Citi Appointed as Depositary Bank for the GDR Program of Zhejiang HangKe Technology Incorporated Company

Rhea-AI Summary

Citi’s Issuer Services has been appointed as the Depositary Bank for Zhejiang HangKe Technology's Global Depositary Receipt (GDR) Program. This appointment follows HangKe's US$172.85 million IPO, with GDRs priced at US$13.69 each, listed under ZHT on the SIX Swiss Exchange. Each GDR represents two A shares traded on the Shanghai Stock Exchange. Citi aims to enhance investor access through its global network, with a strong presence in cross-border capital markets.

With services in 67 markets, Citi continues to lead in depositary receipt services for companies listed in various international exchanges.

Positive

• Citi appointed as Depositary Bank for HangKe's GDR Program.
• Successful IPO raising US$172.85 million.
• GDRs priced competitively at US$13.69.
• Increasing participation expected via the Connect Scheme.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Zhejiang HangKe Technology Incorporated Company (“Hangke”) to act as the Depositary Bank for its Global Depositary Receipt (“GDR”) Program.

HangKe is a leading company engaged in the design, R&D, production, sales and services of lithium-ion battery formation and grading equipment and system.

Hangke’s GDR Program was established in connection with a US$172.85 million initial public offering of its GDRs, priced at US$13.69 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “ZHT”. Each GDR represents two (2) A shares. Hangke’s A shares are listed and traded on the Sci-Tech Innovation Board (“STAR Market”) of the Shanghai Stock Exchange (“SSE”) under the stock code 688006.

“We are pleased to be the Depositary Bank for Hangke, supporting their GDR program. Citi retains its leading position as the depositary bank for companies listed on the China Connect GDR Programs, including on London Stock Exchange and 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 experience facilitating the previous Connect GDR Programs serves the issuers well. We expect to see more participation via 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.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005593/en/

Media:

Arundathi Abyshekar arundathi.abyshekar@citi.com +852 2868 7684

Source: Citi

FAQ

What is the purpose of HangKe's GDR Program?

HangKe's GDR Program aims to raise capital, as evidenced by its US$172.85 million IPO.

What are the details of HangKe's IPO?

HangKe's IPO raised US$172.85 million with GDRs priced at US$13.69 each.

On which exchange are HangKe's GDRs listed?

HangKe's GDRs are listed on the SIX Swiss Exchange under the symbol ZHT.

What does each GDR represent for HangKe?

Each GDR represents two A shares of HangKe, traded on the Shanghai Stock Exchange.

Who is managing HangKe's GDR Program?

Citi’s Issuer Services is managing HangKe's GDR Program as the Depositary Bank.