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| Sunday, 24 July 2022, 16:17 HKT/SGT | |
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HONG KONG, July 24, 2022 - (ACN Newswire) - Gotion High-tech Co., Ltd. ("Gotion High-tech" or the "Company") announced on the evening of July 22 that the Company recently received the "Approval for Gotion High-tech Co., Ltd.'s initial public offering of Global Depositary Receipts and listing on the SIX Swiss Exchange AG" issued by the China Securities Regulatory Commission ("CSRC"). As approved by CSRC, the total number of A shares of the Company represented by the Global Depositary Receipts (hereinafter referred to as "GDRs") to be offered may not exceed 249,706,175. According to the conversion ratio determined by the Company, the total number of GDRs to be offered by the Company may not exceed 49,941,235. If the conversion ratio is adjusted, the number of GDRs issued can be adjusted accordingly. Following the completion of this offering, the Company can be listed on the SIX Swiss Exchange AG. The upper limit of the number of GDRs under the duration of the Company's GDRs is consistent with the actual size of the GDRs issuance. If the GDRs increases or decreases due to the Company's bonus policy, share split or merger, or adjustment of the conversion ratio, the upper limit of the number of GDRs shall be adjusted accordingly.
Gotion High-tech has disclosed for the first time on March 16 that the Company proposes to issue GDRs overseas and list on the SIX Swiss Exchange AG. The proceeds of GDRs raised will be mainly used to support the expansion of the Company's business, particularly to grow its overseas production capacity of battery products and raw materials through investment in fixed assets, acquisition of equity interests or other means, to increase the Company's international footprint.
As a world-leading and rapidly expanding provider of new energy solutions, Gotion High-tech has reached strategic cooperation with a number of international customers and signed product sales orders, and plans to increase the production capacity of EV batteries and supplementary components in overseas markets such as Europe, North America, and Asia. The Company believes that this GDRs issuance will help it to expand the global market share of its products, promote the diversification of shareholder structure, and continue to boost the steady development of the Company.
Topic: Press release summary
Sectors: Alternative Energy
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