QuantaSing Group, a Chinese online adult learning service provider, has appointed Citi as depositary bank for its American depositary receipt ( ADR ) programme.

Last week QuantaSing launched an initial public offering of its American depositary shares on the Nasdaq, with each ADS representing three Class A ordinary shares.

The US IPO, the first from a Chinese company this year, raised US$40.63 million, with each ADS priced at US$12.50. The shares closed higher at US$12.52 on their first day of trading.

“Citi is committed to providing QuantaSing and its investors with the highest quality ADR services, and our selection as depositary bank for the company’s ADR programme underscores the depth and breadth of Citi’s cross-border capabilities,” says Dirk Jones, global head of issuer services at Citi.

Citi covers depositary receipt programmes in 67 markets, spanning equity and fixed-income products. It leverages its global network to provide cross-border capital market access to issuers, intermediaries and investors.