Citi Appointed as Depositary Bank for Huatai Securities’ GDR Program, pilot client of the Shanghai-London Stock Connect ini...
June 20 2019 - 10:00AM
Business Wire
Citi’s Issuer Services business, acting through Citibank, N.A.,
has been appointed by Huatai Securities Co, Ltd. (“Huatai”), a
leading technology-enabled securities group in China, as Depositary
Bank for its Global Depositary Receipts (“GDR”) program.
Huatai’s GDR program was established in connection with a US$
1.54 billion initial public offering of its GDRs (assuming no
exercise by the underwriters of the over-allotment option), priced
at US$20.50 per GDR. The GDRs are listed on the Shanghai-London
Stock Connect segment of the London Stock Exchange under the symbol
“HTSC.” Each GDR represents ten (10) A shares. Huatai’s A shares
are listed and traded on the Shanghai Stock Exchange under the
stock code 601688.
The Shanghai-London Stock Connect is a new effort in cooperation
between UK and China in the sphere of financial markets. This deal
marks the first successful listing of a GDR on The London Stock
Exchange under the Shanghai-London Stock Connect initiative.
“Shanghai-London Stock Connect is the first of its kind to
directly link the Chinese and European markets and a strategic
component of China's capital markets reform. The program offers us
access to one of the deepest and most influential capital markets
in the world and provides fungibility between the GDRs and the A
Shares. The offering will improve our core competitiveness by
supporting the growth of our international business, further
expanding our overseas footprint, and strengthening our capital
position. We are pleased to be the first issuer to tap this new
market of enormous potential and unprecedented opportunity."." said
Mr. Zhou Yi, Chairman & Chief Executive Officer of Huatai
Securities.
“We are truly grateful to be appointed as the Depositary Bank
for Huatai’s LSE Listed GDR Program as it has been a milestone in
the development of the Shanghai-London Stock Connect,” said Dirk
Jones, Head of Global Issuer Services at Citi. “Citi’s
cross-regional capabilities, global team, and ability to enhance
investor access will serve Huatai well in this first step in a
critical expansion of the Depositary Receipt product globally. We
hope that it paves the way for new issuers to raise capital, and
access cross-border demand in the future.”
Citi is a leading provider of depositary receipt services. With
depositary receipt programs in 61 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.
About 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
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version on businesswire.com: https://www.businesswire.com/news/home/20190620005189/en/
Media Contact: Sophia Anthony Citi Global Public Affairs
Banking, Capital Markets & Advisory Communications +1 (212)
816-7140 sophia.anthony@citi.com
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