On March 18, Ningbo Shanshan Co.Ltd(600884) announced that in order to expand the company's international financing channels, meet the company's business development needs at home and abroad, and improve the company's international brand and corporate image, the company plans to issue global Depositary Receipts ("GDRs") overseas and list them on the Swiss stock exchange.
In addition, Sany Heavy Industry Co.Ltd(600031) , Gotion High-Tech Co.Ltd(002074) and Lepu Medical Technology (Beijing) Co.Ltd(300003) have announced plans to issue GDR and list on the Swiss stock exchange. Since the CSRC issued the regulations on the supervision of the interconnection and interworking of depositary receipts business at domestic and foreign stock exchanges in February, four companies have planned to issue GDR and list abroad.
The meeting of the Finance Committee of the State Council held on March 16 proposed that the Chinese government continue to support all kinds of enterprises to list abroad. On the same day, the CSRC said that it would pay close attention to promoting the implementation of new regulations on the supervision of overseas listing of enterprises, support all kinds of qualified enterprises to list abroad, and maintain the smooth channels of overseas listing.
Citic Securities Company Limited(600030) chief economist Mingming said in an interview with Securities Daily that there are many benefits for A-share companies to issue GDR. First, it can smooth financing channels and obtain more overseas financing for Chinese enterprises. Second, it can increase overseas popularity, attract overseas talents and realize the global layout of Chinese enterprises; Third, we will open wider to the outside world and share the dividends of China's economic development with more overseas investors.
