Citi Appointed Depositary Bank for Zhangmen Education Inc.’s Sponsored ADS Program
June 10 2021 - 4:00PM
Business Wire
Citi’s Issuer Services, acting through Citibank, N.A., has been
appointed by Zhangmen Education Inc. (“Zhangmen”), a leading online
education company in China focused on providing personalized online
courses to students between the ages of 3 and 18, as the depositary
bank for its American Depositary Shares (ADS) program.
Zhangmen’s program was established in connection with an
approximately $48 million initial public offering of its ADSs
(inclusive of the over-allotment option), priced at $11.50 per ADS.
The ADSs are listed on the New York Stock Exchange under the symbol
“ZME”. Each ADS represents 9 Class A ordinary shares of Zhangmen.
As a single-listed ADS program, the underlying ordinary shares are
not listed or publicly traded in the issuer’s home market.
“Citi is committed to providing Zhangmen and its investors with
the highest quality ADS services,” said Dirk Jones, Head of Global
Issuer Services at Citi. “Our selection as depositary bank for
Zhangmen’s ADS program underscores our global capabilities and
industry leading position in this space.”
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
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.
Additional information may be found at www.citigroup.com |
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version on businesswire.com: https://www.businesswire.com/news/home/20210610005961/en/
Patricia Tuma Citi Global Public Affairs
patricia.tuma@citi.com
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