A Chinese engineering machinery manufacturer, a medical equipment producer and a battery maker all revealed plans to list on the SIX Swiss exchange after Beijing showed support for domestic companies listing offshore, reports Reuters. Shanghai-listed Sany Heavy Industry, and Shenzhen-traded Gotion High Tech and Lepu Medical Technology (Beijing) said in respective filings that they aim to sell Global Depository Receipts in Switzerland to fund global expansion.
The companies also said they were answering government calls to strengthen connectivity between Chinese and European capital markets, and that listing overseas would help broaden financing channels and improve corporate governance.
Late last year, China broadened a stock connect scheme linking Shanghai and London to include capital markets in Germany and Switzerland. The first batch of applicants under the expanded scheme comes as Chinese vice premier Liu He said on Wednesday the Chinese government continues to support offshore listings by domestic companies.