Gotion issues GDRs & goes public on the Swiss Stock Exchange
HEFEI, China, July 28, 2022 /PRNewswire/ -- On July 28, Gotion High -Tech Co., Ltd. (SZE: 002074 / SSE GDRs: GOTION), the world-leading Chinese power battery manufacturer, officially listed on the Swiss Stock Exchange by issued global depositary receipts(GDR), becoming the first group of Chinese companies that came to Swiss Stock Exchange.
The Swiss Stock Exchange and the Shenzhen Stock Exchange and Shanghai Stock Exchange held a simultaneous ceremony of China-Swiss Stock Connect Celebration and GDRs Listing Event in the 3 city.Mr. Fang Xinghai, Vice Chairman of CSRC, and Mr. Stoffel, State Secretary of the Swiss Ministry of Finance, announced the official opening of the GDR business for the connection of the Swiss and Chinese securities markets.
Gotion has placed 22,833,400 GDRs at an offer price of USD 30.00 per GDR, with one GDR representing an interest in five A shares of the Company, resulting in gross proceeds of approximately USD 685 million from the Offering.
The issue of GDR is the largest 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. it is also the largest equity financing project issued in the Swiss market so far this year.
Gotion particularly to grow overseas production capacity of battery products and raw materials through investment in fixed assets, acquisition of equity interests or other means, to increase the Company's international footprint, to increase working capital and to match other general corporate uses, and to help the Company Contribute to the common goal of the world about carbon peaking eventually.
Mr. LI Zhen, Chairman of the Board and General Manager of Gotion, says: "We are delighted with the successful pricing of our offering of GDRs and the interest from domestic and international investors in our company. This is a major milestone in the history of Gotion. Our principal shareholders and I remain fully committed in the long-term to further driving Gotion's growth story."
Gotion High-tech is one of the earliest companies in China to engage in independent research and development, production and sales of EV lithium-ion batteries, and has grown into a world-leading and rapidly expanding provider of new energy solutions. Volkswagen officially became the largest shareholder of Gotion at the end of 2021.
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