On Nov 14th, Sunwoda, a China-based power battery manufacturer, was successfully listed on SIX Swiss Exchange by issuing global depositary receipts (GDRs). The funds raised will be used for Sunwoda's global expansion, R&D investments and replenishment of working capital, ultimately enhancing the company's brand competitiveness.
On Nov 14th, Sunwoda Electronic Co., Ltd. (hereinafter referred to as Sunwoda) (Chinese: 欣旺达) was officially listed on SIX Swiss Exchange. The company placed 28,759,000 GDRs at an offer price of USD 15.30 per GDR, raising approximately USD 440 million from the GDRs offering.
The proceeds will primarily be used for supporting the company's globalization strategy, increasing R&D investments and replenishing working capital, eventually enhancing the company's brand presence and core competitiveness.
Founded in 1997 and headquartered in Shenzhen, Sunwoda is a high-tech enterprise with its main business focusing on the R&D, design, production and sales of lithium-ion battery cell and module.
After more than 20 years of development, the company has formed six major industrial clusters including 3C battery, smart hardware, EV battery, energy service, intelligent manufacturing and industrial Internet, and testing service.
Sunwoda has experienced surging income over the years, and the company attributed its increasing revenues to its continuous production capacity expansion and growing market share. The company has established strategic cooperation with multiple automakers including Geely, Dongfeng Motor Corporation, Dongfeng Liuzhou Motor, Nissan, Groupe Renault, and was regarded as a tier 1 supplier of power battery by the well-known consulting group Benchmark Mineral Intelligence.
Sunwoda claimed that the successful GDR offering indicated that the company has gone into an critical development phase in terms of global strategy, contributing to its establishment of global production system, improvement of global operational capability, as well as Sunwoda's sustainable development.