First Batch Of Shanghai Stock Exchange-Listed Companies Successfully Landed On Swiss Market Through Depository Receipts Under The Stock Connect Scheme

On July 28, with the smooth launch of the China-Switzerland Stock Connect, SSE-listed companies Keda Industrial Group Co., Ltd (600499.SH, Keda) and Ningbo Shanshan Co., Ltd (600884.SH, Shanshan) successfully issued and listed Global Depository Receipts (GDRs) on the SIX Swiss Exchange. This is the first batch of SSE-listed companies entering the SIX Swiss Exchange since the Depository Receipts business under the Stock Connect Scheme was expanded to include the stock market in Switzerland. Among them, Keda GDRs were issued at US$14.43 per GDR, raising a total of US$173 million; Shanshan GDRs were issued at US$20.64 per GDR, raising a total of US$319 million. The capital raised will be used for the expansion of the companies’ overseas business.

The smooth launch of the China-Switzerland Stock Connect will effectively connect the two markets, further promote the sharing of market resources, and contribute to the globalization strategy of high-quality companies in the SSE market. Going forward, the SSE will, under the unified leadership of CSRC, resolutely promote the institutional two-way opening up of the capital market, make full use of the Stock Connect platform, continue to effectively provide market services for the cross-border listing of domestic and overseas companies, and constantly deepen the cooperation between the capital markets in Shanghai and Switzerland.