GreenTree Hospitality Group Ltd. mandated Deutsche Bank as depositary bank for its NYSE-listed level III American depositary receipt program.

The Chinese hotelier raised US$143 million March 29 from its upsized IPO on the New York Stock Exchange. About 10.2 million American depositary shares commenced trading March 27 under the GHG ticker.

The issuance of the American depositary shares was priced at US$14 per share, below the projected range of US$16.00 per share to US$18.00 per share.