Citi Appointed Depositary Bank for Kanzhun Limited’s Sponsored ADS Program

Rhea-AI Summary

Citi’s Issuer Services has been appointed by Kanzhun Limited as the depositary bank for its American Depositary Shares (ADS) program. This program is linked to an initial public offering valued at approximately $1,048.8 million, with ADS priced at $19, representing 2 Class A ordinary shares. The ADSs are traded on NASDAQ under the symbol 'BZ'. Citi emphasizes its commitment to quality services through this partnership, showcasing its extensive experience in depositary receipt services across 67 markets.

Positive

• Kanzhun's ADS program is linked to a substantial $1,048.8 million initial public offering.
• ADSs priced at $19 each indicate a strong market entry.

Negative

• None.

Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Kanzhun Limited (“Kanzhun”), a leading online recruitment platform in China, as the depositary bank for its American Depositary Shares (ADS) program.

Kanzhun’s program was established in connection with an approximately $1,048.8 million initial public offering of its ADSs (inclusive of the over-allotment option), priced at $19 per ADS. The ADSs are listed on the NASDAQ under the symbol “BZ”. Each ADS represents 2 Class A ordinary shares of Kanzhun. As a single-listed ADS program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.

“Our selection as depositary bank for Kanzhun’s ADS program underscores our global capabilities and commitment to providing Kanzhun and its investors with the highest quality ADS services,” said Dirk Jones, Head of Global Issuer Services at Citi.

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.

Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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/20210621005710/en/

FAQ

What is the purpose of Kanzhun's ADS program?

Kanzhun's ADS program allows investors to trade shares listed on NASDAQ, enhancing international investment opportunities.

What does the symbol 'BZ' represent?

'BZ' is the NASDAQ symbol for Kanzhun Limited's American Depositary Shares.

How much is Kanzhun's initial public offering valued at?

Kanzhun's initial public offering is valued at approximately $1,048.8 million.

Who is the depositary bank for Kanzhun's ADS program?

Citi’s Issuer Services, through Citibank, N.A., is the depositary bank for Kanzhun's ADS program.

How many ordinary shares does one ADS represent in Kanzhun's program?

Each ADS represents 2 Class A ordinary shares of Kanzhun.