Continued Participation in China-Swiss Stock Connect GDR Programs
NEW YORK--(BUSINESS WIRE)--Nov. 17, 2022--
Citi’s Issuer Services, acting through Citibank, N.A., has been appointed by Sunwoda Electronic Co., Ltd. (“Sunwoda”) and Hangzhou GreatStar Industrial Co., Ltd. (“GreatStar”) to act as the Depositary Bank for their Global Depositary Receipt (“GDR”) programs. These are the seventh and eighth China-Swiss Stock Connect programs listed on the SIX Swiss Exchange.
Sunwoda Electronic Co., Ltd.
Sunwoda Electronic Co., Ltd. (“Sunwoda”) is a leading high-tech enterprise associated with the R&D, design, production and sale of lithium-ion battery cells and modules as its main business, and is committed to providing environment-friendly, fast and efficient new energy integration solution services to its clients.
Sunwoda’s GDR program was established in connection with a US$440 million initial public offering of its GDRs, priced at US$15.30 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “SWD”. Each GDR represents five (5) A shares. Sunwoda’s A shares are listed and traded on the Shenzhen Stock Exchange (“SZSE”) under the stock code 300207.
William Wang, Chairman of Sunwoda Electronic Co., Ltd said: “The successful offering of Sunwoda's GDRs illustrates the continuous attention and support from global investors to outstanding Chinese enterprises in the new energy industry. The investors’ active participation also demonstrates their recognition of the high-speed and high-quality development of Sunwoda's business. In addition, this GDR offering is an important milestone in Sunwoda's globalization strategy, which will further improve Sunwoda's global production and supply chain, enhance our international operations, reinforce our global brand image, and achieve sustainable development. We will continue to leverage both domestic and international capital markets to strengthen our business and enhance our brand as a world-leading new energy enterprise.”
Hangzhou GreatStar Industrial Co., Ltd.
Hangzhou GreatStar Industrial Co., Ltd. (“GreatStar”) is an industrial conglomerate based in Hangzhou that develops, manufactures and sells hand tools, laser products, smart tools and robots.
GreatStar’s GDR program was established in connection with a US$155 million initial public offering of its GDRs, priced at US$13.08 per GDR. The GDRs are listed on the SIX Swiss Exchange under the symbol “GSI”. Each GDR represents five (5) A shares. GreatStar’s A shares are listed and traded on the Shenzhen Stock Exchange (“SZSE”) under the stock code 002444.
Mr. Qiu Jianping, Chairman of Greatstar, said: "I am pleased to successfully complete the GDR offering in such a short time, and really appreciate the support and recognition of our investors. The successful GDR offering is an important milestone to successfully onboarding and accessing the global capital market. It not only broadens the company’s financing channel and supplements our business funding needs, but also accelerates our international expansion and provides new opportunities to enhance the company's reputation and influence in the global market.
I also believe our strong R&D capability, strengthened global supply chain system, well-established market channels, and improving brand influence will continue to promote the company's high-quality development, and will provide a satisfactory return on investment to our trusted investors.“
“We are pleased to be the Depositary Bank for Sunwoda and GreatStar’s GDR Programs listed on the SIX Swiss Exchange -- the seventh and eighth issuers 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 seven 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.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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