NEW YORK--(BUSINESS WIRE)--Citi�s Issuer Services, acting through Citibank, N.A., has been appointed by Lixiang Education Holding Co., Ltd. (�Lixiang Edu�), a leading private education service provider in Zhejiang Province, China, as the depositary bank for its American Depositary Receipt (ADR) program.

Lixiang Edu�s program was established in connection with an approximately $30.8 million initial public offering of its ADRs, priced at $9.25 per ADR (or approximately $35.5 million, if the underwriters exercise their over-allotment option in full). The ADRs are listed on NASDAQ, under the symbol �LXEH�. Each ADR represents five ordinary shares of Lixiang Edu. As a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer�s home market.

�Citi�s selection as depositary bank for Lixiang Edu ADR�s program further underscores our cross-border capabilities and we look forward to drawing on those resources to provide Lixiang Edu�s investors with the highest quality ADR services,� said Dirk Jones, Head of Global Issuer Services at Citi.

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 information about Citi�s Depositary Receipt Services, please visit www.citi.com/dr.

Citi

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Contacts

Sophia Anthony

Citi Global Public Affairs

Banking, Capital Markets & Advisory Communications

+1 (212) 816-7140

[email protected]