Citi Appointed Depositary for Noah Holdings Limited’s Sponsored ADR Program
New York - November 19, 2010 – Citi today announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by Noah Holdings Limited ("Noah"), a Cayman Islands-registered China-based company, as the depositary bank for its NYSE-listed Level 3 American Depositary Receipt (ADR) program.
Noah’s ADR program was established through a $115,920,000 offering, originally priced at $12.00 per ADR. The ADRs are listed on the NYSE under the symbol "NOAH". Each ADR represents 1/2 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.
Jingbo Wang, Chairwoman of Noah Holdings Limited noted, "Noah’s successful listing on the NYSE is a big milestone and we are delighted to have Citi as our depositary bank."
Dirk Jones, Global Head of Financial Institutions Client Sales Management, with Citi’s Global Transaction Services, said, "We are pleased to be appointed by Noah Holdings Limited to be the depositary bank for their ADR program. Through Citi’s investor relations expertise and global equity distribution network, we are confident that we can help Noah build a successful ADR program."
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
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.
About Noah Holdings Limited
Noah Holdings Limited provides investment advisory and wealth management services. Noah offers financial planning consultancy services for Chinese high-net-worth clients. Its products include product development process, product access and selection, risk control management and compliance management. Its services include third party financial management, production duration management service and financial products design services. The company was founded in 2005 and is located in Shanghai, China. Additional information may be found at: http://www.noahwm.com/index_en.shtml
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries. Through its two operating units, 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.