Successful Chinese GDR listings in Switzerland under the new China-Switzerland Stock Connect program

Kühn, Peter / Züst, Lukas / Schneiter, Christian, Successful Chinese GDR listings in Switzerland under the new China-Switzerland Stock Connect program, published in: SwissCham, The Bridge Newsletter, Fall 2022, Issue 1, available on https://app.glueup.cn/organization/2318/campaign/61902.

On 28 July 2022, the first four Chinese companies, i.e. (i) Gem, (ii) Gotion High-Tech, (iii) Keda Industrial Group, and (iv) Ningbo Shanshan, have listed global depositary receipts (GDRs) on the SIX Swiss Exchange (SIX) and started trading in Switzerland, thereby successfully tapping the Swiss capital market and raising around USD 1.6 billion total. No GDRs had ever been listed on the SIX so far. Accordingly, these landmark transactions attracted extensive Swiss, Chinese and global financial media coverage and were perceived as a large success for all involved parties, institutions and advisors alike.