Sunwoda lists GDRs on SIX Swiss Exchange

Shanghai (Gasgoo)- On Nov. 14, Chinese battery maker Sunwoda Electronic Co., Ltd. ("Sunwoda") celebrated its public listing on the SIX Swiss Exchange by issuing global depositary receipts (GDRs), marking a milestone for the company's global strategy advancement.

As the seventh Chinese company to be listed on the SIX Swiss Exchange, Sunwoda has issued 28.759 million GDRs at an offer price of $15.3 per GDR. Gross proceeds from the GDR issuance amounted to roughly $440 million.

Photo credit: Sunwoda

The company said the proceeds will be mainly used to boost its global businesses, step up R&D capability, and supplement working capital, so as to further expand its global markets and enhance its brand's competitiveness on the world's stage.

The China-Switzerland Stock Connect was officially launched on July 28, 2022, beginning a new chapter in capital market cooperation between the two countries. As one of the leading stock exchanges in the world, the SIX Swiss Exchange will provide ideal conditions for Chinese companies' acquisition of overseas financing channels and development of overseas businesses.

Sunwoda said the successful GDR offering indicated that the company has gone into an important development phase regarding global strategy, contributing to its building of global production system, improvement of global operation ability, as well as the sustainable development.