Citi Appointed as Depositary Bank for the GDR Programs of GEM Co. Ltd., Gotion High-Tech Co. Ltd., Keda Industrial Group Co. Ltd., and Ningbo Shanshan Co. Ltd., First Four China-Swiss Stock Connect GDR Programs

Rhea-AI Summary

Citi's Issuer Services has been appointed as the Depositary Bank for the Global Depositary Receipt (GDR) programs of GEM Co., Ltd., Gotion High-tech Co., Ltd., Keda Industrial Group Co., Ltd., and Ningbo Shanshan Co., Ltd. These are the first GDR programs listed under the China-Swiss Stock Connect on the SIX Swiss Exchange. GEM raised US$346 million, Gotion raised US$685 million, Keda raised US$173 million, and Shanshan raised US$319 million through their respective offerings. Each GDR represents multiple A shares from their home exchanges.

Positive

• Citi appointed as Depositary Bank for four GDR programs, enhancing its service offerings.
• Successful issuance of GDRs indicates strong investor interest in China-Swiss market connections.
• GEM's GDR program with US$346 million reflects significant capital-raising capabilities.
• Gotion's US$685 million offering showcases its growth potential in new energy solutions.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by GEM Co., Ltd., Gotion High-tech Co., Ltd., Keda Industrial Group Co., Ltd. and Ningbo Shanshan Co., Ltd. - to act as the Depositary Bank for their Global Depositary Receipt (“GDR”) programs. These are the first four China-Swiss Stock Connect programs listed on SIX Swiss Exchange.

GEM Co., Ltd
GEM Co., Ltd (“GEM”) is a leader in the global new energy materials industry and urban mining industry.

GEM’s GDR program was established in connection with a US$346 million initial public offering of its GDRs (or $381 million, if the underwriters exercise their over-allotment option in full), priced at US$12.28 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “GEM”. Each GDR represents ten (10) A shares. GEM’s A shares are listed and traded on the Shenzhen Stock Exchange under the stock code 002340.

Gotion High-tech Co., Ltd.
Gotion High-tech Co., Ltd. (“Gotion”) is a world-leading and rapidly expanding provider of new energy solutions.

Gotion’s GDR program was established in connection with a US$685 million initial public offering of its GDRs, priced at US$30 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “GOTION”. Each GDR represents five (5) A shares. Gotion’s A shares are listed and traded on the Shenzhen Stock Exchange under the stock code 002074.

Keda Industrial Group Co., Ltd.
Keda Industrial Group Co., Ltd. (“Keda”) is currently the biggest and the second biggest supplier of building ceramic machinery and equipment in Asia and the world, respectively.

Keda’s GDR program was established in connection with a US$173 million initial public offering of its GDRs, priced at US$14.43 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “KEDA”. Each GDR represents five (5) A shares. Keda’s A shares are listed and traded on the Shanghai Stock Exchange under the stock code 600499.

Ningbo Shanshan Co., Ltd.
Ningbo Shanshan Co., Ltd. (“Shanshan”) is a global leading advanced material manufacturer, dedicated to the design, development, manufacturing and sales of lithium-ion battery materials and polarizers.

Shanshan’s GDR program was established in connection with a US$319 million initial public offering of its GDRs, priced at US$20.64 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “SSNE”. Each GDR represents five (5) A shares. Shanshan’s A shares are listed and traded on the Shanghai Stock Exchange under the stock code 600884.

“We are grateful to be the Depositary Bank for GEM’s, Gotion’s, Keda’s and Shanshan’s GDR Programs listed on the SIX Swiss Exchange -- the first four issuers listed as part of the China-Swiss Stock Connect GDR Program. This has been another milestone in the Connect initiative between China and Europe, and a further step-up after the Shanghai-London Stock Connect launched in 2019,” said Dirk Jones, Global Head of Citi’s Issuer Services. “We are pleased to be the depositary bank for all the Connect GDR programs listed so far, including five listed on the London Stock Exchange,” he added.

“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 these four issuers well. We expect to see more issuers raise capital and participate through the Connect Scheme in the future.”

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/20220728005615/en/

Nina Das

Citi Institutional Clients Group

+1 (212) 816-9267

Nina.Das@citi.com

Source: Citi

FAQ

What is the significance of Citi being appointed as the Depositary Bank for GDR programs?

Citi's appointment marks a milestone in the China-Swiss Stock Connect initiative, facilitating cross-border access to capital markets.

How much capital was raised through the GDR programs listed on the SIX Swiss Exchange?

Combined, the four companies raised approximately US$1.6 billion through their GDR offerings.

What are the stock symbols of the companies involved in the GDR programs?

The GDRs are listed under the symbols GEB, GOTION, KEDA, and SSNE on the SIX Swiss Exchange.

When were these GDR programs launched on the SIX Swiss Exchange?

These GDR programs are part of the first listings under the China-Swiss Stock Connect, which was recently initiated.