Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by XPeng Inc. (“XPeng”), a leading smart electric vehicle (EV) company based in China, as the depositary bank for its American Depositary Receipt (ADR) program.
XPeng’s program was established in connection with an approximately $1.5 billion initial public offering of its ADRs, priced at $15.00 per ADR (or approximately $1.7 billion, if the underwriters exercise their over-allotment option in full). The ADRs are listed on the New York Stock Exchange, or the NYSE, under the symbol “XPEV”. Each ADR represents two Class A ordinary shares of XPeng. As a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.
“Citi is committed to providing XPeng and its investors with the highest quality ADR services, and our selection as depositary bank for the company’s ADR program underscores the depth and breadth of Citi’s cross-border capabilities,” said Dirk Jones, Head of Global Issuer Services at Citi.
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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