Gotion High-Tech rings bell at Swiss Stock Exchange

Shanghai (Gasgoo)- On July 28, Gotion High-Tech, a Chinese power battery manufacturer, rang the bell at the Swiss Stock Exchange to celebrate its public listing by issuing global depositary receipts (GDRs), becoming one of the first Chinese companies listed on the Swiss Stock Exchange.

Photo credit: Gotion High-Tech

Gotion High-Tech said it had issued 22,833,400 GDRs at an offer price of $30 per GDR. Each GDR represents an interest in five A shares of the company. Gross proceeds from the GDR offering amounted to roughly $685 million.

The aforesaid GDR issuance is the largest-ever GDR project in terms of size of the underlying issue on the Swiss Stock Exchange since the implementation of the China-Europe Stock Connect rules, and also the biggest equity financing project issued in the Swiss market so far this year.

Notably, Gotion High-Tech is to-date the only Chinese power battery manufacturer that succeeded in going public in Switzerland.

After the milestone public listing, Gotion High-Tech will continue to expand overseas production capacity of battery products and raw materials through investment in fixed assets, acquisition of equity interests or other approaches, and step up investment in R&D to ensure its leadership in the battery technology field, the company said.

Apart from Gotion High-Tech, the three Chinese companies—GEM Co., Ltd., Ningbo Shanshan Co., Ltd., and Keda Industrial Group Co., Ltd.—also landed the Swiss Stock Exchange on the same day.