Chinese electric vehicle battery supplier Gotion High-Tech made its debut on the Swiss stock exchange on Thursday, wrapping up a listing that brings it closer to European investors and will supply a $685 million war chest to fund its global expansion.

Why it matters: The deal is the biggest offering of global depositary receipts (GDRs) by a Chinese company on the Zurich-based exchange since mid-2019, when China and Switzerland began implementing a stock connect scheme that allows companies traded in Shanghai and Shenzhen to list on the Swiss exchange.

Details: Gotion, a battery maker in which Volkswagen is the largest shareholder, raised $685 million in its overseas listing ahead of the start of trading in Switzerland on Thursday, selling 22.83 million GDRs at $30 each.

  • Each GDR represents five mainland China stocks, known as “A-shares.” The company’s newly listed Swiss shares closed flat on Thursday, representing a discount of about 2.9% against the most recent closing level for its Shenzhen-listed depositary receipts.
  • Cai Yi, a senior vice president of Gotion, said on Thursday that the company will expand its global footprint in battery production and raw material supply chain and has set a goal of building up 300 gigawatt-hours (GWh) of battery capacity by 2025.
  • The Chinese battery maker currently operates eight research facilities and more than 10 production sites in countries such as the US and Germany while providing technical support for Volkswagen in building its second battery factory in Europe.

Context: Gotion sold the equivalent of 4.2 GWh of batteries in the first five months of this year, giving it a 2.7% market share in the global EV battery market, according to figures compiled by South Korean industry tracker SNE Research.

  • By comparison, Chinese battery giant CATL sold 53.3 GWh of batteries with a 33.9% share over the same period, followed by LG Energy Solution and BYD with sales of 22.6 and 19 GWh of batteries, respectively.
  • Three other Chinese companies listed on the Swiss stock exchange alongside Gotion on Thursday, including battery recycling giant GEM, lithium-ion battery material maker Ningbo Shanshan, and building material manufacturer Keda Industrial.

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: or Twitter: @yushan_shen