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Citi Appointed as Depositary Bank for the GDR Program of Zhejiang Yongtai Technology Co., Ltd.
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Zhejiang Yongtai Technology Co., Ltd. has appointed Citi's Issuer Services as the Depositary Bank for its Global Depositary Receipt (GDR) Program. The GDR Program was established in connection with a US$70 million initial public offering of its GDRs, priced at US$9.41 per GDR. The GDRs are listed on the London Stock Exchange under the symbol 'YTT'. Each GDR represents five (5) A shares. Yongtai's A shares are listed and traded on the Shenzhen Stock Exchange under the stock code 002326. This is the first Shenzhen Stock Exchange listed company to issue and list GDRs on the London Stock Exchange through the Shenzhen-London Stock Connect program.
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NEW YORK--(BUSINESS WIRE)--
Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Zhejiang Yongtai Technology Co., Ltd. (“Yongtai”) – a leading manufacturer of fluorine-containing fine chemicals in the industry – to act as the Depositary Bank for its Global Depositary Receipt (“GDR”) Program.
Yongtai’s GDR Program was established in connection with a US$70 million initial public offering of its GDRs, priced at US$9.41 per GDR. The GDRs are listed on the London Stock Exchange under the symbol “YTT”. Each GDR represents five (5) A shares. Yongtai’s A shares are listed and traded on the Shenzhen Stock Exchange under the stock code 002326. This is the first Shenzhen Stock Exchange listed company to issue and list GDRs on the London Stock Exchange through the Shenzhen-London Stock Connect program.
“We are pleased to be the Depositary Bank for Yongtai’s LSE-Listed GDR Program, as well as serve as the depositary bank for the first ever Shenzhen-London Stock Connect GDR program,” 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 GDR programs will serve Yongtai well. We expect to see more issuers raise capital and brand themselves through the Connect Scheme.”
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.
Who has been appointed as the Depositary Bank for Zhejiang Yongtai Technology Co., Ltd.'s GDR Program?
Citi's Issuer Services has been appointed as the Depositary Bank for Zhejiang Yongtai Technology Co., Ltd.'s GDR Program.
What is the price of the GDRs in the initial public offering?
The GDRs were priced at US$9.41 per GDR in the initial public offering.
Where are the GDRs listed?
The GDRs are listed on the London Stock Exchange under the symbol 'YTT'.
What do Yongtai's A shares represent?
Each GDR represents five (5) A shares of Yongtai.
Where are Yongtai's A shares listed and traded?
Yongtai's A shares are listed and traded on the Shenzhen Stock Exchange under the stock code 002326.
Is this the first company listed on the Shenzhen Stock Exchange to issue and list GDRs on the London Stock Exchange?
Yes, this is the first Shenzhen Stock Exchange listed company to issue and list GDRs on the London Stock Exchange through the Shenzhen-London Stock Connect program.
