Citi Appointed Despositary for China Ming Yang’s Sponsored ADR Program
New York - October 7, 2010 – Citi today announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by China Ming Yang Wind Power Group Limited’s ("China Ming Yang"), a Cayman Islands registered, China-based company, as the depositary bank for its NASDAQ-listed Level 3 American Depositary Receipt (ADR) program.
China Ming Yang’s ADR program was established through a $350,000,000 offering, originally priced at $14.00 per ADR. The ADRs are listed on the NYSE under the symbol "MY". Each ADR represents 1 ordinary share; however, as a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.
Zhang Chuanwei, Chairman and CEO of China Ming Yang Wind Power Group Limited noted, "Ming Yang’s successful listing on the NYSE is a big milestone and we are delighted to have Citi as our depositary bank. We are committed to providing value to our ADR holders, and are looking forward to leveraging Citi’s best-in-class services and strong track records in the industry."
Miguel Perez-Lafaurie, Head of Depositary Receipts at Citi for the Asia Pacific Region said, "We are very pleased to have been appointed by China Ming Yang to participate in their ADR capital raising as depositary bank. Citi’s investor relations expertise and unmatched global equity distribution network can deliver the resources required to assist China Ming Yang in building and maintaining a successful ADR program."
Global Transaction Services, a division of Citigroup’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, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2010, it held on average $320 billion in liability balances and $11.3 trillion in assets under custody. For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
About China Ming Yang
China Ming Yang Wind Power Group Limited is a leading and fast-growing wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. It is the largest non-state owned or controlled wind turbine manufacturer in China, as measured by installed capacity of wind turbines at the end of 2009. For more information: www.mywind.com.cn.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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 .