CITI APPOINTED DEPOSITARY FOR CHINA LODGING’S NASDAQ-LISTED ADR PROGRAM
New York, Hong Kong - April 5, 2010 – Citi’s Global Transaction Services business, acting through Citibank N.A., today announced that it has been appointed by China Lodging Group Ltd. ("China Lodging"), a Cayman Island registered, China based company, as the depositary bank for its NASDAQ-listed American Depositary Receipt (ADR) program.
China Lodging’s ADR program was established through a $126,787,500 offering, originally priced at $12.25 per ADR. The ADRs are listed on NASDAQ under the symbol "HTHT", and represent the first IPO of 2010 conducted in ADR form and listed on the NASDAQ Stock Exchange. Each ADR represents 4 ordinary shares; however, as a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.
"We are very excited to have successfully completed the IPO and listed on the NASDAQ Stock Exchange, as this is another milestone for our growth," said Mr. Matthew Zhang, CEO of China Lodging. "With the booming economy in China, we’ll continue to benefit from increasing demand in the travel and lodging industry. We look forward to further creating shareholders’ value in the future."
Nancy Lissemore, Global Head of Depositary Receipt Services at Citi, said, "We are very pleased to have been appointed by China Lodging to participate in their ADR capital raising as the depositary bank. Citi’s investor relations expertise and unmatched global equity distribution network can deliver the resources required to assist China Lodging in building and maintaining a successful ADR program."
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2009, it held on average $335 billion in liability balances and $12.1 trillion in assets under custody.
About China Lodging
China Lodging Group Ltd. operates a leading economy hotel chain serving value-conscious business and leisure travellers in China under the HanTing brands. As of December 31, 2009, the company operated 236 hotels in 39 cities all across China. China Lodging has 3 brands of different price points under management, including HanTing Seasons Hotel, HanTing Express Hotel and HanTing Hi Inn. For additional information on China Lodging, visit www.htinns.com [English site: http://ir.htinns.com/]
Citi (NYSE: C), the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.