Citi Appointed as Depositary Bank for the GDR Program of Zhejiang Yongtai Technology Co., Ltd.
Zhejiang Yongtai Technology Co., Ltd. has appointed Citi's Issuer Services as the Depositary Bank for its Global Depositary Receipt (GDR) Program. The GDR Program was established in connection with a US$70 million initial public offering of its GDRs, priced at US$9.41 per GDR. The GDRs are listed on the London Stock Exchange under the symbol 'YTT'. Each GDR represents five (5) A shares. Yongtai's A shares are listed and traded on the Shenzhen Stock Exchange under the stock code 002326. This is the first Shenzhen Stock Exchange listed company to issue and list GDRs on the London Stock Exchange through the Shenzhen-London Stock Connect program.
07/19/2023 - 09:00 AM
NEW YORK --(BUSINESS WIRE)--
Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Zhejiang Yongtai Technology Co., Ltd. (“Yongtai”) – a leading manufacturer of fluorine-containing fine chemicals in the industry – to act as the Depositary Bank for its Global Depositary Receipt (“GDR”) Program.
Yongtai’s GDR Program was established in connection with a US$70 million initial public offering of its GDRs, priced at US$9.41 per GDR. The GDRs are listed on the London Stock Exchange under the symbol “YTT”. Each GDR represents five (5) A shares. Yongtai’s A shares are listed and traded on the Shenzhen Stock Exchange under the stock code 002326. This is the first Shenzhen Stock Exchange listed company to issue and list GDRs on the London Stock Exchange through the Shenzhen-London Stock Connect program.
“We are pleased to be the Depositary Bank for Yongtai’s LSE-Listed GDR Program, as well as serve as the depositary bank for the first ever Shenzhen-London Stock Connect GDR program,” said Dirk Jones, Global Head of Issuer Services at Citi. “Citi’s cross-regional capabilities, global network, the ability to enhance investor access, and our experience gained from the previous GDR programs will serve Yongtai well. We expect to see more issuers raise capital and brand themselves through the Connect Scheme.”
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 .
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Nina Das
Nina.Das@citi.com
Source: Citi
Citi's Issuer Services has been appointed as the Depositary Bank for Zhejiang Yongtai Technology Co., Ltd.'s GDR Program.
The GDRs were priced at US$9.41 per GDR in the initial public offering.
The GDRs are listed on the London Stock Exchange under the symbol 'YTT'.
Each GDR represents five (5) A shares of Yongtai.
Yongtai's A shares are listed and traded on the Shenzhen Stock Exchange under the stock code 002326.
Yes, this is the first Shenzhen Stock Exchange listed company to issue and list GDRs on the London Stock Exchange through the Shenzhen-London Stock Connect program.
