Stock exchange – VW battery stake from China is listed on the stock exchange in Zurich
The Zurich listing of the company, of which Volkswagen has been the largest shareholder since 2020, could take place as early as the second half of the year, it said. However, the consultations on the transaction are expected to continue. Details such as scope and schedule are subject to change.
Advisor already chosen
The company, which is already listed in Shenzhen, has already selected advisors China International Capital and Haitong Securities to advise on the transaction. A representative from CICC declined to comment. Gotion and Haitong Securities do not promptly respond to inquiries.
China’s fourth largest battery manufacturer
Gotion was founded in 2006 and went public in Shenzhen in 2015. The company is China’s fourth largest battery manufacturer and has research centers in China, Singapore, the US, Germany and Japan. VW bought its 26 percent stake two years ago for around 1 billion euros.
Stock market value fell by 43 percent
Gotion announced its general plans for a listing in March. The proceeds are to be used, among other things, for its international activities. Gotion’s shares have fallen about 43 percent this year, taking the stock market value to the equivalent of around 7 billion euros.
(Blumberg)