Market Overview

Citi Appointed as Depositary Bank for Phoenix Tree Holdings Limited's Sponsored ADR Program

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Citi's Issuer Services, acting through Citibank, N.A., has been appointed by Phoenix Tree Holdings Limited ("Danke"), one of the largest and fastest growing co-living platforms redefining China's residential rental market through technology, as the depositary bank for its American Depositary Receipts (ADR) program.

Danke's program was established in connection with a $129,600,000 initial public offering of its ADRs (exclusive of the over-allotment option), priced at $13.50 per ADR. The ADRs are listed on the New York Stock Exchange under the symbol "DNK". Each ADR represents 10 Class A ordinary share of Danke. As a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer's home market.

"We are excited to partner with Danke and are committed to offering its investors 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 61 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

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

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