Sunwoda Electric Company (Sunwoda) and Hangzhou GreatStar Industrial Company (GreatStar) have chosen Citibank’s issuer services as the depositary bank for their global depositary receipt (GDR) programmes, listed on the SIX Swiss Exchange.
Sunwoda, which produces lithium-ion battery cells and modules, established their GDR programme with a US $440 million initial public offering. The partnership with Citibank marks a development in the company’s globalisation efforts, Sunwoda says.
Industrial conglomerate GreatStar produces hand tools, smart tools, laser products and robots. Its GDR programme was established with a US $155 million initial public offering.
The company aims to accelerate onboarding and expand into the global market.
Sunwoda and GreatStar are the sixth and seventh companies to join the China-Swiss Stock Connect programme, following the announcement of the scheme’s first clients in July 2022.
WIlliam Wang, chairman of Sunwoda, comments: “We will continue to leverage both domestic and international capital markets to strengthen our business and enhance our brand as a world-leading new energy enterprise.”
Dirk Jones, global head of Citi’s issuer services, says: “Citi’s cross-regional capabilities, global network, the ability to enhance investor access, and our experience gained from the previous Connect GDR programmes will serve these issuers well. We expect to see more issuers raise capital and participate through the Connect Scheme in the future.”
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