Gotion High-Tech hits the Swiss stock exchange
Chinese battery cell manufacturer and Volkswagen partner Gotion High-Tech has been listed on the Swiss Stock Exchange (SIX) as part of the first group of companies from China to do so. This may interest you : Stop looking for shortcuts in your high-tech career path.
The IPO in Switzerland will bring Gotion gross proceeds of approximately USD 685 million, or approximately EUR 672 million, through the issuance of Global Depositary Receipts (GDRs). According to Gotion High-Tech, the company plans to use the capital mainly to expand the production capacities of battery products and raw materials abroad. The IPO was conducted in parallel on the Swiss Stock Exchange, the Shenzhen Stock Exchange and the Shanghai Stock Exchange.
“We are pleased with the successful pricing of our GDRs offering and the interest of domestic and international investors in our company,” said Li Zhen, chairman and CEO of Gotion. “This is an important milestone in Gotion’s history. Our major shareholders and I remain fully committed to the further development of Gotion’s growth story in the long term.
Gotion has continued to expand its business in recent months. Recent figures from SNE Research show that production increased from 2.2 GWh in the first half of the year to 5.8 GWh in the first half of 2021, a 165 percent increase. In June, Gotion opened two battery factories in China, and battery production in Göttingen is expected to begin in 2023.
