(Yicai World) June 27 — Shenzhen-mentioned GEM, China’s largest battery recycler, reported it has secured the green mild from the country’s securities regulator for a secondary listing in Switzerland.
The China Securities Regulatory Commission gave its approval for GEM to problem up to 478 million new Chinese mainland shares, which will turn out to be about 47.8 million Worldwide Depositary Shares detailed on the 6 Swiss Trade, the agency said in a assertion yesterday. The listing is still matter to acceptance by the European country’s securities watchdog and the bourse, GEM added.
GEM said earlier that the proceeds of the share sale would be used to fund nickel-ore assignments abroad, such as the design of a facility in Hungary, the improvement of abroad battery materials tasks, and the firm’s internationalization, as nicely as supplement its doing the job cash.
The Shenzhen-based company signed a cooperation memorandum with the Consulate Basic of Hungary in Shanghai to build a battery recycling plant in the central European region that will reuse products with substantial nickel content for new batteries, it mentioned on Could 17.
Eight Chinese companies have established out options for GDR profits in Switzerland right after the CSRC declared an growth of the Shanghai-London Stock Connect scheme in February to contain qualified organizations shown in Shenzhen, Switzerland, and Germany.
GEM has developed 16 services across China to method squander, such as motor vehicle batteries. Shipments of its core merchandise, ternary precursor products for energy packs, ranked among the international prime 3, in accordance to the firm’s 2021 annual report.
Shares of GEM [SHE: 002340] dipped .4 per cent in Shenzhen now to shut at CNY9.37 (USD1.40) apiece. The stock has declined 9.5 percent because the get started of this calendar year.
Editor: Futura Costaglione