The 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 that managed to do so.
The IPO in Switzerland brings Gotion gross proceeds of around 685 million US dollars, about 672 million euros, by issuing global depositary receipts (GDR). The company intends to use the capital primarily to expand its production capacities of battery products and raw materials overseas, according to a statement by Gotion High-Tech. The IPO was conducted in parallel on the Swiss Stock Exchange, Shenzhen Stock Exchange and Shanghai Stock Exchange.
“We are delighted with the successful pricing of our offering of GDRs and the interest from domestic and international investors in our company,” said Li Zhen, chairman and chief executive officer of Gotion. “This is a major milestone in the history of Gotion. Our principal shareholders and I remain fully committed in the long-term to further driving Gotion’s growth story.”
Gotion has continued to scale its business in recent months, with recent figures from SNE Research showing production in the first half of the year increased from 2.2 GWh in the first half of 2021 to 5.8 GWh, a growth of 165 per cent. In June, Gotion had opened two battery factories in China, and battery production in Göttingen is scheduled to start in 2023.
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