SHENZHEN, China, July 22, 2022 /CNW/ — GEM (stock code: 002340), a company listed on the Shenzhen Stock Exchange, announced that on June 22, 2022that the China Securities Regulatory Commission (CSRC) gave its approval for the company to issue global depository receipts (GDR) and to be listed on the Swiss Exchange (SIX). On July 20, 2022SIX approved GEM to issue GDR and to be listed on the SIX. So far, the path of GEM issuing GDR and going public on the SIX have been unimpeded.
It is an achievement of capital opening-related cooperation between China and Switzerlandand also an achievement for promoting capital cooperation between the Shenzhen Stock Exchange and the Swiss stock exchange. It sets the precedent for Chinese enterprises to issue global Depositary Receipts (GDRs) for listing on the Swiss stock exchange. This undoubtedly opened a green channel for Chinese enterprises to enter European capital markets.
According to GEM’s public release, its application to issue GDR and to be listed on the SIX was accepted by the CSRC on May 24, 2022 and approved on June 22, 2022. It took no more than 30 calendar days, which demonstrates the efficiency of the Chinese government and their support for Chinese enterprises to issue GDR and to be listed on the SIX.
Similarly, the application submitted by GEM to SIX on May 27 to issue GDR and to be listed on the SIX was accepted on July 20highlighting the efficiency of cooperation between the exchanges of the two countries, the Shenzhen Stock Exchange and the Swiss Stock Exchange.
Landing on the Swiss stock exchange, investing in overseas green projects, and serving the European new energy industry
As early as April 30, 2022GEM announced that the company plan to issue GDR and to be listed on the SIX, which would be used to support their European power battery recycling and power battery material manufacturing projects, the development and operation of overseas nickel resource projects, to promote the company’s international expansion, strengthen international financing channels, and further enhance its global brand influence.
In May 2022GEM and the Hungarian Consulate General in Shanghaithrough friendly discussions, signed an “MOU for Cooperation on Production of High-nickel Precursors for New Energy Vehicles and Recycling of Scrap Power Batteries.” This MOU concerns investment in the production of high-nickel precursors for new energy vehicles and the recycling of end-of-life power batteries, based on the principles of cooperation, mutual trust and ESG value investment. GEM plans to build a Europe-leading, world-standard new energy circular economy industrial base in Hungary which meets the requirements of the EU’s new energy industry development for the localization of material manufacturing, and to meet the implementation requirements of the EU’s new battery laws. With this cooperation, GEM will build a full life-cycle value chain: “power battery recycling – material remanufacturing – cascade reuse of power battery” in Europe to meet the requirements of downstream customers for the localized supply of ternary precursor materials.
An important investment project for the global depository receipt (GDR) issued by GEM and listed on the Swiss Stock Exchange is GEM’s Indonesia Nickel Resources Project. According to the early public release, GEM established a joint venture entitled “PT.QMB NEW ENERGY MATERIALS” in Indonesia with CATL, the world-leading power battery company, and Tsingshan Holding Group Co., Ltd., the world’s largest stainless-steel manufacturer. This joint venture will exploit nickel resources and produce nickel raw materials to generate new energy. The project is designed to produce 50,000 metal tonnes of nickel intermediaries and 4,000 metal tonnes of cobalt per year from laterite nickel ore, meeting the nickel resource demand of ternary power battery manufacturing. The project adopts green design technology by using low-grade laterite nickel ore (containing 0.8- 1.2% nickel) and high-pressure leaching technology (HPAL), which are not currently used in pyrometallurgy. This technique achieves the new energy industry ideal of “putting laterite nickel ore in, refining new energy materials, and making batteries”, reflecting the concepts of resource conservation and environmental protection. The first phase of the project (with a capacity of 30,000 tons of nickel metal) has been completed. Th e project is a groundbreaking move in Indonesian history, converting nickel resources into new energy materials. This work is highly valued by the Indonesian government and has become a representative project for global nickel resource capacities.
In the past two years, since nickel has become the key element of ternary power batteries for new energy vehicles, and with the rapid development of global new energy resources and the great market potential for …