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SIX Officially Launches the Swiss GDRs-leg of the China-Switzerland Stock Connect Together With Shanghai and Shenzhen Stock Exchanges

by swisschambei in Business

SIX officially launched the Swiss GDR-leg of the China-Switzerland Stock Connect with the participation of senior government representatives from China and Switzerland. In addition to the official launch celebrations, the first Chinese companies aim to list their Global Depository Receipts GDRs this afternoon and trading is expected to start in the newly established GDR trading segment on SIX Swiss Exchange. Since signing the Memoranda of Understanding (MoU) in 2019, SIX has been working closely with the Shanghai and Shenzhen Stock Exchanges to establish a Stock Connect offering that is equally accessible for Chinese and Swiss market participants. Stock Connect, which provides a cross-listing framework between Chinese and Swiss exchanges, allows companies from each market to access investor pools in the other market and raise capital by issuing and listing GDRs on SIX Swiss Exchange and Chinese Depository Receipts on the Chinese exchanges. Stock Connect is another important step for the Chinese financial sector in opening up bringing the capital markets of China and Switzerland even closer together. At the same time, it will offer new attractive opportunities to investors as well as companies in both countries.

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SIX Swiss Exchange Gets First Chinese Member

by swisschambei in Business

China International Capital Corp.’s U.K. division became the first Chinese bank to become a member of the Swiss exchange, the investment bank said in a press release Friday. CICC UK, which was set up in 2009, is the central platform the investment bank uses for cross-border investment and financing services for its clients from Europe, the Middle East and Africa which are doing business in China, and for Chinese clients seeking cross-border investments in and financing from those regions, the release said. Xinhan Xia, CEO of CICC UK, said becoming a member of SIX Swiss Exchange will allow the bank to better connect the capital markets and investors across China, Switzerland and Europe. In the statement, Xinhan said the step marked a «key milestone» in CICC’s European and international expansion. CICC provides financial services to corporates, institutions and individuals globally, including in the equities, private equity, asset management and wealth management segments. SIX Swiss Exchange is Switzerland’s main stock exchange, with services in other securities, such as bonds and derivatives.
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Switzerland’s Alpex Pharma Inks a Deal with Chinese Giant Ban Loong Holdings

by swisschambei in Business

Switzerland-based Alpex Pharma has signed a strategic cooperation agreement with the Chinese Pharma conglomerate Ban Loong Holdings. Ban Loong’s Chief Executive, Tang Ming recently visited Alpex Pharma to finalize and sign the partnership agreement with the Swiss company. The signing ceremony was attended by the President of Alpex Pharma, Kevin McKenzie, the CEO of Alpex Pharma, Shahbaz Ardalan, the Head of Research and Development, Gabriele Granata, and other prominent members.Ban Loong is a Hong Kong-based organization whose principal shareholders include Yunnan Baiyao Group Co. Ltd, one of China’s largest hybrid pharmaceutical and healthcare companies, and Shanghai Pharmaceuticals Group Co., which was the first company in China to get dual-listed by the Shanghai and Hong Kong Stock Exchanges. Last year, Shanghai Pharmaceutical, a Global Fortune 500 company, brought in Yunnan Baiyao as a strategic investor through a non-public offering of shares to support the company’s long-term business development, improve the industrial layout and enhance the company’s overall strength.
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Swiss Watches Exports to China Plummet in April

by swisschambei in Business

On May 31, the Swiss watch-makers association announced that the country’s watches exports to China plummeted in April, owing to the Chinese government’s zero-Covid policy, which has slowed down growth in the hitherto booming sector.In April, exports to China, one of the largest markets for Swiss watch manufacturers, fell by 57.8%, according to the association’s figures. Swiss watches exports continued instead to grow at a healthy rate in the USA, where they increased by 37% in April, having posted a 31.8% rise the previous month. They were up by 18.2% in Japan and by 29.7% in Singapore, and continued to grow in Europe, where they recorded a 16% rise. A positive trend that is well-established in the major markets that were hit hard by the absence of tourists during the pandemic, as exports increased by 21.2% in the UK, 48.6% in France and 25.5% in Italy. Despite the “Chinese market’s slowdown,” the association said in a press release, “global growth remains sustained.” In April, the value of Swiss watch exports worldwide was CHF1.9 billion (€1.8 billion), equivalent to a 7.3% increase over April last year. A result that was however weaker than the 24% growth recorded in February, and the 11.8% one recorded in March.

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Six Swiss May Be Better Option for Overseas Chinese Listings, Exchange’s CEO Says

by swisschambei in Business

Switzerland may be a better destination for Chinese companies seeking to go public overseas, the chief executive officer of the Six Swiss Exchange told Yicai Global. The New York Stock Exchange, Nasdaq, and the Hong Kong Stock Exchange are much bigger markets than Six, Jos Dijsselhof said in a recent interview. But if a company is interested in being a bigger fish in a smaller pond, instead of being a smaller fish in a very big pond, then Six would be an attractive option, he added. Zurich-based Six was set up in 1993. With a total market capitalization of USD1.8 trillion, it was Europe’s fifth-biggest stock exchange as of January 2021, according to data provider Statista. “Switzerland is not a part of the European Union, but an independent and neutral place with very good segments like life sciences, biotechnology, financial services, and construction and materials,” Dijsselhof noted. “We have a lot of advantages and we bring all of those advantages to play for investors.” Dijsselhof said he was confident that the first Chinese listing in Switzerland would happen in the second half of this year. Even “hopefully a couple of listings,” he said. So far, engineering equipment giant Sany Heavy Industry, battery materials supplier Shanshan Holding, battery maker Gotion High-Tech, and cardiovascular equipment supplier Lepu Medical Technology have set out plans to list in Switzerland, Dijsselhof noted, adding that there is a long list of companies that are interested in listing on Six, but have not made their plans public yet.

