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.