Citi Appointed Depositary for Lentuo International’s Level 3 ADR Program
New York - December 20, 2010 – Citi today announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by Lentuo International (Lentuo), a Cayman Islands company based in China, as the depositary bank for its NYSE-listed Level 3 American Depositary Receipt (ADR) program. Lentuo’s ADR program was established through a $52 million offering, with an initial offering price of $8.00 per ADR. The ADRs are listed under the symbol "LAS". Each ADR represents 2 ordinary shares.
Ping Yu, CFO, Lentuo International Inc. remarked, "Lentuo is excited to begin our US listing on NYSE. We look forward to increasing value to our shareholders, and providing greater access to our shares for investors in the U.S. capital markets. Citi’s full range of services will support Lentuo’s corporate goals and reputation around the globe."
Dirk Jones, Global Head of Securities Funds Services Client Sales Management, said "The China IPO market is very important to us and we are extremely pleased that Lentuo International has chosen Citi as depositary for its ADR capital raising. We are confident that we can provide outstanding investor access and awareness to Lentuo’s program through our world class investor relations expertise and our unmatched global distribution network."
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
Through its Securities and Fund Services business, Citi offers issuers of debt and equity, globally consistent capabilities, and local expertise, backed by over 100 years of serving clients in markets across the globe. As a result, Citi is able to deliver specialized solutions for complex capital market transactions across more than 70 countries.
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 Lentuo International
Lentuo is the largest non-state-owned automobile retailer in Beijing, China as measured by new vehicle sales revenues in 2009, according to the China Automobile Dealers Association ("CADA"). According to Lentuo, it operates six franchise dealerships, a number of automobile showrooms, one automobile repair shop and one car leasing company in Beijing, the largest new passenger vehicle market among all cities in China. Three of Lentuo’s six dealerships are among the leading dealerships in China for their respective brands, as measured by the volume of new vehicle sales by individual dealership.
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.