Citi’s Global Transaction Services business, acting through Citibank N.A., has been appointed by Chemspec International Limited, a China-based contract manufacturer of highly engineered specialty chemicals, as the depositary bank for its NYSE-listed American Depositary Receipt (ADR) program.
Chemspec’s ADR program was established through a USD72.7 million offering, originally priced at USD9 per ADR, representing the third IPO of 2009 conducted in ADR form. The ADRs are listed on NYSE under the symbol “CPC”. Each ADR represents 60 ordinary shares; however, as a single-listed ADR program, the underlying ordinary shares are not publicly traded in the issuer’s home market.
“As a leading China-based contract manufacturer of highly engineered specialty chemicals, we have been providing quality products at competitive prices to our customers since 1996,” says Jianhua Yang, chairman and CEO of Chemspec. “We are excited to have established our ADR program with Citi as the depositary bank.”
“Chemspec’s successful capital raising is an example of how our Depositary Receipt Services business can leverage Citi’s unique blend of global reach and local expertise to provide unparalleled support in administering cross-border transactions,” says Siu-Chan Kwan, Asia Pacific head of depositary receipt services at Citi. “We look forward to a long-term relationship with Chemspec, where we will assist them in optimizing the benefits of their new ADR program.”
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
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