Citi Appointed Depositary Bank for Zhangmen Education Inc.’s Sponsored ADS Program

Rhea-AI Summary

Citi’s Issuer Services has been appointed by Zhangmen Education Inc., a top online education firm in China, as the depositary bank for its American Depositary Shares (ADS) program. This program is linked to an approximately $48 million IPO of ADSs, priced at $11.50 each. The ADSs, listed under the symbol “ZME,” represent 9 Class A ordinary shares. Citi aims to provide exceptional services to Zhangmen and its investors, highlighting its strong position in the global ADS market.

Positive

• Zhangmen's ADS program links to a $48 million IPO.
• ADSs priced competitively at $11.50 each.
• Citi's appointment underscores its leading role in depositary bank services.

Negative

• None.

Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Zhangmen Education Inc. (“Zhangmen”), a leading online education company in China focused on providing personalized online courses to students between the ages of 3 and 18, as the depositary bank for its American Depositary Shares (ADS) program.

Zhangmen’s program was established in connection with an approximately $48 million initial public offering of its ADSs (inclusive of the over-allotment option), priced at $11.50 per ADS. The ADSs are listed on the New York Stock Exchange under the symbol “ZME”. Each ADS represents 9 Class A ordinary shares of Zhangmen. As a single-listed ADS program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.

“Citi is committed to providing Zhangmen and its investors with the highest quality ADS services,” said Dirk Jones, Head of Global Issuer Services at Citi. “Our selection as depositary bank for Zhangmen’s ADS program underscores our global capabilities and industry leading position in this space.”

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/20210610005961/en/

FAQ

What is the significance of Zhangmen's $48 million IPO?

The IPO marks a crucial step for Zhangmen Education Inc. in expanding its presence in the U.S. market.

How many Class A ordinary shares does each Zhangmen ADS represent?

Each ADS represents 9 Class A ordinary shares of Zhangmen Education Inc.

What is the ticker symbol for Zhangmen's ADS on the New York Stock Exchange?

The ticker symbol for Zhangmen's ADS is 'ZME'.

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

Citi's Issuer Services has been appointed as the depositary bank for Zhangmen's ADS program.