At 9:00 p.m. on July 28, Beijing time and 3:00 p.m. on July 28, Swiss time, Gotion High-Tech’s GDRs were successfully listed on the SIX Swiss Exchange with the sound of six crisp bells. The Chinese Ambassador to Switzerland, Wang Shiting, Swiss SIX Group Executive Board of Directors and head of the Global Exchange Tom Zeeb, and deputy general manager of the Shenzhen Stock Exchange, Tang Rui, delivered a speech and witnessed.
On 7.28, the listing ceremony of the first batch of GDRs for the China-Switzerland Stock Connect was held simultaneously on the SIX Swiss Exchange, the Shenzhen Stock Exchange and the Shanghai Stock Exchange. The listed companies by issuing GDRs at the SIX Swiss Exchang include Gotion High-Tech, GEM, Shanshan and Keda Manufacturing. Among them, Gotion High-Tech is the company with the largest GDR basic issuance scale at the Swiss Stock Exchange since the implementation of the China-Euro Connect and is the only Chinese company providing new energy solutions including electric vehicle (EV) batteries and energy storage systems (ESS) batteries that have been successfully listed in Switzerland so far. Mr. CAI Yi, Senior Vice President of Gotion High-Tech and President of ITRI, and Mr. WANG Qisui, President of China Business Section, delivered speeches on behalf of the Company at the SSE and SZSE respectively.
Mr. CAI Yi stated in his full English speech that the successful listing of Gotion High-Tech’s GDRs is a milestone in the Company’s internationalization process. We will continue to expand our production capacity around the world, continue to invest in research and development to ensure our leading position in battery technology, continue to maximize shareholder value, continue to contribute to society and support the families of our employees around the world.
In his speech, Mr. WANG Qisui said that the development of Gotion High-Tech is inseparable from the support of the government, the progress of Gotion High-Tech is inseparable from the opportunities of the industry, the growth of Gotion High-Tech is inseparable from its own efforts, and the future of Gotion High-Tech is inseparable from its compliance with international rules. “The successful issuance of our GDRs represents the recognition of the industry by domestic and foreign investors, and the recognition of Gotion High-tech not only shows the determination of the Chinese government to support the development of the new energy industry but also shows the confidence of Chinese enterprises to enter the international markets. It refreshes the world’s understanding of the energy revolution.”
According to information from the Shenzhen Stock Exchange, with the approval of the China Securities Regulatory Commission, Gotion High-Tech has been listed at the Swiss Stock Exchange on July 28. It is the project with the largest issuance scale and the smallest discount among the first batch of Swiss GDR issuance projects. The number of Gotion High-Tech’s GDRs placed amounted to 22,833,400 shares, accounting for 6.4% of the total equity interest after the issuance of GDRs; the offer price was US$30.00 (the offer price represented a discount of 3.5% on the previous closing price), and the gross proceeds of the GDRs were about US$685 million. After the listing of Gotion High-Tech’s GDRs, the market performance was stable. On the first day of listing, the closing price was US$30, which was the same as the offer price.
Topic: Press release summary
Sectors: Alternative Energy
From the Asia Corporate News Network
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The International Business Awards® are the worlds premier business awards program. All individuals and organizations worldwide public and private, for-profit and non-profit, large and small – are eligible to submit nominations. The 2022 IBAs received entries from organizations in 67 nations and territories. More than 3,700 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories.
Stevie Award winners were determined by the average scores of more than 300 executives worldwide who participated in the judging process in June and July. Eastvantages impressive 12% revenue growth amidst the pandemic, brought about by its #everybodysells campaign and 360°+ business development cycle strategy, received commendations from the judges. The companys 70+% increase in accounts portfolio and headcount in 2021 earned for the company the highest earnings in its 11 years of operations.
We are honored by this recognition. We are very proud of what the Eastvantage team has achieved together in the past year. The growth is expected to continue, as we are bent on seizing opportunities by continually evolving in line with market demand, said Joeri Timp, Managing Director of Eastvantage.
The higher focus on complex and digital services is expected to contribute high value to the business. Our direction is to further expand globally and be the IT Managed Services partner of choice, shared Kamal Asarpota, CEO of Eastvantage. With a stronger team aligned with our goals, we are positive of continued growth, he added. Already, the company has opened up additional delivery centers in the Philippines, India, and Bulgaria. It has also recently engaged a US-based Business Strategy Advisor for its diversification in North America.
Timp and Asarpota are expected to join other winners at a gala banquet to be held at the InterContinental London Park Lane Hotel, in London, England, on Saturday, October 15. It will be the first live IBA awards ceremony since 2019.
Were thrilled that were able to return to celebrating Stevie winners in person this year, said Stevie Awards president Maggie Miller. This years class of honorees are as innovative, adventuresome, persistent, and successful as weve ever had. We look forward to celebrating their achievements with them during our 15 October awards banquet in London.
Eastvantage provides business solutions to global companies, enabling offshore operations from its locations in the Philippines, India and Bulgaria. The management team of Eastvantage brings a wealth of global insights and local knowledge in the areas of digital transformation, customer experience, and business support. Combining expertise with a hands-on approach to managing client relationships, Eastvantage makes outsourcing simple and seamless. Find out more about our flexible solutions at www.eastvantage.com.
