Deals
Longi Seeks $2.8 Billion in Largest GDR Sale by Chinese Firm
- Receipt sale would be world’s second-largest listing this year
- Longi has been working with CICC on GDR sale preparations
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Solar power equipment company Longi Green Energy Technology Co. is planning to raise about 20 billion yuan ($2.8 billion) from a sale of global depository receipts in Switzerland, the largest such offering by a Chinese firm.
The Shanghai-listed company will use the proceeds for its solar module projects, according to a filing on Tuesday. The statement doesn’t provide details on the timeline of the offering. At $2.8 billion, Longi’s Swiss GDR sale would be the biggest ever by a Chinese company, according to data compiled by Bloomberg. It would also be the world’s second-largest listing this year after Kenvue Inc.’s $4.4 billion US initial public offering in May.