(Yicai Global) Nov. 15 -- Sunwoda Electronic, China's fifth-biggest battery maker, followed in its rival Gotion High-Tech's footsteps and listed its shares on the principal stock exchange of Switzerland, raising about USD440 million.

The company issued global depositary receipts on the Six Swiss Exchange yesterday, becoming the second domestic battery manufacturer to list its shares on the major European bourse after Volkswagen-backed Gotion, according to the Shenzhen-based firm's statement. It also became the fourth Shenzhen-listed company that offered shares in Europe. Sunwoda raised funds for its global expansion, research and development, and working capital replenishment.

The battery firm's Shenzhen-listed shares climbed 2.4 percent to close at CNY25.83 (USD3.70). But they are still nearly 40 percent down over the past year.

Europe is attracting an increasing number of Chinese firms seeking equity financing as the China Securities Regulatory Commission revised its rules in December to open up a link between the Chinese and European capital markets.

Sunwoda offered almost 28.8 million shares, priced at USD15.30 apiece, without a greenshoe option. The volume equals around 143.8 million units on the mainland, or 8.4 percent of the firm's total share capital before the issuance, and the portion is one of the largest among all Chinese firms issuing GDRs from China on the Six Swiss Exchange. After the move, the shares make up about 7.7 percent of the company's total. 

Founded in 1997, Sunwoda designs, makes, and sells lithium cells and modules. From January to October, the firm was China's fifth-largest battery manufacturer with an installed capacity of 5.5 gigawatt-hours, more than quadrupling year-over-year, according to statistics from the China Automotive Power Battery Industry Innovation Alliance.

Sunwoda had a stellar third quarter as the company recorded a 50 percent increase in revenue to CNY14.9 billion (USD2.1 billion) from a year ago, based on its earnings report. Net profit jumped more than six times to CNY316 million (USD44.9 million).

Editor: Emmi Laine, Xiao Yi