NEW YORK--(BUSINESS WIRE)--Citi Issuer Services, acting through Citibank, N.A., has been appointed as depositary bank by NIP Group Inc. (“NIP”) for its American Depositary Receipt (“ADR”) program. NIP is a leading Chinese esports organization with an expansive global footprint that spans Asia, Europe, and South America.
NIP’s American Depositary Shares (“ADSs”) trade on the Nasdaq under the ticker “NIPG”. Each ADS represents two (2) Class A ordinary shares of NIP. The company was listed on the Nasdaq on July 26, 2024, with an initial public offering price of US$9.00 per ADS. This was in connection to a total offering size of US$21.89 million, including the partial exercise of an over-allotment option.
Mario Ho, Chairman and Co-CEO of NIP Group, commented, “We are excited to partner with Citi on our ADR program as we enter this new chapter of our growth. The IPO represents a significant milestone for NIP and the broader esports industry.”
“Citi is committed to providing NIP and its investors with the highest quality ADR services. Our selection as depositary bank for the company’s ADR program underscores the depth and breadth of Citi’s cross-border capabilities,” said Dirk Jones, Head of Issuer Services.
With a focus on enabling the investment process and approximately US$24 trillion in assets under custody and administrationi, Citi Securities Services goes beyond borders to holistically support securities activity wherever clients need us. Through an integrated suite of Custody, Execution, Fund and Issuer Services, Citi connects and serves clients across the entire investment ecosystem.
Issuer Services is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Issuer Services leverages Citi’s global network to provide cross-border capital market access to issuers, intermediaries, and investors. For more information about Citi’s Depositary Receipt Services, please visit www.citi.com/dr.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
i As of Q1, 2024
