Kunshan Dongwei Technology Co., Ltd., a global manufacturer specializing in high-end precision electroplating equipment and related products, chose Citi's Issuer Services, represented by Citibank, N.A., as its Depositary Bank for its Global Depositary Receipt (GDR) Program, according to a news release.
Citi will now serve as the trusted entity responsible for managing the GDR program on behalf of Dongwei, facilitating the issuance and administration of GDRs for investors worldwide.
“We are pleased to be the Depositary Bank for Dongwei, supporting their GDR program." said Citi's Global Head of Issuer Services, Dirk Jones. "Citi retains its leading position as the depositary bank for companies listed via the China Connect scheme, on the London Stock Exchange and the SIX Swiss Exchange. Our cross-regional capabilities, global network, the ability to enhance investor access, and experience facilitating the previous Connect GDR Programs will serve the issuer well. We expect to see more participation via the Connect Scheme.”
Dongwei introduced its GDR Program alongside a initial public offering (IPO) that raised $105 million. Priced at $17.80 each, these GDRs are now listed on the SIX Swiss Exchange, identified by the symbol "KUDO." Notably, each GDR represents two A shares, which are listed and traded on on the Shanghai Stock Exchange under the stock code 688700.
Kunshan Dongwei Technology Co. was founded in 2001, according to its website. Based in China, it has customers across the world.
"Our philosophy is to help customers grow, lead technology and innovate continuously," the website says. "The company is determined to create a world-class brand for the Chinese nation."
Citi, based in the U.S. "is a leading provider of depositary receipt services," the news release said. "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."