-

Depositary Receipt Capital Raised in 2020 Totaled $48.2 Billion

Asia-Pacific Generated 84% of Total

NEW YORK--(BUSINESS WIRE)--Despite global market uncertainty, demand for non-U.S. equities ensued as issuers raised $48.2 billion in depositary receipts (DR) during 2020. This represents a 179% increase compared to 2019, according to an industry report from Citi.

DR capital raisings were driven primarily by activity in the Asia-Pacific region, with total capital raisings of $40.4 billion – 84% of the total pool. Total IPO capital raised amounted to $21.6 billion, while total follow-on capital raised amounted to $26.6 billion throughout the year. China-based issuers raised a combined $36.5 billion, accounting for 76% of the total DR capital raised in 2020. Among these issuers, Lufax Holding Ltd, a Shanghai-based personal finance platform, raised $2.7 billion in its November IPO – the largest DR IPO capital raising of 2020. Secondary offerings were driven by the Automobiles & Components industry, totaling $9.1 billion with robust follow on offerings from NIO Inc., Xpeng Inc., and Li Auto Inc. throughout the year. Three Chinese issuers completed a GDR IPO via the Shanghai London Stock Connect, including China Pacific Insurance (Group) Co., Ltd., China Yangtze Power Co., Ltd. and SDIC Power Holdings Co., Ltd, raising a combined $4.1 billion in 2020.

The trend of Emerging Growth Companies (EGCs) raising capital continued in 2020, with 35 of 39 new ADR issuers choosing to come to market via the JOBS Act. Enacted in 2012 to help small emerging companies access capital in the U.S., the JOBS Act modifies capital raising regulatory requirements for a new category of issuer known as an EGC (defined as an issuer generating less than $1.07 billion in gross annual revenue). Of the JOBS Act IPO DR deals in the first half of 2020, China-based issuers accounted for 22 of the 35 ADR deals and 75% of total capital raised.

Other Notable DR Market Highlights throughout 2020 include:

  • Total DR trading volume was up 53% and total DR trading value was up 68% versus 2019.
  • DR trading volume was highest within the Banking sector with 34 billion DRs traded, while DR trading value was highest within the Internet Services sector with $2.06 trillion in DRs traded.
  • Trading volume of unsponsored ADR programs increased 46% from 2019 to 6.7 billion, while total number of programs increased slightly to 1,451.
  • Unsponsored ADR programs from Japan, China, and France accounted for 52% of the total unsponsored trading volume.

Citi is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries and investors.
For more details on 2020 DR highlights, please refer to the Citi DR website: www.citi.com/dr.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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 | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Contacts

Media:
Sophia Anthony
Citi Global Public Affairs
Banking, Capital Markets & Advisory Communications
+1 (212) 816-7140
sophia.anthony@citi.com

Industry:

Citigroup Inc.

NYSE:C
Release Versions
English

Contacts

Media:
Sophia Anthony
Citi Global Public Affairs
Banking, Capital Markets & Advisory Communications
+1 (212) 816-7140
sophia.anthony@citi.com

More News From Citigroup Inc.

BlackRock Appoints Citi to Provide Select ETF Middle Office Services on Aladdin

NEW YORK--(BUSINESS WIRE)--BlackRock has appointed Citi Investor Services to provide select middle office functions for $4.0 trillion in U.S. domiciled iShares ETFs on the Aladdin platform. Expanding on the long-standing partnership between BlackRock and Citi, this integrated operating model streamlines the lifecycle of an ETF order, offering enhanced transparency into basket composition, order status, and settlement. Chris Cox, Head of Investor Services at Citi, said, “Expanding our ETF and mi...

Citi Announces its Blueprint for Housing Opportunity Initiative — A $60 Billion Commitment to Enhance U.S. Housing Affordability and Help Create and Preserve 250,000 Units Over Five Years

NEW YORK--(BUSINESS WIRE)--Citi today announced its Blueprint for Housing Opportunity initiative — a $60 billion five-year housing affordability commitment dedicated to increasing the supply of housing through the creation and preservation of at least 250,000 units across the U.S. In addition, the Citi Foundation will deploy $50 million in philanthropic grants to non-profits addressing housing challenges and supporting the financial health of residents in their communities, starting with a $1 m...

Citigroup Announces Full Redemption of Series X Preferred Stock

NEW YORK--(BUSINESS WIRE)--Citigroup Inc. is redeeming, in whole, all $2.3 billion aggregate liquidation preference of Series X Depositary Shares representing interests in its 3.875% Fixed Rate Reset Noncumulative Preferred Stock, Series X (the “Preferred Stock”). The redemption date is February 18, 2026, for the Preferred Stock and related Depositary Shares (the “Redemption Date”). The cash redemption price, payable on the Redemption Date for each Depositary Share, will equal $1,000. Holders o...
Back to Newsroom