Citi today announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by Sky-mobi Limited (Sky-mobi), a Cayman Islands company based in China, as the depositary bank for its NASDAQ-listed Level 3 American Depositary Receipt (ADR) program. Sky-mobi’s ADR program was established through a $58,000,000 offering, with an initial offering price of $8.00 per ADR. The ADRs are listed under the symbol “MOBI”. Each ADR represents 8 ordinary shares; as this is a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.
Carl Yeung, CFO, Sky-mobi Limited remarked, “Sky-mobi is excited to begin our US listing on NASDAQ. We look forward to increasing value to our shareholders, and providing greater access to our shares for investors in the U.S. capital markets. We are pleased with Citi’s full range of professional services from ADR to investment banking and corporate banking. We look forward to the long term relationship with Citi that will support Sky-mobi’s corporate goals and achieve them around the globe.”
“We’re extremely pleased that Sky-mobi has selected Citi as depositary, and look forward to helping them optimize their ADR program,” said Dirk Jones, Global Head of Securities and Fund Services Client Sales Management. “As depositary bank for a many of the IPO issues that have originated in China this year, Citi is confident that it can provide Sky-mobi with the resources it needs to establish long-term relationships with both investors and the capital markets.”
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Through its Securities and Fund Services business, Citi offers issuers of debt and equity, globally consistent capabilities, and local expertise, backed by over 100 years of serving clients in markets across the globe. As a result, Citi is able to deliver specialized solutions for complex capital market transactions across more than 70 countries.