SHANGHAI – Will Semiconductor Co. Ltd., a prominent player in the semiconductor industry, has announced the launch of its Global Depositary Receipts (GDR) program, along with a US$445 million offering of GDRs. The company made this strategic move today, with each GDR priced at US$14.35 and trading on the SIX Swiss Exchange under the ticker “WILL”. These GDRs are equivalent to A shares of the company that are concurrently traded on the Shanghai Stock Exchange under the code 603501.
Citi, acting as the Depositary Bank for Will Semiconductor’s GDR initiative, sees potential for increased engagement through the China Connect Scheme. Dirk Jones of Citi highlighted the bank’s extensive global reach and expertise in managing cross-regional programs like this one. He stated that Citi’s depositary receipt services are available across 67 markets worldwide, demonstrating their capacity to facilitate significant financial transactions on a global scale.
Despite the positive news for Will Semiconductor, Citigroup’s own stock is experiencing a downturn, currently trading at €39.26 on the Tradegate stock exchange. This comes amidst broader market trends and reflects the volatility often present in financial markets.
The establishment of Will Semiconductor’s GDR program signifies the company’s efforts to expand its investor base and enhance liquidity by allowing investors from different regions to participate in its growth. The alignment with Citi as the Depositary Bank underscores a strategic partnership aimed at leveraging Citi’s international network to support Will Semiconductor’s financial endeavors.
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