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China’s Gotion High-Tech Raises $685 Million in Zurich GDR Sale, Sources Say

  • Depository receipt sale priced at bottom of a marketed range
  • Chinese firms tapping stock connect to sell GDRs overseas
Updated on

Chinese battery maker Gotion High-Tech Co. raised $685 million after pricing its global depositary receipts in Switzerland at the bottom of a marketed range, as Chinese firms rush to take advantage of the expanded stock connect program.

The company sold 22.8 million GDRs at $30 each, according to a press release, confirming an earlier Bloomberg News report. They were marketed between $30 and $30.28 each. Each GDR represents five of the company’s A-shares.