About the Stevie Awards
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 nominations each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at www.StevieAwards.com.
The acquisition is expected to strengthen ARTs presence in its existing markets. The assets are predominantly located in Asia-Pacific with seven of the assets in Australia, Japan and Vietnam, and two in France and the USA. The acquisition of the nine properties with a total of 1,018 units will grow ARTs total assets to S$8.3 billion as of 31 December 2021 on a pro forma basis, further consolidating ARTs position as Asia-Pacifics largest hospitality trust. Post-acquisition, ARTs portfolio will exceed 100 properties, with over 18,000 units across 47 cities and 15 countries.
The acquisition will enhance ARTs income resilience as 92% of the nine assets gross profit are from stable income sources. It will further increase ARTs total proportion of stable income from 69% to 71% of its gross profit. ART is acquiring three serviced residences – Quest Cannon Hill in Brisbane, Australia and La Clef Tour Eiffel Paris in France that are on master leases; and Somerset Central TD Hai Phong City in Hai Phong, Vietnam which caters mainly to corporate guests and has an average length of stay of about 11 months. The five rental housing properties in Japan have typical lease tenures of about two years. They are in Kyoto, Osaka, Hyogo and Nagoya. The acquisition will expand ARTs footprint to Hai Phong, Hyogo and Nagoya, further diversifying its portfolio.
In South Carolina, USA, ART is doubling its stake in Standard at Columbia, acquiring an additional 45% stake in the student accommodation property. Student accommodation properties typically have an average length of stay of about one year. Standard at Columbia is expected to perform well given its prime location and growing student population. ARTs portfolio of operating student accommodation properties in the USA have achieved a strong occupancy rate of over 95%. Currently under development, Standard at Columbia is slated for completion in 2Q 2023. For more information about the nine assets, please refer to Annex.
Ms Serena Teo, Chief Executive Officer of Ascott Residence Trust Management Limited and Ascott Business Trust Management Pte. Ltd. (the Managers of ART) said: We are proposing to acquire nine quality assets that will increase ARTs stable income and further strengthen the resilience of our portfolio, demonstrating our focus to deliver long-term value for our Stapled Securityholders. The acquisition will enhance our geographically diverse portfolio while deepening our presence in our key markets of Australia, France, Japan, USA and Vietnam. The addition of the five rental housing properties in Japan and a student accommodation property in the USA will increase the proportion of our longer-stay portfolio from 17% to 19% of ARTs total portfolio value. This will bring us closer to our target of 25% – 30% for longer-stay assets in the medium term. The acquisition is also set to boost ARTs proportion of green-certified properties, reinforcing our focus on sustainability. ART continues to seek yield-accretive investments while remaining committed to sustainability and taking a disciplined approach in managing our capital and costs.
The transaction is expected to be completed by November 2022, subject to Stapled Securityholders approval at an Extraordinary General Meeting to be held on 9 September 2022. The acquisition is to be funded by debt and/or proceeds from a private placement. Post-acquisition, ART will have a gearing of 38.5% which is well below the 45% gearing threshold set by the Monetary Authority of Singapore. ART remains in a strong financial position to continue to make yield-accretive acquisitions. With ARTs longer-stay portfolio comprising 19% of its total portfolio value and the strength of its balance sheet, ART is also resilient against any potential economic volatility.
Well-positioned to benefit from recovery in global travel
The three serviced residences to be acquired are located in key gateway cities and growth markets. The luxurious La Clef Tour Eiffel Paris has an average daily rate that is more than 30% higher compared to pre-COVID-19 level. The serviced residence has an occupancy rate of about 80%, which is above pre-COVID-19 occupancy. Its performance is expected to pick-up as Paris tourism market fully recovers by 2023 and as the city hosts the 2024 Summer Olympic Games.
Quest Cannon Hills occupancy rate is about 95%, exceeding its pre-COVID-19 performance. Its occupancy is expected to remain robust as Brisbane continues to develop and upgrade its infrastructure to attract more domestic and international arrivals. Similarly, Somerset Central TD Hai Phong City is well-positioned for further growth as Hai Phong, Vietnams third largest city, continues its trajectory of economic development as an industrial hub. In 2021, Hai Phong surpassed Ho Chi Minh City and Hanoi as the top foreign direct investment destination in Vietnam with a registered capital of more than US$5.26 billion, nearly 3.5 times compared to 2020. Somerset Central TD Hai Phong City has an occupancy rate of over 90%, which is in line with its pre-COVID-19 level. The serviced residences historical EBITDA yield pre-COVID-19 is about 9.7%.
Greening ARTs portfolio
The acquired properties will increase the proportion of ARTs green-certified properties from approximately 35% to 38% of its global portfolio by square metre. Quest Cannon Hill, La Clef Tour Eiffel Paris, Somerset Central TD Hai Phong City and Standard at Columbia are expected to be green-certified before the end of 2023. They will contribute to ARTs sustainability targets of greening 50% of its global portfolio by 2025 and 100% of its global portfolio by 2030.