People familiar with the matter say Gotion High-Tech Co. raised $685 million after pricing its global depositary receipts in Switzerland at the bottom of a marketed range.
The company sold 22.8 million GDRs at a price of $30 each. The price was between $30 and $30.28 each. Five of the company's ordinary shares are represented by GDRs.
A representative for Gotion couldn't say anything.
The largest of the four China-listed companies that have been rushing to sell shares in Switzerland this week was the one that offered the most. The stock connect program makes it easier for firms registered on one exchange to offer depository receipts on the other.
Building materials manufacturer Keda Industrial Group Co. raised $173 million and battery maker Gem Co. raised as much as $245 million in their initial public offerings. The companies are going to start trading in Switzerland.
Gotion was founded in 2006 and has research centers in China, Singapore, the US, Germany and Japan. Volkswagen acquired a 1.1 billion euro stake in 2020.
The China International Capital Corp. and the Haitong International Securities Group are global coordinators.
Annie Lee helped with the project.
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