Citi announced that Will Semiconductor Co., Ltd. Shanghai ("Will Semiconductor") has selected Citi's Issuer Services represented by Citibank as the Depositary Bank for its Global Depositary Receipt ("GDR") Program. The GDR Program was initiated alongside a $445 million offering of GDRs by Will Semiconductor, priced at $14.35 per GDR, according to a press release by Citi.
The GDRs from Will Semiconductor are traded on the SIX Swiss Exchange under the symbol "WILL," with each GDR representing one A share. Will Semiconductor's A shares are listed on the Shanghai Stock Exchange under the stock code 603501. Citi, recognized as a premier provider of depositary receipt services, operates depositary receipt programs in 67 markets, covering both equity and fixed-income products. Utilizing its extensive global network, Citi facilitates cross-border capital market access for issuers, intermediaries and investors, according to a press release by Citi.
“Citi is pleased to be the Depositary Bank for Will Semiconductor, supporting their GDR program. We are proud to continue as the lead depositary bank for companies listed via the China Connect scheme, on both the London Stock Exchange and the SIX Swiss Exchange,” said Dirk Jones, global head of Citi’s Issuer Services, according to a press release by Citi. “Citi’s cross-regional capabilities, global network, the ability to enhance investor access and experience facilitating the previous Connect GDR Programs serves the issuer well. We expect to see more participation via the Connect Scheme.”
Issuer Services is a division within Citi's Institutional Clients Group that provides support for the issuance and administrative requirements of global institutional clients. It operates through two main business segments: Agency & Trust and Depositary Receipt Services, according to the Issuer Services website by Citi.
A Global Depositary Receipt (GDR) is a tradable document issued by a depositary bank in international markets, representing ownership of shares in a non-U.S. company and enabling access to investors globally, according to the Issuer Services Global Depositary Receipts (GDRs), a primer document provided by Citi.