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Citi Appointed as Depositary Bank for Youku.com's NYSE-listed ADS Program

Strategic Insights

— 1 min read

Youku.com, a Cayman Islands-based company operating in China, has established a NYSE-listed Level 3 American Depositary Shares (ADS) program through a $233 million initial public offering. Citi has been appointed as the depositary bank for this program, with each ADS representing 18 Class A ordinary shares. This appointment marks a significant milestone for Youku.com as it seeks to expand its global reach and access capital from international investors.

Key Takeaways:

  • Citi has been appointed as the depositary bank for Youku.com's NYSE-listed Level 3 American Depositary Shares (ADS) program.
  • The ADS program was established through a $233 million initial public offering with an offering price of $12.80 per ADS.
  • Each ADS represents 18 Class A ordinary shares, with the ADSs listed under the symbol "YOKU".
  • Victor Koo, founder and CEO of Youku.com, has expressed satisfaction with the company's successful listing on NYSE and its partnership with Citi as depositary bank.
  • Dirk Jones, Global Head of Securities Funds Services Client Sales Management at Citi, has stated that Citi will deliver specialized solutions for complex capital market transactions, leveraging its global expertise and equity distribution network.
  • Youku.com's ADS program is a single-listed program, meaning the underlying ordinary shares are not listed or publicly traded in the issuer's home market.
  • Citi's Securities and Fund Services business offers globally consistent capabilities and local expertise, with over 100 years of serving clients in markets across the globe.
  • Citi's Global Transaction Services supports over 65,000 clients worldwide, with a network spanning more than 100 countries.

Statistics:

  • $233 million: the amount raised through Youku.com's initial public offering.
  • $12.80: the offering price per ADS.
  • 18: the number of Class A ordinary shares represented by each ADS.
  • 65,000: the number of clients supported by Citi's Global Transaction Services.
  • 100: the number of countries covered by Citi's Global Transaction Services network.
  • $340 billion: the average liability balances held by Citi's Global Transaction Services as of the third quarter of 2010.
  • $12.4 trillion: the assets under custody held by Citi's Global Transaction Services as of the third quarter of 2010.

Sources:

  • Citi's press release announcing its appointment as depositary bank for Youku.com's NYSE-listed ADS program.
  • China Weekly News, "Citi Appointed as Depositary Bank for Youku.com's NYSE-listed ADS Program" (2010).
  • Citi's website, www.citi.com.

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