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28 July 2022

On 28 July 2022, Ningbo Shanshan Co., Ltd., a joint stock limited lability company incorporated in the People's Republic of China, a forerunner and leader in lithium battery materials for the global electric vehicle industry, has issued and listed 15,442,300 global depositary receipts (GDRs) at an offer price of USD 20.64 per GDR on the SIX Swiss Exchange (ISIN: US65447N1037, ticker: SSNE), thereby successfully tapping the Swiss capital market and raising approx. USD 310.5 million net proceeds. Each GDR represents five A shares of Ningbo Shanshan, which in turn are listed on the Shanghai Stock Exchange (600884.SH).

Citibank N.A. acts as depositary bank, whereas Huatai Financial Holdings (Hong Kong) Limited, Guotai Junan Securities (Hong Kong) Limited, CLSA Limited and Haitong International Securities Company Limited act as Joint Bookrunners and Joint Global Coordinators, respectively.

Together with three other Chinese listed issuers, Ningbo Shanshan was one of the first Chinese entities making use of the GDR segment at SIX and the corresponding the revised SIX regulations on GDRs as recently approved by the FINMA in the context of the China-Switzerland Stock Connect system. No GDRs had ever been listed at the SIX so far. These landmark deals attracted extensive global financial media coverage.

VISCHER acted as SIX Listing Agent for Ningbo Shanshan, whereas Advestra acted as Swiss counsel and Linklaters as international lead counsel. The VISCHER team led by partner Dr. Adrian Dörig (Head of Banking & Finance) comprised Dr. Peter Kühn (Counsel, Banking & Finance), Christian Schneiter (Senior Associate, Banking & Finance), Anna Salm (Junior Associate, Banking & Finance), Lukas Züst (Head China Desk) and Qinqin Yao (Legal Expert China Desk).