China-Euro Stock Connect Launch to a Flying Start, Gotion High-Tech GDR is officially listed on the SIX Swiss Exchange
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
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