718.3 million with an initial pricing at US$18.05 per GDR, marking the largest Swiss Connect GDR program in Citi's history.

Shenghong operates in the energy and chemical sector, focusing on new energy and low-carbon green industries.

Positive

• Citi appointed as Depositary Bank for Shenghong's GDR Program, enhancing its portfolio.
• Shenghong's GDR Program raised US$718.3 million, indicating strong market interest.
• Largest Swiss Connect GDR program for Citi, reflecting growing demand for cross-border investment.

Negative

• None.

Continued Participation in China-Swiss Stock Connect GDR Program

NEW YORK--(BUSINESS WIRE)-- Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Jiangsu Eastern Shenghong Co., Ltd. (“Shenghong”) - to act as the Depositary Bank for its Global Depositary Receipt (“GDR”) Program. This is the ninth China-Swiss Stock Connect Program listed on the SIX Swiss Exchange, and the eighth China-Swiss Stock Connect Program for which Citi’s Issuer Services acts as the Depositary Bank.

Jiangsu Eastern Shenghong Co., Ltd.

Jiangsu Eastern Shenghong Co., Ltd. (“Shenghong”) is a leading energy and chemical enterprise engaged in the research, development, production and sales of new energy and high-performance materials, and low-carbon green industries.

Shenghong’s GDR Program was established in connection with a US$718.3 million initial public offering of its GDRs, priced at US$18.05 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “DFSH”. Each GDR represents ten (10) A shares. Shenghong’s A shares are listed and traded on the Shenzhen Stock Exchange (“SZSE”) under the stock code 000301. This program is the largest Swiss Connect GDR program for Citi’s Issuer Services business to date.

“We are pleased to be the Depositary Bank for Shenghong’s GDR Program listed on the SIX Swiss Exchange -- the ninth issuer listed as part of the China-Swiss Stock Connect GDR Program. This continues our role as the depositary bank for almost all the Connect GDR Programs listed so far, including five listed on the London Stock Exchange and eight 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 this issuer 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/20230109005463/en/

Media:

Nina Das

Citi Institutional Clients Group

+1 (212) 816-9267

Nina.Das@citi.com

Source: Citi

FAQ

What is Jiangsu Eastern Shenghong's GDR Program?

Jiangsu Eastern Shenghong's GDR Program is a financial initiative that allows international investors to trade shares of Shenghong on the SIX Swiss Exchange, representing shares traded on the Shenzhen Stock Exchange.

How much did the GDR Program raise?

The GDR Program raised US$718.3 million through an initial public offering.

What is the pricing of Shenghong's GDR?

The GDRs were initially priced at US$18.05 each.

Who is the Depositary Bank for Shenghong's GDR Program?

Citi's Issuer Services has been appointed as the Depositary Bank for Shenghong's GDR Program.

Where are Shenghong's GDRs listed?

Shenghong's GDRs are listed on the SIX Swiss Exchange under the symbol 'DFSH'.