(Yicai Global) March 17 -- Chinese power battery maker Gotion High-Tech and cardiovascular equipment supplier Lepu Medical Technology have announced plans to go public on Switzerland’s main bourse.

The proceeds of the share sale will go mainly toward boosting Gotion’s battery production capacity and expansion in overseas markets such as Europe, North America, and Asia, the Volkswagen-backed firm said in a statement late yesterday.

Lepu Medical said the same day that it plans to use the funds raised to promote the research and development, registration, and commercialization of its products abroad. The Beijing-based company added that it also intends to build plants overseas.

Their announcements, following that by heavy machinery maker Sany Heavy Industry earlier this week, mean that after the London Stock Exchange, the Six Swiss Exchange is becoming another important venue for Chinese companies to list in Europe. Four Shanghai-listed firms have sold global depositary receipts in London since the Shanghai-London Stock Connect began in 2018. 

Sany will issue GDRs via the Stock Connect and list them in Switzerland, the Changsha-based company said on March 15. The proceeds will be used to promote its international business, which should improve its competitiveness and profitability, it said.

After US-listed Chinese stocks slumped in recent days because of US regulations, the China Securities and Regulatory Commission announced yesterday that the government will continue to facilitate the high-level opening up and support overseas listings of companies that meet certain criteria, so as to keep overseas listing channels open. 

Editors: Tang Shihua, Futura Costaglione