Gotion's GDRs will be officially listed on the SIX Swiss Exchange on July 28 Zurich time.

Volkswagen-backed Chinese power battery giant Gotion High-tech has raised hundreds of millions of dollars in Switzerland through a Global Depository Receipts (GDR) offering to support its further expansion.

Gotion has priced its Swiss GDR offering at $30 each for 22,833,400, raising gross proceeds of about $685 million, according to an exchange announcement today.

The company expects the GDRs to be officially listed on the SIX Swiss Exchange on July 28 Zurich time, said Gotion, which is listed in Shenzhen.

Each GDR represents five shares of the company's A-shares, and the offering price is at the lower end of a range of $30 to $30.28.

As the underlying asset for these GDRs, the additional shares of Gotion in A-shares are also expected to be officially listed on July 28, according to another announcement.

The funds raised through the offering will be used to support business expansion, specifically to expand the company's battery product and raw material capacity overseas, including through investments in fixed assets and equity acquisitions, in order to expand the company's international footprint, Gotion said.

Gotion disclosed the GDR issuance plan in an exchange announcement on March 16, saying that the company is at a critical stage in its internationalization strategy as the new energy industry enters a period of rapid development with countries around the world setting carbon-neutral goals.

Gotion plans to increase the construction of power battery production capacity and supporting industries in overseas markets, including Europe, North America and Asia, and build a new generation of power battery production lines to quickly realize the layout in overseas markets, according to the previous announcement.

In 2021, Gotion's installed power battery volume in China was 8.02 GWh, ranking fourth with a 5.2 percent market share, according to data previously released by China Automotive Battery Innovation Alliance (CABIA).

In June, Gotion ranked fifth in China's power battery installed base with a 4.94 percent share, according to the CABIA. CATL ranked first with a 49.6 percent share in June, and BYD ranked second with an 18.53 percent share.

At press time, Gotion's stock traded in Shenzhen was down 0.57 percent to RMB 41.76, it is up about 26 percent in the past two months.

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