Citi Appointed Depositary Bank for Lixiang Education Holding Co., Ltd.’s Sponsored ADR Program

Rhea-AI Summary

Citi’s Issuer Services has been appointed as the depositary bank for Lixiang Education Holding Co.'s American Depositary Receipt (ADR) program. This program was established alongside an initial public offering of ADRs totaling approximately $30.8 million, priced at $9.25 per ADR. Each ADR represents five ordinary shares. The ADRs are listed on NASDAQ under the symbol ‘LXEH’. Citi aims to leverage its global capabilities to enhance service quality for Lixiang Edu’s investors.

Positive

• Citi appointed as depositary bank for Lixiang Edu's ADR program.
• Successful IPO of approximately $30.8 million.
• ADR pricing at $9.25 per share indicates healthy market interest.
• Citi's global network supports enhanced investor services.

Negative

• None.

NEW YORK--(BUSINESS WIRE)--Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Lixiang Education Holding Co., Ltd. (“Lixiang Edu”), a leading private education service provider in Zhejiang Province, China, as the depositary bank for its American Depositary Receipt (ADR) program.

Lixiang Edu’s program was established in connection with an approximately $30.8 million initial public offering of its ADRs, priced at $9.25 per ADR (or approximately $35.5 million, if the underwriters exercise their over-allotment option in full). The ADRs are listed on NASDAQ, under the symbol “LXEH”. Each ADR represents five ordinary shares of Lixiang Edu. As a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.

“Citi’s selection as depositary bank for Lixiang Edu ADR’s program further underscores our cross-border capabilities and we look forward to drawing on those resources to provide Lixiang Edu’s investors with the highest quality ADR 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.

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