The sale of Keda Industrial Group's global depository receipts began in Switzerland.
It is the first Chinese company to use the stock connect program for a listing in Switzerland.
The firm opened books to sell 12 million GDRs at a range of 14 to 14.58 each. Keda could raise up to $175 million from the offering.
The price implies a discount to the closing price of Keda. The Keda GDR is equivalent to five of the company's ordinary shares.
The sales are the first of a group whose GDR offerings are poised to hit the Swiss market. Gotion High-Tech Co. is considering taking orders as early as Monday, according to a report.
In order to attract more foreign capital to its market, China expanded its cross-border listing program. Companies listed on one exchange can give depository receipts on the other. The China Securities Regulatory Commission said in February that firms in Switzerland, Germany and Shenzhen would be included in the stock connect.
Chinese firms are expected to launch a Swiss share sale this week.
There is an over-allotment option of two million GDRs and an upsize option of six million GDRs. The proceeds from the sale will be used to build new production lines, expand production capacity and invest in research and development.
The Guangdong Foshan Manufacturing Transformation and Development Fund is set to purchase $44 million worth of GDRs from Keda. The shares could start trading on July 28 after the book closing and pricing are done.
The listing is managed by China International Capital Corp.
(Updates with additional details from terms in seventh and eighth paragraphs.)
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