China’s Gotion Raises $685 Million in Zurich Share Sale, Sources Say

(Bloomberg) — Chinese battery maker Gotion High-Tech Co. Ltd. raised $685 million after pricing its global depositary receipts in Switzerland at the bottom of a marketed range, as Chinese firms rush to take advantage of the expanded stock connect program.

The company sold 22.8 million GDRs at $30 each, according to a press release, confirming an earlier Bloomberg News report. They were marketed between $30 and $30.28 each. Each GDR represents five of the company’s A-shares.