China’s Zhejiang Huayou Cobalt Co. has picked Citic Securities Co. to handle a sale of global depository receipts in Switzerland, people with knowledge of the matter said.
(Bloomberg) — China’s Zhejiang Huayou Cobalt Co. has picked Citic Securities Co. to handle a sale of global depository receipts in Switzerland, people with knowledge of the matter said.
The Shanghai-listed mining firm could raise $500 million to $1 billion, said the people, who asked not to be identified discussing private information. It may start offering the GDRs in Zurich as soon as February, they said.
Deliberations are ongoing and details on the size and timing of any fundraising may change, according to the people. A representatives for Citic Securities declined to comment, while Huayou Cobalt didn’t immediately respond to requests sent by phone and email.
Huayou Cobalt said last month that it received conditional approval from the SIX Swiss Exchange for a GDR listing. The Zhejiang-based miner is joining a slew of Chinese companies in tapping the European market.
Chinese solar power equipment company Longi Green Energy Technology Co. has selected banks for a sale of global depository receipts in Switzerland that could be as large as $4 billion.
The recently-expanded stock connect between China and several European bourses offers a simplified listing process and faster share sales than in onshore exchanges or in Hong Kong. Other firms with GDR sales in the pipeline include e-commerce platform Beijing United Information Technology Co. and energy drink maker Eastroc Beverage Group Co., Bloomberg News has reported.
Founded in 2002, Huayou Cobalt specializes in developing and manufacturing lithium-ion battery materials and cobalt materials, its website shows.
–With assistance from Annie Lee.
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