NEW YORK, March 20, 2023--(BUSINESS WIRE)--Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Fangda Carbon New Material Co., Ltd. ("Fangda"), a leading company engaged in the research, development, production and sales of carbon materials, to act as the Depositary Bank for its Global Depositary Receipt ("GDR") Program.
Fangda’s GDR Program was established in connection with a US$189.86 million initial public offering of its GDRs, priced at US$8.63 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol "FDCB". Each GDR represents ten (10) A shares. Fangda’s A shares are listed and traded on the Shanghai Stock Exchange under the stock code 600516.
"We are pleased to be the Depositary Bank for Fangda, supporting their GDR program. Citi retains its leading position as the depositary bank for companies listed on the China Connect GDR Programs, including the London Stock Exchange and the SIX Swiss Exchange," said Dirk Jones, Global Head of Citi’s Issuer Services, "Our cross-regional capabilities, global network, the ability to enhance investor access, and experience facilitating the previous Connect GDR Programs serves the issuer well. We expect to see more participation via 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.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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