In a recent statement on March 15, SANY Heavy Industry expressed its intention to become the first Chinese company to list its shares in Switzerland.
“To broaden the financing channels for the development of our international business and further enhance our global brand influence, we decide to list on Switzerland's stock exchange via global depositary receipts (GDR).”
The construction machinery giant will issue global depositary receipts and list them on Switzerland's principal exchange, the SIX Swiss Exchange.
After listing, the funds raised will be primarily used in the company’s overseas operations as a booster for its internationalization progress. The move, said the company, helps to improve the profitability and comprehensive competitiveness in the global market, which is in line with the company’s long-term developmental strategy.
Moreover, the listing serves as an optimizer for SANY’s ownership structure, governance transparency and level of standards, laying a solid foundation for further high-quality development.