Citi’s Global Transaction Services business, acting through Citibank N.A., has announced that it has been appointed by Chemspec International Limited (Chemspec), a China-based contract manufacturer of highly engineered specialty chemicals, as the depositary bank for its NYSE-listed American Depositary Receipt (ADR) programme.
Chemspec’s ADR programme was established through a US$72.7m offering, originally priced at US$9 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 programme, the underlying ordinary shares are not publicly traded in the issuer’s home market.
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