Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Lixiang Education Holding Co., Ltd. (“Lixiang Edu”), a leading private education service provider in Zhejiang Province, China, as the depositary bank for its American Depositary Receipt (ADR) program.
Lixiang Edu’s program was established in connection with an approximately $30.8 million initial public offering of its ADRs, priced at $9.25 per ADR (or approximately $35.5 million, if the underwriters exercise their over-allotment option in full). The ADRs are listed on NASDAQ, under the symbol “LXEH”. Each ADR represents five ordinary shares of Lixiang Edu. As a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.
“Citi’s selection as depositary bank for Lixiang Edu ADR’s program further underscores our cross-border capabilities and we look forward to drawing on those resources to provide Lixiang Edu’s investors with the highest quality ADR services,” 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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