Citi Appointed as Depositary Bank for Joincare Pharmaceutical Group Industry Co., Ltd.’s GDR Program
NEW YORK–(BUSINESS WIRE)–Citi’s Issuer Services business, acting through Citibank, N.A., has been appointed by Joincare Pharmaceutical Group Industry Co., Ltd. (“Joincare”) – an innovative and scientific research-oriented pharmaceutical group engaged in the research and development, production and distribution of pharmaceuticals and healthcare products – to act as Depositary Bank for its Global Depositary Receipt (“GDR”) program.
Joincare’s GDR program was established in connection with a US$92,035,650 initial public offering of its GDRs, priced at US$14.42 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “JCARE”. Each GDR represents ten (10) A shares. Joincare’s A shares are listed and traded on the Shanghai Stock Exchange (“SSE”) under the stock code 600380.
Mr. Zhu Baoguo, Chairman of the Company, commented:
“We are delighted with our successful GDR Offering, and we would like to extend our gratitude to our investors for their full confidence in and recognition of the company. This is an important milestone of Joincare’s internationalization. We firmly believe that our strong R&D capabilities, diversified product matrix and leading commercialization capabilities will promote the company’s continuous development in the future. We further expect that the offering of GDRs will also further enhance our global image, expand our financing channels and accelerate our internationalization. We look forward to unveiling a new chapter of Joincare with our investors.”
“We are pleased to be the Depositary Bank for Joincare’s GDR Programs listed on the SIX Swiss Exchange — the sixth issuer listed as part of the China-Swiss Stock Connect GDR Program. This continues our role as the depositary bank for all the Connect GDR programs listed so far, including five listed on the London Stock Exchange and four listed on the SIX Swiss Exchange,” said Dirk Jones, Global Head of Citi’s Issuer Services.
“Citi’s cross-regional capabilities, global network, the ability to enhance investor access, and our experience gained from the previous Connect GDR programs will serve these issuers well. We expect to see more issuers raise capital and participate through the Connect Scheme in the future,” he added.
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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