Move set to broaden financing channels for development of company’s international business
SANY Heavy Industry are to become the first Chinese company to list their shares in Switzerland.
The Chinese construction machinery giant said that to broaden the financing channels for the development of its international business and further enhance its global brand influence, it has decided to list on Switzerland’s stock exchange via global depositary receipts (GDR).
SANY will issue global depositary receipts via the link between the Shanghai Stock Exchange and the London Stock Exchange and list them on Switzerland’s principal exchange, the SIX Swiss Exchange.
After listing, the funds raised will primarily be used in the company’s overseas operations as a booster for its internationalization progress.
SANY say the move will help improve profitability and comprehensive competitiveness in the global market, in line with the company’s long-term development strategy.