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Three Chinese Lithium Companies Pursue Secondary Listings in Europe

by swisschambei in Business

Three Chinese lithium companies are planning secondary listings in Switzerland, The Paper reported. These three companies are Keda Industrial Group Co Ltd, Gotion High-tech and Ningbo Shanshan Co Ltd. Keda announced on April 8 that it planned to terminate the non-public offering of A shares in 2022 and apply for overseas issuance of global depository receipts or GDR and listing on the SIX Swiss Exchange. Global depository receipts refer to globally issued stocks and bonds that can be traded in two or more financial markets, which can facilitate international investors in stock trading, dividend payment and rights offering. The newly added A shares of underlying securities represented by the issuance of GDR shall not exceed 100 million shares, which shall not exceed 5.3 percent of the total share capital of the company’s ordinary shares prior to this issuance, the report said, citing Keda’s announcement. After issuance expense deduction, the company will use the raised funds from the issuance of GDR to expand its main business and strategic investment business, promote the global layout and supplement the company’s operational capital, Keda said.

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Switzerland Remains Global Patent Leader

by swisschambei in Business

Swiss companies filed almost seven times as many patent applications per million inhabitants last year as companies in the United States. The medical technology sector led the field. After a slight decline due to Covid in 2020, patent applications in Europe rose again last year, the European Patent Office (EPO) said in a statement. The Munich-based body received a total of 188,600 patent applications in 2021, an increase of 4.5% year-on-year, setting a new record. It registered 8,442 patent applications from Switzerland, up 3.9%. The US remains the country with the highest number of patent applications (46,553), while patent filings from Chinese companies “continued to climb steeply”, increasing by 24% last year (16,665), the EPO said. Per million inhabitants, however, Switzerland remains way out in the lead with 969 patent applications, followed by Sweden (488), Denmark (454), the Netherlands (383) and Finland (380). The US had 140 applications per million inhabitants and the UK 82.

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Chinese Investors Rediscover Taste for Swiss Companies

by swisschambei in Business

After a pandemic-related slump in 2020, Chinese companies last year spent more money on acquisitions or investments in Swiss companies. They invested a total of USD 96 million (CHF89 million) on nine deals. In 2020 they spent only USD 7 million on eight acquisitions or investments in Switzerland, according to a study published on Friday by consultants EY. Three of the nine transactions in 2021 were in the healthcare sector (pharma, biotech or medical technology), while there were two in consumer products and services. “In Switzerland in particular the healthcare sector is increasingly becoming one of the most important targets for Chinese companies because there’s a lot of catching up to be done in this area in China, especially in research and development,” said Hubert Stadler, head of EY’s China desk in Switzerland. This trend can be observed throughout Europe. The number of Chinese acquisitions and investments in the health sector increased from 16 in 2020 to 26 last year. Overall, Switzerland’s nine deals put it in sixth place; the previous year it shared fifth place with Italy and Spain. At the top, Britain (36 deals) overtook Germany (35).

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Three Chinese Companies Plan Swiss Listings

by swisschambei in Business

Three Chinese companies – an engineering machinery maker, a battery producer and a medical equipment manufacturer – unveiled plans on Wednesday to list on the SIX Swiss Exchange, as Beijing reaffirms its support of offshore listings. Shanghai-listed Sany Heavy Industry Co, and Shenzhen-traded Gotion High Tech Co and Lepu Medical Technology (Beijing) Co said in respective filings that they aim to sell Global Depository Receipts in Switzerland to fund global expansion. The companies also said they were answering government calls to strengthen connectivity between Chinese and European capital markets, and that listing overseas would help broaden financing channels and improve corporate governance. Late last year, China broadened a stock connect scheme linking Shanghai and London to include capital markets in Germany and Switzerland. The first batch of applicants under the expanded scheme comes as Chinese vice premier Liu He said the Chinese government continues to support offshore listings by domestic companies.

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ACROBiosystems Establishes Presence in the Basel Area

by swisschambei in Business

ACROBiosystems, which is headquartered in Beijing, has selected the Basel Area for its first European location. From here, the biopharmaceutical firm plans to expand its research and commercial activities in Europe. The Chinese firm ACROBiosystems, which is headquartered in Beijing, is to establish a presence at the Allschwil site of the Switzerland Innovation Park Basel Area. This is the biopharmaceutical firm’s first European subsidiary, while it already operates a site in Newark in the US State of Delaware. From  the Basel Area, ACROBiosystems intends to expand its research and commercial activities across Europe, according to a statement. Both, the investment and innovation promotion agency Basel Area Business & Innovation and the foundation Switzerland Innovation, which brings innovative companies into contact with scientific institutions, supported ACROBiosystems in establishing its business in the area. “We welcome ACROBiosystems as promising contributor to our vibrant life sciences community at the Switzerland Innovation Park Basel Area in Allschwil”, comments Karin Crisanto, Head Innovation Space and Infrastructure at Basel Area Business & Innovation. “With its focus on collaboration with local customers and partners the company is a good fit for us.”

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