Three Chinese companies -- a chip maker, a beverage producer and an electronic firm -- said on Wednesday they plan to issue Global Depository Receipts GDRs on overseas stock exchanges in order to broaden their financing channels and ramp up global expansion.
Will Semiconductor Co Ltd Shanghai and Eastroc Beverage Group Co Ltd said they plan to list on the SIX Swiss Exchange, according to their filings to the Shanghai exchange.
Sunwoda Electronic Co Ltd said in a statement that its board of directors approved the plan to float on the SIX Swiss Exchange or the London Stock Exchange, while the specifics would be decided by capital markets, regulatory developments and the real conditions of the company.
In December of this year, China announced plans for a broadened stock connect scheme connecting Shanghai and London to include capital markets in Germany and Switzerland, facilitating cross-border investment and promoting the opening-up of China's capital markets.
The issuance of the fundraising plans requires approval from the board of directors, shareholders, and regulators, and the two companies said that their fundraising plans are still under discussion.