Citi Appointed Depositary Bank for Waterdrop Inc.’s Sponsored ADR Program

Rhea-AI Summary

Citi's Issuer Services, through Citibank, N.A., has been appointed as the depositary bank for Waterdrop Inc.'s ADR program. This program accompanies a $360 million IPO of ADRs priced at $12 each, listed on the NYSE under the symbol 'WDH'. Each ADR represents 10 Class A shares, which are not traded in Waterdrop's home market. Citi aims to provide top-tier ADR services, leveraging its global capital markets expertise.

Positive

• Waterdrop Inc. successfully established a $360 million ADR program.
• Citi's involvement enhances credibility and access to international investors.

Negative

• The underlying Class A ordinary shares are not publicly traded in the home market.

Citi’s Issuer Services business, acting through Citibank, N.A. has been appointed by Waterdrop Inc. (“WDH”), a leading technology platform dedicated to insurance and healthcare service as the depositary bank for its American Depositary Receipts (ADR) program.

Waterdrop Inc.’s ADR program was established in connection with a $360,000,000.00 initial public offering (pre-Greenshoe) of its ADRs, priced at $12.00 per ADR. The ADRs are listed on the New York Stock Exchange under the symbol “WDH” Each ADR represents 10 Class A ordinary shares of Waterdrop Inc. As a single-listed ADR program, the underlying Class A ordinary shares are not listed or publicly traded in Waterdrop Inc.’s home market.

“Citi is committed to leveraging our global expertise and extensive knowledge of capital markets activities to provide Waterdrop Inc. and its investors with the highest quality ADR services,” said Dirk Jones, Global Head of Issuer Services at Citi. “We are proud to be selected as the Depositary Bank for Waterdrop Inc.’s ADR program.”

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/20210517005748/en/

FAQ

What is Waterdrop Inc.'s ADR program?

Waterdrop Inc.'s ADR program allows investors to purchase American Depositary Receipts, facilitating access to their Class A shares listed on the NYSE under symbol 'WDH'.

How much did Waterdrop Inc. raise in its IPO?

Waterdrop Inc. raised $360 million in its initial public offering of ADRs, priced at $12 each.

What is the role of Citi in Waterdrop Inc.'s ADR program?

Citi acts as the depositary bank for Waterdrop Inc.'s ADR program, providing services that support the issuance and management of ADRs.

Where are Waterdrop Inc.'s ADRs listed?

Waterdrop Inc.'s ADRs are listed on the New York Stock Exchange under the symbol 'WDH'.

How many Class A shares does each ADR represent?

Each ADR of Waterdrop Inc. represents 10 Class A ordinary shares.