More NewsCiti Appointed Depositary for Chemspec’s ADR Programme

Citi Appointed Depositary for Chemspec's ADR Programme

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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