Chinese companies have found a new foreign listing venue in Switzerland as mounting regulatory pressure from the US forces many to reassess their ties to Wall Street, reports Nikkei Asia. Since the new Swiss listing mechanism kicked off five months ago, nine mainland Chinese enterprises have gone public in Zurich raising a total of $3.15 billion, far exceeding the amount raised in the American equity market in 2022.
The latest to list on the Swiss Exchange, or SIX, was Jiangsu Eastern Shenghong, a private chemical product manufacturer, on Wednesday. The company raised $718 million in the Swiss market’s largest initial public offering of 2022.
“This is a crucial step in the company’s move toward international development,” Jiangsu Eastern said in a statement issued following its Swiss listing. The company said it intended to enhance its production capacity and “entice global investors and accumulate capital for global expansion.”