Depositary Receipt Capital Raised in the First Half of 2020 Totaled $8.8 Billion

Despite global market uncertainty, demand for non-U.S. equities ensued as issuers raised $8.8 billion in depositary receipts (DR) during the first half of 2020. This represents a 25% decrease compared to the first half of 2019, according to an industry report from Citi.

DR capital raisings were driven primarily by activity in the Asia-Pacific region, with total capital raisings of $7.0 billion through the end of June – 80% of the total pool. Total IPO capital raised amounted to $4.9 billion, while total follow-on capital raised amounted to $3.9 billion, during the same time period. China-based issuers raised a combined $6.1 billion, accounting for 69% of the total DR capital raised in the first half of 2020. Among these issuers, China Pacific Insurance (Group) Co., a Shanghai-based insurance provider, raised $1.9 billion in its June IPO – the largest DR IPO capital raising of the first half of 2020 and the second ever Shanghai-London Stock Connect deal. Secondary offerings were driven by Pharmaceuticals and Biotechnology, totaling $1.8 billion, up 39% from first half of 2019.

The trend of Emerging Growth Companies (EGCs) raising capital continued in the first half of 2020, with 13 of 16 new issuers choosing to come to market via the JOBS Act. Enacted in 2012 to help small emerging companies access capital in the U.S., the JOBS Act modifies capital raising regulatory requirements for a new category of issuer known as an EGC (defined as an issuer generating less than $1.07 billion in gross annual revenue). Of the JOBS Act IPO DR deals in the first half of 2020, China-based issuers accounted for 12 of the 13 deals and 97% of total capital raised.

Amidst market volatility, Citi Depositary Receipt Services remains committed to supporting global issuers seeking to raise capital in DR form.

“Citi was the depositary bank for over 40% of the DR capital raising deals in the first half of 2020, continuing our leading position in the industry,” said Scott Pollak, Global Head of Depositary Receipt Services at Citi. “The continued DR capital raising activity demonstrates that the DR structure remains an attractive vehicle of choice for issuers to raise capital.”

Other Notable DR Market Highlights in the first half of 2020 include:

  • Total DR trading volume was up 49% and total DR trading value was up 34% versus first half of 2019.
  • DR trading volume was highest within the Banking sector with 19 billion DRs traded, while DR trading value was highest within the Internet Services sector with $851 billion in DRs traded.
  • Trading volume of unsponsored ADR programs increased 78% from the first half of 2019 to 4.1 billion, while total number of programs dropped 1% to 1,437.
  • Unsponsored ADR programs from China, Japan, and France accounted for 51% of the total unsponsored trading volume.

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 details on 2020 DR highlights, please refer to the Citi DR website:

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.

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Sophia Anthony
Citi Global Public Affairs
Banking, Capital Markets & Advisory Communications
+1 (212) 816-7140

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