Citi Appointed Depositary for Sky-mobi Limited’s Level 3 ADR Program
December 21 2010 - 9:00AM
Business Wire
Citi today announced that its Global Transaction Services
business, acting through Citibank N.A., has been appointed by
Sky-mobi Limited (Sky-mobi), a Cayman Islands company based in
China, as the depositary bank for its NASDAQ-listed Level 3
American Depositary Receipt (ADR) program. Sky-mobi’s ADR program
was established through a $58,000,000 offering, with an initial
offering price of $8.00 per ADR. The ADRs are listed under the
symbol “MOBI”. Each ADR represents 8 ordinary shares; as this is a
single-listed ADR program, the underlying ordinary shares are not
listed or publicly traded in the issuer’s home market.
Carl Yeung, CFO, Sky-mobi Limited remarked, “Sky-mobi is excited
to begin our US listing on NASDAQ. We look forward to increasing
value to our shareholders, and providing greater access to our
shares for investors in the U.S. capital markets. We are pleased
with Citi’s full range of professional services from ADR to
investment banking and corporate banking. We look forward to the
long term relationship with Citi that will support Sky-mobi’s
corporate goals and achieve them around the globe.”
“We’re extremely pleased that Sky-mobi has selected Citi as
depositary, and look forward to helping them optimize their ADR
program,” said Dirk Jones, Global Head of Securities and Fund
Services Client Sales Management. “As depositary bank for a many of
the IPO issues that have originated in China this year, Citi is
confident that it can provide Sky-mobi with the resources it needs
to establish long-term relationships with both investors and the
capital markets.”
For more information on Citi’s Depositary Receipt Services,
visit www.citi.com/dr.
Through its Securities and Fund Services business, Citi offers
issuers of debt and equity, globally consistent capabilities, and
local expertise, backed by over 100 years of serving clients in
markets across the globe. As a result, Citi is able to deliver
specialized solutions for complex capital market transactions
across more than 70 countries.
Global Transaction Services, a division of Citigroup’s
Institutional Clients Group, offers integrated cash management,
trade, and securities and fund services to multinational
corporations, financial institutions and public sector
organizations around the world. With a network that spans more than
100 countries, Citigroup’s Global Transaction Services supports
over 65,000 clients. As of the third quarter of 2010, it held on
average $340 billion in liability balances and $12.4 trillion in
assets under custody.
About Sky-mobi Limited
Sky-mobi Limited (Nasdaq:MOBI) operates the leading mobile
application store in China. Sky-mobi works with handset companies
to pre-install its Maopao mobile application store on handsets and
with content developers to provide users with high quality
applications and content titles. Users of the Maopao store can
browse, download and purchase a wide range of applications and
content such as single-player games, mobile music and books. In
addition, Sky-mobi has established a leading mobile social network
community in China, the Maopao Community, where it offers popular
localized mobile social games as well as applications and content
with social network functions to its registered members. The Maopao
store enables mobile applications and content to be downloaded and
run on a variety of mobile handsets with different hardware and
operating system configurations. Additional information may be
found at http://en.sky-mobi.com/.
About Citi
Citi, the leading global financial services company, has
approximately 200 million customer accounts and does business in
more than 160 countries and jurisdictions. Through Citicorp and
Citi Holdings, 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 or www.citi.com.
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