CITI APPOINTED DEPOSITARY FOR CHINA XUEDA EDUCATION LTD.'S SPONSORED ADR PROGRAM
New York - November 8, 2010 – Citi today announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by China Xueda Education Ltd. ("China Xueda"), a China-based company, as the depositary bank for its NYSE-listed Level 3 American Depositary Receipt (ADR) program.
China Xueda's ADR program was established through a $15,444,500 offering, originally priced at $9.50 per ADR. The ADRs are listed on the NYSE under the symbol "XUE". Each ADR represents two 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.
Junfeng Gao, CFO of Xueda Education Group, noted, "Xueda's successful listing on the NYSE is a major milestone for us and we are delighted to have Citi as our depositary bank. We are committed to providing value to our ADR holders, and look forward to leveraging Citi's best-in-class services and strong track record in the industry."
Miguel Perez-Lafaurie, Head of Depositary Receipts at Citi for the Asia Pacific Region said, "We are very delighted to have been appointed by China Xueda to participate in their ADR capital raising as depositary bank. With the combination of Citi's investor relations expertise and its unmatched global equity distribution network, we are confident we can deliver the resources required to assist China Xueda 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 third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody. For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.
About China Xueda Education
China Xueda Education Ltd. (NYSE: XUE) is a leading national provider of tutoring services for primary and secondary school students in China with a focus on offering personalized tutoring services. According to IDC, Xueda was the largest provider of primary and secondary school tutoring services in China in terms of revenue and number of cities covered as of December 31, 2009. Since opening its first learning center in 2004, Xueda has organically built an extensive tutoring service network comprised of 157 learning centers and over 8,800 full-time service professionals. As of June 30, 2010, Xueda served customers located in 44 economically developed cities across 27 of China's 31 provinces and municipalities.
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.